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Landlord Newsletter February 23, 2010

The LPA Newsletter February 23, 2010

Dear Fellow Landlord,
I am embarassed about many of the mistakes I've made as a landlord. I only hope some of my dumb mistakes help others avoid them!

In this issue:

  • 10 Embarassing Landlord Mistakes I Made
  • Landlord Tip with Free Form Download
  • Tenant Truths & Lies

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


10 Landlording Mistakes that Made Me Want to Kick Myself!

If I shared all my landording mistakes in one article, you'd get tired of reading it before the first hour, so I'm limiting it to only ten big mistakes that made me want to kick myself. Some of my mistakes are very common to many landlords, but most are the result of me trusting the wrong people. In this business of being a landlord, we eventually learn that trust has to be earned. We just shouldn't trust everyone we meet.

Below I've listed "10 Embarassing Landlord Mistakes I Made" - but were important lessons in Landlording!
I made most of these mistakes many years ago, but some are easy to repeat in a bad rental market. That is why I always say, "Nerves of steel- It is better to have NO tenant than a BAD tenant."

  1. I failed to check the tenant's ID!
    I knew something was wrong when the rent for the second month was a challenge to collect. After a few months I learned the tenant's real name from a neighbor! I knew God loved me when he was arrested by the FBI for fraud.
  2. I skipped the credit report!
    They seemed like they had it all together. Well dressed, nice car, the application checked out...
  3. I trusted a fellow landlord and Realtor
    who "vouched" for the tenant! - Now whenever a fellow landlord or Realtor "vouches" for a tenant, I ask them if they will be comfortable co-signing. Trusting a fellow Realtor? I should have known better. No offense to the many hard working honest fellow Realtors out there!
  4. I allowed a tenant to do home improvements.
    Just because someone tells you he is "handy", doesn't mean he really is. I still have nightmares about the unauthorized homemade shower stall in the front coat closet... hose...linoleum...holes drilled draining into the basement... aaaaah!
  5. I didn't increase the rent for fear of "rocking the boat"!
    Even a small modest rent increase like $10. is better than none at all. In fact, if you are determined to do NO increase, at least send an increase letter to make a point that because of rising carrying costs, there should have been an increase but you are forgoing the increase because of their fine tenant performance.
  6. I waived the late fee!
    Just trying to be friendly and avoid confrontations. Build a good landlord tenant relationship... Ha! What a fool I was! You've got to read my article on collecting late fees from tenants who won't voluntarily pay it.
  7. I didn't start eviction because I believed the tenant was telling me the truth all those months about the “money coming!
    Talk about being a sucker! Boy was I naive!
  8. I accepted a tenant with BAD CREDIT!
    She seemed so nice. So honest. Of course all those banks made a mistake on her credit report. Besides it was probably the ex-husband who ruined her credit. Mary would never lie to me. Some times you just have to trust your gut and take a chance on somebody, right? Wrong!
  9. I didn't bother to get a signed Property Condition Report!
    I learned that when I do not get a signed property condition report, the tenant conveniently forgets what excellent condition the property was in when they took occupancy. But when I have them sign a condition report at move-in, it definitely makes a difference in how they treat the home during their stay.
  10. I didn't bother to get a signed Credit Reporting Disclosure!
    Before it was part of my regular lease signing routine, I would often forget to use this form. Whenever I forgot, I regretted it! It is a simple fact that when we have a tenant sign a credit reporting disclosure, they make a conscious effort to make their rent payments timely. Why? Because good tenants want to keep good credit. When they think their rent will affect their credit, they prioritize the rent payment.

  • Bonus Mistake:
    WARNING! My Extra Embarrassing & Personal Blooper!

    One day on the way to an appointment I saw my wife's car parked in a parking lot at a local park where she brought the kids. I thought I'd stop by and leave her a note under the windshield wiper. I didn't have much to say, except, "I love you sweetie."
    She thought that was nice and gave me a big hug when I got home. Flash forward 1 week. A rental home has a problem with the heating system. I had to meet an oil burner repairman at the rental house. He services the unit and asks me if I have any other rental properties available. I did, so I gave him my business card. He got in his truck while I waited for him to leave before locking up the house. After a while he got out of the truck and came back up to the house with a strange look on his face. He said, "Are you trying to tell me something?" and handed me the business card with writing on the back that said, "I love you sweetie." - Holy crap! How the heck did he get the card I gave to my wife?! After turning red and explaining what must've happened, I think he believed me. He must've, because at first, he looked like he was about to throw a punch and then I had him laughing.
    The lesson I learned is to make sure you don't accidentally recycle your business cards with personal notes on them!

I hope you found some of my past landlord mistakes entertaining, but more importantly, I hope I may have helped somebody out avoid making any of these mistakes themselves.

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Truth & Lies

You'll Never Hear your Tenant Say ...

  • "My credit is bad because I am a deadbeat who goes from landlord to landlord."
    Click here to read what they really say!

  • "I broke the dishwasher because, like an idiot, I sat on it."
    Click here to read what they really say!

  • "I plan to rent out rooms to low-lives to help me pay the rent."
    Click here to read what they really say!

    Fee free to e-mail us what your tenant would never say but is really the truth!




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    Landlord Tip with FREE Form Download

    When executing a new lease, remember to staple an Intention to Vacate form on the back of the tenant's lease. Reminding the tenant to give proper notice and proper move-out procedure can make your life a lot easier when it's time to start looking for a new tenant.

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    For additional information, visit us online at The Landlord Protection Agency

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    ***********************************************

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