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Landlord Newsletter April 2013 - 5 Qualities of a Good Landlord |
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April 2, 2013 
In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month!
1. Understanding the need for quality tenant screening A crucial aspect of screening tenants involves using a good rental application and other forms that focus on determining how qualified the applicant is while legally protecting the landlord. Forms such as the Tenant Finder Worksheet and the Tenant Finder Qualifying Chart can be very helpful after you have verified the information given to you on the rental application.
I'm surprised at how many landlords don't actually make calls to check the references on the rental application! Once I had a landlord reference start laughing when I called. I asked what was so funny. He said, "I can't believe this guy was stupid enough to list me as a reference! He is being evicted as we speak." I highly recommend the Landlord Reference Qualifier as a tool for determining the integrity of the landlord reference the tenant gives you. A two minute phone call can save you thousands! The next step in verifying the references on the signed application that also includes authorization to verify the applicant's credit is to order a credit report. Landlords without access to pull instant credit reports are at a disadvantage when it comes to making timely decisions on accepting tenants. If you do not have access to instant credit reports, I recommend The LPA's credit report agency, Quick Check Credit Reports.
After a while in the landlord business, showing rental properties to many tenants, you tend to hear some of the same questions and statements again and again. The screening process is alive from the moment you first speak with your new prospects until the leases are signed and the money is paid, so you must keep your eyes and ears open for clues and telltale signs of whether your prospect is the right tenant for your rental First Right of Refusal: An Almost Option to Buy By John Nuzzolese
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...
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno: A: That dog won't hunt. Now the dogs gone? So why the eviction? What's the grounds? Can't we let sleeping dogs lie? (There's a million of these!)
(Pet related lease violations are a lot harder to enforce in court than an eviction for non-payment.) If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. 
Our goal with this Elite forum is to provide you with insights, information, and specific daily instruction and participation that directly relates to your interest in real estate whether it be investing, being a landlord, buying or selling a home – including one on one coaching and a highly participatory group! Wealth Secrets and Success Quotes"You can cut down a tree with a hammer, but it takes about 30 days. If you trade the hammer for an ax, you can cut it down in about 30 minutes. The difference between 30 days and 30 minutes is skills." - Jim Rohn "Try not to be angry when people fail to meet your expectations of them. Just remember it is their shortcoming , not yours." – John Nuzzolese "There's only one direction you can coast." - Brian Tracy "How much did your last tenant problem cost you? Your LPA membership will pay for itself by helping you avoid the smallest tenant problems." - John Nuzzolese
 Take Advantage of our low Renewal Prices! How to Check your LPA Membership Expiration Date:
 
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! What are people saying about The Landlord Protection Agency? |
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First Right of Refusal Addendum
