Collect Rent which has a
One of the things we recommend as much as collecting rent is that you simply use a P.O. Box. Most P.O. Boxes your local post office or FedEx store don't cost a lot. I get a P.O. Box inside my local mailbox and it's really lower than $100 a year. click reference 's like $45 every six months.
That way it is sometimes difficult or even a pain having to go to your mailbox frequently, but believe me, you don't want rent coming to your own personal residence. I guarantee that. I would highly, highly recommend spending some amount of money, receiving a P.O. Box, and ensure that rent travels to that P.O. Box.
The other reason we all do that or recommend it can be it is possible that you will move over the years. You may only move one or two miles, but this way you won't need to notify everybody on the globe as well as your tenants where you should send rent should you move whenever. Now it doesn't matter if you move, as they do not even know along with the rent still travels to the P.O. Box.
Collect Rent Electronically
We also suggest that you create a system available to get rent electronically. We are really setting up a big push this way. We are approximately 40 to 45% at this time that we collect electronically. If you've got a software package you can do that, or you can work with a site called . They allow for individuals to cover through their checking accounts. You can use as a prospective way to recover it.
Do Not Accept Cash
One of the things that we do not do is accept cash. We do not pick-up cash. That is one of these rules. Please, please, please do not violate this. We do not get out there and get rent, period. Don't start it. Don't think, "Well, they're paying late this month. If I go pick it up I'll solve this problem."
Tenants are strange animals. I guarantee you that in the event you pick up the rent once, the following month and also the next month as well as the next month they'll expect you to pick up the rent again. Not only that, but they prefer it a justification. What will happen is they'll say, "Fine, I'll wait until the landlord comes and picks up."
The third from the month comes, the sixth in the month comes, the ninth in the month comes, and you haven't gotten your rent. You get in touch with and so they say, "Oh, I thought you are planning to come figure it out. It's here. It's awaiting you."
You're like, "Well, why didn't you mail it?"
"Well, you picked it up last month!"
Well, this is their explanation appear to treat it as being it's your trouble, not theirs. "Oh, the rent's here, you just haven't come picked it up." So they've form of experimented with push the challenge onto you.
So then you say, "All right, fine, I'll be there Saturday morning, 10:00." Tenant says, "Fine." You make an appearance Saturday at 10:00 and nobody's home.
You return home, you call them up. They don't answer the device until Sunday night, "Oh, yeah, yeah. I got called to function. I'm sorry. I got called to be effective. I got this or I got that." Now it's Monday and so they've got to function. It's Monday evening and you also've got to own in that area again after work. So what happens is that you simply start entering this vicious circle. Don't do it. Simply avoid them. Don't start it so you'll never get caught.
What I really suggest is basically that you be sure you train your tenants to pay for electronically or send it in the mail. That way there is certainly very clear and concise instructions on just how to spend their rent, because should you give them some confusion, they're going to take that as an benefit of failing to pay.
We certainly accept checks, but if the tenant pays a few times a poor check, stop that at that point. Make it a policy as part of your lease never to accept any checks as soon as the first or second bad check.