Landlord and Tenant Guides

Pet Deposit Laws and Pet Friendly Housing

2008-05-08T13:12:00.000-07:00

New York City, May 8, 2008: RentLaw.com The National Landlord Tenant Guide announced today a Guide to PETS in Rental Housing and Laws.

RentLaw.com's Guide to Pets in Rental Housing provides information for landlords and pet-owning tenants.

Topics covered include: finding a pet-friendly rental, "PET" Security Deposits, security deposits in general, how to be a good pet-owning tenant, how to search for a pet friendly apartment and more.

The guide also discusses moving with your pet, The Humane Society, ASPCA and many other animal friendly organizations. David Dorfman, Publisher of RentLaw.com said "There is a large group of people who own pets and need to rent. Many landlords simply do not want to have a tenant with a pet for a number of reason." The site indicates several reasons - loud animals, smells might impact other tenants, damages caused by pets.

Dorfman noted there are an increasing number of complexes that advertise themselves as "pet-friendly" That includes hotels and motels that cater to pet owners.

What about "pet-security deposits"? Dorfman said that many states have regulating "pet deposits". The deposits range from zero (landlord has to use regular security deposit) to unlimited. (One additional month security could be considered standard in many states. See your state law list on RentLaw.com.

Learn more about Landlord Tenant Issues and Pet Laws and Pet Deposits on RentLaw.com - The National Landlord Tenant Guides.

Foreclosure Guides

2008-01-04T13:23:00.001-08:00

New York City, January 4, 2007: RentLaw.com The National Landlord Tenant Guide announced today an expanded version of their Guide to Foreclosure.

RentLaw.com Guide to Foreclosure provides general information on the Foreclosure process and tips on how to Avoid Foreclosure. The guide also covers Foreclosure Scams where a borrower may end up in even further trouble.

David Dorfman, Publisher of RentLaw.com said "The number of homeowners and landlords that are in trouble continues to grow - impacting renters as well." Dorfman noted that tenants often receive eviction notices from a mortgage company or other lender. It is never clear what a tenant is supposed to do. Often times a tenant may had received a "great" rent - only to find out that the owner never paid his mortgage or taxes on the property. Many times, these homes were rented out as a last resort by an investor who thought they would close on the purchase and flip the property or flip the contract. In most areas, said Dorfman, those times are gone.

Learn more about Landlord Tenant Issues and Real Estate Investing on RentLaw.com - The National Landlord Tenant Guides.
See the RentLaw.com Guide to Foreclosure for more information.

For further information, see RentLaw.com http://www.rentlaw.com

Foreclosure Guides

2008-01-04T13:23:00.000-08:00

RentLaw.com en Espanol

2007-11-08T21:17:00.000-08:00

New York City, November 7, 2007: RentLaw.com The National Landlord Tenant Guide announced today a Spanish version of the leading landlord tenant web site.

RentLaw.com En Espanol will provide information for landlords and tenants in Spanish. Most major cities and towns already produce forms and guides in Spanish. RentLaw.com will provide an easy access point as well as contain additional guides in Spanish.

David Dorfman, Publisher of RentLaw.com said "There is a strong demand in the Spanish speaking market for legal information, especially on housing issues. RentLaw.com will serve that market."

For further information, see RentLaw.com http://www.rentlaw.com

RentLaw.com to Track Housing Stocks

2007-09-27T12:19:00.000-07:00

RentLaw.com The National Landlord Tenant Guide said today, September 27, 2007 that they will be tracking stocks in US Home Builders.

"In addition to the typical law related questions, we have always discussed investments in single family and multi-family housing", said David Dorfman, publisher. "This is just another way of looking at investing in Real Estate, by investing in the companies that build the housing."

Other areas of note on RentLaw.com are good for investors as well, their guide to 1031 Exchange, Tax Deductions for Landlords and Real Estate Agents and more - all on RentLaw.com.

The stock market in general is very interesting. When these stocks in these companies trade at less then 60-70% of their 52 week high or all time highs, it's time for us to take a closer look.

For more information on Real Estate Stocks see our new feature with much more to come.

Countrywide Mortgage Corp

2007-08-21T14:50:00.000-07:00

August 21, 2007 - So countrywide had to call an $11 BILLION credit line.

Surprised?

Not really. After attempting to refinance my house over the past few months, it seems every smaller bank and mortgage broker, when asked where are you sending my mortgage application, they all replied, "Countrywide". The backup, as they referred to it, was Wells Fargo.

I felt like calling up these brokers and aksing them today, who they are sending these apps to?

Countrywide, when I called them directly (I figured why pay a mortgage broker), and applied offered me a loan. However, when I declined the 7.25 offer as being HIGH, the rude person repsonded "WHAT WITH YOUR CREDIT SCORE, YOU'LL NEVER GET A LOAN...".

All I can say is I hope this person in their Houston call center has lost their job.

And I did get my loan. Locally.

So to all those banks and mortage brokers that jammed people through at Countrywide....

Good Luck.

NJM Insurance - Getting Cancelled

2007-08-14T12:59:00.000-07:00

August 14, 2007 - This is somewhat off topic for RentLaw.com, but here it goes.

My auto insurance policy has been cancelled by New Jersey Manufacturers Insurance Company (NJM). Yes, I bounced a check, but I also assumed my automatic payment would be accepted.

I have been a GOOD customer of NJM since 1994. Time flies. So for 13 years they loved me. I paid, never had a claim - until 2005. That year, my licence plate hit the rear of a new Rav4. $536 in damage. Not bad.

Also in 2005, my wife decided to rear end another car in her s500. NO damage to the other car. Not even a claim filed by the other driver. However. that 5 MPH hit in a $95,000 car cost over $8,000 to repair.

Lastly, in 2005, I went 12 miles over the speed limit - 37 in a 25.

Shoot me.

I paid late. I pay late.

I was 4 days past my cancellation date notice before I remembered to call.

So I call NJM to get reinstated or find out why they didn't take my automatic payment.

I asked to get reinstated.

They made it sound like I was the worst person in the world.

We sent you letters.

You should be responsible.

You do not qualify for NJM.

BUT, they will let me go into NJM Reinsurance - at 3 times the rate (10,700 yr vs $3400 per yr). Funny.

For 13 years I WAS good.

I also added my daughter to my policy at age 17.

Now, after 13 years of paying them (3 times late), I am a BIG risk.

I was told to go find a broker to handle my needs.

I did.

Back over to ALLSTATE, the new ALLSTATE where I began driving some 30 years ago.

My next step is to take my homeowners policy from NJM and place it with ALLSTATE.

The moral is to be responsible. Don't ignore late notices, pay your bills on time (auto debit) and always shop for rates and, more importantly, SERVICE.

Customer Service.

That goes along way.

Not, hey, we have 700,000 policyholders, you think we have to call?

I'd would of been happy with a call from overseas telling me my policy is past due.

Mortgage Center at RentLaw.com

2007-08-09T12:31:00.000-07:00

August 9, 2007. RentLaw.com, The National Landlord Tenant Guide today announced an updated Guide to Mortgages.

In making the announcement, RentLaw.com publisher David Dorfman said "we want to inform our readers about mortgages in a clear and concise manner". Dorfman continued, " I am just about done with a refinance on my home and I can't tell you what I went through. I thought it would be a simple process and I relied on "friends" who were mortgage brokers. I finally wound up at a larger, but local, bank who quickly took the app and processed it, in person. There was intelligence in making the loan decision."

Dorfman said the on-going goal at RentLaw.com is to simplify the Real Estate transaction. "There are just many, many chances for errors or misunderstanding" said Dorfman. "It's an ugly process with all the forms, the tensions, and fear of buying or selling a home". On Mortgages and Credit, Dorfman said "today, with the mortgage market the way it is due to the lax lending practices, lenders have once again gotten tougher. In his opinion and experience, Dorfman believes this has enabled the lenders or brokers to abuse people based on their credit score. Abuse by way of charging a higher rate for questionable credit scores. "

For more information on Mortgages, Home Equity and Credit, please visit Rentlaw.com at these sites:

Mortgages
Home Equity
Credit

Learn more today at Rentlaw.com - The National Landlord Tenant Guides.

Rent Control

2007-08-08T10:18:00.000-07:00

New York, New York - August 2007: Rentlaw.com - The National Landlord Tenant Guides. Guide to Rent Control introduced by Rentlaw.com

Rent control refers to laws or ordinances that set price controls on the renting of residential housing. It functions as a rental price ceiling on residential rental property.

The Purpose of Rent Control - It is necessary to prevent landlords from imposing rent increases that force key-workers or vulnerable people to leave an area. Maintaining a supply of affordable housing is essential to sustaining an economy. Homeowners who support rent control point to the neighborhood instability caused by high or frequent rent increases and the effect on schools, youth groups, and community organizations when tenants move more frequently. To build a community, there must be stability.

Landlords - No Rent Control! - Rent control is criticized for creating a shortage of housing, reducing its quality, deterring investment and raising the price of unaffected rental units. If a price is artificially kept low, there will be higher demand for the low price housing, assuming it is habitable. When demand outpaces supply, there is a shortage.......

Read the complete guide to Rent Control on Rentlaw.com - The National Landlord Tenant Guides

About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.Rentlaw.com is headquartered in Neptune, New Jersey.
For more information, visit www.rentlaw.com.

Security Deposits

2007-08-07T13:02:00.000-07:00

August 2007: Rentlaw.com - The National Landlord Tenant Guides.

It's coming that time of year again when there are many, many people moving. Summer is coming to an end and so are those summer rentals, families are moving, and there is a whole new group of college bound students.

Rentlaw.com publisher David Dorfman stated "this time of year we see a higher nunmber of complaints from tenants that their summer landlords are not returning their security deposits or holding an excessive amount. At Rentlaw.com we receive a number of inquires from college bound students whose off-campus housing landlord's may be requesting an excessive deposit". Dorfman continued, "The purpose of Rentlaw.com is to ensure all rental issues are known between landlord and tenant".

Most, if not all states have limits and what can be held for a security deposits and how soon a landlord must return the deposit or notice of damages.

If the Landlord Won't Return the Security Deposit?
Did your landlord not send you your security deposit or a list of deductions within the number of days required by your state law?

Do you believe your landlord wrongfully kept all or part of your deposit?
Do you want to get all or part of your deposit back? If so you can write a demand letter seeking return of the deposit. You should also be able to sue the landlord in Small Claims Court (see state guides for details on proper court for your filing.

Preventative Steps to Take to Ensure a Deposit Return: A tenant must meet all of the above conditions to ensure a refund of the deposit, but meeting those conditions is not all the tenant should do.

The chances of receiving return of the deposit will be increased if the following suggestions are also followed:
Move-in Inventory Inspection. When you move in your home or apartment, make a list and take photos of the apartment and any damage. Typically, you should do a walk through with the owner or manager prior to moving in. Get them to sign an acknowledgement of the damage and note what (if anything) will be done. This will help you when you move out.Move-Out Notice. A lease may require that the tenant give the landlord 30 days written notice prior to move-out in order to get the security deposit back. Even if the lease does not require it, notify the landlord prior to moving.Move-out Inventory Inspection. When the tenant prepares to move, the apartment or home should be cleaned and the landlord asked to appear for a move out inspection. The tenant should fill out another inventory form, similar to the move-in inventory. Ideally, you should have a copy of the original move in form - for both your use and the landlord.Turn in the Keys. The keys should be turned in on the exact day the tenant vacates the premises. If the keys are turned in later, the landlord may be able to charge the tenant additional rent or other charges under the lease. A tenant's actual move out date is often considered to be when the keys are turned in.

What Can the Landlord Deduct from the Security Deposit? A landlord cannot legally deduct for normal wear and tear. This refers to deterioration which occurs during regular, daily, intended use of the rental unit, for example nail holes in the walls from pictures or paintings. See our guide.

Deductions from the Security Deposit: If the landlord makes any deductions from the deposit, a written, itemized accounting of how much is being charged for each item must be sent to the tenant. If the landlord fails to provide such an accounting within 30 days after the tenant moves out, the landlord may forfeit the right to withhold any part of the deposit. Furthermore, the deductions taken from the deposit must be for actual damages suffered by the landlord.

How to Dispute Deposit Deductions: If a tenant receives a list of deductions, it is possible to dispute items on that list. The deductions should be addressed by the tenant in a letter sent to the landlord. The demand letter should include a response to each of the deductions, explaining which charges are being disputed and why. The tenant should keep a copy of the letter and send the original by certified mail, return receipt requested.If the tenant receives a partial refund along with the list of deductions and wants to dispute some or all of the deductions, the tenant may want to refrain from cashing the check. If the tenant must cash the check then the tenant should tell the landlord in the letter that even though the check has been cashed, it does not mean the tenant agrees with the amount of the check.

Normal Wear and Tear and Damage: The landlord can use the security deposit to repair damage for which the tenant is responsible. But the landlord cannot apply the security deposit to normal wear and tear.

For more on your state's security deposit law, visit the Security Deposit guide at Rentlaw.com - The National Landlord Tenant Guides.

Mold Guide introduced by Rentlaw.com - National Landlord Tenant Guide

2007-08-03T11:02:00.000-07:00

Rentlaw.com introduces Mold Guide
Guide to Mold Basics and Mold Cleanup

New York, New York., August 3, 2007 - Rentlaw.com the National Landlord Tenant Guide announced today that it has introduced a free online Guide to Mold.

The new guide enables the reader to get a good understanding of what mold is and methods to handle it once discovered.

"The RentLaw.com team has added another feature that complements Rentlaw.com's mission to organize useful information for landlord and tenants and make it universally accessible and useful," said David Dorfman, Publisher of Rentlaw.com. "Our membership of over 100,000 constantly asks us to add more and more information, so we must continue to grow beyond just Real Estate Law. We always put our users first and are committed to innovating to improve their experience. Many, many tenants and homeowners are impacted by mold and it often is an issue in landlord - tenant disputes. This guide is a first step"

About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.

Rentlaw.com is headquartered in Neptune, New Jersey.

For more information, visit www.rentlaw.com.

Real Estate Lawyer Directory

2007-07-17T14:33:00.000-07:00

Rentlaw.com The National Landlord Tenant Guide has announced that are introducing a new Real Estate Lawyer Directory.

"Rentlaw.com was established in 1998", said publisher David Dorfman, "the interest in Real Estate continues to grow. We find more and more people are coming to Rentlaw.com need to be represented and look to us as a reliable source of information."

Rentlaw.com will be accepting applications for the Real Estate Lawyer Directory which will be introduced October 1, 2007.

Interested parties should email or phone Rentlaw.com for more information. Pricing has not been finalized, but Dorfman indicated that it will be less then $10 per month for an attorney. Group Practice rates will be available as well.

Landlord Responsibilities

2007-07-11T09:13:00.000-07:00

Landlord responsibilities on Landlord rights are more or less the same for every state.

In general, the landlord has a RIGHT to receive rent on time according to the terms of the rental agreement.

The Landlord is responsible for providing a safe and habitable rental unit for the tenant.

While most landlords (large and small) take pride in ownership and like to maintain value, there are always some who just want their rent and collect, skipping the on-going maintenance.

Read the entire entry Landlord's Responsibilities at Rentlaw.com

A tenant has rights and responsibilities. They can be viewed here.

Tenant's Responsibilities

2007-07-10T13:30:00.000-07:00

As a Tenant, you do have responsibilities. The biggest responsibility of the tenant is to abide by the terms of the lease agreement. The number one issue landlords face is rent collection. The tenant must pay their rent on time.

Here is a checklist of some tenant responsibilities. As a landlord, I can tell you other then paying your rent on time, please take care of the unit you are renting - keep it clean, don't leave garbage around the exterior and respect the neighbors.

Pay the rent on time. Failure to pay rent on time may result in late fees or the basis for eviction.

Keep the apartment and the surrounding area clean and in good condition.

Maintain the smoke detector, fire extinguisher and carbon monoxide detector. While the landlord is responsible in most state for providing these, in most states the tenant is responsible for maintaining them This means not removing them and replacing the batteries at minimum yearly.

Use common sense and good manners.

Read the rest of Tenant Responsibilities at Rentlaw.com - The National Landlord Tenant Guides.

To find out about what a landlord is repsonsible, read Landlord Responsibilities

Homeowners Insurance

2007-07-10T11:51:00.000-07:00

Homeowner's Insurance ,while not required in most states, is always required if you have a mortgage on a property. The bank (mortgage company) wants to protect their loan on your property.

Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.

In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.

When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.

For more information see the Rentlaw.com Guide to Homeowner's Insurance

Real Estate Glossary

2007-07-10T11:39:00.000-07:00

Rentlaw.com - The National Landlord Guide has rolled out a revised Real Estate Glossary.

In making the announcement, publisher David Dorfman noted that the Rentlaw.com team is continuing to move ahead to provide additonal services and features on the leading landlord tenant site.

"Our subscriber base continues to increase and we are expanding our offerings which deliver at no charge", noted Dorfman.

In the comming months, Rentlaw.com will be adding a library of forms for use in the real estate field, most will be free to download.

Visit the Rentlaw.com Real Estate Glossary

Applying for a Mortgage

2007-07-09T14:02:00.000-07:00

When was the last time you applied for a mortgage or are you about to?

Watch out.

As publisher of Rentlaw.com, the National Landlord Guide, you just might think I know all the tricks and traps of the morgtage game. Guess what. I don't.

I've been on this journey to refinance my home I purchased in 1985 for $183,000 and invested about that same amount into doubling the size of it.

Today, according to three independent appraisers hired by various banks, the home is worth a bit over $1 million and I owe $420,000. So what's the problem? It looks like I have around $580,000 in equity, right?

SCENARIO:

ALL I WANT TO DO IS BORROW EITHER THE SAME AMOUNT ($420,00) or "CASH OUT" an additional $200,000 for a total loan of $620,000 against $1 millon. (62%). This would retire my Home Equity Loan at 8% and lower muy obligation by $2800 per month, running it out to a 30 year fixed rate term.

"No problem, we want to business".

PROBLEMS:

1. YOUR CREDIT SCRORE IS LOW.

Question: A 650 is low?

Ok, so I once was late last year for $13.00 (yes thirteen dollars) on my discover card because I thought I didn't owe that amount to finance charges. WRONG. LATE PAYMENT SHOWED UP ON CREDIT REPORT.

You'd think the world came to an end.

Then there is a couple late payments to Mercedes, but a couple days late. BANG.

2. APPRAISAL. Even though your appraisal came in at over $1 millon, another appraiser hired by the lender shows it to be $675,000. This a couple days before the closing. (Company: Wells Fargo )

So being "in the business" I took the time to send comparables that were more comparable to the ones they used (theirs being 5 miles WEST of my home, 1 mile to the ocean...). Time goes by and they still can't decide on a "fair market value..."

Then they are still trying to chnage my request for a simple 30 year fixed rate to those of various adjustable rate mortages, ballon terms etc. Every trick in the book to get a higher return on their end, again using my "lousy" credit score of 650.

THE APPLICATION

My wife works. I work. I have rental property. Seven income producing properties. Over $3.0 million in equity. I want to improve cash flow and LOWER my monthly payment by $2800 per month. HELP! HELP! What is wrong? Shoot me for hustling.

THE MORTGAGE BROKERS

All try their hardest, but seem to run to the same lender with your application. Seems like some lenders, in this case Country Wide (lender 2), must treat the referring brokers pretty good.

SKIP THE BROKER

So I call CountryWide (countrywide.com) directly. I give the agent all my information, then he calls me back and quoted me a rate of 7.125. I told him to "let me think about it because it sounds high". That was last week (July 6, 2007).

So today, July 9, as I was about to write a story about our Real Estate Glossary, I received a call from "Greg" from Countrywide. I siad I thought I did, what was the rate you're quoting me. Again, he told me 7.125 PLUS 1.75 points. I told him it was to high, but thank you.

His repsonse, which prompted this blog entry, was "HIGH, WITH YOUR CREDIT SCRORE...". Given the tone of his voice all I can say is I am glad I decided NOT TO GO WITH COUNTRYWIDE HOME LOANS. My guess in that call center in Houston, they must also double as bill collectors.

Going direct to the lender, in this case, seemed to be a waste of time and results i another "inquiry" on my credit report.

"Look at all those inquires" the next bank will say.

It's a conspriacy by banks to keep you from shopping for the BEST RATE.

Watch your credit scrore, it can ruin your life.

Here's my tips:

Set up an automatic payment with every credit card you have (if you can't get rid of them). At least pay double your current minimum balance. That will keep you form ever having a late payment on your credit card.

If you are disputing an amount, make the payment and dispute it. (unless it's for thousands of dollars). Even small missed payments (like $10) could show as late on a credit report and some knuckle head will try to bring you down for it.

So to Wells Fargo and Countrywide Home Loans, I am still in the market to refinance my Home Equity Loan and you can both kiss my rear.

I earned what I have and I am proud of 650 +/- credit score.

If you can't understand NET EQUITY, oh well. If you can't honor a committment, oh well.

Back to our REAL ESTATE GLOSSARY

Other references:

Rentlaw.com Credit Guide
Rentlaw.com Mortage Guides

New York City Rent Increases Approved

2007-06-27T09:14:00.000-07:00

June 26, 2007 Rentlaw.com: More than 1 million New Yorkers who live in a rent-stabilized apartment, you'll soon be paying more in rent.

The Rent Guidelines Board voted Tuesday night to grant another round of rent increases.

The Rent Guidelines Board voted 5-4 to raise the rent to more than 1 million rent stabilized apartments across the city.

Rents go up 3 percent for apartments on a one-year lease and 5.75 percent for apartments where the lease is two years.

The outcome was the same as in the past, as one would expect. Rents were set too high for renters and too low for landlords.

Last year, the landlords received an increase of 7.75 percent for two-year leases and 4.75 percent for one-year leases.

Read the rest of this article on Rentlaw.com - The National Landlord Tenant Guide

Military Lease Clause

2007-06-27T08:10:00.000-07:00

The Military Clause
With a normal lease, your landlord is under no obligation to let you break your lease just because you have received new orders. When you enter into a lease agreement, be sure your lease has a military clause in it.

Your local base housing office should be able to provide you a form containing the clause or even a form contract you may be able to provide to your landlord. Many housing offices work local landlords.

Several states have laws which allow military members to break their leases in the event they must move due to military orders. In those states which do not have such laws, it is important that the active duty member ensure his/her lease contains a "military clause," (see example at end of article) which allows the member to terminate the lease in the event he/she must move due to military orders. Most bases require service members to have leases approved by the local military housing office. One of the reasons for this is to ensure that the lease contains an acceptable "military clause."

Read the rest of this article

Commercial Real Terms 2.0

2007-06-21T13:15:00.000-07:00

New York City, June 21, 2007:
Rentlaw.com The National Landlord Tenant Guide announced today an updated Commercial Real Estate Glossary has been introduced.

David Dorfman, Publisher, stated that the update "covers everything from A-Z in Commercial Real Estate". From Abatement to Zoning ordinance, you can find it all on Rentlaw.com.

Dorfman first introduced Rentlaw.com in 1999. "We've come a long, long way." Rentlaw.com has always been free and our membership went from a few friends to over 100,000 at one point.

We began addressing the commercial real estate market at the request of our members and other vistors. There are many "small" landlords who have either moved up to larger properties or how have continued to buy 1-4 family homes. As such, their tax situations have changed and require more information.

We continue to add information on 1031 exchanges, Real Estate Investment Trusts and more. The world of real estate is full of knowledge.

Dorfman said, "You simply can't learn enough". You can talk to Donald Trump with his empire or the local deli owner who might own 1 or 30 rentals. You can learn from both.

"My advice", says Dorfman, "is to talk the real estate business and learn everyday."

Learn from everyone.

Section 8 - Housing Voucher

2007-06-21T13:12:00.000-07:00

We complain about paying high taxes whether it be property, sales, or income tax. Some of that money makes it way back to helping those in need in one form or another.

We talk about money going to help the “developing” nations – such as in Africa or even Russia and China. We must realize, however , that right her in the United States, people are poor – extremely poor. Some people cannot just simply “escape” their environment due to circumstances beyond their control.

The purpose of many federal and state programs is to assist those less fortunate. Many programs come and go. One of the most basic and hardest requirements to fulfill is that of housing for the poor.

Public Housing Projects (1940 – 1960) were an idea whereby cities and states would build Public Housing “Projects” for the poor. While the idea was correct – it did not go far enough to “mainstream” (up and coming word) the poor (socially and economically) into another world. We simply lumped a group of economically disadvantaged people into one, new, government built section of a city – keeping them separate from the rest of the city socially.

Learn more about Section 8 and Housing Voucher Programs at:
Rentlaw.com's Guide to Section 8 Housing

Targeting Landlords using Google Earth/Maps - Belmar NJ

2007-06-20T18:11:00.000-07:00

The New Jersey Shore town of Belmar New Jersey has launched a website called Belmarrentals411.com.

The purpose of this site is to inform the residents and renters of the variance rules and regulations for renting a home in the borough.

For years, the town was mostly a summer destination for many. Small bungalows, great beaches and bars were to be found. Over the past several years, with shore home and land prices increasing, the town has been evolving. Those little bungalows have been razed for 3 story homes. The number of rental units went from around 1000 units to 320. The goal of the administration was to upgrade the image of the town by ridding itself of he summer renters or rowdies.

The amusement center was sold. With it, minigolf. In it's place, several multimillion dollar homes.

Mcdonalds on the boardwalk left after its lease ended.

Don't get this wrong.Belmar is still a fun town. You jsut have to be a good renter.

Following is a response to the website that appeared in the local paper, the Asbury Park Press.

The Belmar Rental 411.com Web site does nothing but further prove that Belmar is using public funds to contribute to a pattern of segregation between homeowners and landlords who rent their homes to summer renters.

It amazes me that Belmar, which in 2001 was fined $14,000 in New Jersey Superior Court for violating the federal Fair Housing Act, continues to push the envelope with its Rental 411.com Web site hosted on our municipal Web site using taxpayer dollars.

Attorneys general throughout the United States have been fighting housing segregation for years, but it is now OK for a public entity to violate property owners' civil rights.

If you're only a landlord/taxpayer and rent your home out in the summer, you're now added to a special Belmar Web site list. All the other property owners in Belmar won't make it.

The Web site allows anyone to zoom in on a satellite picture of the borough's 320 summer rental homes to a street-level view of selected homes. Those viewing the site can click on the selected homes earmarked with a color and a window opens up displaying: the property owner's name, property location, number of noise violations, picture of the landlord's property and amount of bond that has been posted due to violations. Some pictures are of the homeowner's garbage cans, etc.

The Rental 411 Web site is reminiscent of how Hitler's Germany would most likely have segregated its population using today's technology. The site further assigns the rentals into colors and characterizations: the cop with the night stick (very bad), red (bad), yellow (close to bad) and blue ( good).

Absent from the Rental 411 Web site are things that people in Belmar would really like to see. Maybe orange could be used to flag the properties where drugs have been found or where a recent arrest was made. Black could flag a list of properties where sex offenders are living, and gray a list of wife beaters' homes. Maybe a passport image could be placed over the homes where illegal immigrants are known to be living, since they tax the schools with their children. Purple could flag the restaurants where the Board of Health found violations.

Brown could flag properties of year-round homeowners who rake their leaves in the street. Bright green could flag the public officials' homes, who are paid high salaries to think of Web sites such as this one. A beer bottle character with a rose could be used to flag all the bars in town that have been given sweet deals instead of closure. Foreign flags could be set up to identify the Irish, Italians and every other nationality. Maybe a new deadbeat character could be designed to designate the homes and property owners who owe the town back taxes, water bills or are deadbeat dads.

Where will it end? Once a pattern of segregation is supported by your local government, you and every citizen of the United States are the ones who are impacted and at risk. It's only time before you make the next list of segregation.

Lastly, just how new is the information on the Rental 411's site? I was astonished to see the home of a friend, Robert Sullivan, a veteran Jersey City police officer, on the red or bad list. Especially, since he has not rented his home in more than two years and died in the spring of 2006.

Not only is segregation going on in Belmar, but there is a lack of respect for its citizens who have met the supreme commander after years of public service.

Kevin J. Devine

BELMAR

Landlord Tax Deductions

2007-06-14T16:22:00.000-07:00

Are you one of the many landlords who fail to take advantage of all the tax deductions available for owners of rental property? Do you keep poor records or rush to the accountant at the last minute? You could save money each year by being more diligent in your record keeping.
Do you know, or does your accountant tell you or ask you about your rental property expenses. Most accountants, or if you file your own return, overlook many deductions.

Rental real estate provides more tax benefits than almost any other investment.

A REAL ESTATE PROFESSIONAL may be able to deduct over $25,000. Read more here....

Small landlords have many tax deductions available to them - if you actively manage your property and your adjusted gross income is within IRS guidelines. Combined expenses can total $25,000. Losses over that can be carried ahead to the next tax reporting year.

COMMON LANDLORD TAX DEDUCTIONS

NOTE: ASK YOUR ACCOUNTANT WHICH SOFTWARE THEY USE. YOU MAY BE ABLE TO BUY THE SAME SOFTWARE OR COMPATIBLE FOR REPORTING PURPOSES. YOUR ACCOUNTANT MAY BE ABLE TO HELP YOU SET THIS UP.

1. Interest: Mortgage Interest for the investment property. Other interest from Credit Cards related to the Rental Activity. It is a good record keeping practice to have both personal and business credit cards (for the rental business).

2. Advertising: If you advertise your rental for rent, those costs are deductible.

3. Depreciation. Residential rental property must be depreciated over 27.5 years. For example, if you pay $200,000 for a home, you expense each year is $7272 per year. It is a "paper loss" that shields your income. A typical homeowner does not have this available to them. IF YOU OCCUPY 1/2 or any portion of the home, you deduction is reduced by the proportion you occupy (in a 2 family, 50% to you, 50% to the investment)

4. Professional Fees: The costs you pay to an attorney for eviction, a management company, engineer, CPA etc are deductible as they relate to the rental.

5. Home office: You can deduct a home office or workshop used to manage your rental property. Your garage may be storage for your tractor to cut the grass or to hold furnishings you supply. Certain requirements must be met, but are standard.

6. Insurance: Your costs to insure the rental property are deductible. ALSO, depending on how you structure your rental business, you may decide to cover your life and medical insurance as part of the rental business. Where medical insurance is not deductible when you work (and pay ) for medical insurance, structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family. CONSULT YOUR TAX ADVISOR.

7. Auto: Your auto expenses are deductible as they relate to your rental business. You may travel back and forth collecting rent, looking at the house , doing yard work etc. Keep records. You may also elect to determine that a portion of the auto is related to the rental activity, the rest personal use - 25% rental activity and 75% personal use, as an example. The expenses are then deducted as to this ratio. You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual expenses if you used more than four vehicles simultaneously in your rental activities (as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. Consult your tax advisor.

In addition you may also incur charges for:

Cleaning and maintenance
Commissions
Repairs
Supplies
Travel
Taxes
Utilities
Private mortgage insurance (PMI)
Landscaping, Snow Removal, Trash Removal
Amounts paid to employees or independent contractors
Condo fees

Private Mortgage Insurance (PMI) by RentLaw.com

2007-06-13T13:00:00.000-07:00

If you are a homeowner, you will want to be aware of a new law that establishes rights for homeowners and rules for lenders regarding private mortgage insurance (PMI) cancellation. With this knowledge, you may eliminate premiums you may be paying unnecessarily.

What is Private Mortgage Insurance (PMI)
PMI is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80 percent of their new home's value. In other words, buyers with less than a 20 percent down payment are normally required to pay PMI.

Canceling PMI : Once the principal is reduced to 80% of value, the LMI is no longer required. This can occur via the principal being paid down, home value appreciation, or both. Under HPA (Homeowner's Protection Act of 1998), you have the right to request cancellation of PMI when you pay down your mortgage to the point that it equals 80 percent of the original purchase price or appraised value of your home at the time the loan was obtained, whichever is less.

For more information on Private Mortgage Insurance, read the rest of the article in Rentlaw.com.

REIT Guide by Rentlaw.com

2007-03-20T14:47:00.000-07:00

March 18,2007: Rentlaw.com The National Landlord Tenant Guide introduces a guide to Real Estate Investment Trusts (REITS).

A real estate investment trust is a private or public corporation (or trust) that enjoys a special status under the U.S. tax code that allows it to pay no or little corporate income tax so long as its activities meet statutory tests that restrict its business to certain commercial real estate activities. Most states honor this federal treatment and do not require REITs to pay state income tax. By law, REITs must pay out 90% of their taxable income in the form of dividends.

The REIT structure was designed to provide a similar structure for investment in real estate as mutual funds provide for investment in stocks

For more information on Real Estate Investment Trusts (REITS) see RENTLAW.COM - The National Landlord Tenant Guide.

http://www.rentlaw.com/reit/terms.html