Financial Conversations with Fitz #40 - Landlord/Tenant Consideration - 11/03/2009
Wow!!!! The sun is out for a week????
Be sure you call TSB if you want to visit with a SHIIP counselor about your Medicare Prescription Part D. Appointments are still available from 8:30 to 5:00 on November 4, 2009, at TSB in Forest City. Feel free to bring your spouse or one of your family members. If you miss this week, you can also get in on December 9.
Be sure to vote this week in your local election.
Stay tuned for more information from TSB with press releases and information from our offices. Do plan to make an appointment for yourself or your caretaker to come into TSB and visit with the experts from SHIIP.
We had a good meeting last week with David Sollenbarger from the Iowa Landlord Association. We had a good number attending to listen to our speaker. There was plenty of good information for landlords, as well as tenants. His lead phrase was that as landlords we want a harmonious and profitable relationship with our tenant. He covered the screening aspects of potential tenants to see how they have paid their rents and bills and if they caused any problems at their last couple of rental units. He showed how we should use a Prospective Tenant Application to get the proper information to sign a good tenant. He also recommended using drivers’ licenses to verify identity. This process sounds a lot like getting a loan, in some ways. There are protections for the tenant applicant as well as the landlord. The application helps to prevent discrimination for the tenant. The landlord has two different state agencies that keep track of judgments and legal action on potential tenants. There was a good discussion about some landlords requiring tenant insurance, while the rest just recommended it. There is protection in that for the tenant as well as the landlord. As we have discussed here, renters’ insurance is a valuable protection for all tenants. There was good information for all in attendance. David also talked about upcoming legislation that could affect landlords in the upcoming session. The conversation was valuable amongst the landlords in attendance. They plan to meet quarterly at TSB’s Community Room. If you are a landlord and would like to join, check with me at TSB. I will put you on the mailing list.
Remember that you should deal with people in community banks and organizations. When you work with them, you know that you are working with people you will also see at ball games, church, or community events. So, if in doubt give us a call.