Get Rent
What are some ways I can collect rent without knocking on doors. I bought an investment property from another investor and he used to collect rent by knocking on their doors. How do I go about doing this and letting the tenants know, I will not knock on doors anymore. I would like to have rent mail to a P.O. box.
Please advise
[ Edited by itlot on Date 03/09/2007 ]
1)Tell them to mail the rent to your desired address.
2)Remind them of the late fees that will apply if it is not received by the ? of the month.
3)Charge the late fee so they know you will not tolerate late payments.
I started mailing account statements every month, just like mortgage companies. This serves as a receipt for their payment. I include a self addressed envelope with the statement. I have found that this has increased my ontime payments and has decreased me having to call and ask where the rent is. It also allows me to assess late charges easily, as it is automatically added to the account if it is received late. I think that receiving a "bill" in the mail has made it appear more professional to the tenant. There is something about receiving a bill every month that demands your attention. I think that this is why most mortgage CO. have gone to statements as opposed to payment books.. because they can remind us every month what and when we owe them.
Thanks for all the great ideas. I really like the account statements every month idea. What example or template do you use to make your account statements?
Cool thanks
i use a program called RentXP...you can print out statements or whatever you like...covers your properties from A to Z.
Yes, It is legal to buy and resell before you close. It is usually done by assigning your contract or having a double closing. One dry (no money) one funded.
Your taxes will depend on your costs, how you structure the deal, and the business entity you use. Consult a CPA.
Since you mention a builder, I assume you are buying pre-construction. Some builders have clauses against what you are trying to do or require you offer the property back to them first. Carefully read your contract and be sure you clearly understand all clauses before signing. Better yet, find a investor friendly attorney. You will need one anyways.
One last thing, run your calculations several times under several best and worse case scenarios. The pre-construction market (if that is what you are doing) is highly speculative and in my area has taken a nose dive. Be realistic about your expected profits.
It is easy enough to add your husband as a member of your LLC if that is the only problem...
Chris
Give me a call. I can help you with the refi. I only do investor financing.
All lenders will want it in someones name. It will just come to putting your husband on title, then refinancing in his name and paying off the hard money note. Thats all. As long as he meets the new lenders criteria for credit etc..., as well as the property does to - like seasoning, appriasal, ltv etc. you should be fine. If your broker is messng thngs up, email me and ill refi it for you.
Thanks
Run an ad in your local paper,
"Houses for sale -- investors needed."
Thats about as simple as you can get but it makes sense. That is a good idea. I think a lot of times we make things more complicated by overthinking everything (at least I find I do sometimes).
KISS (KEEP IT SIMPLE...) is always a good credo to live by , but sometimes harder to implement.