I hope this newsletter finds you well. Regardless of what the real estate market is doing, one thing remains constant: People still need decent rentals, even though we landlords have to look more carefully for qualified tenants. Careful credit screening is very important. Preparing your rental agreement with good clauses for your protection is also important.
I almost forgot. We're doubling your affiliate commissions to 20% so you can earn more money by referring people to theLPA. (See Affiliates link below)
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great June.
John Nuzzolese
John@theLPA.com
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Are Your Tenants Smoking in your Non - Smoking Rental?
No Smoking Notice and Reminder
It happens all the time. People say they don't smoke when they really do. How often have you heard, "Yes, I smoke a little, but not inside the house."
REALLY?? A smoker smokes and you will find it very hard to control where your smoking tenant will light up. So, if you prefer No Smoking in your rental, make sure you are very clear on that in your lease agreement. (The LPA Lease has a No Smoking clause that can be left in place or stricken if you want to accept a smoking tenant.)
The No Smoking Notice and Reminder form
can be used to inform tenants that they are in violation of their No Smoking clause in the lease agreement. It can also be used a new Notice to initiate a new No Smoking rule for your rental. As with any official written notice, just remember to give the proper notice period of time as your lease or state requires for making changes in the rental agreement.
The notice can make your smoking rules and requirements a part of your existing lease or a handy reminder of your "No Smoking" clause in your The LPA Lease.
No Smoking Notice and Reminder
(You can download this form FREE till June 20, 2007)
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Can I Run a Credit Report to Locate my Tenant who Owes me Money?
By John Nuzzolese
A common misconception landlords have is that they can run a credit report on a tenant if they have the tenant’s social security number. You must have the applicant’s written authorization explicitly for running a credit report. It is illegal to pull a credit report without the tenant's written authorization according to the FCRA (Fair Credit Reporting Act). There could be very serious ramifications if you order credit reports without written authorization.
So, what if you have written authorization on your tenant's rental application to run a credit check?
As you know, it is illegal to pull a credit report on a rental applicant without his or her expressed written authorization. The same is true for banks and credit card companies, only they have you sign an authorization that allows them to continue to check your credit report.
Most lending institutions run credit reports from time to time on their borrowers for various reasons. Sometimes, to determine eligibility for credit line increases or account renewals, and also to track down delinquent debtors.
Why can't landlords do the same thing? They can, but most landlords are not legally prepared to do it.
Here is the clause to insert into your LPA Rental Application, so that if in the future you have to chase down a tenant by checking his credit report for a forwarding address or employer.
Just copy and paste the above updated clause into your LPA Rental Application over the original.
Even with the permission to run ongoing credit reports on your tenant, the you should keep in mind that each report you pull will show up on the credit report as an inquiry. Excessive inquiries on a credit report are harmful to the subject's credit rating. The landlord must be responsible with this privilege which is only intended to protect the landlord in collection or renewal evaluation circumstances.
Disclaimer: State and local laws may vary, so The LPA recommends you seek an attorney's advice before ordering additional credit reports on tenants.
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Landlord Tip:
When screening an applicant, ask for a copy of a picture ID or drivers license. Make sure the person in front of you is the same person on the application and credit report.
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Tenant Excuses
"My mom's not here! Come back tomorrow!"
Dude! I know this is an excuse because I get the same thing each month about 5 times. - Jeff S, CA
"I can't meet you to pay rent because I have no way to get there because I lost my job because my wife jumped out of my tow truck doing 30MPH two weeks ago and I lost my job... We are on our way to shock trauma right now !" No explanation needed. - Doug D., MD
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Quotations...
"Beware of the young doctor and the old barber." - Benjamin Franklin
"Be kind, for everyone you meet is fighting a hard battle." Plato
"Discourage litigation. Persuade your neighbors to compromise whenever you can. As a peacemaker the lawyer has superior opportunity of being a good man. There will still be business enough." - Abraham Lincoln
"How much did your last tenant problem cost you?"
- John Nuzzolese
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America's #1 real estate expert is also an LPA Member!
The Landlord's Troubleshooter and more Real Estate Books By Robert Irwin
Robert Irwin is the bestselling author of more than 50 books on real estate. His career in the real estate industry encompasses more than three decades of experience as real estate broker, landlord, and consultant to lenders, agents, and investors.
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Books by LPA Members
The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.
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