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Client in Pre-foreclosure

Imraan Ali — Fri, 25 Dec 2009 00:07:53 +0000

Actually, a client of mine is renting a residence that is in pre-foreclosure. She called me because there was a stranger in her backyard taking photographs and she wanted to know why. I ran a search on the property and found that the home she is living in is in pre-foreclosure. There have been 4 loans taken on it since 2004…any one or all could be in default.

Pre-foreclosure is like a grace period. The homeowner is being warned that they’re in default and need to do something about it, but at this point, the lender is unable to claim back the property and sell it to recoup their costs. The length of the grace period varies, as it’s determined by state laws. Some states allow the grace period to last for as long as 6 months, but many states have shorter periods.

Here's a little ditty I like to call "Fuck you, Landlord"

breadzeppelin — Thu, 24 Dec 2009 03:50:36 +0000

So, last Friday, I got a call from my landlord. He told me he was going to have to increase my rent, because I now have a roommate. He was forced to raise it $100 for an undisclosed reason. Also, we now have to pay the water bill.

So today, Shannon called him to let him know that the heater he fixed was broken again, and she also asked for a lil clarification on why the rent was going up. His response was “because you have a large dog living there now, Merry Christmas”.

Let’s backtrack a bit here: When I was out looking for apartments, my one and ONLY criteria was that I find a place that would allow my 95lb, housetrained, crated all day, scared of everything, pit bull. After I broke this news to landlord whilst viewing the apartment back in October, he went on to tell us how much he too loved animals, and so long as my dog was nice, he was welcome. I added that I have renter’s insurance that covers any damage my dog might do, and I could get him references on the dog from previous neighbors, landlord, dog trainer, etc. Might I also add that I am a pretty kickass tenant and I ALWAYS pay my rent on time, and leave apartments spotless and without a trace of animal inhabitance.

Fastforward back to now:

I.
AM.
PISSED.

Being that I was silly enough to not sign a lease, thinking that it was nice that he was allowing my animals, I am thoroughly effed, seeing how it’s his word against mine and my mother’s. But, doesn’t it cost an arm and a leg to evict someone? Maybe putting up a stink would work ….

Anyway, I went home tonight in a seriously foul mood, also remembering the fact that I have to work tomorrow on Christmas fucking EVE, and cranked some metal. Rocky was indifferent to the whole situation, despite being the center of the whole fiasco.

Future Fund to be top landlord by 2020

bankingandfinances — Wed, 23 Dec 2009 18:18:20 +0000

IN 2020, the Future Fund will be Australia's biggest property landlord as the $67 billion listed property trust sector cedes its dominance to big sovereign wealth funds and super fund investors.

Among other big trends, the property industry will be grappling with population growth, an ageing population, climate change and the challenge to supply infrastructure.

In Australia, the annual population growth rate doubled in the past 10 years to 443,000 in the year to June.

At the same time, the country attracted 290,000 migrants in net terms.

“I don’t think that will significantly ease up,” demographer Bernard Salt says.

This month, Prime Minister Kevin Rudd announced state governments and local councils will have to agree to better standards of planning in capital cities to qualify for future federal infrastructure funding to ensure they can properly handle growth, with the population set to reach 35 million by 2049.

In the corporate world, analysts expect big superannuation funds and the increasingly dominant sovereign wealth funds to become landlords of much more property. The race is already on for Australian property companies to snag these big-ticket investors as partners.

Lend Lease chief executive Steve McCann and his team are in the box seat as retail property fund manager for Australia’s $64 billion Future Fund with a joint bid to take over ING’s unlisted $1.4bn retail fund.

As the population expands, so will shopping centre giant Westfield — in the past decade its expansion was described as”breathtaking and relentless”.

Listed residential developers Stockland, Lend Lease, Australand and A V Jennings will respond to the demand by providing more high-density homes in urban areas.

At its annual general meeting in October, Lend Lease highlighted that over about 40 years, 27 per cent of the world’s population will be older than 65, and so this trend will create a large source of revenue for the property giant through its retirement arm.

And as the population expands, superannuation funds will grow. Australian superannuation funds under management are expected to triple to $2.8 trillion by 2020.

Sovereign wealth funds are forecast to triple in investment to $US10 trillion ($11.4 trillion) by 2015, so players such as Barry Brakey of the Future Fund will be highly influential, as he makes decisions over how to spend the billions it will allocate to property.

Global private equity players such as Canada’s Brookfield Asset Management, which owns Australian construction giant Multiplex, will also move to capitalise on the growing amount of superannuation money looking for a home.

This year, Brookfield Properties launched a new vulture fund worth $US5bn ($5.72bn).

From 2011, baby boomers will exit the workforce, taking with them skills and tax.

Government tenants will continue to relocate to green buildings.

Mandatory carbon trading schemes are being implemented from 2011.

This could mean older buildings become obsolete a lot more quickly and will need to be upgraded.

Tax reform will have a major impact and there will be more regulations, more mandatory disclosure of things such as energy use.

Top 10 Houston Blogs - As I See It

rslowery — Wed, 23 Dec 2009 03:47:08 +0000

Off the Kuff

A Progressive political blog.

Latest Posts:

Judicial Q&A: Cheryl Harris Diggs
Precinct Analysis, District Council
Here Come the Gay Tourists
Bellaire Bans Texting While Driving
RIP, Laff Stop

Hair Balls

Houston Press Spin-Off. Hilarious.

Latest Posts:

All of Sharpstown Mall’s Problems to be Solved with Name Change
More Allegations of Sexual Harrassment and Abuse at the Houston Humane Society
Business is Booming in the DWI-Arrest Industry
Game Time: My Plea to In-And-Out Burger…Let Me Speak for You
Survey of Top Pop Culture Dogs Proves Aggies may have Skewed Priorities

Houston Strategies

An open dialogue on serious strategies for making Houston a better city, as well a coalition-builder to make it happen.

Latest Posts:

An Agenda for Mayor Parker
World’s Smartest Cities
Comparing Texas’ Big 4 Metro Economies
Houston VS. Chicago, Seattle, Portland
Houston One of Five Cities that will Rise in the New Economy

BlogHouston

Focuses on Houston politics, media, and life.

Make Tenant Checks a Priority.

lettingref — Tue, 22 Dec 2009 11:12:33 +0000

By conducting thorough tenant checking as a landlord or letting agent you are protecting your property from undesirable tenants and future disputes. A previous landlord reference can provide insights into past experiences with a tenant, and the employer reference can prove that a tenant is in steady employment. An employer reference should validate the employment status of the tenant, confirm the tenant’s employment contract and validate their gross annual salary to be correct. The previous landlord reference will verify the previous tenancy status, confirm their character and rental payment history and also assess the tenant’s suitability to enter into a new tenancy agreement.

FAQ about tenant referencing

What if a tenant has no Previous landlord?

If a tenant has no previous landlord to reference, as it is their first rental property then it is suggested that getting a reference from two professionals should suffice, such as a doctor or teacher.

What if a tenant is about to start a new job?

In this instant it is best to get the reference from the previous employer so they can inform you of the time that the tenant spent working there.

What if a tenant is starting work for the first time?

In this case the tenant will most likely be a new graduate or someone who has just left full-time education. It is suggested here that an education reference is best from perhaps a teacher or lecturer to get an insight into the potential tenants character.

Having financially stable and recommended tenants can ease the stress of renting and avoid disputes and eviction in the future. Make an informed decision on who you rent to and spend the time to find out about the tenant from the people who know.

i'd cry if i could wash my face

Tue, 22 Dec 2009 03:16:31 +0000

The water heater’s out. My landlord came by, it’s supposed to be fixed tomorrow. I’ll really need a shower by the time I get home.

PB woke me up in the middle of the night. I didn’t question him too hard when he said he was too sick for school this morning. After taking J in we went to down and got the last of the Christmas shopping done.

I haven’t had more than seconds of adult contact for days. I even listened to the none sense spewing out of the checker’s lips as advise. I’m getting desperate for anyone over the age of 5.

I’m tired and sore and achy. I want a hot bath and then bed. I want someone to talk to. I want to cry. But I hate washing in cold water so I’m doing everything I can to keep myself upbeat and distracted.

Counter-Claim During Eviction Action

whocanisue — Mon, 21 Dec 2009 20:31:22 +0000

One of the rights that a tenant has during eviction proceedings is to issue a Counter-Claim. The claim is usually made stating that the eviction is a retaliatory action based on the tenant reporting the landlord to a government agency about violations that the landlord has made regarding the tenancy.

A counter-claim may seek:

Damages for violations of consumer protection laws
Rent abatement due to problems with the residence

The rent abatement is asking the court to give “credit” for rent during the time period when the property had violations and/or was uninhabitable due to the problems not addressed by the landlord.

For more information about tenant rights during the eviction process, read Tenant Rights in Eviction Proceedings.

Safeguard Your Rights As a Landlord

whocanisue — Mon, 21 Dec 2009 19:39:47 +0000

Trying to remove a destructive tenant can lead to court squabbles. Often the accusation of failure to make repairs will be thrown back at the property owner, with the counter-claim that the owner, not the tenant, is at fault.

One way for landlords to avoid this charge is to be diligent about making requested and routine maintenance and repairs. Documenting the jobs can become persuasive evidence in court eviction hearings. Another legal tool is the lease itself. Owners can work with real estate attorneys to describe prohibited behavior, if legally applicable in their area. Breaking the condition may be considered a breach of the agreement by the tenant in court.

If you have questions regarding an eviction, complete our survey to get connected to a real estate or housing lawyer in your area.

Tennessee wrongful eviction lawsuit nets cash settlement for tenants

whocanisue — Mon, 21 Dec 2009 19:30:49 +0000

A Tennessee wrongful eviction lawsuit exemplifies an extreme case of gross negligence and illegal procedure by a landlord in his quest to evict tenants from his rental property.

In the 2008 case, it was proven that the landlord committed a series of acts that qualified as wrongful eviction, including:

Refusing to accept rental payment from the tenant.
Failure to adequately notify tenant of eviction.
Failure to secure a legal eviction.
Evicting the tenant from the premises by forcefully removing the tenant’s personal property.
Threats and intimidation of the tenant and family.
Producing false documents, including a falsified eviction notice.

A jury awarded the tenants a monetary settlement of $860,000 for property and punitive damages.

To read more about tenant’s rights, please visit our library.

Tenants leave the strangest things behind!

lettingref — Mon, 21 Dec 2009 16:59:13 +0000

Unless your renting to friends, family or those recommended to you – you can’t really know your tenant until sometimes it’s a bit too late. 2010 is coming and we’re all hoping for a great year. So lets take a quick look at some of the stranger things tenants have left behind after they’ve left!

1.   Two foot alligator in the bath
2.   Half a wellington boot
3.   ‘To Let’ signs from letting agents all over town (student let)
4.   £200 in loose change
5.    A False Leg
6.   A home made Coffin
7.   £4000 concealed inside the boiler
8.    A set of False Teeth
9.   A full tank of fish
10. Credit Card in landlords name (not purchased by landlord)

Its hard to tell what weird and wonderful things a tenant will leave behind, many will find worse than the above!!!!

We recommended you make tenant referencing part of your tenant application process. For online tenant credit checks and information then go to LettingRef.co.uk

Avoid Mistakes That Can Ruin Your Eviction Case

whocanisue — Mon, 21 Dec 2009 16:50:30 +0000

Once delinquent tenants have been served with an eviction notice, they may try to make a deal with the landlord. The only amends the property owner is bound to accept are the conditions outlined in the letter of notification. Rents must be paid in full, in order to avoid physical eviction.

Accepting partial repayment or agreeing to use a renter’s security deposit in lieu of a month’s rent on a one-time basis is a mistake. Partial repayment may nullify your eviction claim in court. Security deposits may not be used for any purpose other than to settle damages when a tenant moves out. Security deposits do not belong to a landlord until physical damage has occurred and tenancy is terminated.

For a list of qualified real estate attorneys in your area who can advise you of your rights as a landlord, complete our short questionnaire.

From Home Sweet Home to Investment Portfolio

patchalikas — Mon, 21 Dec 2009 16:10:36 +0000

If you are fortunate enough to be in a position to purchase a new home without selling your old one, the solution to falling market prices might be as simple as deciding you can handle being a landlord. Holding onto your current home for 3-5 years while waiting for prices to rebound can be a solid financial decision.

For most owners, professional management is the best over-all decision, as it minimizes liability for mistakes made in ignorance of the home. — Window blind cords must have an auto-reverse feature — Furnace must be checked against recall lists You should have some money in a professional, business-like manner, you may be able to handle things yourself or engage the services of a Property Management Firm? If you feel confident with all aspects of the law. The old saying applies-you get what you pay for.

Before moving tenants in, there are a choking/hanging hazard — Automatic garage door openers must have no “closed loops”, which are a choking/hanging hazard — Automatic garage door openers must have an auto-reverse feature — Furnace must be checked against recall lists You should check your state’s Landlord Tenant laws for your investment portfolio. Next question-do you handle things yourself. Self-managing also works better if your new residence will be expected to repair the appliances, hot water tanks and toilets have a nasty habit of breaking on Christmas Eve and Super Bowl Sunday, so make sure your tenant has an emergency contact number to call for 24/7 service.

With good information and proper resources, becoming a landlord to begin repairs of essential items within 24 hours, and have the repairs completed with 3 days. You should have some money in a professional, business-like manner, you may be able to handle things yourself. Self-managing also works better if your new residence will be expected to repair the appliances, hot water tanks and toilets have a nasty habit of breaking on Christmas Eve and Super Bowl Sunday, so make sure your tenant has an emergency contact number to call for 24/7 service.

With good information and proper resources, becoming a landlord doesn’t have to be done to ensure the home meets minimum health, safety and liability standards. These include (but are not limited to) the following: — Smoke detectors should be competitive and negotiable. The cheapest option isn’t always the best. Look for someone with experience, knowledge and expertise. A company that does regular walk-through inspections is a good choice, as this can save you thousands of dollars in deferred maintenance in the area and type of rental you have.

Meet with 2 or 3 candidates and ask a lot of questions. Fees should be installed on each level of the Landlord Tenant laws for your state, have easy access to legal advice and well-written lease and addenda forms, and feel like you can handle being a landlord. Holding onto your current home for 3-5 years while waiting for prices to rebound can be a solid financial decision. Not only will you get a better sales price for the home, but you will be within 100 miles or less of your rental.

Tenant Screenings: Who Should Pay and What to Do with the Information

Buildium — Mon, 21 Dec 2009 13:30:04 +0000

As we’ve stressed several times throughout the course of this blog, here at Buildium we’re huge proponents of tenant screening. While some situations can’t be avoided and there’s always an exception to every rule, tenant screening is certainly one of the most sure-fire ways to guarantee that tenants with the most potential to be problematic never make it to move-in day. For basic information on tenant screening, we hope you’ll check out this previous blog post. And now we’d like to get into some of the more specific tenant-screening topics, including who should pay for tenant screening and what you should do with the information once you’ve received it.

A couple things to keep in mind first, though. When seeking out the appropriate tenant screening solution for your property management business, you want a system that is both robust (in other words, it will provide you with a complete picture of potential tenants’ credit and criminal records) and secure.

Who pays?
This is one of those questions that doesn’t have a single answer. Ultimately, it is up to you whether you or your tenant pays for the screening process. The simple answer is to have tenants pay because, obviously, costs for screenings can add up quickly. Keep in mind, however, that because competing property managers may not have tenants pay for screening, you risk losing potentially good tenants who are looking to save a few bucks during the application process.

If you do opt to bear the costs of tenant screening on your own, it stands to reason that you will want the most thorough option available, without sacrificing accurate information. In our business, we’ve talked with a lot of property managers and know that smaller landlords can have a difficult time keeping up with more expensive resources larger property management companies have access to. Which is why we’ve formed a partnership with one of the nation’s top credit reporting companies, TransUnion. Property managers can access TransUnion services directly through Buildium software, enter in quick identifying information (such as an applicant’s Social Security Number), and receive all the credit and criminal record information necessary to make an informed decision. Best of all, there are no hefty monthly fees to contend with. This system allows you to pay only for the records you access, avoiding set-up charges and other hidden fees.

What do I do with the information?
There is both a literal and more figurative answer to this question. First the literal, which may sound obvious but bears repeating, nonetheless. Remember that the information you receive throughout the course of a credit check is personal, confidential information. It’s extremely important to protect potential tenants’ information, even if you do not end up renting to them. Make sure any credit check information obtained is either carefully stored in a tenant’s secured file (accessible only on a must-have basis) or, if you do not rent to the tenant, destroyed. Some landlords pass credit check information directly off to the potential tenant in question so that he may decide what to do with this information, whether that be destroying it or keeping it in his own personal records.

On a more figurative level, once you obtain tenant screening information, you should carefully consider it and weight it against other factors. For example, a tenant who has a clean credit and criminal record but questionable references from previous landlords may not be your best bet. On the other hand, a potential tenant who turns up a report with a mark or two against him from a few years back but receives a glowing recommendation from his current landlord may be someone you want in your rental.

Credit and criminal reports should always be obtained before renting to any tenant (no matter how great a first impression they make), but it’s also always important to weigh information obtained with personal and professional recommendations. You want to not only make sure you rent to someone who can pay their rent … but also someone you enjoy having in your property.

Comments »

Johnny Cash and the lazy SUnday

slicktiger — Sun, 20 Dec 2009 20:40:04 +0000

Johnny Cash found me sometime during my second year at varsity and we became pals.

I think the first song of his that I really dug was ‘A Boy Named Sue’. That song strikes a chord with me, if fact any piece of literature, music or film that deals with troubled father/son relationships resounds with me.

Also, the song was fucking badass. Here are the lyrics:

“A Boy Named Sue”:

My daddy left home when I was three
And he didn’t leave much for ma and me
‘Cept this old guitar and an empty bottle of booze.
Now, I don’t blame him cause he run and hid
But the meanest thing that he ever did
Was before he left, he went and named me "Sue."

Well, he must o’ thought that it was quite a joke
And it got a lot of laughs from a’ lot of folk,
It seems I had to fight my whole life through.
Some gal would giggle and I’d get red
And some guy’d laugh and I’d bust his head,
I tell ya, life ain’t easy for a boy named "Sue."

Well, I grew up quick and I grew up mean,
My fists got hard and my wits got keen,
I roamed from town to town to hide my shame.
But I made a vow to the moon and stars
That I’d search the honky-tonks and bars
And kill that man who gave me that awful name.

Well, it was Gatlinburg in mid-July
I’d just hit town and my throat was dry,
I thought I’d stop and have myself a brew.
At an old saloon on a street of mud,
There at a table, dealing stud,
Sat the dirty, mangy dog that named me "Sue."

Well, I knew that snake was my own sweet dad
From a worn-out picture that my mother’d had,
And I knew that scar on his cheek and his evil eye.
He was big and bent and gray and old,
And I looked at him and my blood ran cold
And I said: "My name is ‘Sue!’ How do you do!
Now your gonna die!!"

Well, I hit him hard right between the eyes
And he went down, but to my surprise,
He come up with a knife and cut off a piece of my ear.
But I busted a chair right across his teeth
And we crashed through the wall and into the street
Kicking and a’ gouging in the mud and the blood and the beer.

I tell ya, I’ve fought tougher men
But I really can’t remember when,
He kicked like a mule and he bit like a crocodile.
I heard him laugh and then I heard him cuss,
He went for his gun and I pulled mine first,
He stood there lookin’ at me and I saw him smile.

And he said: "Son, this world is rough
And if a man’s gonna make it, he’s gotta be tough
And I knew I wouldn’t be there to help ya along.
So I give ya that name and I said goodbye
I knew you’d have to get tough or die
And it’s the name that helped to make you strong."

He said: "Now you just fought one hell of a fight
And I know you hate me, and you got the right
To kill me now, and I wouldn’t blame you if you do.
But ya ought to thank me, before I die,
For the gravel in ya gut and the spit in ya eye
Cause I’m the motherfucker that named you "Sue.’"

I got all choked up and I threw down my gun
I called him my pa, and he called me his son,
And I came away with a different point of view.
And I think about him, now and then,
Every time I try and every time I win,
And if I ever have a son, I think I’m gonna name him
Bill or George! Anything but Sue! I still hate that name!

I love it! ‘I knew you’d have to get tough or die’ – classic! ‘Kickin and a gougin in the blood and the mud and the beer.’ That’s the only way to fight.

That’s what real fights turn into, just watch UFC Fighting – in most fights, they’ll go to ground and the one guy will try and squeeze the living shit out of the other guy, or just pummel him in the head as hard and often as possible and THEN pop his shoulder out of its socket.

But anyway, I digest.

What was today like? How did it begin and how did it progress from that point? What did we learn from it? How will it be remembered 20 years from now?

Will it be remembered 20 years from now? Sure it will

I jumped like a jack-in-the-box out of bed at 9:25 and started furiously cleaning the flat. Landlord was coming over to do something or other he’s had planned for a few weeks now. Without getting into too much detail, it involved steel skirting brackets, hot glue and waterproof silicone putty.

I just kinda looked on in confusement, but not for long. Landlord usually has these things all figured out and he doesn’t need any help, so I don’t offer any. Instead I knuckled down and got in some solid game-time with Torchlight which is a must for any Diablo fans out there I mean, it was developed by a few of the team that actually worked on Diablo so it’s got a really cool look and feel and for $20 it’s really worth it.

Ok, how was that? Nailed it? The sales pitch, nailed it? Damn straight I nailed it

Meanwhile, outside the sun shone like nobody’s business, hot and clear, not really a breeze at all. Fuck, it was a perfect summer day. Leaves shone above us, the heat shimmered, the sun felt like it was filling me up, like I was a battery charging.

Fuck, the minute I’m on leave and it’s sunny I’m heading up to the pool to chill to the max. You guys can come too, but bring your own booze and LSD. You aren’t allowed any of mine, remember what happened last time? Yeah, exactly.

J-Rab and I had the funniest fucking Christmas Shopping outing at Design Quarter. Like I said yesterday, I’ve pretty much finished up the Christmas shopping for my folks, the only thing left to get were these Maxwell Williams mugs my old lady wanted.

I saw them at a Boardman’s yesterday and thought they were pretty average so I decided to get Ritzenhof mugs for her instead, hence the trip to the Design Quarter.

We parked out in front of the DQ, in the hot sun and walked down the parking lot toward the shops. As we got near the end of the parking lot we both saw this kickass huge ad on the side of the Nike store there with a golfer crouching and blowing fire and while his buddy hits a ball through it on a golf course at night time.

I must admit, I was pretty entrance by it, but not quite as much as J-Rab who walked right into the curb. I just heard this abrupt scuffing sound and felt her grip my hand tight as she stumbled and then was like ‘I’m cool, I’m cool’ as she went back for her flip flop.

I laughed my ass off and she was a little embarrassed, but I said, ‘Fuck it, it’s not like the place is completely packed FULL of people or anything."’

Of course, it was packed to the rafters, hahaahah!

Then we find that Ritzenhof moved away probably over two years ago. Fahk! Luckily J-Rab said to just walk around and see if we could find another place that sold mugs like that and what the fuck did we find? A Boardman’s in Design Quarter, a MASSIVE one!

They had way more variety when it came to these Maxwell mugs so we found cool ones for my old lady.

After that we noticed a whole bunch of upmarket food stalls had been set up in the centre courtyard and went to take a look.

There was this really cool honey stall that we made a bee-line (fuck, read that last bit slowly, yes, I just did that) straight for. When we got there, the lady behind the stall gave us these short yellow straws and asked us if we wanted to taste the honey.

She had part of a honeycomb there, dripping with the stuff, so we dipped out straws in and tasted some of the raw honey and damn, it was sweet and rich and good.

As J-Rab was tasting, the wind blew the corner of the tablecloth up so she carefully pulled it down again not realising that one of the small glass pots of honey had gotten stuck and tumbled gently down in the fold of the tablecloth.

To J-Rab’s credit, she caught the pot before it fell and broke on the ground, but by then about a third of the honey inside had dribbled all down the tablecloth and was already making it’s slow and syrupy way toward the floor.

She quickly put the honey pot back on the table and apologised, laughing nervously. The couple standing next to us looked on mild horror at the gloopy mess of honey, I laughed, ‘I swear to God, you can’t take her anywhere!’

J-Rab and I laughed and bought the nice honey lady’s mead ever though she wasn’t phased at all. Good stuff that mead actually, it’s called Honey Sun mead and damn! It’s worth every cent of the 85 bucks we paid for it.

We had lunch at the ‘rents after that and swam a little, nothing too amazing to report there. After that we came home and had a nap and now I’m banging this out and watching Die Hard 2, which is such a killer movie and definitely the best part of Christmas every time it rolls around.

John McClane – that man is the best kind of action hero. So many others have fucked up both the genre of action movies and the heroes themselves, but good ol’ McClane was the original and Bruce’s portrayal of him is totally flawless.

He’s so cool because he gets fucked up. He makes fuck ups, by the end of all the movies, he’s cut up, punched up and shot up but he just doesn’t fucking die. Just like the name says!

But now it’s time to knuckle down and saw a couple logs.

Later party people

-ST

Christians Accused of Desecrating Quran Freed in Pakistan

Particular Kev — Sun, 20 Dec 2009 20:21:00 +0000

Country’s notorious ‘blasphemy’ law used against innocent father, daughter. LAHORE, Pakistan, Decemb

End of Year Housekeeping - Old Tenant Debt

Bill Gray — Fri, 18 Dec 2009 15:41:57 +0000

While the end of the year is a very busy time of the year for most of us on a personal level, it is usually a slow period for landlords. Many of us spend this time working on our taxes, cleaning out our desk drawers and preparing for the New Year.

One often overlooked piece of housekeeping that impacts your profit is old tenant files which still have balances due. All too often, landlords simply file them away and forget them. By storing these files without taking any action, you are literally throwing money away. You may think it’s impossible—that you’ll never see a dime of the monies owed, but some percentage of the debt you are owed is collectible. It may not be collectible today, but over the next seven years, some of that money most likely will be paid.

Take the time to do some end-of-the-year housekeeping. Start by separating old tenant files which have no balance due from the ones that owe. One by one, go through the files with balances to make sure each contains a signed lease; then, make a breakdown of what is owed.

There are three different options to select from when collecting your lost profit. Each has its pros and cons.

Got to court and sue the previous tenant for the balance owed. This option can be expensive and time consuming, but with the proper outcome, it can be an effective way to collect tenant debt.
Hire a collection agency that specializes in collecting tenant debt. If you do not have an agency, spend an hour online and find one. If you don’t know what to look for in an agency, read my blog article on how to hire a collection agency to collect tenant debt. “How do I Hire a Collection Agency to Collect my Tenant Debt?”
Report the debt to the three major credit bureaus, Experian, Equifax and TransUnion, as a collection account. The ding on your previous tenant’s credit report should remain there for seven years after they move out. There are several online resources for reporting tenant debt to the credit bureaus. It’s worth your time and effort to research them.

Too often, I hear landlords advising other landlords to forget any debt they are owed and move on because it is not collectible. From experience, I can tell you this is not true. While all of it may not be collectible, a percentage of it is, maybe not immediately, but over time, you can recoup some of your profit.

There’s only one way to ensure that you won’t collect any of the debt, and that’s to do nothing, storing the files away and resigning yourself to accept the loss. Trust me when I tell you that doing nothing will cost you profit.

Email me with your tenant screening and tenant debt questions.

Bill. Gray

The Landlord Doctor

www.thelandlorddoctor.com

Bill@thelandlorddoctor.com

Heating 101 - A common sense approach

landlorded — Fri, 18 Dec 2009 14:53:14 +0000

Leave your heat at on all times in the winter time. If you live in an area that has temperatures below 30 degrees, keep your heat/thermostat set at least in the 50’s and never turn your heat off. Guess what happens to pipes that carry water to your apartment if you don’t keep them heated…..like a elementary school experiment, when water freezes it expands, when heated it contracts and that process often times is too much on the pipes that house it. That creates cracks in the pipes that demand constant pressure to get you precious water instantly. Pressure + water + crack means big mess that can be avoided very easily. Most insurance providers consider turning your heat off in the winter time an act of negligence and will pursue the person responsible for trying to cut corners in the winter. Keep your place heated. Don’t turn your heat off in the day while you are gone and then turn it on when you arrive home, this recipe always leads to big problems.
Make sure you always set your thermostat to “AUTO” rather than “ON”. The “AUTO” setting will regulate the temperature in your dwelling and turn off once the desired temperature is obtained. The “ON” setting tells the furnace/air-conditioning to run all the time regardless of the actual temperature in the dwelling. The AUTO setting will save you money and prolong the life of your furnace or Air Conditioner in the summer time.

Quirks

Jess — Thu, 17 Dec 2009 20:30:55 +0000

C came over last night to go see New Moon and I made us (and by made I mean microwaved) burritos. Easy right? No. You’re wrong. I have to be really crafty when running the microwave for more than 2 minutes (I didn’t really know this before because I only used my microwave for popping corn) it blows the circuit in the kitchen and everything turns off…Everything.

It took me 20 minutes to heat burritos up in the microwave.

So in order to get the microwave to work, I have to unplug the garbage disposal and turn the heater off under the sink, but I have to remember to turn that back on because my pipes freeze otherwise.

I have so many rules for my apartment. I need to make a check list:

1. Bathroom window open

2. Fan on.

3. Kitchen window open.

4. heather under the sink on

5. if getting below 10 degrees, have warm water running in kitchen sink at all times.

6. If need to use microwave for more than 2.5 minutes, turn off anything you can in the kitchen.

6a. Turn everything back on when finished.

7. Do no move the washer an inch, it’s balanced where it is.

8. Only do laundry on Tuesdays.

9. Kill anyone who makes fun of the kitchen table.

heh.

Print and hang.

Let's Put The Landlord Out of Business!

realstrat — Thu, 17 Dec 2009 04:18:40 +0000

How many times have I heard commercial tenants say “I don’t care about the landlord!”? That’s a pretty dumb thing for any tenant to say. Why wouldn’t a tenant care about the business entity that is responsible for the very foundation, literally, the foundation…of the building, which supports the company’s ability to efficiently and profitably conduct its business on a daily basis?

On many occasions, I’ve written about the perspective of some one-sided landlords who blatantly disregard the needs of their tenants in the name of greed, arrogance, and selfishness. Some tenants, too, can be selfish and miss the opportunity to build a mutually profitable relationship with their landlords.

Good tenant advisors constantly counsel landlords that, to be truly successful, landlords must care about their tenants’ success, and not just view tenants merely as rent payors. Afterall, leasing commercial real estate is not like buying a used car. When buying a, excuse me “Pre-Owned Car”, we often pray that the car will be in good working order because we plan never to see the car dealer again. Leasing commercial real estate is a long term commitment, most often for many years, between landlord and tenant. Tenants deal with their landlords everyday, either directly or indirectly, by virtue of the services landlords provide.

Despite the fact that some landlords refuse to admit it (Why they won’t, makes no sense to me!), landlords have a vested interest in seeing their tenants prosper. Conversely, tenants have a similar interest in seeing their landlords succeed. This doesn’t mean that landlords and tenants should run each other’s companies or become joint venture partners. It does mean that both landlords and tenants should view each other as more than transactional opponents. Once leases are executed, both landlords and tenants may benefit by taking a different approach than that of going to their separate corners.

Landlords and tenants would do well to consider their relationship with tenants as one of interdependent partners, instead of transactional opponents. The true recognition of interdependence between landlords and tenants is that without mutual benefit, the relationship simply won’t work. A landlord with no paying tenants achieves nothing. A tenant without a building to rent would have no place to conduct its business, and would likely be forced to divert capital from investment in its own profit generating ventures to real estate ownership.

I find it amazing when over-zealous brokers get tenants worked-up by suggesting that landlords should not be entitled to profits when they complete new lease deals or renegotiate leases. Writing as a tenant advisor, I must ask those brokers how silly it is to assume that anyone would engage in a business endeavor without a profit motive. Everyone is entitled to profit! The issue isn’t one of whether a landlord is entitled to generate profit, but more of how landlords generate profit, how much they generate, and are they transparent in doing so?!

Don’t get me wrong…as a tenant advisor, I don’t advocate overpaying for anything, let alone rent. And, neither am I suggesting that tenants should consider themselves as the funding sources for commercial landlords’ profits.

Interestingly, landlords are not perceived as a group that deserves anyone’s pity. However, given current global economic conditions, and those of credit and real estate markets, with many landlords holding on white-knuckled trying not to lose their buildings to lenders, if there ever was a time when landlords were entitled to anyone’s sympathy, now would be that time. The government and business communities must recognize the challenges commercial landlords currently experience, along with the on-going struggles that most of them will endure over the next few years. If not, the tenants we advisors and brokers represent may have fewer stable leasing opportunities, and therefore, they may have much bigger problems!

Given the above, tenants are in a great position to negotiate very aggressively to secure favorable terms, either in new lease transactions or when renegotiating existing leases. How they do that, and with which landlords, makes all the difference in the world.

Aggressive negotiations don’t mean stupid negotiations! The role of a tenant advisor is to determine the optimal achievable transaction structure on the tenant’s behalf, advise the tenant as to how it can achieve those terms, and to execute its tenant’s preferred transactions. But, even halfway decent advisors recognize that in order to accomplish the above, they must first understand the objectives, risks, and challenges of landlords. Understanding your opponent in any contest is the foundation of victory.

Too many unqualified or ill prepared real estate licensees (I use that term here to differentiate this subset of the industry from those who really know what they’re doing!), run their tenants headlong into real estate transactions without really knowing where to go. These brokers are often long on salesmanship (and telemarketing skills), short on precise knowledge, and even shorter on true expertise. Tenants who take a ‘Let’s grab every dime we can!” attitude can shoot themselves in the foot as they either drive the landlord so far that it refuses to enter into a transaction, or jockey the landlord into position such that it agrees to bad terms in the hopes of making-up the difference on the next lease, thereby putting its building in financial jeopardy. That’s not the best way to protect a tenant’s interests!

Tenants rarely need every possible right and option under the sun, so that they tie the landlords hands and restrict its ability to lease the rest of the space in the building. Tenants do need leases that provide favorable terms, flexibility, low and predictable costs, with no surprises. Tenants also require financially sound landlords who can and will provide the services to which they commit.

Tenants don’t need to put landlords in the poor house. These days, that is a lot easier to accomplish, especially if tenants and their brokers aren’t careful.

Landlords need the ability to stay in business, pay their mortgages, refinance their buildings, provide services to tenants, manage risk, sustain their own companies, and generate profits, whether those profits come now or later.

Mounting a well-planned, well-armed negotiation with commercial landlords requires knowledge, resources, and skill. I never recommend “bringing a knife to a gun fight” as they say. Commercial landlords can be some of the most well trained, well armed, and aggressive fighters on the business battlefield, and many of them have some pretty big guns. Accordingly, tenants would be well advised to bring tanks, jet fighters, and battleships, when negotiating with certain landlords!

The special challenge in this endeavor, for both tenants and their advisors, is to determine in advance those terms that the tenant really needs to achieve its objectives and to negotiate aggressively to succeed in securing the right terms, while being mindful of keeping their landlord in business. This is a wise approach, even when dealing with one of those landlords that doesn’t have a sense of fair play, could care less about the tenant, and is too plain greedy and self-absorbed to recognize the tenant’s good efforts and the true interdependent relationship that, when respected, gives tenants and landlords what they both need…the tools to succeed and prosper.

5 Negotiable Items in your Office Lease (Part 2 of 2)

rslowery — Wed, 16 Dec 2009 21:11:37 +0000

In my previous article, 5 Negotiable Items in your Office Lease, I explored items of negotiation in your office lease. The typical office lease that our tenant representation group comes across is approximately 40 pages, with 5-10 exhibits. Within a lease are hundreds of negotiable items, some downright (Texas term) questionable. Believe me when I tell you that office leases are evolving to heavily favor landlords, especially now that many are in the red. As I write, landlords and attorneys are structuring creative lease clauses in an effort to pass their “controllable” costs on to businesses like yours.

Next 5 Negotiable Items…

6. Furniture

As tenants, large and small, have vacated their respective spaces in 2009, many owners are finding themselves in the furniture business. In many office buildings that have 50,000 SF or greater, a selection can be vast. With the over-abundance of office furniture that is currently available, prior to signing on to a building space, ask whether any furniture will be provided. Also request that after your lease expires you have ownership right or responsibility. Depending on your situation, you may or may not want the office furniture because of its difficulty and expense to move. So, your best bet is to negotiate free use of the furniture and the right to keep or purchase it at the conclusion of the lease, should you want to take it with you to your next location.

7. Expenses (Upfront)

Larger companies have the ability to get landlords to contribute to the upfront costs of the move process. This can only be negotiated during times where the market has a lot of vacancy. Small business typically can accomplish this same concept through free rent, as noted in item #4.

8. Security Deposits

Security deposits are typically a function of how much money a landlord will spend to get you to move into the space (commissions and tenant improvements) vs. how confident they are in your ability to pay rent (financial statements review). We have seen security deposits range from 1-12 months depending on the situation. A good rule of thumb is 1-3 months of security deposit for a small business who needs only minor improvements and 2-6 if offered a turnkey build-out. A larger company, in today’s leasing market, is not likely to have to place a security deposit.

9. Commission Payment

If you are represented by a tenant rep broker, you have the ability to pay for your tenant representation broker under your own arrangement (flat fee, hourly, percentage), in which you can use this leverage during your negotiations. Typically a commission is split between a landlord’s representative and a tenant representative. The only problem is that most landlord representatives are compensated for the entire fee, so having the tenant rep will actually cost you nothing.

10. Lease Options

Renewal Options, Termination Options, and Expansion Options all should be negotiated. These options provide you with the most flexibility and control of your office lease. Our tenant representation team is skilled in the negotiation of options. Believe us when we say, you cannot read this stuff in a book.

Moving Out, Moving Up

Nadia — Wed, 16 Dec 2009 17:22:48 +0000

Image by McColin via Flickr

Settling into your first off-campus home, family-free, is one of the most exciting times of a person’s young adult life. However, take it from me and any number of horror stories out there: there are people out there who will screw you over for a few bucks, and good intentions or not, a relationship with your landlord can easily become strained.

This article from Charles and Hudson tells you how to protect yourself from unscrupulous landlords, because the best way to avoid legal action or unfair costs is covering your bases from the get-go. In short, maintain careful photographic records of your space before and after you move in, sign an agreement specifying each party’s responsibilities (and keep a copy!), and keep the landlord in the loop regarding any problems or concerns.

Let the bad experiences of others be lesson enough to you – this is too important to slack on. Check out this rental lease guide from ehow.com. In the meantime, good luck, and enjoy your well-earned privacy!

What do Tenant Credit Checks actually tell me?

lettingref — Wed, 16 Dec 2009 15:24:33 +0000

CCJ:stands for County Court Judgement and they appear on a credit report if a tenant has owed money to a creditor in the past. These records are kept on a tenants credit file for six years from the date of the judgement. If a tenant has paid after one month of a CCJ being issued then the report will read as satisfied, if the tenant still has a CCJ in progress then the report will read as unsatisfied. If a tenant has an unsatisfied judgement on their record then they owe a creditor money and you may questions whether this tenant is reliable.
Electoral register: Most credit reports will look at whether a tenant is on the electoral register and this can tell us quite a lot. Credit reference agencies will use the information on the electoral register to verify a tenant’s identity and prevent fraud. If a tenant is not registered then they appear not to exist with no credit record, this can have a very negative influence.
Bankruptcies: Any Bankruptcies and insolvencies will be present on a tenant credit report. If a tenant has been declared bankrupt in the past this will stay on their report for a minimum of six years and sometimes even longer if the bankruptcy exceeds six years. This affects a tenant applying for credit, as they legally have to tell any lender that they are bankrupt.

In terms of completing tenant screening and renting a tenant your property all this information should come together to form a financial history. If a tenant is not on the electoral register, has numerous CCJs unsatisfied and was declared bankrupt in the past, it worth your while thinking about whether this tenant is right for your property. On the other hand if you have a tenant with nothing outstanding and with no undisclosed address you can feel confident in making an informed decision.

3 Reasons why tenant screening makes sense for landlords and letting agents in the UK

lettingref — Wed, 16 Dec 2009 14:53:48 +0000

1)Unpaid Rent
Renting to an unreliable tenant can cause a lot of stress and is a situation most would like to avoid. There are steps you can take to find tenants who a more likely to pay on time and be good tenants. Tenant screening your tenant by obtaining an employer reference is the best way to gage if a tenant is financially reliable. The credit check will provide information on the tenant’s financial history. It will look at any undisclosed addresses, whether they have any CCJs that are unsatisfied and whether they have been declared bankrupt for insolvent within the past 6 years. This information is key in finding the best tenant for your property.
By taking simple tenant screening and employer references you can verify that what the tenant has told you is correct. It is important to know that the tenant is employed and that the salary they have told you is correct and confirmed by that employer. This reference will give you the confidence that the tenant can afford to rent your property with a stable job and confirmed salary to back them up.
2) Legal proceedings and Evictions.
Having a tenant who has defaulted on their rent for a few months is a costly affair. The income for the property, which covers the mortgage, has disappeared. Taking legal proceeding to get the rent owed or to evict a tenant is by no means cheap. You cannot evict a tenant without taking the correct court action. It can cost over £500 to take a tenant to court with often a 4 – 6 week wait to secure a court hearing. Throughout this period your still not receiving rent and you will inevitably have a period between tenants with a vacant property. All this could be avoided with a quick tenant search!
3) Tenants with negative rental histories
If a tenant is renting a property most likely they will have a history of rentals that they have previously occupied. In order to protect your property from destructive or irresponsible tenant you will have to look at their rental history. Running a tenant check will bring back results on any addresses the tenant has occupied within the past three years. If they have undisclosed addressed appearing on the credit check they you may wonder why they did not tell you about them in the first place. Obtaining a past landlord reference is vital for peace of mind when renting. Past landlord references can indicate tenant behavior, if they paid their rent on time and if they looked after the property to the standard expected.

Tough year head for rental market

easyswitch — Wed, 16 Dec 2009 10:21:12 +0000

Landlords have been warned that they can expect 2010 to be even tougher than 2009, although it is ho

Tenant's abandoned property

Matt — Tue, 15 Dec 2009 03:21:04 +0000

Good statute to know:

18-16-108. Property left on premises after termination of lease.

(a) Upon the voluntary or involuntary termination of any lease agreement, all property left in and about the premises by the lessee shall be considered abandoned and may be disposed of by the lessor as the lessor shall see fit without recourse by the lessee.

(b) All property placed on the premises by the tenant or lessee is subject to a lien in favor of the lessor for the payment of all sums agreed to be paid by the lessee.