Landlord Newsletter July, 1 2014 - Ingredients of a Good Tenant

Dear Fellow Landlord,

In this newsletter:

• 5 Key Ingredients of a Good Tenant
  
• Yard Accessory Addendum Free Printable Word Doc
  
• Ask the Attorney, Real Estate Attorney, John Reno
  
• Happy 4th of July Special COUPON CODES!
  

Please e-mail us if you have any questions or would like to add or share any material / information. Have a great summer!
John Nuzzolese
John@theLPA.com

Most landlords try their best to select good tenants to occupy their rental properties. Some are very successful at it while others always seem to end up with bad tenants regardless of how much they try.

In order to find a good tenant, we need to first understand the qualities or ingredients that a good tenant is made up from. Once we understand what ingredients we are looking for, we can carefully screen applicants with the right ingredients in mind. The LPA has a few tools that can help you determine if your applicant has the desired qualities you are looking for in your screening process.

So What Are the 5 Ingredients that Make Up a Good Tenant?

1. Honesty / Integrity Trust... reliability... decency are what comes into my mind as qualities of an honest person with integrity. I want a tenant who will do what he agrees to do. Someone who morally chooses to do the right thing. A person whose signature on a contract signifies a binding promise they will keep.

2. Creditworthiness If I am going to give legal possession of a valuable piece of real property to a tenant, I'm going to first want to know I'm dealing with someone with a good track record concerning credit. We have technology available now that can give me a credit report on the computer instantly on any rental prospect, so I definitely want to assure myself that my prospect deals with financial matters in a reputable way.

3. Ability to Pay Does the tenant have sufficient income or other resources to easily pay the rent and other living expenses every month? Is the tenant employed or just independently wealthy? Does the tenant depend on any other parties to survive? The answers to these questions will tell you how secure this tenancy will be.

4. Cleanliness A clean tenant has higher standards than a dirty tenant. It is a fact that clean tenant will care for your rental property better than a dirty tenant.

5. Respect This is an important one. I have had the worst experiences with people who do not respect others. They may not even respect themselves, which usually means they won't treat your property very well since they don't respect it either. If they do not respect you as the landlord, you have a recipe for trouble.

click for MORE LPA FORMS

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:
My father wants to buy a house that currently has tenants. The tenants currently owe rent and my dad wants to know whats the process for buying this house and removing the tenants so he can take occupancy in that residence?
Manuel D., NY

A: In a perfect world, you sign a contract that says the seller will remove the tenants prior to closing. That would be my preference. If the closing can't be delayed that long, Dad can evict later, but his lack of knowledge of the background of these tenancies will cause complications. It can be done, but it should be avoided, if possible.

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.

4th of JULY SPECIAL!
$10. or $15. OFF!

Join The Landlord Protection Agency® Now, It's Easy!

One Membership Year: $89.99	ENROLL NOW
Two - Four Membership Years: $64.99 per year *
Five Or More Membership Years: $39.99 per year * (Best Value)

LPA Renewal Prices

One Year Renewal: $75.00 (Save $14.99 off regular price)	Renew NOW
Two Year Renewal: $54.00 per year (Save $35.99 per year)
Five Year Renewal: $29.99 per year (Save $60. per year)

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

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!