I have been doing LPOs now for 2 years. I have noticed the last couple of months that it requires quite a lot of work (tel calls, cajoling, threats) to get the tenants to pay their rent. This has always held me back as far as doing wraps goes. How do you get the wrappees to pay the monthly fee? And what do you do when they dont pay?
I am having this problem too!!! Just threaten them with eviction. It is working on my tenant – for now anyway. I also have my LOs managed by a property manager which helps a lot.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi,
Have you considered using the wonderful powers of computers.I ask my tenants to set up periodic payments straight into my rent accounts. They just do this at the bank. costs about $2 -$5 depending if its the same bank or not. (i offer to refund these fees to them, but you don’t have to).
If they are with centrelink, set up a Centrepay account. $1 per transfer.(be patient with centrelink, they are slow with everything!)
Cheaper than paying thugs to knee-cap ’em!!!.
[hat]
lifexperience
Tell me about it!!!
O’h and lifeX want to explain how you work your DD’s????
Rgds.
Lucifer_aujust ask tenants nicely to take a form with ya bank details and the “periodic payment” amount and start date to their bank.
It helps if you both use same bank, i open a new account if this is not the case.[jester]
lifexperience
Used to manage 1 of our properties, never again. Tenant tries the im poor scam a few times and we had had enough. All thru agent now. Their headache chasing rent not mine. Small fee= piece of mind.
Concentrate on investment buying instead. Also, 10 properties thru 1 agent means 1 x DD/fn not 10. Easier to manage too, statements via email from agents.
If your cashflow is so tight you need to save the agents fee, maybe you need some good return properties. Maybe 3 in Tassie or NZ to fund shortfall of other properties. Just a thought.
DD
I prefer to use PM’s also..
No late night calls or Drama’s, i’ve also gotten my PM’s to get used to Corresponding to me via e-mail, that way i can list ‘all’ info and have written confirmation, time and date stamped of replies.
I find this much easier plus when working nights and i think of something i just shoot off an e-mail.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
You must be logged in to reply to this topic. If you don't have an account, you can register here.
