Collect the Rent and Off to Cancun in 7 days

The daily life of a landlord should include only about 5 work days a month.  That's what I think anyway.  You get to the office early on the first of each month.  Greet your tenants with a cup of coffee, ask about the family, and write out a recipt for their full rent payment.  Wish them well and out they go.  You spend the entire day doing this for the first 5 days of each month.  By day 5 you have collected every bodys full rent payment, paid your bills, deposited all the money and you are ready for vacation. On day 6 you pack  your bags and on day 7 you are on your way to Cancun.  That's how it should be!  Wouldn't that be great!  Many of your tenants probably think that that is what you actually do. They know you have plenty of money, all of your properties are paid for and all you do is sit around and count your money.  HELLO!

 

The daily life of this landlord runs in one month cycles.  On the first day of the month there are always just a few that come in to pay the rent whether I am there are not.  Bless them, you can turn the page on the calendar by their visits.  By the fifth of the month I will probably have about one third of the tenants paid in full.   By the 15th, I have collected the ones that always pay late with their payment including the late charge.  The rest of the collection is not fun.   Stories, lies,  unanswered phone calls.  I don't believe a thing anybody tells me anymore.  Isn't that a great way to live? I use to be this naive farm girl that believed anything any one told me.  I slowly learned a few lessons.:   

1. Everybody lies.
2. Set deadlines for how long you will wait for their payment.  Don't let tenants keep stringing you along.
3. Hold the phone away from your ear while tenant  is calling you names.
4. Don't call tenant names.
5. Don't take name calling personally.  Distance  yourself from your business.
6. Never give possession to property until you have the full down payment and first months rent.  Tell them to come back when they have the full amount.
7. Posting your card to there front door works wonders.One better, is to put a for rent sign in there front yard; that always gets there attention.
8. Keep your cool.
9. Send 5 day notices out immediately along with a letter explaining what they can expect to happen within the next few days; police delivering summons, court dates, and they and their family will be homeless in 21 days.
10. The best fix is to screen your prospective tenants.

Wait do I really want to be a landlord?