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Scam Alert: Landlords Beware!

Scam AlertLandlord2Landlord
has been receiving reports from around the country about scammers impersonating landlords in an effort to steal from unsuspecting renters. One such landlord in Ohio arrived at his property to do some repairs on his rental only to find that his keys did not work. He also noticed that his house was filled with furniture. After all was said and done, a scammer had put an ad in the local paper for a house for rent and had been showing it to hopefull renters. The result: a poor family family was out of $3000 in addition to the moving expenses of moving in and out.  

Most people thought that the only victim was the renter. The landlord suffered the expense of taking legal action to evict the "tenants", the down time of having a long vacancy period and the cleanup of having to prepare the house for re-renting.
In these times of economic uncertainty, landlords need to be extra vigilant. We recommend making additional drive-thrus during times of vacancy.
Member Question: What to Charge as a late fee
 
Question of the Month

Landlord2Landlord member, Carl J. Nashville, TN. "After having gone so  many years without a late fee, I would like to add one to my new application.  I tried working with my tenants but I always ended up paying in the end. I dont feel that I should have to suffer trying to collect my rent on time. What is a reasonable late fee to add to my rental agreement? 

Property Manager policies vary greatly from the duration of the lease to the value of the property. We asked Ken Lemal of Little River Properties in Atlanta. " We have generally added a 10% late fee to be applied after a 5 day grace period. Another option which is successful is to offer 10% rebate to those who pay their rent on the first of second of the month. You would need to add 10% to the monthly rent in order for this to work for you. For instance, if your rent is $1000 make the new rent $1100 with a $100 on time payment discount."

Quick Tip: Free Marketing

 Home Tip of the Month                                                
  Brent D. Writes in" " Just a quick tip to pass along to landlords. They may post their vacacies for free on www.rentboard.com "
 
More Tips
3 ways Screening improves the neighborhood
   Screening Improves the neighborhood  Reviewing the criminal and credit background of prospective renters online is one of the quickest and easiest ways to reduce potential crime, property damage and other rental issues within your neighborhood. So with web-based tenant screening resources readily available, why don't more homeowners conduct applicant background checks before renting out their property?

The unfortunate answer is most individual property owners don't know they can legally and easily review a prospective renter's criminal and credit background with www.Landlord2landlord.com before making a leasing decision. Here are the top three ways tenant screening improves your neighborhood:  Read on

Scam Alert
Scam Alert Consumers lose thousands of dollars each year due to common misperceptions. Here are some popular assumptions:

MYTH: You have the right to cancel any purchase within three days.

FACT: Contrary to popular belief, the three-day Cooling-off Rule (right to cancel) applies to only a limited number of cash or credit transactions of $25 or more. The Rule applies to door-to-door sales or other places other than at the company's regular place of business. Purchases of automobiles and other vehicles are not usually covered.

MYTH: You have the right to a store refund if you request one.

Question: What is Landlord Insurance? 
Home Partners 
  Landlord insurance is an insurance policy that protects the landlord’s investment. The most obvious part of the investment is the building that is being rented to generate income.
What is landlord insurance?
Must see video
 If you havent seen the Will Ferrell video, The Landlord, click here. Many fellow landlords have suggested that we post it for our readership.

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