Hopefully you never have to go through this scenario but it’s always better to be prepared than not. Tenant abandonment is a hassle because instead of counting on 12 months of rent and having enough notice to line up the next tenant, you now have an empty, non-paying unit and have to scurry to find another tenant. This is simply one more reason why screening your tenants prior to signing the rental agreement is so vitally important.

First, check with your attorney about your specific state and local ordinances regarding abandoning a rented residence. Just because you don’t see your tenant for a few days doesn’t mean the unit has been abandoned. He could be working the graveyard shift or there might be an extenuating circumstance preceding the alleged abandonment, such as a hospitalization, incarceration, vacation or a death in the family.

Second, try contacting your tenant using all the contact numbers you have available. Try the home, work and cell numbers as well as any family members who are listed on the rental agreement.

Third, if you suspect the tenant will not return your call, post a 24-hour notice to enter and go in with the key.

Check the refrigerator, garbage and cabinets for personal items and signs of people still living in the unit. Take dated photos to document the visit. If the utilities are still in service, it’s possible the tenant is expecting to return.

Fourth, if a tenant leaves during the eviction process, let the process run its course, estimate the cost of the leftover articles and offer the tenant the opportunity to pick up the articles. Of course, stay in sight when they come to claim their belongings to avoid damage to the unit or any other misunderstandings.

After you have gone through this process and have the unit officially declared abandoned, selling the forgotten items is one way to offset the amount of rent owed. Always remember to change all the locks and keys to the unit to avoid any attempt at reclaiming the property.

Have you ever had this experience? How long was the process? What are some other tips for avoiding situations like this? Leave your comments below!

These payments are called “relocation” payments and will vary from $2,500 to $30,000. The formula is calculated based on the home’s value, amount left on the mortgage and other factors. The amount of each payment is determined on a case by case basis.

Why Avoid Foreclosure?

For underwater homeowners, avoiding the stigma of foreclosure is preferable to being kicked out of the home in front of neighbors. However, with short sales traditionally taking up to 1 year to close, many people simply abandoned their homes.

The new short sale rules due to take effect in June state that short sales need to close within 90 days. Under these new rules, homeowners who are eligible for the Bank of America relocation payments can make a more planned transition out of the home.

For the banks, avoiding the foreclosure process means getting the distressed properties back more quickly, which can save them money on property taxes and other fees. Abandoned properties also attract vandals, which increases the repair costs once the bank reclaims ownership.

This plan is available for current Bank of America mortgage holders but contact them directly to see if you qualify.

Read more here.

Keep in mind that your “risk” doesn’t have to be big. It could just be a matter of trying a new idea, such as making a speech or creating a marketing video.

Avoid copying what others are doing in their business; instead, find a way to stand out from the crowd and make your business unique.

Sure, there are lots of different marketing strategies but it’s worth trying different things. What works for your competitor might not work for you. Be original.

The landlord, however, thinks they don’t have the money for rent and they want to break the year-long rental agreement, so he’s countersuing the couple.

Here’s a video from Good Morning America showing some questionable activity.

Whether you think this couple has a legitimate lawsuit or not, it does bring up the importance of tenant screening. I don’t know this landlord so I have no idea what his screening practices are, but the last thing a landlord wants is to spend extra money defending a lawsuit.

Have your prospective tenants fill out an application granting you permission to do a credit check. Be sure to check their references, both personal and professional, and don’t be afraid to ask past landlords if they were problem makers or ever threatened the landlords with lawsuits.

Interview your tenants just as you would interview an employee. Observe how they interact with each other and how honestly they answer your questions. What’s your first impression?

When it comes to the credit check, pay attention to the total annual salary and also what type of jobs each applicant holds. Obviously, seasonal or manual laborers will make less than a professional tenant. Consult an attorney to discuss if you can require your tenants to show their latest tax returns to verify that the numbers on the application are correct.

In New York City, landlords are allowed to ask for tax returns and they are able to set a salary requirement to guarantee the tenants won’t run out of money midway through the lease. These landlords can require that your salary be 40 times higher than what the rent is. So, if you want to rent a $2,000 per month apartment in the city, you better make more than $80,000 annually to even be considered.

In the end, it’s up to you as the landlord to do your research before allowing strangers into your property. This requires some time, diligence, and the ability to stay objective and not be swayed by a family’s sob story.

But a recent article at Money CNN shows that even rich homeowners are facing foreclosure, but they view it as a business strategy.

These rich homeowners bought million dollar homes across the country but their reasons for buying mansions aren’t important. Basically, they are just like any other homeowner who wants to purchase the nicest house in the nicest neighborhood they can afford.

The major difference comes with WHY these rich homeowners are defaulting on their loans and walking away voluntarily from these mansions. Regular people, as mentioned above, have found themselves struggling to make the payments and generally don’t have anywhere else to turn if the bank takes the house in foreclosure.

These are heartbreaking stories, especially if it happens in your community. I have also heard of stories where these people decide to walk away or default earlier since that will be the final result anyway.

But some of the people with mansions are able to afford the payments on their house but decide they will lose less money by defaulting on the loan and heading into foreclosure, especially if they owe more to the bank than the property is worth. So they take their time to pack up and walk away from their mansions into another home.

The question I have is, what happens to their credit rating? Are credit ratings compiled in the same way if you have an income that puts you into the “rich” status? Or maybe it doesn’t matter as much because they have so many other assets?

My heart isn’t bleeding for them because their situation is not as dire as those who are out of work and have no where else to go. But I never considered that people of this status would willingly walk away from their home.

What are your thoughts on this? Is this a strategy you would use, if placed in a similar situation? Leave your thoughts in the comments section below.

The stereotypical scenario from the 1950s where the wife stays home with the kids while the husband works at the office from 9 to 5 is certainly not the norm today. In today’s busy world you often find two working parents, employers who expect longer hours, and kids who have their own social calendars and after school activities.

Finding enough family time during the week and in between all the activities is tough, especially when the kids want to plug in to their electronics or veg in front of the television.

Finding quality family time gets even trickier if you’re an entrepreneur whose business is like another child that needs constant attention and nurturing in order to grow. Most likely you’re trying to use every spare second of every day to accomplish everything on your to do list.

Check out this video for some quick inspiration on how to balance your work and your family.

The number one tip for balancing the work / family equation is to prioritize your tasks. What are your deadlines? Prioritize tasks based these deadlines and how long they will take to complete. Don’t just add every task to your list and spend 18 hours at the office. Think logically and split up the tasks appropriately.

The second tip is to delegate certain tasks to team members or other employees. Now that you’ve got a list to work with, take that list and see if a team member is capable of handling some of these tasks. If you don’t have a team, consider hiring an independent contractor, virtual assistant, or temporary worker to assist with these tasks. If you have teenagers at home, consider hiring them so you can focus more on marketing and sales rather than doing every menial task behind the scenes.

Lastly, know when to turn off the computer and focus on family time. This is harder if you have a home office but setting certain office hours and having a door you can close helps keep work out of your family time. Turn off the computer, shut down the cell phone and really focus on your family. Your business will certainly be there tomorrow when you wake up and you deserve some down time!

Owner Dee Williams is quite proud of her 84-square-foot cabin, which she built from recycled products. Wanting to limit her environmental footprint, she gave up running water and space in order to enjoy nature more. But she is extremely happy not to have a large mortgage hanging over her head.

How about you? Could you live in such small quarters? Leave a comment below after watching this short video.

As of June 1, 2012 the Federal Housing Finance Agency will institute new rules to speed up the short sale process. Banks will then have only 30 days to review and respond to a short sale request and an additional 60 days to approve the offer. Also, if the offer is still under review after 30 days, the bank is required to send weekly status updates to the seller and buyer. No doubt this will make all parties more agreeable to enter into a short sale agreement.

What Is A Short Sale?

A short sale is a deal where the buyer will purchase the property for less than is owed on the mortgage. This problem is rampant with the number of homeowners getting behind on their payments due to job loss and adjustable rate mortgages that are now too much for the homeowner to handle.

Short sales have been considered a better alternative than going into foreclosure but with the current length of the process, many houses end up being repossessed anyway, especially if a buyer cancels the contract.

A survey from the California Association of Realtors revealed that 60% of short sales failed to close last year in California due to lender response times. Some lenders even foreclosed on houses before the short sale could be completed.

The biggest problem with banks foreclosing on properties is that it can take years to unload a foreclosed property, during which time the expenses, such as property taxes and insurance, increase dramatically.

With the short sale process, the bank is at least getting some of their money back and won’t have to worry about auctioning the property or having it sit vacant while the expenses keep adding up. In the end, the short sale process IS a better alternative to foreclosure and now banks will have to reorganize their short sale process to abide by the new guidelines.

This is good news for buyers, sellers and realtors.

Watch this 5-minute video about how Milk Street Cafe in Boston teetered on the bring of closing after experiencing a 30% decrease in business after the recession began. Instead of giving up, owner Marc Epstein focused on cutting costs without layoffs, ramping up his sales team to handle the corporate catering division, and spending more efficiently.

This is motivation at its best. Don’t let anyone tell you your company is doomed to fail. Get creative and stay passionate about your business and you, too, can reap rewards during a recession.

Update: The Wall Street location closed its doors in December 2011, just six months after opening in NY. Reasons range from poor food quality to the Occupy Wall Street protesters and barricades decreasing the foot traffic.

Even though this location failed, the overall lessons are worth listening to and trying in your own business.

This 90,000 square foot house is not yet completed because the owner ran out of money – after sinking $50 million into this new construction.

If you have a need for a house with 10 kitchens, 22 bathrooms, 13 bedrooms, underground 20-car garage, 2 movie theaters, roller skating rink and bowling alley, all nestled on 10 waterfront acres in Windermere, FL then this gem is for you!

Asking price is $65 million. Plus the costs to finish the construction. Plus the costs to furnish and decorate.

Photo courtesy of Fortune Magazine.