OfflineDo 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.
Roy Voeks
Official RE Coach
with my experience on all my rental properties - adding $100 month to rents would make most of them out of range for the areas. Whereas if I have a home advertised for rent for $700/month it is rent appropriate for that area - if I advertised at $800/month it would not attract applicants. How would address that?
www.adeptpropertiesllc.com
my story:
http://www.deangraziosi.com/node/10404
Do you want to get your rental units returned in good order with little or no work required on your part? This will help your bottom line and help keep more dollars in your pocket.
Before your tenant moves in you should give them a checklist and write down everything they see that is wrong or damaged in the rental unit. After returning the list to you put it in their file. Use it when you walk thru with them as they move out. If you find problems with them as they are moving out then give them an opportunity to do the repair (provided it does not interfere with your move in of the next tenant.
Typically you will have 30 days to refund the deposit. If they leave it "rent ready" give them their money as soon as possible. In some states a land lord may be responsible for unpaid utilites. Make sure ther are none before issuing a refund.
By using a check in list that is signed by the tenant, there is less questions about what was damaged when they moved in. Good Luck.
Roy Voeks
Official RE Coach
My ads always say, for example, $800 per month with a $100 discount if paid by the first.
Roy Voeks
Official RE Coach