 Dear Fellow Landlord,
I hope you enjoy this Mini Newsletter.
In this issue:
- FATHERS DAY Special - FREE LPA Membership Year
Join for the 5 year discounted rate & we'll give you the 6th year for FREE! Includes the LPA Forms disk and immediate download access!
- Rental in Foreclosure - What Now?
- Q: What is Worth a Thousand Words? A: Pictures in your free rental ad
- Landlord Advice! Eviction Attorney John Reno answers questions from LPA members FREE.
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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Rental in Foreclosure -
The Tenants Found Out!
What Now?
What is a Landlord or Property Manager to Do?
By John Nuzzolese
In today's turbulent economy with record foreclosures nationwide, more landlords and property managers are sharing a once uncommon experience: Foreclosures. Today, foreclosures are everywhere you look. Many of the properties in trouble happen to be rentals, some under property management contracts. Let's take a look at the situations faced by private landlords and also by property managers hired as an agent of the owner.
Private Landlords
Picture this: The tenant is home thinking about making his next rent payment early. A knock on the door interrupts his thoughts only to be told by a bank representative that "the house in in foreclosure. Your landlord is not making his payments. You'd better start paying us directly or we will EVICT YOU!" Unfortunately many banks say even worse things to the tenants to scare tenants. This creates havoc for the landlord who is very likely trying desperately to find a way out of foreclosure.
When you buy bread, do you ask the supermarket if they paid their bread bill?
Why then does the tenant think he is entitled to FREE RENT when the landlord is behind with the bank?
How do you handle the tenant when he finds out the home he is renting is in foreclosure?
If possible, nip the problem in the bud.
Nipping the problem in the bud: If you know up to 3 months or more that you can not make your mortgage payments before the tenant knows, the best thing for you to do is prepare the tenant to be your ally. Get the tenant on your side....
Click to read full article
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NEW FEATURE: PICTURES!
Worth A Thousand Words!
The LPA's National Rental Advertising division,"Landlord's Corner" allows you to include up to 6 pictures (thumbnails and full size pictures) in each rental ad. (UNLIMITED FREE ADS come with LPA membership!)
If you're already an LPA member, start advertising your rentals with pictures!
Non-members can also advertise for $5. per ad.
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Ask the Attorney
 The Landlord Protection Agency® provides you with access to Eviction Attorney, 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
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Dear Mr. Reno:
I live in Calif. I have 2 homes. I will be filing Bankruptcy on both homes. I have renters in one of the homes, they received a letter tape to the door saying that the property is in foreclosure. They haven't paid rent for the past couple of months.
- They changed the locks before all of this happened, and did not supply a key.
- Are they obligated to pay the rent as agreed upon?
- Also, I want to get my stuff out (Fridge, Stove, Etc) that I paid for.
But they said, "Speak to my Attorney".
Do I have any recourse?
Thanks
G in San Diego
A: This is happening all over because of the housing crisis, mass foreclosures, etc. These tenants think if the landlord is in foreclosure it means "free rent!" THEY ARE WRONG. As long as you are still the owner, you can collect rent & evict tenants right up to the foreclosure sale.
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Read more from John Reno, Eviction Attorney
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