Was wondering what each of you landlords experience with the actual collecting of rent money.
Are you able to collect money by just having tenants send the money in the mail…or on some of your lower income properties…do you have to physically go to the property and knock on the tenant’s door each and every month.
I’m sure this can be a touchy issue and would appreciate feedback on some experiences and/or techniques that you have.
You’ll probably (hopefully) get a lot of good feedback. I have my tenants mail me a check. As long as its postdated by the due date, I’m okay with it. So far - (knock on wood, if you like) - I haven’t had any problems. Some prefer other measures like getting the check themselves in person or electronic fund transfers.
I have the tenants mail mine, too. When I get new renters, I give them 6 months worth of preaddressed envelopes…and like NoMoneyDown (also knocking on wood) have never had a late payment.
I know that some of the landlords here (propertymanager for one) collects rent from his lower income units…
You’ve NEVER had a late payment??? Never? How is that possible? I thoroughly screen my tenants and still have evictions nearly every month. Every other busy landlord that I know also has frequent evictions. What gives?
I pickup all the rents each month. I also walk through each rental each month to check on the condition of the unit. The tenant is responsible for calling me when they have the rents. Rents are due on the 1st, late after 5pm on the 4th, I post the eviction notices on the morning of the 5th, and file the evictions with the court on the 8th. I have a lot of low income tenants. These tenants don’t have check books, bank accounts, credit cards, computers, etc. If I don’t get the rent as soon as they get their government handout check, I won’t get it (unless I collect all the Budweiser cans) and will need to evict them.
Never…not even a day. Now you’re making me knock on wood again. Most of my renters are military. They get paid at the end of the month and I get my checks on the 2nd or 3rd (rent due date = the 5th)…
Love the military market!