Landlording on AutoPilot by Mike Butler

Author:Mike Butler
Language: eng
Format: epub
ISBN: 9781119467908
Publisher: Wiley
Published: 2018-04-03T00:00:00+00:00

Here's how I handle those wannabe problem children. Suppose you acknowledge their checks come in their mailbox on the 3rd. You offer a simple solution. Remind them they will get a monthly bill again. It's mailed to them on the 20th. Tell your tenant to put their payment in the envelope and mail it before the 1st.

We Use the Postmark Date on their envelope as the PAYMENT RECEIVED DATE.

This does happen. I do receive payments in the mail on the 3rd and sometimes the 4th with a postmark date of the 1st. This means no late charge for the tenant.

No competent judge in any court will not use the postmark date as a payment received date. This totally eliminates those stupid tactics on the part of tenants trying to mail in a check on October 5th and they've handwritten September 30th on their rent check, thinking it will prevent a late charge.

Back to the tenant who gets their check on the 3rd of the month. I tell them to put their payment in the envelope and mail it in before the 1st with a note “PLEASE HOLD TILL THE 3RD.” If we receive their payment with this note BEFORE the 1st, they will not be hit with a late charge. This works great.

Joe saw me a few months after I bought his houses and asked how things were going. He also asked me how I liked knocking on their doors weekly to get the rent. I told him I've never knocked on their doors and they're mailing their monthly rent payments in like instructed. He was shocked and didn't believe it. He went over to see his old tenants to verify my story and they told him the same.

Joe thinks I'm the best landlord on the planet because he sure would've bet $1,000 I could never get these tenants to mail their rent payments monthly.

So, Yes, You Really Can Teach Pigs to Sing.

INHERITED TENANT INFO FORM

Address: ___________________ Date: ___________________

Tenant Name: ___________________ Phone: ___________________

SSN: ___________________ DOB: ___________________

Monthly Rent: $ ___________________ Security Deposit: $ ______________

Occupants: ___________________ DOB: ___________________

(Name and Number)

___________________ DOB: ___________________

___________________ DOB: ___________________

___________________ DOB: ___________________

Moved-In Date: ___________________ Phone: ___________________

Rental Agreement: ___________________ Expire date: ___________________

Emergency/Alternate Contact: ___________________

Remarks: __________________________________________________________

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