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Landlord Newsletter November 15, 2011










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The LPA Newsletter
November 15, 2011


In this issue:

  • Collecting the Rent: What Form of Payment Should You Accept
  • FREE Landlord Form!
  • Ask the Attorney, Real Estate Attorney, John Reno
  • Success Quotes

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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What Form of Payment Should You Accept?

By John Nuzzolese

In today’s changing times, technology plays a larger role in the way we do business. More options are available to us in banking, communication and in collecting the rent from tenants.

Just as every property is unique, so is every landlord and his business. How landlords and property managers choose to collect rent varies greatly depending on experience and circumstances. There are a number of payment methods available for you to choose from when it comes to collecting rent from your tenants.

You can accept your rent:
In Cash

Accepting rent payments in cash normally means personal contact with the tenant, which can be quite involved at times. You may be thinking, “Cash is the simplest form of payment”, but in reality it can be a royal pain in the neck! Think about the pros and cons and you decide.

The Pros of collecting rent in cash

  • You don’t have to worry about checks clearing
  • You don’t have to wait for funds to clear

    The Cons of collecting rent in cash

  • Going to the tenant to collect cash. You have to (or have someone else) meet personally with the tenant every month to collect your rent. This can sometimes turnout to be a time consuming session as it is an opportunity for the tenant to occupy your time with questions, complaints and/or demands concerning the rental property.
  • Travel time and expense. What if your rental property is more than a quick hop away?
  • Missed appointments. Have you ever heard of a tenant missing an appointment to pay the rent? How about just being late?
  • Having the tenant come to you. Some landlords have wised up and don’t allow the tenants the ability to waste their time on missed and late appointments and cost gasoline and time driving to rentals to get stuck talking to each tenant about their wish-lists, etc. Instead, the tenant comes to the landlord’s home or business with the cash. (They might just want to come in and chat sometimes.) For landlords who prefer their tenants to have 24 hour access to them at home 7 days a week, weekends and holidays, this is a great option!
  • Count the money. Remember you should count the cash and make sure it is all there! Don’t forget to give the tenant a receipt.

    click for the full article



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    How many times have you wished your tenants bothered to be a little more considerate on the way out?

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    We have found this form to be very effective in helping tenants to be more cooperative when they are moving out.





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    Ask the Attorney

    The Landlord Protection AgencyThe Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.

    John Reno also does Mortgage Loan Modifications (Nationwide).
    (Mention The LPA for a 10% discount!)

    Dear Mr. Reno:
    We have a tenant on Section 8 and she is responsible for a portion of the rent. She paid the first 2 months, then just stopped paying her portion. She owes 4 months of rent if you count this Nov. We began the eviction process and are awaiting a court date. She is contacting different charities to cover her missed months. If she comes up with the money, do we have to take it, or can we still go to court and proceed with eviction? We want her out- we cannot afford her not paying and are going to fall behind in our mortgage payments if this continues. Her lease is up April 30, and we have a family member waiting to move in then.
    Thank you. - Mrs. M, New Jersey

    A: Yes, you have to take it. If they're tendering the rent, as far as the court's concerned, it's "CASE CLOSED".

    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.

    Read more from John Reno, Eviction Attorney



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    Success Quotes

    "The winners in life think constantly in terms of I can, I will, and I am. Losers, on the other hand, concentrate their waking thoughts on what they should have or would have done, or what they can’t do." - Denis Waitley

    "Too many of us are not living our dreams because we are living our fears." - Les Brown

    "We are what we repeatedly do. Excellence, therefore, is not an act, but a habit." - Aristotle

    "Nothing is particularly hard if you divide it into small jobs." - Henry Ford

    "How much did your last tenant problem cost you?" - John Nuzzolese



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    Did You Know...?
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