Dear Fellow Landlord,
Once again, I'd like to thank all of you for supporting The LPA!
In this issue:
- What is the Secret Landlord Career Killer?
- Landlord Quick Tip: How to Serve Notice
- Ask The Attorney! Q&A with Eviction lawyer, John Reno
- Landlord Do's & Don'ts concerning the Lease Signing
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 Secret Career Killer Facing Real Estate Investors
So, you want to be a real estate investor? You are probably thinking the way I did when I started as a real estate investor. I thought the most important objective was to buy as many properties as possible. Well, I was only half right.
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"? Before I answer that question, let me ask you,
- Q: What happens when you put investment properties together with tenants?
- A: You get a landlord tenant relationship. I wish I realized the ramifications earlier.
click for the full article...
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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
Please try to keep your questions as short and to the point as possible.
Dear Mr. Reno:
I am the landlord/owner of a 5 bed 3 bath home. I signed a 3 year lease with an older woman who is now under hospice for cancer at some hospital. The rent is being refused by the current tenants who lived with the lady. They claim my rent problem is with her. It is 15 months into the lease. I hired fullcount services to evict them. its been a month and still hasn't gone to court. Any advice.- David Hudson, California
A: It's only a technicality but you are actually evicting her for non-payment because with her tenants there, she is still in possession. you can also sue her for breaking the lease, but that comes later. For now, you're doing the right thing. It's only been one month- that's not unusual.
Dear Mr. Reno:
In a lot of your responses you mention taking the individuals to small claims court. In my case with the leased individual certain to die in the next couple of days how do I take the current occupiers to court if I don't have names socials or other identification. I only have license plate numbers of all the cars associated with the people currently residing there.
A: These are John Doe's. You can evict John Doe's for nonpayment or a holdover. Sometimes the John Doe's come to into court and give their names, so there's a chance you'll get a money judgement. But even then, the Judge may rule that you have no rental agreement with them. The problem is, your legal theory that these people owe you money is a little shaky.
Dear Mr. Reno:
My tenants neighbor claims he spoke with a lawyer to evict our tenants because the children are unruly. Is this possible? Also, wouldn't he need Police reports or some kind of proof of them being such a nuissence? The children are 15, 12, and 8. - Joy H. from california.
A: Your tenant's neighbor will evict your tenant only in his dreams - not in the real world. Fear not.
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Read more from John Reno, Eviction Attorney
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Landlord Do's & Don'ts
What The LPA says you should do and what you shouldn't do regarding The Lease Signing
DO
- Sit down and read over the lease with the tenant, emphasizing the important parts.
- Have a signed & fully documented Property Condition Report before giving any keys to the tenants.
- Staple a copy of the Tenant's Notice of Intention to Vacate Letter to the back of the tenant's copy of the lease.
- Be sure all funds are in cash or the check has cleared before giving the tenant any keys.
- Warn the tenant that you or your partner or manager report to national tenant and credit bureaus, so it would be in their best interest to pay on time or early.
DON'T
- Allow the tenant to strike clauses or amend important parts of your lease.
- Be afraid to tear up the lease and return the tenant's money if you are unhappy with the meeting.
- Get too friendly with the tenants.
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Landlord Tip
Giving proper legal notice to tenant:
(This applies to month to month tenancies or if your lease allows you to make unilateral changes to the tenancy as the LPA Lease does.)
* It is important to remember that proper notice must also be given by the tenant or the landlord for the Intention of Non - Renewal. Even though the lease has an expiration date, the landlord must still require a written notice to vacate from the tenant.
If it is a 30 or 60 day notice, be sure that the written notice is served before the beginning of the next rent period. That means if the rent is due and payable on the 1st of the month, have the notice served before that date. Serving a notice in the middle of a rent period will not change the fact that the 30 or 60 days notice period starts on the first day of the next rent period.
An official dated notice should be delivered / "served" to the tenant, (preferably by at least 2 of the following methods)
- in person (preferable)
- sent by certified mail- return receipt requested
- regular first class mail combined with the above. We recommend getting a certificate of mailing receipt from the post office whenever you mail an official notice by 1st class (regular) mail.
John N., NY
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Worth A Thousand Words!
The LPA's 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!)
LPA members: FREE!
Non-members: only $5. per ad.
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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".
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