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Dear Fellow Landlord,
I hope you enjoy this latest LPA Newsletter. As always, I like to introduce a free copy of the newest LPA Essential Forms to you in the newsletter. The Rent Statement Mailer is one form that helps your rents to get paid more timely. If you’re thinking of buying more real estate, be sure to read Andrew Waite’s “10 Good Reasons to Stay In or Enter the Market Now”!
In this Newsletter, we have:
Article: "10 Good Reasons to Stay In or Enter the Market Now", by Andrew Waite, Publisher of Personal Real Estate Investor Magazine
FREE NEW Essential Form download: The LPA Rent Statement Mailer
Ask the Attorney: The latest Q&A with John Reno, Landlord Attorney
Recent Tenant Excuses
Quotes & Wealth Secrets
Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com
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By Andrew J. Waite, Publisher of Personal Real Estate Investor Magazine
We are cheerleaders for an industry
and market that we believe have a
vast upside for the wise investor.
BEAT BACK THE NEGATIVE
We believe we have just lived
through the colliding storms of economic
limitations, politics, and the
social impact of a generational change
in leadership values. Our core beliefs
have been shaken. The next question is
where to find dependable investments
in uncertainty.
The news driven by money-center
based media is money-centered. If you
work in New York, Washington, or
Charlotte, you and your neighbors are
undergoing significant changes as traditional
financial institutions are being
remade or wiped out. The gap between
Wall Street and Main Street is wider
than ever. There are two Americas: one
east of Hoboken and west of Oakland,
and then the rest of us. Wall Street and
Madison Avenue have tried to marginalize
any investment that’s not part
of Wall Street, residential real estate
in particular. Wall Street’s misunderstanding
has created an industry of
misinformation about real estate and
its value as an investment.
SELF-MANAGING RECESSION
OBSESSION
Some of us refuse to take part. We
believe in cycles and the optimism in
America. No matter what happens this
is a country of smart people who will
flounder, and make and admit mistakes
till we find what works economically.
Time cures everything, particularly
real estate values. News reports
say that we have not reached market
bottom. The numbers and experiences
of our more aggressive readers and
clients do not support the doom and
gloom.
Now is a great time to buy at values
few of us will see again.
THREE SIDES OF OUR MOUTHS
First, as a wise real estate investor
you have the opportunity to manage
your position for your audience and
interests. Clarity is strength. There is
profit in confusion.
Second, a recession is what you
make of it. By all means, be a victim,
but don’t rain on our parade. If you
are a seller who believes that you need
to get out of the property at any price
before losing your shirt, you are ripe
for being taken advantage of. Panic and
urgency for a seller can mean profit for
a deliberate buyer.
Third, as a seller, the market in
many neighborhoods is moving in
a positive direction. Rushing to sell
may not be the only, or best, option.
Holding and renting could generate
inflation-proof income, tax advantages,
and an early return to appreciation.
History has been kind to well-located
and wisely leveraged residential real
estate. Understand your role and objective
and use the market mood to your
advantage.
WHY BUY NOW?
Here are the reasons in a list of
top ten answers from property expert
Ashley Church:
- Presently, buyers have a wide
choice of stock and very little competition.
- Building permits dropped 41 percent
from 2008 to 2009, after a similar
drop from 2007 to 2008. They are
still falling. A shortage of well-located
homes will start to show up late 2009.
Along with new-builds, many of the
homes banks are returning to the market
(REOs) are located in less desirable
far-burbs and exurbs.
- Resale prices are often less than
replacement costs. This cannot last
too much longer, as the market abhors
this type of illogical financial vacuum.
New homes will be more expensive
because the time and cost of permits,
construction material, and reactivating
labor is higher than buying existing
stock. It will take 12 to 18 months
to correct once the builders return to
the market.
- Foreclosures (at double the normal
rates) create more demand for
well-located, quality rentals. Rental
demand for well-located properties is
still strong and a recipe for a future
appreciation, says Greg Dawson of
GoRenter.com.
- Falling interest rates, down payment
assistance, and first-time homebuyer
incentives have made home ownership
more affordable; the best it has
been for a long time. Buyers and investors
with a good credit history, a down
payment, and a demonstrated ability
to make mortgage payments consistently,
are able to get FHA financing.
- The real estate market has not
imploded. Prices are off an average of
10 percent to 1 percent from their highs
in good central and near-burb neighborhoods.
In some cases value has held
steady in the face of negative media.
Far-burbs, exurbs, locations that
are overbuilt, have an onerous commute,
or where owners were sold
aggressive loan products, are being
punished. Their underlying economics
were based on fragile and unsustainable
housing promotion.
The national median house price
was down last month. This is expected
to level off and stay flat, beginning to
rise in 2010 as the supply of foreclosures
is worked through.
- Vendors are now very negotiable
on price compared with this time a
year ago. They are increasingly aware
that they may need to leave some
money in their property, in the form
of vendor finance, if they want to sell
to investor-buyers looking for positive
cash flow properties.
- Positive cash flow property deals
can again be found all over. Go to
www.InvestorLoft.com for a shortlist
of discounted, cash flow positive properties
that meet you investment criteria.
- Prices will recover and property
values will increase. The downturn is
due to a lack of confidence rather than
any change in the property market
fundamentals.
- Real estate is still the best place
for most people to invest their money.
Property has doubled in value, on average,
every seven to ten years for more
than 70 years; there is nothing to suggest
that will change.
BONUS: Real estate is titled, real, can
be leveraged with a mortgage, can be
refinanced to take out profits tax free,
can be depreciated, can earn income
and be expensed, if held longer than
366 days – and if you must sell, profits
are taxed at capital gains tax rates currently
at 1 percent.
Show us another investment that
delivers this level of investment, financial
and tax efficiency!
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Ask the Attorney
The Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
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.
Dear Mr. Reno: I am in California but own a mobile home park in Texas.
I am trying to evict a tenant for non-payment. They "own" their home but still have a lien on it from a lender and also owe back taxes. The judge has granted the eviction but what are my grounds if they do not remove the home at the end of 5 days? I doubt they have the money to move it....Can I take possession? What are the required procedures with the lien holder (who we can't locate)? Also, title does not appear to have been transferred from the prior owner..... Thanks in advance for help on this mess. - Tawnya F., TX
A: You have to call the Sheriff (here it's the Sheriff- other places, the "Marshall", or the Ranger, or maybe call Chuck Norris (for Texas). They're the ones that physically perform removals when they don't remove voluntarily)
Dear Mr. Reno: I am in NYC. My tenants were finally evicted by the marshal. They left a lot of damages, most likely more than $10,000. Could you tell me the statute of limitation to file a claim against them? Thank you so much for all your help. - Nina, NYC
A: Assuming its normal neglect, lack of maintenance, sloppiness and stupidity (legally "negligence") it's 3 yrs. If its intentional spitework (i.e. "vandalism") it's 1 yr. (It could also be breach of the lease (i.e. breach of contract) and then it's 6 yrs; so it's not so simple- Just do it within one year, okay?
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Read more from John Reno, Eviction Attorney
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The Rent Statement Mailer Delivers
Fact: Rent is Paid More Timely When the Tenant Receives a Monthly Rent Statement
Whether you mail your tenant a monthly statement the same way your bank mails you your credit card statement, or supply your tenants with a Payment Book with pre-printed payments slips, the results are the same. The tenants are reminded of what they owe, when it is due, and what the penalties are for not paying on time.
Most landlords have positive results and more timely payments when using a Rent Statement mailer. It helps tenants Want to pay their rent on time and preserve their credit record with their landlord.
The Rent Statement displays the key monetary terms agreed in their lease. That's important because the tenant is reminded of these key items every month when they fill in the amount of their payment before sending it.
Tenants find it a little intimidating and a little more official when their Social Security # is on a document. This part is optional and need only be included at your discretion.
On the top right below the rental address is a payment breakdown area which includes:
- the rent due date
- the rent amount
- the late date and late fee
- the daily late date and daily late fee
- early payment discount date and amount of early payment discount (optional)
- Added rent incurred (any current or past due charges in addition to the rent)
The top tear off slip also includes the landlord's mailing address and instructs the tenant to whom to make the rent payable. Since it is editable in MS Word, it is also easily fitted for window envelopes with the tenant's address showing through.
The bottom portion has a place to record paid amounts and a check # and can be kept for the tenant's records.
When sending the Rent Statement Mailer, it is a good idea to enclose a pre-self-addressed envelope for the tenant to simply drop the top portion of the statement in along with the rent payment. Some landlords even prefer to stamp the envelope in an effort to remove every possible obstacle in the way of getting the rent paid. Personally, I say let the tenants buy their own stamps. If they are that helpless, we shouldn't have them as tenants!
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Tenant Excuses
"I had to bail my husband out of jail for stealing a snowmobile." Jennifer, NY
"I wanna renegotiate our lease. MY sister is in real estate and she says I'm paying too much." Sorry the lease stands. So does the late fee. Ask your sister if you can stay with her after you are evicted. - Jack Klein, NY
"My Dad said he was going to pay the rent for me this month for my birthday. What? You didn't get it yet?" I called the father to verify the story. Luckily the embarrassed dad didn't argue much about the late fee. - Michael C., Kansas
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Quotations...
"Your most unhappy customers are your greatest source of learning." - Bill Gates
"Accept that some days you are the pigeon, and some days you're the statue." - Roger C. Anderson
"You miss a 100 percent of the shots you don’t take." - Wayne Gretzky
"You'll have time to rest when you're dead." - Robert De Niro
"How much did your last tenant problem cost you?"
- John Nuzzolese
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Books by LPA Members
The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Dr. Dani Babb, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.
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Interested in past LPA Newsletters? Feel free to view the
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