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Picking up rent after Black Friday

November 26, 2011

Picking up December rent has always concerned me more than any other month. It’s just the way the calendar falls with Black Friday and the idea of my tenants shopping prior to paying rent. I have not had any problems, but I always remember this story a landlord friend of mine once told me.

He went to pick up rent on Dec 1 and his tenant did not have the money. His explanation was that he camped out all night at Best Buy while his wife was camping at Walmart. They spent all the rent money, but no worries – He has listed all this stuff on ebay and hopes to make a tidy profit in 7 days when the auctions end.

Ultimately, it’s going to come down to how much you have laid down the law and the importance you have expressed to your tenants on paying the rent on time. Have you allowed your tenants to pay late with no penalty? Did you do a good job of setting the expectations propertly at move in? The one thing I have started doing is wrapping pipes or checking smoke alarms around the mid-November time frame. I like to get in front of them and interject a friendly reminder for those that I fear may fall short come December 1.

 

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From → Landlord

2 Comments
  1. kathy151 permalink

    Hi there – just found your blog through WordPress search and I wanted to introduce ourselves, we’re just down the interstate in Austin, starting out with our first duplex. Looking forward to reading more from you in the future! Our blog: http://www.rentalrealities.com Best, -Kathy

  2. Hey Kathy,

    Thanks for the note. Good luck on your duplex. I have looked at a duplex, but just could not get the numbers to work out. If it cashflowed better than a SFR, I would certainly consider one.

    Take care,
    Ch.

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