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Landlord Newsletter Mid April 2009









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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







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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"






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Jack Klein, LPA Member since May 2001.






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Dear Fellow Landlord,

I hope this LPA Newsletter finds you well. Lately, the LPA has been getting many inquiries about electronic rent collection. Teresa Bitler's informative article tells you all about it and how easy it is to put your rent collection on autopilot. Also, if you like to read about the latest investing techniques, landlording and real estate investor success stories, be sure to check out Personal Real Estate Investor Magazine below!

In this Newsletter, we have:

  • Article: "The Check is On the Internet", By Teresa Bitler , of Personal Real Estate Investor Magazine
  • FREE Landlord Form download: Criminal Background Release Form
  • Ask the Attorney: The latest Q&A with John Reno, Landlord Attorney
  • Personal Real Estate Investor Magazine info for Landlords and Investors
  • LPA Member Dr. Danielle Babb's "Accidental Landlord" book comes with Free LPA Bonus & more
  • Recent Tenant Excuses
  • Quotes & Wealth Secrets

    Please e-mail us if you have any questions or would like to add or share any material / information.
    John Nuzzolese
    John@theLPA.com


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    The Check is On the Internet

    By Teresa Bitler , of Personal Real Estate Investor Magazine

    In 2003, electronic payments exceeded check payments in the U.S. for the first time, according to the Federal Reserve. Three years later, electronic payments had increased to more than twice the number of check payments. Americans have clearly changed the way they pay, and this trend is not limited to the checkout line at the grocery store. Increasingly, tenants are looking for options when it comes time to pay the rent.

    TRADITIONAL METHODS

    Checks are one of the most popular ways to pay rent. The tenant writes his check and mails it; you find it in the mail, process it, and deposit it. The problem is there are so many opportunities for so many things to go wrong between writing the check and depositing it in the bank, including getting lost.

    In some tenants' minds, cash is a good alternative. For one reason or another, some tenants deal strictly in cash, but the drawbacks for you, the landlord, are obvious. Cash can't safely be mailed, which means it has to be delivered in person. That’s inconvenient for you and the tenant, especially if you are going to do it every month. If a tenant doesn’t have a bank account or doesn’t trust making his payment by check, he will need or want payment options.

    SIDE NOTE — Be aware when the time comes to sell that landlords who accept cash must keep scrupulous records. Failing to do so can negatively affect a buyer’s ability to get a loan on incomplete rent roll accounting disclosure.

    WIRE TRANSFERS & MONEY ORDERS

    One option is a wire transfer, like the service Western Union offers. It works like this: the tenant goes to one of 55,000 agent locations in the U.S. and pays a transfer fee of approximately $9.99 (the fee varies depending on where the money is sent from, where it is sent to, and how much is being sent). He then is able to pay cash or, at many locations, use a debit card to transfer money to you instantly at another agent location.

    "It's quick, convenient and reliable," said Kristin Kelly with Western Union. "Agents are located in grocery stores, convenience stores, and places where you're already going to be."

    The process for a money order is similar. The tenant would bring cash to an agent location, and for a nominal fee, the agent would issue a money order, which the tenant could then send as payment. If the money order were to get lost in the mail, the tenant could call Western Union with the money order number and Western Union would follow up.

    Western Union does have other payment options like online, telephone and mobile-to-mobile money transfers, but these are not available in the U.S. at this time. Kelly expects that at some point, Western Union will make them available. If it does, it could give tenants additional options.

    AUTOPAYMENT BY DIRECT DEPOSIT

    An online service like PayPal works well when you have one or two tenants who want to pay online. The more tenants you have, though, the more complicated things get because it's manual. Direct deposits put rent collection on autopilot. Instead of waiting for your tenant to pay online, you arrange with your tenant to have the rent automatically withdrawn from his account each month and directly deposited into your property’s account. For the do-it yourself landlord, with a few properties and limited resources, it's easier said than done because the process is more complicated than moving funds from one account to another. Before funds are transferred from the tenant's account to the property’s account, they need to be verified and deemed "good." In other words, there needs to be confirmation that the tenant’s account is open and that sufficient funds are available. This is done through the Automated Clearing House payment network. As a landlord, you can transfer your funds through the ACH payment network yourself, but you need to partner with a bank that can process ACH transactions from tenants. The bank will set up an ACH account, purchase or lease the software necessary to create ACH files and learn how to transmit files to the network, all while complying with federal regulations governing ACH transactions. "You can do it yourself, but it’s very complicated," said Ryowon Kim with ClearNow, an online service specializing in direct rent deposits. "The bank you are working with isn’t really going to help you if you have questions, and they won’t do a lot of handholding." It is possible to have funds automatically withdrawn and directly deposited into your property’s account, Kim said, but you will most likely need the help of a company like ClearNow.
    The process is very simple. The landlord enrolls first by completing a one-page authorization and providing a voided check for the property's account. The tenant then also completes a one-page authorization and provides a voided check. Usually, if all necessary information is provided, the transaction should be set up within one to two business days (although it’s recommended that all paperwork be submitted at least two weeks before the date of the first withdrawal). Once set up, rent payments are made automatically every month. Cost is $14.95 to establish one ClearNow account. You need one account for each landlord bank account. If you are going to receive multiple deposits in one account, it's an extra $2 per transaction fee. Additional ClearNow accounts cost $7.95. There are no startup fees and no contractual time obligations. Kim points out that even though funds are being automatically withdrawn there is no guarantee that landlords will receive their rent payment. "Tenants need to have sufficient funds in their bank account to make the payment." ....

    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
    Please try to keep your questions as short and to the point as possible.


    Dear Mr. Reno:
    My daughter lives in Florida and is going to college there...she is currently renting from an individual who is leasing a home that will be going in to foreclosure shortly...her lease is up the end of this month and she wonders if she should pay the rent (wondering if the individual she is leasing from will forward the rent money) or if she should hold on to it to use when she moves out the end of this month....she wants to do the right thing but is worried that her money will be pocketed and not used correctly...
    Wanda, Illinois

    A: You're on very shaky ground there. Up until the time the owner legally loses title, he is still the landlord and can still evict you. I do evictions everyday for landlords who are in foreclosure. You can't contend what the landlord does with the rent. But you better pay it.

    Dear Mr. Reno:
    I am in an eviction process with a tenant. The lease expired and the rent was month to month. Connected to this apartment was a rented room and I was compensating the renter for utilities used by the room tenant. The utilities were turned off and I picked them up because of the roomer. When I evicted the tenant the utilities were on. The roomer has moved out and I want to turn off the utilities. At the time of eviction the legal aid attorney for the tenant said I had to leave the utilities on. But a landlord friend told me I could turn them off with a three day notice and the information that she could turn them on herself until she is evicted. The utilities were not included in the lease or the rental agreement. Can I turn them off? Thank you for your answer.
    Bonnie Hall, AL

    A: I agree with the legal aid attorney. You can't turn off the lights. That's what's called a "constructive" eviction; not legal in most places.

    Dear Mr. Reno:
    My name is Andre and I own a single family home in California. I am in forclosure and have hired a Lawyer to negotiate with my lender. My tenant sent me a letter saying she has a legal right to stop paying rent until I am current with my payments. Is this right?
    Andre, CA

    A: That is 100 percent WRONG. It's a myth. Unfortunately, most tenants do believe this until they hear it from the eviction judge.

    Read more from John Reno, Eviction Attorney




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    Personal Real Estate Investor Magazine

    Personal Real Estate Investor Magazine provides clear and concise information, reviews and insider advice. Checklists and how-to's to help readers on any budget reach savings and investment return goals. We help our readers find markets and opportunities, then earn the highest returns available on non-traded or real estate related investments. From wholesale SFDs (single family dwellings,) multifamily, and commercial properties, raw land to private placements, syndications and mortgage or equity based REITs - anything that balances an individual investor portfolio of traded asset holdings with more stable non-traded assets like real estate. Personal Real Estate Investor Magazine is the only property investor magazine that has published regularly since our founding in December 2003. It can be found at Barnes & Noble, Borders Books & Music or independent book stores nationwide in business & finance sections. Most Americans who have accumulated any wealth own real estate as part of their portfolio. Unlike traded equities there are few places to go to understand how to best buy, manage and leverage these non-traded assets. Personal Real Estate Investor Magazine is the only continuously published national newsstand magazine addressing this opportunity.


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    Click here to order Dani Babb's Book,  The Accidental Landlord
    FREE LPA Gift with Book Purchase!
    Fellow LPA Member, Dr. Danielle Babb is a national real estate expert and author of the new Landlording Book, "The Accidental Landlord".
    Get your copy now... with a FREE BONUS! from theLPA.com
    Also...
    Ask Dani Babb on Fox Business Catch Dani live on Fox Business Saturdays 1-2pm EST
    Ask your landlord or financing questions on LIVE TV !


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    Free Essential Form Download:
    Criminal Background Authorization Form

    A Criminal Check along with Credit Authorization for Extra Assurance

    The Criminal Background Authorization will remove any doubt of whether the tenant is being up front with you. Not only will you have the tenant's full authorization to do a criminal report with law enforcement agencies, you also have the written authorization required to obtain a credit report.

    The fact that the tenant has nothing to hide and is willing to release credit and criminal (if any) history to you shows good faith and cooperation in the screening process.

    This form can be used in addition to the LPA Rental Application or independantly for the purpose of tenant screening authorization.


    NEW ESSENTIAL FORM DOWNLOAD

    Criminal Background Release Form

    (You can download this form free till April 30, 2009)


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    Tenant Excuses

    "How can you expect me to pay rent for this pigsty?! There is mold in the bathroom." It was clean and like new when they moved in. They are dirty people and do not clean. Of course the 1 year old bathroom tiles have mildew. I was skeeved just looking at that filthy bathroom and they take showers in that dirty tub WITH BARE FEET! - Tom, OH

    "I was riding my bike over to pay the rent and someone came up from behind me and hit me on my head. When I woke up my money was gone and there were police & ambulance & people all around. I spent three days in the hospital, I have cuts and bruises all over my head". So I drove over to the house and knocked on the door. She was fine, she just didn't have the money and wasn't going to have it for a long time. Can you say Eviction?
    Sure you can..... - Ken, Sierra Vista, Arizona

    "My sister in-law won the lottery. Don't worry you'll get your money." They been here 14 months and have not paid on time in 14 months. So here's another B.S. excuse. - Submitted by Kathy H., NY

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    Quotations...


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



    "One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese

    "So many of our dreams at first seem impossible, then they seem improbable, and then, when we summon the will, they soon become inevitable." - Christopher Reeve

    "Your chances of success in any undertaking can always be measured by your belief in yourself." — Robert Collier

    "I know the landlord business can be a tough job, but easy jobs don't pay well." - Lou C., LPA Member

    "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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