Landlord Newsletter Mid-May 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 |
The LPA Newsletter
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1. To be enforceable, a lease must be:
2. Select the phrase you should avoid when encountering one of your tenants.
3. An example of Constructive Eviction is when
I've been asked dozens of times in the last year to create a new form to help landlords ask the right questions on the telephone to help determine if the caller is someone you'd like to set an appointment to show your rental to. The LPA's Tenant-Finder™ Pre-Screening Telephone Worksheet has developed from a simple prospect card into a handy and more complete screening tool for telephone interviews.
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Have you ever met prospective tenants at your rental property, shown it to them, had them fill out a rental application only to find that they were nowhere near qualified? A simple pre-screening telephone interview can be a major time saver. Why not focus your attention on the most qualified prospects?
Before giving out the address of your rental property and committing your time to a doomed appointment with an unqualified renter, you have a chance to more carefully evaluate which prospects are worth meeting with.
I feel very strongly about strict tenant screening, which begins at First Contact with the tenant. First Contact is when you speak with the potential tenant for the first time, usually when they respond to one of your rental ads. At that point, you have the opportunity to learn what you can about this person's current situation. Are they employed? Can they afford your rental? Do their moving dates correspond with your rental's availability? Is their credit rating acceptable? And so on.
After completing your Tenant-Finder™ Pre-Screening Telephone Worksheet, you can use the scoring area to evaluate your new prospect. Print up a pile of them to screen your next tenant!
Eliminate bad tenant risks before spending your valuable time on them.
"Eliminating a bad tenant before I even have to meet him is what I consider the cheapest eviction I can have!" - John@theLPA
The purpose of The LPA's Landlord Reference Qualifier is to help you to determine if the information being given to you by the tenants' current or past landlord is the truth. This screening technique has been successfully tested over time by professional landlords.
By asking certain targeted questions, you will be able to spot a false reference much easier.
An imposter most likely will not be able to answer anything more than the most basic and obvious questions that he or she may have been briefed on. The Landlord Reference Qualifier provides you with an easy to use barrage of simple friendly key questions aimed at getting you the truth. In downloadable MS Word format, the form can be easily customized.
Not only will you easily spot an imposter, but you'll also get better information from the true landlord reference! If you hit the jackpot and determine a reference to be a fake, you are victorious. You've just saved yourself an incredible amount of heartache and money. You are then free to accept the right tenant.
(Some of us have lost hundreds of thousands of dollars over the years due to accepting bad tenants! That's why screening is so important.)
"The rent was unavoidably delayed. Our hamster 'Honey' had an inverted uterus. It was terrible. So we had to pay the vet. We just couldn't disappoint the kids. You understand." No, I do not understand. Your vet bill for Honey's uterus just got bigger. Now you have a $100. late fee added to your rent. Next time you bring a hamster to the vet, keep in mind that the vet can take payments - your landlord will not. - George B., Elmira, NY
"I can't pay you because I have been so stressed. I will have a doctors note to explain why I can not pay the rent." - Renee D., Sonora, CA
"Sorry I don't have the rent this month because I had to buy diesel fuel for my truck to get to work."
Well I hope you like living in your truck after you get evicted. - Sandy Jamison, California
"Many receive advice, only the wise profit by it." - John's Chinese fortune cookie
"Don’t confuse activity with accomplishment." - Submitted by Dale Kelsey
"Nothing is particularly hard if you divide it into small jobs." - Henry Ford
"How much did your last tenant problem cost you?"
- John Nuzzolese
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Starting 6/1/07: We're DOUBLING your referral fees so you can earn twice as much!
No more 10% referral fee, it will now be 20%!
Earn a 10% commission on all orders placed with The Landlord Protection Agency by customers that you refer to us!
You get paid for each order placed through your specially coded internet address for The LPA site!
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