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Collecting Rent- Three rules you must use

 
 Collecting Rent
Collecting rent is the goal of your property business.  It is the fruit of the labor with respect to renovating and leasing the property.  Being a landlord doesn’t mean you have to be callous. It’s important to be cordial, prompt and exact in every encounter with your tenants. However, there is a difference between being nice and polite, and being your tenant’s friend. Being a friend makes it hard and awkward to collect rent or assess late charges. This is why I follow strict rules and guidelines for all my tenants when it comes to collecting rent.
Number 1: Never accept cash or personal checks.When collecting rent, personal checks can bounce, and cash doesn’t have a paper trail. For your protection and theirs, only accept money orders or cashier’s checks made out for the exact amount. This way they can never claim payments they didn’t actually make, and the checks can’t be canceled or hot.  You want trace ability of rent payments.
Number 2: Sign up for a P.O. Box.If you’re like me and have properties spread out over a wide area, you don’t want to spend a whole week driving around and collecting rent. It’s a waste of time and gas. ... more

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