Back when I was still wet behind the ears, I allowed one tenant to pay no-weekly to align with her pay schedule. Only I was young and dumb, so I did it for no additional cost.

We allow our people to pay whenever they want: weekly, bi-weekly, whatever works - but it is ALL due BY the Due Date.

MORTGAGES might traditionally be paid in arrears, but RENT is not - or they really really really quickly can get behind.

I can tell you it does not pay to let them start pay the middle or even towards the end of the month. I am getting rid of one of my chronic late payers (court today) and I have one other one that needs to go, says he is paying on the 26th this month and we just paid the HVAC guy over 2,500.00 for work on his HVAC.

I'm not sure how it works out for Brad either. Seems to me it just creates bad habits.

When I had super-low income tenants, I did biweekly & even weekly rents in the rooming house. I also tailored rent due date to be the day after Social security check was received - no matter what day of the month that was.

The whole idea was to get the money as soon as they do, before it is blown on other things.

Like NE said, it was more a lack of money management rather than insufficient income.

With my well-paid MTR tenants, I will still begin & end their tenancy whenever they need it- like if they arrive in the middle of the month. As long as I get paid, it doesn't matter what day. Not like I am waiting for the rent to be able to pay the mortgage.

That is one of the reasons I do not use ClearNow. I want to be able to collect when we work it out. Not enough options with ClearNow.

I just looked it up. I had one tenant that paid weekly since they moved in 19MAY2016. In all that time I think they were late twice, maybe three times. So I collected roughly 13 months per year. That is what, 10 extra months during their tenancy? Keeping it as simple as I can.

So this was tracked weekly instead of monthly which means I had to look at the CU application to see that they had paid, while I checked on any other tenants as well.

I say that is a win for me. No additional costs. They deposited into my CU account every Friday or Saturday. I told them for years they needed to switch to monthly. They preferred to pay weekly, going thru the CU drive thru and dropping it off.

No problems on my end. They are gone now as I sold the house. I have two other tenants that are paying me bi-weekly. Both because it fits their pay schedule better. They both deposit directly into the CU as well. Sure I have to watch for their money every two weeks, but it isn't the end of the world.

None of the non-monthly payers are struggling for money. As a matter of fact one of my bi-weekly payers is well over 4x income to rent. Possibly more now as that was a couple years ago that I knew her wages.

Both of these people struggled to pay rents. I even had one that I gave a non-renewal letter to because I was frustrated with her pay history. Now that I switched she is on track and all is good with the world.

If these tenants did not deposit directly into my CU I would have them set up with Innago or some other system that allowed bi-weekly payment schedules. I am not going to chase the money for monthly payers, let alone more often than that.

I've had a number of tenants in my rooming houses who made enough to pay rent but couldn't manage money worth beans. They far preferred paying the same amount out of every paycheck to saving up for the "big hit" at the beginning of the month. Saving up was just too hard. Even if it meant paying 13 months' worth of rent a year.

That said, when challenges hit (car repair, days lost due to illness, etc.) they didn't have any money saved and struggled to pay rent anyway.

Ken and all,

Wow! Such interest! I'll be sure to include HOW WE DO IT in my presentation at Convention.

Start here: Motivation. It brings in 13.4 months of rent each 12 month. That's a 12.7% increase over monthly rent.

Add this: People COME TO US for the PayDayPlan. They LOVE IT.

And: Anyone notice PEOPLE ARE BROKE! and getting broker!

Small car dealers figured this out YEARS ago! Why are LLs stuck in the past? Who made the 1st a magical date? They are not paid by the month.

We don't have trouble with weekly renters. It's autodrafted before they see their pay on their phone and spend it.

Less trouble than the monthly payers.

I think they stay longer because other LLs refuse to do this thing they like.

We don't spend a second of time training them to budget. Their paycheck and the weekly rent does it for them automatically.

If someone has a money crisis they're only looking for $260, not $1000. They can borrow that from Granny.

They pay the rent in advance.

They need less to move in - just a week of rent rather than a full month along with a "deposit" (which is ANOTHER huge topic for my presentation!)

BRAD

PS Didjaseethecar?