Landlord Newsletter February 21, 2011 |
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February 21, 2010 Dear Fellow Landlord, In this issue:
Please e-mail us if you have any questions or would like to add or share any material / information. The Security Deposit Is Not Rent! By John Nuzzolese So your tenant asked to use the security deposit as rent? This happens to landlords everywhere every day. The rent isn't paid, you ask the tenant for the rent and they say, "We don't have the rent this month, couldn't you just take it from our security deposit?"... or ... "We are moving - you'll just have to use our security." Most landlords are caught off guard and are dumbfounded when this happens. Beware, this is a common occurrence in the landlord business. The tenant wants to use the security deposit for a purpose other than what was agreed. How can we be prepared to deal with this situation? First, it is very important that your rental agreement contains a good security deposit clause, like the LPA Lease does. I believe it is very important to read the lease to the tenant before the tenant signs it. The Security Deposit clause explains how security money may not be allowed to be used as rent. That's when I warn the tenant against trying to use the security deposit as rent.
I've been able to counter this particular type of "tenant attack" by being ready with the right comeback: OK, the tenant doesn't usually say that. He may say a few things I don't want to print on this site, but will usually snap back in line. Sometimes the tenants will bluff to see what you will do, but when they receive an attorney's letter that shows you weren't kidding, they should pay up and follow the rules. Try to remember these points or have this page ready to refer to in case the tenant pulls the old "Use my deposit as rent" trick.
Ask the AttorneyThe Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
John Reno also does Mortgage Loan Modifications (Nationwide). If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question. Dear Mr. Reno: A: You haven't mentioned unpaid rent, so I'm assuming they're current. That's a problem. If they were entitled to a 60 day notice, you haven't given it. Dum - Di - Dum - Dum. FREE DOWNLOAD |
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"While we are contending for our own liberty, we should be very cautious not to violate the rights of conscience in others, ever considering that God alone is the judge of the hearts of men, and to him only in this case they are answerable." - George Washington
"The probability that we may fail in the struggle ought not to deter us from the support of a cause we believe to be just." - Abraham Lincoln
"It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat." - Theodore Roosevelt
"If I had eight hours to chop down a tree, I'd spend six hours sharpening my ax." - Abe Lincoln
Quick Check Credit Reports, Inc. is proud to announce its affiliation and partnership with The LPA in helping landlords protect their interests by better screening tenants at lower costs!!
Not only is Danielle Babb one of our county's most knowledgable real estate anylists, she also shares excellent landlord information and advice in her book, "The Accidental Landlord". Plus she's a super nice person! - John Nuzzolese
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LPA members have been asking me for a while now about how to set up automated rent payments with their tenants. I’d like to bring your attention to “ClearNow, the leader in electronic rent collection.” ClearNow enables you to have your rent automatically withdrawn from your tenant’s bank accounts and directly deposited into your bank account.
If you haven’t done so already, please check out …
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