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Landlord Newsletter • First Right of Refusal |
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 Dear Fellow Landlord,
In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information.  What Every Landlord Should Know About Discrimination by Attorney William Bronchick, Legalwiz.com 
The Fair Housing Act of 1968, as amended, prohibits discrimination on the basis of race, color, religion, nationality, familial status, age, and gender. Many state and local laws also forbid discrimination on the basis of sexuality or source of income, and the Americans with Disabilities Act makes it illegal to discriminate against the disabled. If you harbor any such prejudices and would allow them to come into play when renting a housing unit, then you're probably not cut out to be a landlord. However, many sincere real estate investors make honest mistakes that result in discrimination lawsuits. The best way to avoid them is to be informed. Watch the Wording of Your AdsThe Fair Housing Act (FHA) may appear to be common sense, and most people would never think of discriminating against people of different races or religions, or on the basis of gender. However, it is important to note that the FHA extends beyond the screening process, and into advertising as well. This is where many landlords and property managers make fatal mistakes. After all, there are people who scour the classifieds looking for inappropriately worded ads so that they can pounce on them and threaten a lawsuit. While someone must have standing to bring suit, these scoundrels often work in coalitions to ensure that all of their bases are covered.For example, if you own a rental property in a predominantly Jewish community, its proximity to the local synagogue could be a major feature. But if your ad says "within walking distance from the synagogue," you could be sending the message ... "gentiles need not apply" - even though this wasn't your intent. And keep in mind that you may not discriminate on the basis of whether a couple is married... First Right of Refusal: An Almost Option to Buy By John Nuzzolese Often, rental prospects ask questions like, "Will you give me an option to buy?". In today's economy they are also asking, "Is this home currently for sale?" or "Is this home in foreclosure?" They may ask these questions for a few different reasons.
I find the question, "Will you give me an option to buy?" is asked for two different reasons, depending on the prospect. The question, "Is the home for sale or in foreclosure?" is asked because we are all hearing horror stories in this economy about people who move into a property and are forced to move out of again in a short time. Are your tenants prospects worried that you might sell the property out from under them or that you might lose the house? You can assure your tenants that they don't have to worry, by giving them a "First Right of Refusal" addendum with their lease contract. It tells the tenant that they will be given the opportunity to purchase your property first, before making it available to the rest of the market...
Landlord TipWe have found that our properties are better maintained by tenants who have signed a Condition Inspection Report at Move-In. I highly recommend it. - John "95% of tenant problems can be eliminated in the screening process." - John Nuzzolese, TheLPA.com "Fail to prepare; Prepare to fail." - Anonymous "Discipline is the bridge between goals and accomplishment." - Jim Rohn "Take the first step in faith. You don't have to see the whole staircase. Just take the first step." - Martin Luther King Jr. "How much did your last tenant problem cost you?" - John Nuzzolese, The Landlord Protection Agency
comes with all 2 - 5+ year LPA Memberships Be a more powerful landlord - able to handle just about any landlord / tenant situation in a professional way, saving you time and money. ALL FREE with LPA Membership! 
 Yes, this offer also applies to LPA membership renewals! Having all the forms all on disk is a handy time saving convenience. 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. 
 LPA members: FREE!
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First Right of Refusal Addendum
