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Landlord Newsletter July 8, 2014 |
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July 8, 2014 Dear Fellow Landlord, Even though your lease specifies when rent is to be paid, some tenants still pay late anyway, even after they agreed to pay on time. The LPA has two forms to go along with your lease that have really helped me get tenants to pay early or on time. As LPA Members, you can download the following forms any time. They are included in your membership bundle. Non-members are welcome to buy instant downloads (but I think think a membership is far more cost effective and will likely pay for itself in the first month!) 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! You have to run it from the head." - Nick Koon, Hard Nose Landlording
Rent Paid On Time Addendum
This form contains a potent cocktail of ingredients: Because the prompt payment of rent is a top priority in most lease rental agreements, additional emphasis with the Rent Paid On-Time Addendum with the tenants signatures can only help keep the rent as a top priority in the tenants mind.  Credit Reporting and Tenant Performance  One increasingly common question I hear from prospective tenants is, "Do you report our payments to the credit bureau?" Sometimes this question is asked because the tenants are interested in building a good credit rating. Other times, the tenants don't want you to report because they are used to enjoying the benefits of paying the rent late without any derogatory feedback on their credit report. We have found that when a prospective tenant is warned that the landlord reports positive and negative information affecting the tenant's credit, the rent becomes a priority. We let all applicants know that if they value their good or clean credit, they must make the rent a top priority. We ask the tenant not to sign a lease with us unless he or she is absolutely sure that paying the rent in a timely manner will be no problem. We tell him that we would not want to see him ruin his excellent credit standing and damage his future creditworthiness when it comes to applying for a mortgage or other credit. Once a tenant knows that his own actions will determine what information will go on his permanent record, the importance of paying the rent and honoring the agreement will be seen in a whole new light. The Credit Reporting Disclosure Notice informs the tenants that you intend to report positive and negative payment history to the credit and tenant reporting bureaus. You are not obligated to report, but you may. The form points out that the tenants' history will be affected by their I prefer to discover tenant problems before actually signing the lease, so that's why I show them the Credit Reporting Disclosure Notice when I begin our lease signing session. A quality tenant normally sees it as an opportunity to maintain a great rent record. On the other hand, a slow paying tenant might voice some objections at that point. I learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property! I hope this form helps you keep your tenants paying on time or early!
John Reno also does Mortgage Loan Modifications (Nationwide). Dear Mr. Reno:
Can I go after them for the back rent since they did not comply as we agreed? A: Probably not. It depends on the exact wording of the stipulation. Sometimes the concession is conditional on them vacating on time- but not usually. Mostly, it's just waived. If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. Wealth Secrets and Success Quotes"Experience teaches slowly, Robin. And at a cost of many mistakes." - Batman "God made the Idiot for practice, and then He made the School Board." - Mark Twain "Our greatest glory consists not in never falling, but in rising every time we fall." - Confucius "Believe you can and you're halfway there." - Theodore Roosevelt "Without knowledge and a workable plan, you are gambling, with little or no chance of success." - Robert G. Allen "How much did your last tenant problem cost you? Was it less than $89.99?" - 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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The Rent Paid On-Time Addendum is an effective tool for landlords who feel the need to emphasize the importance of rent being paid on schedule. Although the LPA Lease already contains the key ingredients of this addendum, many landlords feel that having the new tenant sign a special addendum to the contract in addition to the lease will help drive home the point.
