COLLECT RENTS FAST

That's awesome! We only have 1 rental right now, about to get our second. I will talk to my partner and see if we want to give this a try. Thanks for the idea!

That's an amazing and easy way to get everything on time! I'm going to incorporate the idea on any new properties. Thank you!

first off, I just wanted to say I love this website . A great place for information. With that said , drop the amateur act owning real estate properties is a business treated as a business am I leases. I do not have any grace days. If the rent is not there by the first of the month. It's late and I start the eviction process in my state is a three-day notice should they pay the rent. The file before I file court papers is a $75 fee. I charge was three-day notice. This is all laid out in my lease. This happens more than twice in a year, I simply do the eviction, cheaper to end the relationship. Now, then to let it go for months.

Another great resource for collecting rents is a company called clearnow.com, they will debit your rents directly from their checking account, or their paycheck I let them know that if they pay by check is a $10 fee, there's no extra charge for using the service to them, is a very small charge for the landlord and they will never be late, never be charged a late fee. Another service I offer is only my tenants to play every other Tuesday, twice a month, which actually comes out the extra month's rent at the end of the year.

I'm just starting myself. I bought four rental properties/year and I got two more in the pipeline right now that the closing of February.

one more great resources missed the landlord.comMr. Jeffrey Taylor, is the founder I learned so much over the last year or two. Check it out. I think you agree.
Reuben

I think you need to read again what I wrote. I said nothing about giving a grace period under what I do. Also, I do not pay fees to have a tenant pay his rent. I am interested in profits not paying fees. If a fee needs to be paid to get a renter to pay, I would pass taht cost to the tenant.

Best of Luck.

Yes, I do this with one of my tenants, and it does work... For my other tenants, my property manager filled out the leases and stipulated a ridiculously high late fee per day, and so far that has worked too, because they have never paid late; or maybe it's because we make sure we have good tenants in my properties

Roy, thanks for this. I like streamlining my business. It is a nice "carrot" to pay before the first and have your rent cheaper.
I like the cash flowness of it.

Andy

that you don't tip the process into being unconscionable. Upon an eviction, a judge can rule that they is no economic reality in the process and the payment was constructed for the tenant to fail. After much consideration, we give an early pay discount of $50 on the first, rent due the the 5th and $20/day late fee after that with a three day eviction notice on the 6th.

That sounds like a great idea. A little psychology.

I am glad I read this. I will probably incorporate it into my next rental property.

The original post suggests a positive solution to a negative problem. It is better to offer a positive solution (the incentive) than it would be to take a negative approach, and I scolded my own landlord on this.

If someone one in my apartment complex is even one day late, they get a "Notice to Vacate" on their door. I told them that was really, really harsh, creates a hugely negative perception of them by their tenants, shows disrespect, contempt, etc. I mean, it's not even a "Late Notice," like many companies would do, they literally say that they're going to kick you out if you don't pay within three days, so I suggested they use a late notice, instead. Of course, they did not take my suggestion, because they don't care about the things I mentioned, including their tenants. It's all about the money.

I would also suggest to all of you landlords out there that if you want people to pay on time, then you should do another positive thing, and that is maintain your tenant's home well. It's hard to expect them to give a damn about rent or maintaining your unit, if you are not willing to fix things that are broken.

My landlord told me that I needed to come in and renew my lease, so they could jack my rent up by over $200.00 monthly, and I told them I would not do so, and I asked them, "When was the last time you've ever done anything for me? I will pay you what my last lease says, and it will continue to renew each month as the law allows. I know real estate law, and until you fix things, we'll go with what the law says." They don't even care if there is structural damage happening to their own unit like water causing damage to floors and walls. I hope their studs and joists rot.

I like this idea.
I tell mine that I charge $50 dollar late fee with an 5 day grace period and 5 day non payment eviction not 30 days