Today I'm covering some smart ways to go about collecting your money and some ways you want to avoid. In the end, we want the collecting of rent to go as smooth as possible. So let's be smart about it.
Do's and Don'ts of Rent Collection
The Don'ts
- Collecting Cash in Person
- Tenants dropping cash off at your home
The Do's
- Online Payments
- Through the mail
In my latest post I get into all the details of these options, you can find the full article here:
http://scaredycatguide.com/2017/06/dos-donts-collecting-rent/
However, let's touch on them a bit here too.....
Collecting Cash in Person - this isn't the best idea because you turn yourself into a target. You will be collecting and carry a large sum of cash on the same day each month. It's easy for someone to get whiff of that routine and have some bad thoughts about getting that money.
Receiving Rent through the Mail - If you do this, getting a P.O. Box is a great idea. All your checks go to one place and you don't have to give out your home address.
Conclusion
I delve further into those two details and more in the post so please feel free to go check out the complete article!
Regards,
Image source: pixabay
Although this doesn't apply to me at present, it is good advice for me to come back to if I need it!
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Yes, build an empire in Chile! It is chile you are located, right? I actually met a girl while out dancing last weekend that just moved to FL from chile. Barely spoke any english, so that didn't go far as I speak no spanish. Really need to learn spanish one of these days! LOL.
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Well, I am still traveling, currently visiting North Idaho. And, I have to tell you, I am rethinking some things. I'll be posting more about that later
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Interesting! A little life pondering, eh? Look forward to reading that post.
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Yeah,.. let's just say my mind is exploding with the possibilities. I will keep steemit posted, no pun intended,... actually, pun fully intended
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Upped in person!!!
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How about Taxes, do they apply to the renter?
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Site is looking good ScaredyCat. :D
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AWESOME Followed and upvoted ..!
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Personally I get my tenants to do etransfers or cheques.
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Yep - I have one who mails check to my P.O box and I have another that pays online through the cozy app. The last one just deposits money into a checking acct at my bank, but he's my buddy's dad so was a bit more flexible.
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As long as they pay, don't piss off other tenants or wreck the place. They are good in my books. Hence the need for proper vetting
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Yes, gotta do a good job on the tenant screening.
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THat's where the landlord Horror stories come from. Have a good one.
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One of the best things we ever did with our rental was get a fantastic property manager. I used to waste so much time dealing with all kinds of drama instead of building my business. Now we don't even think about it. That previous tenants actually caught the place on fire and we had to do $50k worth of repairs (thank you insurance!) and our manager took care of everything and then some! It's been great.
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Oh my goodness- I recall you having the rental in Tenn. Did not know about the fire, sorry to hear that but glad it worked out insurance-wise. And yes, good prop mgmt is worth it's wait in gold.
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