Chasing rent money!!! C class

13 Replies

Hi Charlie,

I've noticed a lot of your posts seem a bit (different) than most of the other posts in the forum.

Are you collecting data (or information) for some kind of study, or writing some kind of paper for some purpose, or something like that?

Good Luck!

I certainly don’t want to chase after my rent. I’ve got better things to do with my time .. but I’ll do whatever I have to get paid . One way or another I WILL get my money .

Originally posted by @Dennis M. :

I certainly don’t want to chase after my rent. I’ve got better things to do with my time .. but I’ll do whatever I have to get paid . One way or another I WILL get my money . 

Dennis back in 1992 I brokered a nice big ranch in Northern CA 1100 acres great property big lake on it I loved it.. 

the buyer was a big landlord in Alameda CA..  he acquired everything starting in the late 50s early 60s and owned 165 doors free and clear.. which is why I always tell folks free and clear is what you want in rentals.. But when you drive around Alameda and you see the worse looking houses and many were converted to multi unit.. the worse looking ones were Jawads.. basic slumlord I guess.   When we closed on the ranch I brought him his docs and closing gift and it was rent collection day so I tagged along.. he drove his properties.. tenant were to have rent pinned to the door no rent .. he pinned the 3 day notice.. but he collected all rent by hand.

Originally posted by @Dennis M. :

@Jay Hinrichs

Gotta give the fella credit . As ridiculous as most of the guys on here would say that archaic strategy is I’d be willing to bet he could buy and sell most of those guys on here that are saying that ! 

Ya think ?  he paid just under one million cash for his ranch I sold him in 91.. and I would venture to guess his portfolio back then was worth 30 to 40k million all free and clear and today probably north of 150 million.. so yes I think that's an accurate statement.. plenty of guys like this in the bay area though.. they just don't hang on BP  LOL

@Scott Mac

Yes! Most people get mad for my postings but I’m apart of a DMV investing group now, any question that comes up in our weekly hour meeting, I just post here to see what OTHER people around the world have to say

Some property classes and areas require chasing rents, knocking on doors, waiting outside to catch them as they come home from the store and getting whatever is in their pocket with a promise they'll pay the rest next week. Those are typically the $20k SFHs folks buy out of state.

For a true C class property, you won't need to go to their door each month, but a follow up call might be necessary. However don't expect those folks to pay direct from their bank account through an online portal, and forget about "auto draft". You need to make a way for them to physically drop off cash or money order at a LOCAL location as many don't have bank accounts - be it your office or your bank. If you make them mail it, I can guarantee you'll get an onslaught of "its in the mail, must've gotten lost" excuses. Low C class will also require flexibility +/- 5 days - these are tenants typically living paycheck to paycheck so if rent is due on Wednesday and they get paid Friday, don't expect it until Saturday.

Originally posted by @Charlie Moore :

@Scott Mac

Yes! Most people get mad for my postings but I’m apart of a DMV investing group now, any question that comes up in our weekly hour meeting, I just post here to see what OTHER people around the world have to say

Perhaps they should post their own questions here and be directly involved in the dialogue?

@Charlie Moore

I have two class C property's. Half the tenets are late each month, and I half to pick up the money. Which I think it due to the lack of technology abilities. Either way as long as there current - I'm cool with it. And by dropping by monthly I can see if there trashing something.