This month’s article: “I really want the rent, should I accept any type of payment?”
This article is really about the quality of the lease versus anything else. A quality lease will ensure the following are followed. Never accept third party checks, such as payroll or government checks. Be sure to have the lease written that all rent payments made after the grace period must be in the form of a cahiers check or money order. Avoid cash whenever possible. If you do accept cash, make a copy of the cash, write the date on the print out and save the document.
If you are having trouble collecting rent on time, consider emailing or mailing your tenants a monthly payment reminder or an invoice. Some owners have also found that a rent coupon book (just like a mortgage payment coupon book) can be helpful in improving their rental collections.
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