What are the best days for rent due and automatic loan draft?

Question

Wondering if you can share what combination of these works best for you:

a) what day do you make your tenant's rent payment due?
b) what day of the month do you set do have the mortgage payment drafted from your account? (assuming draft is 1x/month)

Thanks

Jon Holdman · Answer

Rent is due on the first, late on the fourth, unless we work something else out.

I make my payments so they're received on the 1st.  The payments go out before I get the rent.  If you're counting on getting the rent to make you're payments, you are going to be in a world of hurt if when you have a midnight moveout.

Michael Rossi · Answer

Rent is due on the 1st and late after 5pm on the 4th.  I do it that way because some government checks to tenants don't arrive until the 3rd.  I post eviction notices on the morning of the 5th.

As for when my bills are due - EVERYDAY!  When you have dozens of rentals, you get bills in the mail literally everyday.  I usually pay bills about once a week.

Taylor C · Answer

Hi all,

This is great feedback.

To clarify a bit on what I mentioned about a couple of people I've met who make it due the last week of the month, I'm still sorting it out, but from what I gathered, in that scenario, rent agreements run from let's say the 25th to the 25th of the next month.

Rents would be late by the first and proceedings would begin as many have said here. In theory the part about helping getting it rented again has something to do with having it ready for someone who wants to move in on the first but who still pays according to the 25-25 schedule.

Mike Haro · Answer

For my properties rent is due on the 1st and is late after the 5th. After that eviction notices are posted on the 10th.

Steve Babiak · Answer

Re-read that first post I quoted.  He said "make it due the last week of the month", not the last week of the month before.  And making it due the last week of the month before won't do the other part he wrote: "Something about it helping get it rented again."

So, I think I assessed this one the way that he wrote it.

Josh Green · Answer

the may 1 payment is for the month of may. if they don't pay, they are out.

Will D. · Answer

Rents are due on the 1st, and my payments are due on the 17th.

What are the best days for rent due and automatic loan draft?

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