Landlord Newsletter November 2008

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

6 Ways to Get a Mortgage More Easily In Today’s Crazy Market

Despite homeowner relief and low interest rates, many homeowners are still struggling to get mortgages today. I ran into this issue myself – 11 lenders later I found the one that was decent. It takes patience and is often frustrating.

Those struggling the most are those with either lower than 700 FICO scores, or those who are self employed that were using stated income loans. Here are 6 tips to getting a mortgage more easily in today’s market.

1. Be prepared with documents! Scan your pay stubs, keep copies of your current employment records, and if you are self employed, keep a letter from your accountant and business license copy in a PDF format. This saves tremendous time when you go to file.....

click for the full article...

The Secret Career Killer Facing Real Estate Investors

As an investor in residential real estate, being able to purchase properties that will allow you to make money is paramount. While there are various methods you can use to make your real estate fortune, the two most common plans are quite simple.

Buy and flip. This is when you purchase a property and sell it for a higher price. Many investors will find "Handyman Specials" or "Fixer Uppers" at a low price to improve and sell at a higher price. Sometimes you are fortunate enough to find an excellent opportunity requiring little or no work, only to resell for a quick and easy profit. Although this is a common way to make money in real estate, many investors choose not to sell their investment property.

Buy and hold. This is when the real estate investor becomes a landlord in order to enable the investment property to generate income. Holding onto the property is also a way to allow the investment to appreciate in value over time. Why? The demand for residential real estate continues to grow and people are willing to pay top dollar for a place to live. What can be better than that? You have an asset appreciating in value plus you also have a tenant to pay your expenses on the property. You may even have a positive cash flow.

So what is "The Secret Career Killer Facing Real Estate Investors"? No it isn't the black widow spider, but it could be just as deadly to your career! Before I answer that question, let me ask you,

• What happens when you put investment properties together with tenants?....

click for the full article...



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Tenant Truths & Lies

You'll Never Hear your Tenant Say ...

• "I'm probably the dirtiest tenant you'll ever rent to."
  Click here to read what they really say!
  
  

  Click here to read more Tenant Truths & Lies

  
  
  
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  Ask the Attorney

  The 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 allowed my grandson to move into my house , to help me with my bills and we have not gotten along and he has not helped in the last couple of months . I have asked him to moved 4 times since Aug. 3 and he will not, we only had a verbal agreement how would I evict him ? - Justus A: I've evicted grandsons before. They seem to think their grandparents' job is to support them, for some reason. The fastest way is to treat him as a non-paying tenant- like the contribution you expected him to make to your bills could have been your rent. Evict him for nonpayment. He won't fight it. Dear Mr. Reno: A couple separated before lease renewal. The husband is the only one on the new lease. The wife came back and he took her in without letting me know. The wife called the cops on the husband and he is barred from entering the apartment and on top of that she changed the lock without my permission. I want her out of the apartment. What are my options? - Roberto A: Don't get involved- just collect the rent. If the rent isn't paid- retake possession. If the rent gets paid, don't get involved. Just collect it. You can elect not to renew the lease when it's up. Dear Mr. Reno:Can advertising and lease document contain language such as "Security Deposit is refundable minus a cleaning charge and/or cost of any damages"? Thank you. - Kay McGough, California A: Yes, but in the lease, you should specify the amount of the cleaning charge or it won't be enforceable.

  Read more from John Reno, Eviction Attorney

  
  
  
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  Free Form Download

  Tenant's Notice to Vacate

  Tenant's Notice of Intention to Vacate This form is used by the tenant give proper written notice to the landlord when the tenant is vacating, that the tenant will cooperate with showing the property for re-rental or sale. It includes a place for the tenant to give his forwarding address in order to receive any security refund. It is an excellent way to help reinforce proper move-out procedure. We always staple a copy of this notice to the back of the tenant's lease to be used when the time comes for the tenant to give proper notice to vacate.

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  Tenant Excuses

  "I thought the first month with a new landlord was free." We even sent her an introductory letter with a reminder of when the rent is due, the new address to which to mail her checks, and even provided pre-addressed envelopes. How stupid does she think we are? - Keith Whitt Rental Properties, Cleveland, TN - Kris, PA

  "My duck was injured in the basement when his wing got caught on the oil burner. The vet bill has delayed my rent. Sorry." Doesn't NO PETS include ducks?. - Dean, OH

  "The kitchen sink is clogged. This house needs new pipes." Under the lease, the tenant is responsible for ALL PLUMBING STOPPAGES. If they would stop dumping grease and vegetables into the kitchen sink drain (they don't realize we don't have a garbage disposal), we wouldn't be constantly having this problem. - Lydia K., NY
  
  

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  Quotations...

  
  
  
  
  

  "Never let the fear of striking out get in your way." - George Herman "Babe" Ruth

  "Fail to prepare; Prepare to fail." - Anonymous

  "If everything seems under control, you're just not going fast enough." - Mario Andretti

  "Far better it is to dare mighty things, to win glorious triumphs even though checkered by failure, than to rank with those poor spirits who neither enjoy nor suffer much because they live in the gray twilight that knows neither victory nor defeat." - Theodore Roosevelt

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

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  theLPA: On the Lighter Side :-)

• LPA Landlords enjoy a quick little eviction once in a while.

• LPA landlords don't deal with bad tenants. They just evict them. Quickly.

• When tenant's attorneys face the LPA Lease in court, they wish they stayed home in bed that day.

• The LPA is the reason many deadbeats are now homeless.

• When a deadbeat tenant sees an LPA Member Decal in a real Estate office window, he wets his pants in fear.

  Like it or don't like it? Please feel free to e-mail us any comments or contributions to "theLPA: On the Lighter Side."
  
  

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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.
  
  
  
  
  
  
  
  
  
  
  
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