Does anyone accept rent payments weekly

Question

Melinda Miller · Answer

We have a class C 4fam in Missouri with inherited tenants. This crowd can't remember from one Friday to the next what they are supposed to do. The weekly thing works. It sounds like 4x the legwork but it's better than revolving door evictions or constant cash for keys. We have more options AND we paid.

Matt K. · Answer

You also get "more" rent this way ... But like been covered it's a lot more work.

I normally do 1st of the month, 4 day grace period late on the 5th. Good size late fee to make it worth the time to collect and also discourage use of it.

For another teant I put them on bimonthly payments 1st and 15th. 1 day grace period and same late fee. So far it's worked better for them then when they were once a month. But it is more work... This is probably the most work I'd wan to handle as a landlord anything more probably better off finding a better tenant.

Weekly you'd get more rent because of how many wks are in a year, but it's going to be a huge chore to collect each week. Then if they get behind it'll snowball and just become a huge mess .

James Wise · Answer

Thanks David, glad you're enjoying the videos.

As for the question at hand. You'd need to scale 4x as much labor, 4x as much accounting & 4x as much tenant interaction with essentially the same amount in income. That's not a recipe for success.

Melinda Miller · Answer

Mark K. Agreed - easier to collect more $$. We are nearby and always out anyway. We also have bookkeeping down to 5 minutes a week. The reason we went weekly with one guy is that his late fees had snowballed out of control. A good tenant otherwise (quiet, clean, employed), so we are working with his lifestyle/culture instead of against it. Win-win.

James Wise · Answer

This is a strategy that some landlords utilize if they are having trouble collecting the rent. It's only needed if you're renting houses in blighted areas to low income tenants. Important to note that it creates 4x the amount of legwork & accounting. It is a decent way to make the best out of a bad situation. Tough to scale though.

Ned Carey · Answer

Pro - potential to charge more rent, rent can be due payday before the tenant spends it.

Cons - a lot more work. Probably more tenant turnover.

Does anyone accept rent payments weekly

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