It’s really personal preference. I like to make the due date the first, so I receive all my checks on or before the first. That’s when my mortgages are due, so therefore, want the cash to pay for the mortgage. Iv heard a BP podcast of a guy saying he’d like to own 30 properties, and make each due date a different date, as to have money coming in everyday of the month. I don’t see any reason that one way it better than the other, so do what’s best for you and YOUR business.
@William C. Every single day of the month? Gosh that sounds like a headache. All due on the same day. F you want consistent cash flow weekly or whatever just set up different bank accounts.
I don’t do that, a guy joked about it on a podcast. I agree, it would be confusing. Which is why I make all my rents due on the first.
Keep it simple and keep things standard, rent is always due on the 1st. We require a full months rent up front and the prorate the second month based on their move in date. Our software handles those calcs for us.
I'd prorate, that seems like an awful lot for your accountant. Which in my case is my wife. No way, Jose!