Landlord Newsletter Mid March 2008 |
Free Prospect Card "Of all the sites out there, the LPA by FAR has the most extensive resources, the most knowledgeable help, the most expertise, and is quite possibly the best real estate site I've used in my career." Dr. Dani Babb, Author of "The Accidental Landlord". LPA Member since 2007. "My LPA Membership has saved me from so many expensive tenant problems, it has already paid for itself many times over." Louis C., LPA Member since February 2001. "TheLPA.com emphasizes the three most important issues for a landlord's protection: 1. Screening and Tenant Selection 2. Using a Solid Landlord Lease 3. Lease Enforcement Robert Irwin, Author of "The Landlord's Troubleshooter", "The Armchair Real Estate Investor and "Real Estate Tips and Traps", LPA Member since April 2007 The LPA not only lets you share your experience with other landlords, but it will also help to answer your questions. Timothy Spangler, Author of "From the Rat Race to Real Estate", LPA Member since December 2003 The Web site was founded by John Nuzzolese, and he is a "nice guy" like we were when we started. He learned many lessons the hard way, like we did, and so you will benefit greatly from his experiences, and from being part of this group. Kind regards, Sandy Midea, Author of "A Fool's Guide to Landlording" "The LPA Lease has become my favorite lease, and enforcing it with the Essential Forms is even better. Managing my properties (tenants) has become much easier." Jack Klein, LPA Member since May 2001. "The question should be ..." "Can you afford not to join The Landlord Protection Agency? I'm very thankful for all The LPA has done for us. At first we were intimidated by our tenants and the whole process of leasing and managing our rental property. Now we have 3 rentals with excellent tenants!" Carol and Jim S., LPA Members since July 2003 "I'd like to thank Mr. Nuzzolese for sharing his landlording knowledge with us. I find it refreshing to be able to get down to earth articles and real life helpful advice on the LPA website. Gary Smith, LPA Member since 2007 "I cannot express how your products have made my job so much easier. I have peace of mind now knowing that I am protected by the verbiage you have in your contracts. Thank you so much." Tony Gramm, Aurora, OH Free Prospect Card |
The LPA Newsletter
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Dear Mr. Reno:
I have just received my judgment from the court for an eviction of my tenants. Now they have the right to an appeal. It states they can appeal “on a question of law” to the Supreme Court. What does this mean? - Maria S., New Hampshire.
A: That means they can have a re-trial of the facts of the case. They can only appeal if they can show that the judge misinterpreted the law or misapplied the law. Tenants rarely appeal. It's very expensive.
Dear Mr. Reno:
Hello, I have a tenant that paid me a security deposit and the first month's rent by personal check. I cashed the first month's check immediately and it went through. However, her security deposit didn't. When the check was returned to me for insufficient funds, I spoke with her about it and she sent me a copy of her account balance showing she had the available money but they had a hold on some of it. It all seemed perfectly understandable. In fact, a few days later, she sent me a certified bank check for the available amount ($1200). It's now been over a month and I've asked her to send me the remainder. Of course, now, she's completely avoiding my emails and phone calls. For the month of March, she paid her rent with a personal check, and it seems that it may bounce, since they just now put a hold on it in my account... I can only assume they tried to cash it and it didn't clear. I'm not sure how I should proceed. I've prepared a "demand for payment notice" regarding the security deposit, and if the rent check does indeed bounce, I plan on immediately sending her a failure to pay rent notice. If I'm not mistaken, it can be a felony in Maryland to write bad checks, so I'm not sure what would be the best route for me to pursue. Should I try to evict based on breach of contract for the security deposit? If so, would you have any suggestions on how I should begin that process. Or should I see if the rent check actually clears and pursue that? Any help in the matter would be greatly appreciated.
Respectfully, Danny A., Maryland
A: In most jurisdictions it's a misdemeanor to write a check on insufficient funds. The police (when they are in the mood to be helpful) can get these funds paid because when the person is criminally charged, the D.A. makes them make good on the check to get the charges reduced or dismissed. So go for it.
The Fed Chairman on Friday March 14th outlined what the Fed is proposing to alleviate the housing crisis. Here are the highlights, and the negative outcomes as a result as I see them - government stay out if these are going to be the plans!
1. Prohibiting lenders from issuing loans that borrowers cannot repay. BIG problem here. We have no accurate way of assessing this. The traditional method, FICO scores, is no longer accurate. The FICO doesn’t take into consideration mortgage resets, and is fairly easily manipulated by people who fix credit. FICO says plans are in the works but a new algorithm wont be released until 2009. Also, more people today earn non traditional income - income working from home on 1099s and so forth. These people are often highly qualified but may not be able to get a loan.
2. Making lenders verify income and assets. I have no problem with verifying assets. But, it's difficult to verify income by many of today's workers. For instance, many of us work off of 1099s and take business deductions. This makes it nearly impossible for the bank to see how much we really make.....
click for Dani's full article...
Imagine having the perfect tenants in your rental property. Maybe you already have them now. What we really hope is that these perfect tenants will remain perfect. To continue doing all the right things and not doing any of the wrong things. We want them to obey the lease agreement religiously, take care of the property and pay the rent on time or early. Imagine a tenant who leaves the rental better than it was found. Is this idea from the The Twilight Zone or something you can really have?
Most of the time, when we actually have a tenant that seems "too good to be true", something happens either suddenly or gradually turn our tenant to the dark side.
These are what I feel are the top 5 ways landlords ruin perfectly good tenancies
click for John's full article...
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"The wedding dresses are almost done! As soon As I finish, they are supposed to pay me." - My tenant is a temperamental seamstress who depends on her dressmaking to pay the rent. I see this tenancy winding down. Kim, Irvine, CA
Amber responded to the unlawful detainer notice by arguing that I owed her money, not the other way around. When I asked her why she lied to the courts, she said:
"I talked to my friend in the homeless shelter and she said I had to respond to the notice even if it was a lie."
Even funnier, after the eviction, she was still using me as a reference. I guess she's still in the homeless shelter. - Brenda Rumball, Everett, WA
"I can't talk to you about this now because I am having a panic attack." You are three weeks behind on your payment in an attempt to get current on the $2000 + you are behind in rent. Wonder if the mortgage company would give me an extension because I am having a panic attack about paying my bills???? - Mark and Marlene Smith, New Hampshire
"Could you please file a Landlord/Tenant Complaint so I can get financial assistance to pay you the rent?" - I did, and they got the financial aid but didn’t give it to me! Her request ended with her eviction -of course! Melissa, PA
"I'm probably moving at the end of the month anyway and you still have my security." I said Probably? Where's your 60 days written notice as agreed in the lease? I'm sorry, but if you don't pay the rent, an attorney fee will be added to what you owe. - Kelly, CO
"Five minutes of today are worth as much to me, as five minutes in the next millennium. Let us be poised, and wise, and our own, today." - Ralph Waldo Emerson
"I cannot believe that the purpose of life is to be happy. I think the purpose of life is to be useful, to be responsible, to be compassionate. It is, above all to matter, to count, to stand for something, to have made some difference that you lived at all." - Leo Rosten
"How much did your last tenant problem cost you?"
- John Nuzzolese
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State Specific Lease Clause Index
Credit Reports
About Us
Articles
Join Now
Landlord Books
Links
Advertising
Affilliates
Newsletter Subscribe
E-mail
a friend about TheLPA
Help
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