Hello everyone, I would like to know what are some good ways for a new landlord to collect rents from the tenants. I recently accquired a three unit and I am not familiar with the tenants yet, what is the best way to ask to recieve my rent, until I develop a sense of trust with my tenants to pay on time, before I assume which ever way I say to pay they will without mix ups.
Should I start out going door to door, only accepting money orders. Or should I accept checks to be mailed to my PO Box. Any advice is greatly appreciated.
Thank You, youngone
I give the tenants pre-addressed envelopes (about 6 months worth) and payment method is spelled out in my lease terms (check or money order – unless they bounce a check and then it’s money order). They are due in my hand before the “rent late” date (rent due + three days). All of my properties are in the city where I reside.
I inherited some renters and did the same thing (gave them pre-addressed envelopes). Their previous landlord had their rent due on the 18th…
You don’t want to get in the habit of “servicing” the tenants (collecting door-to-door). What if you have to be out of town on the day the rent is due and will be gone the whole week? If you’re servicing the tenants the answer will be: “Woo Hoo, no rent this month!”
Is there a method of payment spelled out in the lease agreement? If so, notify the tenants that you are the new landlord and modify the agreemtn to reflect the new address.
My two cents…it has worked for me. Hope this helps.
Keith
Thanks for your two cents, I will look into trying that.
youngone