LPA Newsletter November 2, 2012 - Hurricane Sandy

Dear Fellow Landlord,

My heart goes out to all who are suffering as we also are through Hurricane flooding and property damage, power outages, gasoline shortages and a long difficult recovery process.
In speaking with many of our tenants, who are experiencing flooding, power loss, heat loss and in some cases unlivable circumstances, I am reminded of the importance of Renters Insurance. Please see the 2 articles below regarding Renters Insurance.

By the way... I'll be attending The 2012 National New Strategies Summit for Real Estate Investors and Landlords Sponsored by the Ohio Real Estate Investors' Association November 8-11, Great Wolf Lodge, Cincinnati Ohio. Will I see you there?

In this newsletter:

• The Importance of Renters Insurance!
  
• 4 Myths About Renter's Insurance By Sally Anderson
• Reminder: Daylight Savings Time & Smoke Detector Free Form Download
  
• Ask the Attorney, Real Estate Attorney, John Reno
  
• Quotes for Success
  

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead.
John Nuzzolese
John@theLPA.com

In the aftermath of Hurricane Sandy, I find myself grateful that our tenants abide by the requirements of The LPA Lease which is the lease used and enforced religiously by our management companies.

I have been reminding tenants of the benefits of their Renters Insurance policies, which seem to have been forgotten over time. I also want to remind you to remind your tenants too of the benefits they may be able to make use of in these circumstances!

In many cases, landlords are working with tenants to minimize losses in property and damages to the dwellings. I'm also finding that many landlords are paying for repairs or replacement of tenant belongings due to the storm. While this is admirable on the part of the landlord, keep in mind that the tenant's Renters Insurance policy is there for a reason. That reason is to take the burden of the cost of tenant's losses and lodging off the landlord's shoulders.

I know this is a difficult time for landlords as well as tenants. It is easy to become overwhelmed by the scope of the problems that many of us are facing. Try to take these problems one step at a time until they are resolved.

Wishing you a safe and speedy recovery from this storm! - John

4 Myths About Renter's Insurance

Common Misconceptions

It's cool -- my landlord's covered. In most cases, a landlord's insurance covers only structural damage to the building itself—and many landlord policies don't even go that far if the damage is caused by a tenant. If you leave the tub running and it turns your floor into cardboard and dribbles downstairs, damaging your neighbor's couch, you may be liable for the whole drippy mess. If your building went up in flames, your landlord's coverage would include repairs, but only to the building, not to the possessions of tenants.

It's out of my price range. Is $10 to $20 per month too much? Unofficial online quotes from two major carriers produced annual rates of $147 ($12.25 per month) and $203 (under $17 monthly) respectively. Both quotes were for a fictional five-room house in Boulder, Colorado, covering the basics for "standard" personal property valued at $35,700 (the automated figure produced by one company). Both quotes had a deductible of $500 per incident, and included medical coverage for others, on-premise or off-premise. Assumptions were that the house contained a smoke alarm and fire extinguishers. For lower rates, you can raise the deductible; for more protection, you can pay more for replacement cost coverage, in which reimbursement is based on today's replacement cost rather than original value.

I'm in a great building, and I'm not worried about security. Renter's insurance extends beyond on-premise theft and hazards....

click for the full article...

Reminder: Nov 4th Daylight saving time ends for 2012. Time to turn your clocks back an hour. It is also a good time to change batteries in your smoke detectors. Download our free forms for daylight savings time and smoke detectors for your tenants!

Free Form for Your Tenants Daylight Savings Time & Smoke Detector Battery Reminder Daylight Savings Time & Smoke Detector Battery Reminder This is a friendly reminder form to remind tenants to change the clocks for daylight savings time and more importantly, to protect your property by reminding them to change the batteries in their smoke detectors. More about Daylight Savings Time: In 2012, daylight time ends on November 4th. On the first Sunday in November, clocks are set back one hour at 2:00 a.m. local daylight time, which becomes 1:00 a.m. local standard time. These dates were established by Congress in the Energy Policy Act of 2005, Pub. L. no. 109-58, 119 Stat 594 (2005). Not all places in the U.S. observe daylight time. In particular, Hawaii and most of Arizona do not use it. Indiana adopted its use beginning in 2006.

The 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:
I sent my tenant a notice of termination of the lease. I am required to give a 60-day notice because she's in Section 8. Unfortunately, the date I gave her to leave was 60 days from when I wrote the letter, not from when she received it. Would I be able to mail her an amended notice, pushing the date to terminate a few days back, so that the notice wouldn't be rendered invalid, or would I have to start all over again, sending a new termination letter, giving another 60 days? Thank you,
MC, Maryland

A: Yes, You can, and I suggest you do. Otherwise, your 60 days may well be deemed defective. Also, don't be afraid to call Section 8. You probably don't think they would help you with this, but I've found them to be quite helpful, surprisingly.

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.

Have you ever been beaten by a tenant on the rent?
Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the bright side, remedies are available. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.

Credit bureau reporting is an option in which many modern landlords are beginning to participate....

Click here for the full article

"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

"Accept responsibility for your life. Know that it is you who will get you where you want to go, no one else." - Les Brown

"There is no failure. Only feedback." - Robert G. Allen

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

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
   

If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money!

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