Best time to collect rent

[Nadir M.]

Hello everyone,

I am about to close on my first property, long distance, and had a few questions. I wanted to first ask when the best time to collect rent is? First of the month I’m guessing is typical but didn’t know if there is a better time to collect. Also, what about the method of collecting? I’m thinking of using an app if the tenant is tech savvy.

In terms of finding a tenant, what’s the best strategy to use? Zillow and Craigslist would be my go to. Any other opinions?

I’m also thinking of hiring a property managers since this is an out of state investment. To my understanding, PM’s will end up taking care of everything including but not limited to finding a tenant, taking care of all issues/visits/phone calls, make sure everything is being followed according to the law ie fire detector installed and checked on periodically etc. thoughts?

Thanks everyone

[Katie Fiola Jones]

Hi @Nadir M., 

Congrats on closing on your first rental! 

I would keep it simple and do the first and late after the 3rd. But some people like to collect rent on the day of the month that the property is leased from (ex. Tenants move in on the 15th - you collect rent ever 15th of the month). I think doing it on the 1st is the simplest. 

Definitely post your ad on those two sites. Zillow will then go and post your ad on to Hotpads and Trulia for you. You should be able to find someone to rent it from one of those sites. Also if you have the chance to go out to the property it would be a good idea to put a sign in the yard. Do you plan on being out there during the leasing process? Someone will need to show the property to prospective tenants. 

I have a property out of state and I use a property manager. They list the property, do all the showings, do the background checks, write up a lease, collect the rent for me, and handle maintenance issues.  It makes things easy for me because I don't have to worry about chasing a tenant down if they don't pay rent. Or if something breaks down, I don't have to find a contractor to fix it. I was also a property manager for 3+ years - so I like using them and can see the benefits from them. 

Hope this helps! I'm happy to answer any other questions.