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Landlord Newsletter Mid January 2009 |
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 Free Prospect Card "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, and Author of "Real Estate v2.0" , "Finding Foreclosures", "Commissions at Risk", "Teaching Online", and "The Accidental Landlord". Fellow 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. 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  Renew your LPA Membership at low renewal rates! Expired? No Problem!  |
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 Dear Fellow Landlord, Many would be sellers are renting their homes on purchase option contracts. There are always pros and cons with anything, but as long as you do your homework and understand that the tenant agreeing to an option to buy doesn't make him any more qualified. So check him out as a tenant, because he isn't a buyer quite yet. In this Newsletter, we have: Please e-mail us if you have any questions or would like to add or share any material / information. Again, we wish you happiness and successful landlording throughout this holiday season! As seen in 
The Maybe OptionBy Vivian MarinoRENT-TO-OWN agreements are not especially difficult to set up. As Neil B. Garfinkel, a real estate lawyer in Manhattan, explained it, "You’re basically negotiating two deals at the same time." In a typical contract, a renter negotiates the lease and also locks in the right to buy a home at a predetermined price within a specific period, usually one to three years. The renter may be required to make a nonrefundable deposit. Rent is sometimes set above the prevailing market rates, and the excess amount is credited toward the purchase, almost like a forced savings plan. If the purchase option expires without a sale, the owner is free to sell to someone else. But in some instances, the owner or developer may be willing to renegotiate the sale price, especially if prevailing property values have declined. As with any real estate transaction, both parties need to exercise due diligence. The seller, for example, will have to determine that a renter will be qualified to buy during the option period, and the renter must ensure that a home is available for sale and not on the brink of foreclosure or encumbered by liens. "There are banks that can do a statement of prequalification based on certain things happening in, say, six months or two years," said Danielle Babb, the author of "The Accidental Landlord" (Alpha Books, 2008), which discusses these transactions. And, she said, renters "can ask the seller to provide their current mortgage statements to make sure they’re up to date." Ms. Babb recommends that both sides work with lawyers or brokers experienced in these transactions, although she points out that do-it-yourselfers can download standard lease-purchase forms from Web sites like thelpa.com , the home page for the Landlord Protection Agency, an organization for residential landlords...  The Top 5 Ways to ......Ruin a Good TenancyImagine having the perfect tenants in your rental property. Maybe you already have them now. What we really hope is that these perfect tenants will remain perfect. To continue doing all the right things and not doing any of the wrong things. We want them to obey the lease agreement religiously, take care of the property and pay the rent on time or early. Imagine a tenant who leaves the rental better than it was found. Is this idea from the The Twilight Zone or something you can really have? Most of the time, when we actually have a tenant that seems "too good to be true", something happens either suddenly or gradually turn our tenant to the dark side. These are what I feel are the top 5 ways landlords ruin perfectly good tenancies
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Have you ever needed to make phone calls to your tenants and not have their information available to you? Well, that's happened to me lots of times - especially when I check messages when I'm out of the office. I've also been interrupted during holiday meals and in the middle of the night by complaining tenants. Well, none of the above happens to me anymore because of 2 simple reasons:
Now, I'm prepared to deal with tenants at all times. Whether you are home or at work, it's best to be familiar with the tenant's basic information. If I return a call to a tenant, their whole situation is on the spreadsheet before me. If I have to warn the tenant about a late fee or just look up his or her work phone number, there is no fumbling around trying to remember the deal with each tenant.
It also helps me keep track of when to send out lease renewals on each property.
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"The previous tenant stopped by and told us about you. You won't be intimidating us for the rent." I wonder if the previous tenant mentioned how quickly I evicted them for nonpayment and how I destroyed their credit and garnished their salary... - Jack, NY
"You are discriminating against me! You can't keep asking me for the rent just cause it's late. One more time and I'm complaining to the housing dept."
She's misinformed. Now I'm not asking, I'm demanding and then I'm evicting - Josh E., CA
"It is in your moments of decision that your destiny is shaped." - Anthony Robbins
"Knowledge is power. The more knowledge, expertise, and connections you have, the easier it is for you to make a profit at the game of your choice." - Stuart Wilde
"The fact is, everyone is in sales." - Jay Abraham
"How much did your last tenant problem cost you?"
- John Nuzzolese
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