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The next ten years will be a golden era for the informed real estate investor. Taking action now will assure your financial security in the shortest period of time. The game has started ~ will you be left out?
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The key is to focus on one of the three areas of greatest opportunity. Be sure to read the three FREE articles that explain why these fields are exploding with profitable opportunities. Read all three and then learn about the "Investment Power Tactics" you can use for each one. These Power Tactics are where you will begin your wealth building.
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Build $40K In Real Estate Equity
by Mark Walters
Build $40K In Real Estate Equity
JOINT AND SEVERAL
When you see the phrase "joint and several" (j&s) in a
legal document or contract it means that that the parties
on one side of the agreement are responsible individually
and collectively for the terms of the agreement.
Here's an example of a landlord who had a j&s lease with
the added provision that tenants must pay rent with
a check, money order or cashier's check in the full
amount every month.
He allowed two roomates to pay half the rent each month
with two sperarate checks. Bad policy.
It not only creates accounting problems... but if one
tenant pays on time and the other is late how do you
handle the late penalty?...and...
If you accept payment from one tenant and the other
tenant fails to pay have you risked having accepted a
partial rent payment and then not be able to evict?
Here's the good news. If you have in your lease a
"non-waiver" provision that indicates that even if
you allowed lease violations in the past you can at
any time demand that tenants comply with the terms
of the lease.
If the tenants continue to pay with two separate checks
you can return the checks and give "notice for failure
to pay rent".
If they then fail to provide you with a single check
for the full amount of the rent you can file a forcible
detainer action (eviction).
If you rent property to more than one tenant be sure
your lease has "joint and several" and "non-waiver"
clauses. Carefully explain each to every new tenant.
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Thanks for your help!
Until next time - Go Forth and Prosper!
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About The Author...
Mark Walters is a third generation investor, author,
speaker and publisher. He is the Webmaster of
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