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Landlord Newsletter Mid-May 2008


















































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"Of all the sites out there, the LPA by FAR has the most extensive resources, the most knowledgeable help, the most expertise, and is quite possibly the best real estate site I've used in my career."
Dr. Dani Babb, Author of "The Accidental Landlord". LPA Member since 2007.






"My LPA Membership has saved me from so many expensive tenant problems, it has already paid for itself many times over."
Louis C., LPA Member since February 2001.






"TheLPA.com emphasizes the three most important issues for a landlord's protection:
1. Screening and Tenant Selection
2. Using a Solid Landlord Lease
3. Lease Enforcement
Robert Irwin, Author of "The Landlord's Troubleshooter", "The Armchair Real Estate Investor and "Real Estate Tips and Traps", LPA Member since April 2007






The LPA not only lets you share your experience with other landlords, but it will also help to answer your questions.
Timothy Spangler, Author of "From the Rat Race to Real Estate", LPA Member since December 2003






The Web site was founded by John Nuzzolese, and he is a "nice guy" like we were when we started. He learned many lessons the hard way, like we did, and so you will benefit greatly from his experiences, and from being part of this group.
Kind regards,
Sandy Midea, Author of "A Fool's Guide to Landlording"






"The LPA Lease has become my favorite lease, and enforcing it with the Essential Forms is even better. Managing my properties (tenants) has become much easier."
Jack Klein, LPA Member since May 2001.






"The question should be ..." "Can you afford not to join The Landlord Protection Agency? I'm very thankful for all The LPA has done for us. At first we were intimidated by our tenants and the whole process of leasing and managing our rental property. Now we have 3 rentals with excellent tenants!"
Carol and Jim S., LPA Members since July 2003






"I'd like to thank Mr. Nuzzolese for sharing his landlording knowledge with us. I find it refreshing to be able to get down to earth articles and real life helpful advice on the LPA website.
Gary Smith, LPA Member since 2007






"I cannot express how your products have made my job so much easier. I have peace of mind now knowing that I am protected by the verbiage you have in your contracts. Thank you so much."
Tony Gramm, Aurora, OH

The LPA Newsletter
Mid May 2008

Dear Fellow Landlord,
Have you ever heard the old saying that "Time is Money"? Well, it is true. Your time is very valuable, especially if you are a real estate investor or a landlord. Sometimes we try to do too much ourselves. Oh, I know that "if you want a job done right, you might as well do it yourself." Sound familiar? It is so important to be able to delegate certain time consuming tasks to key individuals. This will help you use your time more efficiently and profitably.
Benjamin Franklin has given us many famous quotes, but one of my favorites is: "Time is the stuff life is made of."

In this newsletter:

  • Article: by Alan Brymer, "Other People’s Time is Like Other People’s Money"
  • Ask the Attorney, New Questions & Answers with Eviction lawyer, John Reno
  • Free Landlord Form download
  • Getting the Landlord Reference: "The Landlord Reference Qualifier"
  • Landlording Quick Quiz
  • 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. Have a great month!
    John Nuzzolese
    John@theLPA.com

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    Other People’s Time is Like Other People’s Money

    By: Alan Brymer

    Money and time have a few things in common. Both are required to be successful in real estate, but everyone’s personal supply of both has its limits. Fortunately, you can use OPT (Other People’s Time) in real estate just as you can use OPM (Other People’s Money) in order to do more deals and avoid being a slave to your business.

    When we hear about real estate deals that don’t require any money, it usually means that money is needed to do the deals, but that money comes from private lenders, from the sellers, or from buyers. Money makes the world go ‘round, and it’s almost always necessary to use at least a little bit in order to buy and sell a house retail (not wholesaling), unless you are particularly skilled at finding houses in perfect condition and matching them with a ready, willing, and able owner-occupant buyer and having a simultaneous closing.

    But again, when you do have to use money for deals (catching up payments, paying the seller, repairs, closing costs, monthly payments, and advertising costs) it doesn’t have to come from your hard-earned savings. You can use OPM from a private lender or partner.

    Using other people’s time is the same way, in fact even more so. If you think you have a short supply of money, you have an even shorter supply of time...

    click for the full article...

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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.

    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 rented a house to a family to help me with mortgage payment cause I live with my wife and having 2 mortgages is difficult. My tenants are always delayed on their payments and i'm having a hard time paying for 2 houses and i lost my job. so i stop paying for the rentals mortgages and decided to foreclose it but my renter is still livi ng in the property and still paying in late with the rent. can my tenants sue me when the time comes? what should i do if that happens? Please advice. thank you
    Rodel L., Hesperia, California

    A: Your tenants wont sue you. Eventually, they will get a notice to vacate from the new owner. But as far as the rent they paid, they had possession those months so they have no beef with you.

    Dear Mr. Reno:
    I inherited three tenant occupied rental properties. However, the monthly rental payments are far below the going rate for the areas - at least $550. to $650. Every tenant is paying well below $400. I hate to raise the rent on some of the older tenants as their income is from social security and they can not pay more.

    What can I do or how can I advise them that I must raise the rent up to the going rate? I know they will not find another apartment for $325. or $375. which they are now paying.
    Thank you, sincerely,
    Louise J., Phila., PA

    A:
    I believe the LPA has some rent increase notice forms- my personal approach is to send them a lease. Include the new rent. If they won't sign it, at some point, notify them that they will shortly be getting a 30 day Notice to Vacate because they would not sign their leases.
    LPA Note: We also include a Tenant's Notice of Intention to Vacate form for the tenant to fill out and return in the event they do not agree to sign the new lease or renewal.

    Read more from John Reno, Eviction Attorney




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    Landlording Quick Quiz

    You know this stuff, don't you?

    1. To be enforceable, a lease must be:

    2. Select the phrase you should avoid when encountering one of your tenants.

    3. An example of Constructive Eviction is when



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    FREE DOWNLOAD


    LPA Essential Landlord Form
    "It is far better to have no tenant than to have a bad tenant."

    I've been asked dozens of times in the last year to create a new form to help landlords ask the right questions on the telephone to help determine if the caller is someone you'd like to set an appointment to show your rental to. The LPA's Tenant-Finder™ Pre-Screening Telephone Worksheet has developed from a simple prospect card into a handy and more complete screening tool for telephone interviews.

    Limited Time Only: Free Download for LPA Newsletter subscribers.


    Tenant Finder™ Pre-Screening Telephone Worksheet

    Tenant FinderTenant Finder™ Pre-Screening Telephone Worksheet



    Have you ever met prospective tenants at your rental property, shown it to them, had them fill out a rental application only to find that they were nowhere near qualified? A simple pre-screening telephone interview can be a major time saver. Why not focus your attention on the most qualified prospects?

    Before giving out the address of your rental property and committing your time to a doomed appointment with an unqualified renter, you have a chance to more carefully evaluate which prospects are worth meeting with.

    I feel very strongly about strict tenant screening, which begins at First Contact with the tenant. First Contact is when you speak with the potential tenant for the first time, usually when they respond to one of your rental ads. At that point, you have the opportunity to learn what you can about this person's current situation. Are they employed? Can they afford your rental? Do their moving dates correspond with your rental's availability? Is their credit rating acceptable? And so on.

    After completing your Tenant-Finder™ Pre-Screening Telephone Worksheet, you can use the scoring area to evaluate your new prospect. Print up a pile of them to screen your next tenant!

    Eliminate bad tenant risks before spending your valuable time on them.
    "Eliminating a bad tenant before I even have to meet him is what I consider the cheapest eviction I can have!" - John@theLPA


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    How Do I Know
    the Landlord Reference is Really the Tenant's Landlord?

    Did you ever think the landlord reference the tenant gives you on your rental application might be false? Unfortunately, it is very common for a rental applicant to offer up a fake landlord reference, especially when he does not want you to hear what that landlord has to say about him!

    The purpose of The LPA's Landlord Reference Qualifier is to help you to determine if the information being given to you by the tenants' current or past landlord is the truth. This screening technique has been successfully tested over time by professional landlords.

    By asking certain targeted questions, you will be able to spot a false reference much easier.

    An imposter most likely will not be able to answer anything more than the most basic and obvious questions that he or she may have been briefed on. The Landlord Reference Qualifier provides you with an easy to use barrage of simple friendly key questions aimed at getting you the truth. In downloadable MS Word format, the form can be easily customized.

    Not only will you easily spot an imposter, but you'll also get better information from the true landlord reference! If you hit the jackpot and determine a reference to be a fake, you are victorious. You've just saved yourself an incredible amount of heartache and money. You are then free to accept the right tenant.

    (Some of us have lost hundreds of thousands of dollars over the years due to accepting bad tenants! That's why screening is so important.)

    Click here to purchase or to read more about LPA Essential Landlord Forms and descriptions


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    Tenant Excuses

    "The rent was unavoidably delayed. Our hamster 'Honey' had an inverted uterus. It was terrible. So we had to pay the vet. We just couldn't disappoint the kids. You understand." No, I do not understand. Your vet bill for Honey's uterus just got bigger. Now you have a $100. late fee added to your rent. Next time you bring a hamster to the vet, keep in mind that the vet can take payments - your landlord will not. - George B., Elmira, NY

    "I can't pay you because I have been so stressed. I will have a doctors note to explain why I can not pay the rent." - Renee D., Sonora, CA

    "Sorry I don't have the rent this month because I had to buy diesel fuel for my truck to get to work." Well I hope you like living in your truck after you get evicted. - Sandy Jamison, California

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    Quotations...


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



    "Many receive advice, only the wise profit by it." - John's Chinese fortune cookie

    "Don’t confuse activity with accomplishment." - Submitted by Dale Kelsey

    "Nothing is particularly hard if you divide it into small jobs." - Henry Ford

    "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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    NEW! Save Money with our Promotional Membership Renewal Prices!
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    Report bad tenants to the National Tenant Rating Bureau or Deadbeat Database

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



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