Landlord Newsletter August 21, 2012

In this newsletter:

• My Top 10 Landlord Blunders
  
• Free Live Webinar Tonight! Collecting Back Rent with Cynthia Schmidt
• Crime Free / Drug Free Lease Addendum Form - Download it Free!
• 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. Have a great month!
John Nuzzolese
John@theLPA.com

FREE LIVE WEBINAR TONIGHT!

I've always been mostly concerned about keeping the rent current and paid on time or early, but it is also important to know how to collect on judgments owed to you by tenants. In most cases, that money (your money) is left laying around in your tenant's bank account, or spent on something that you will never enjoy!

What do you do about a judgment on a former tenant who moved out of state?
I'll be joining Cynthia tonight on her live webinar at 7:00 PM EST to learn new ways to collect money from former tenants. I hope you do too!

If I shared all my mistakes as a landlord 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 Landlord Mistakes to Avoid" that happened to be important lessons for me in being a better Landlord!
I made most of these screw-ups many years ago, but some are easy to repeat in a bad rental market. That is why I still 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....

Click for More Essential Forms

The Crime Free Lease Addendum helps protect the landlord by contractually obligating the rental residents to obey laws and keep the rental property free of any criminal activity or drugs.

The addendum makes a violation of any of The Crime Free Lease Addendum provisions a material violation of the lease and gives the landlord legal cause for immediate termination of the tenancy.

Even though the LPA Lease already has its "Illegality" clause concerning illegal activity on the part of the tenant, this form can be used in addition to any lease for additional emphasis and support.

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FREE DOWNLOAD The Crime Free / Drug Free Lease Addendum Form

Real Estate Attorney John Reno, an expert in landlord tenant legal matters, has specialized in landlord tenant law for many years. Mr. Reno answers questions asked by LPA members to help solve all kinds of landlord tenant problems.

Dear Mr. Reno:
What is the best cause for starting the eviction process IF the tenant is
A) did not (and has stated will not) be paying their rent and
B) has breached the lease through several code violations in the township.
Thank you.
Ed, PA

A: If you want to try this without an attorney, then go to the local courthouse and get the forms. That's the place to start.

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.

"Your life~the way it looks today is a result of your choices...What will you choose today for your tomorrows?" - Robert G. Allen

"PLEASE don't ever think that you can't get out of the rut you may be in or think you can't take your life to a whole new level.. Anything is possible when you have a path, a plan and a desire to take action.." - Dean Graziosi

"How much did your last tenant problem cost you? Your LPA membership will pay for itself by helping you avoid the smallest tenant problem." - John Nuzzolese

If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a fast inexpensive portal to online tenant screening reports!

How to Check your LPA Membership Expiration Date:

1. Be logged in with your LPA username & password
   
2. On the "Main Menu" (top right), click on "Your Orders" (right below your name)
   
3. The beginning date of your membership will be listed to the left of your membership order # in this format: YYYYMMDD
   

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