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Landlord Newsletter January 2008

The LPA Newsletter
January 2008

HAPPY NEW YEAR !

Dear Fellow Landlord,
This is our first LPA Newsletter of 2008 and I'm excited about all the tools and techniques we have to make this year even better for landlords and tenants. I mentioned tenants because good tenants appreciate a landlord who is organized and professional.

I know many of us have made New Years resolutions to accomplish certain goals this year, and I usually do too, but this year I decided to adhere to my own rules of landlording a little more strictly... and to remind myself of last year's Landlord New Year Resolutions.

In this newsletter we have:

  • Article by Dr. Danielle Babb, national real estate expert and LPA member!
  • Ask the Attorney, with Eviction lawyer, John Reno
  • Truth & Lies. A look at what tenants may say and mean.
  • Free Form download:
  • Recent Tenant Excuses
  • Recent Success Quotes

    Please e-mail us if you have any questions or would like to add or share any material / information. I wish you a Happy, safe and successful New Year!
    John Nuzzolese
    John@theLPA.com




    Why the Fed’s Plan will Hurt Homeowners

    By Dr. Danielle Babb, National Real Estate expert, book author & fellow LPA landlordDr Dani Babb

    The Fed endorsed rules that would “protect” homeowners against shady lending practices. Apparently the government feels the need to find another “in” to create a nanny state. There are substantial problems with this that may hurt the entire market.

    The proposal applies to all new loans made by all lenders, including banks and brokers. Finalization is expected next year sometime.

    Note: While there is a relevant reason for each one noted below, I also noted the reason it is a problem for the buyer. In the end it’s going to make it substantially harder for people to buy homes - period. That will hurt the market overall when we already have ten months worth of inventory!

    Here is what is proposed, the reason the government feels it will protect homeowners and the reason it won’t. It will hurt more than it helps. Another reason to keep the government out of private enterprise.

    1. Restrict lenders from penalizing some sub prime borrowers who pay off their loans early (This is known in the industry as a prepayment penalty, and almost always is a result of refinancing).

  • Why is this relevant to homeowners?
    Many who need to refinance can’t because the cost is so steep in prepays.
  • Why is this a problem?
    The prepays are risk-based and help offset the risk-associated costs of doing business with sub prime borrowers.

    2. Force lenders to make sure sub prime borrowers set aside money for taxes and insurance (This is known in the industry as impounds).....

    click for Dani's full article...
    Click here to read Dani's New Real Estate Blog, "Babb's Babble "

    Dani on Your World with Neil Cavuto - areas NOT to buy!



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    Ask the Attorney

    The Landlord Protection AgencyThe Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.

    We find that Landlords who contact us have often waited too long to commence an eviction, usually in an understandable effort to resolve problems amicably. Landlords need attorneys who will not compound the problem with unnecessary delays or expenses. For this reason, our main priority is immediate action. In most cases, we commence an eviction within 3 days of being hired and have our client's cases in Court within 7 to 10 days of being hired.

    If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.


    Submit a landlord / tenant question for Mr. Reno




    Dear Mr. Reno:
    I've provided my tenant with a 60 day notice of non renewal of lease. The 60 days expired 12/01/2007 and the tenant is still there. He has not paid rent. What are my options? Can I legally change the locks on the apartment and place the tenant's personal belongings on the curb?
    Carol B., Texas

    A:
    Sorry, that's a big "NO-NO". They call that "self help" or "Constructive eviction" and it is illegal in most states. Your 60 day notice just gives you the right to go to court and process your eviction. I had a client that put the stuff on the curb. It rained, tenant sued, landlord lost, bad idea.

    Dear Mr. Reno:
    I recently rented a condo to a couple in Manchester, N.H. I used the LPA lease- the lease called for payment of a security deposit($950) and the first month's rent $950 to be paid before the couple moved in on 12/01/2007. The couple gave me $950 in cash, signed the lease and moved in a few days before 12/01/07. The understanding was that the 12/01/07 rent was to be paid on or before that date. It is now 12/19/2007, and the rent has not been paid. I know I made a mistake in not obtaining the rent payment before I let them move in. I have spoken to both individuals who assure me they will send the money in promptly. My wife and I have reservations, and would like to send a demand letter/and or retain an attorney to begin eviction proceedings. If unpaid after 30 days they are non compliant with the lease, I gather. How should we proceed. Thank you.
    Paul T., NH

    A:
    Oops! Common mistake. Also, a bad omen when the tenants default on their FIRST MONTH'S RENT. You have eviction court in your immediate future. Hire your attorney today.

    BYW: Your LPA lease requires rent in advance of each month...

    click for more from John Reno, Eviction Attorney




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    Truth & Lies

    You'll Never Hear your Tenant Say ...

  • "I don't mind roaches. I've been living with them all my life."
    Click here to read what they really say!

  • "If you drastically reduce the rent, I'll do a crappy job on the grounds and make your place look nice and trashy."
    Click here to read what they really say!

  • "We smoke so much that we'll make your white walls brown without even painting."
    Click here to read what they really say!

  • "My rottweiler's name is Conan the Destroyer."
    Click here to read what they really say!

    Fee free to e-mail us what your tenant would never say but is really the truth!




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    LANDLORD TIP

    Read and explain the LPA Lease (or any other lease you choose to use) to the tenant in person. It is proven to be far more effective that way. Not only will you be able to get to know the tenant better and get a feel of what this tenancy is going to be like, you'll also be able to continue screening the tenant as you cover various sections of the lease. After all, it is an instruction manual for how you want the tenant to behave in your rental property. - John@theLPA.com

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    Tenant Excuses

    "My husband was in the hospital so I don’t have your rent." This didn’t stop them from getting another car., not to mention that she works 2 jobs and the husband stays home anyhow. - Julie, Michigan

    "I'm NOT going to be bothered by you for the rent everyday!" This was after the rent was three months late. As soon as I bought the property she stopped paying the rent. I finally got a court ordered eviction. Lesson to learned! - Lew, Lewiston Maine

    "I just got laid off at work and unemployment takes time to send my first check." Found many gifts under the tree when I went to get rent and couldn't. Guess Walmart and Sears don't have to wait for unemployment to come through. - Debbie, Rockford, IL

    "I'm Renting from someone else, Who are you looking for?" After a little explanation, he found out he was paying 300$ more then what I was charging his "friend". Rob Kapolei, HI

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    Quotations...


    eleanor roosevelt quotes Yogi Berra quotes Thomas Edison quotes Benjamin Franklin success quotes



    "People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

    "Adversity is sometimes hard upon a man; but for one man who can stand prosperity, there are a hundred that will stand adversity." - Elvis Presley

    "Many an optimist has become rich by buying out a pessimist." - Robert G. Allen

    "He should sweep streets so well that all the host of heaven and earth will pause to say, 'Here lives a great street-sweeper who did his job well'." - Martin Luther King Jr.

    "How much did your last tenant problem cost you?"
    - John Nuzzolese

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    Books by LPA Members

    The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Dr. Dani Babb, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.






    real estate investing, landlord books





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    landlord books, landlording, landlord information, landlord tenant law, evictions



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    Interested in past LPA Newsletters?
    Feel free to view the LPA Newsletter Archive



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