Rental and Cashflow Property - Management, Strategies and More

Dear Forum:

I have some tenants who are consistently late with the rent, pay partial rent, or don't pay at all. This plays havoc with my cash flow.

I would like to get rid of them, and have served three 3-Day Notices so far.
However, they have filed bankruptcy and have told me that their attorney says I cannot evict them legally, unless the bankruptcy attorney says so.
Which is a $3,00 - 4,000 process.

Does anyone have any suggestions on how to handle this?

Thank you.

Do you own rental properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.

1. I need my LLC. my equity line of credit also apply for loan to accquire for propoerty.
2.If I apply for equity line it needs to be personal.then apply for llc.Then buy property in business name?
Can anyone suggest what first?

I need to apply for equity line of credit {personal}.
Or do I neeed to get llc first?then apply for loan too purchase duplex{2} of them.Some one help!!!!!

A person contacted me with a three unit apartment all
with renters on board. She whats to lease option.
She would sell the property for 160k, owes 108k
the units has positive cash flow. I'm just starting
out an have not done a lease option yet. any input?

Are you interested in earning 34% on your investment? This is for a rental project that we maintain, you do not have to deal with anything. You have 100% collateral for your investment. It is in the extremely high rental market of the North Dakota oil boom. If you are a serious investor please PM me for complete details and a business plan.

Hey all,

Anybody working in Central Minnesota ? Saint cloud and Surrounding area ?

Do you own rental properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.

Do you own retal properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.

Do you own retal properties? If so, you are learning the importance of having your rents collected as quickly as possible.

The typical rental contract allows for a grace period of 3 to 7 days after the first. For example, if the rent is $700 and due on the first, the contract may allow for a 5 day grace period before the rents are due. Typically a late fee is attached to anything that is paid after this grace period.

Why not try this? Set the rent at $800 and give a $100 discount for paying on or before the first. Have late fees beging accumulating on the second.

You are still going to get your $700. You will be getting it on the first and not the fifth to the seventh. Your cash flow position will be strengthened.

Good luck and happy investing.