Weekly Rent (by Johnny B. [MA]) Jan 16, 2021 2:25 PM|
Weekly Rent (by plenty [MO]) Jan 16, 2021 2:26 PM
Weekly Rent (by Robert J [CA]) Jan 16, 2021 2:52 PM
Weekly Rent (by Deanna [TX]) Jan 16, 2021 3:27 PM
Weekly Rent (by 6x6 [TN]) Jan 16, 2021 3:38 PM
Weekly Rent (by Jim in O C [CA]) Jan 16, 2021 3:52 PM
Weekly Rent (by Ray-N-Pa [PA]) Jan 16, 2021 8:38 PM
Weekly Rent (by BRAD 20,000 [IN]) Jan 17, 2021 1:54 AM
Weekly Rent (by BRAD 20,000 [IN]) Jan 17, 2021 1:59 AM
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Weekly Rent (by Johnny B. [MA]) Posted on: Jan 16, 2021 2:25 PM
I have always only done M2M rental agreements. Iím wondering if it makes more sense to setup the agreement with a weekly rent going forward. My thought process is if a tenant is going to fall behind and you have to start a lengthy eviction process it would be best to be able to start the process when one week of rent is missed versus one full month. Thoughts on this? Of course if the tenant chooses to they can still pay rent four weeks at a time to essentially still have a monthly payment, so itís not like this approach would create more work for the tenant. --73.186.xxx.xxx
Weekly Rent (by plenty [MO]) Posted on: Jan 16, 2021 2:26 PM
Your business may have to abide by hotel rules/laws. --172.58.xx.xxx
Weekly Rent (by Robert J [CA]) Posted on: Jan 16, 2021 2:52 PM
Check with you city, but once someone has lived in a rental a total of 30 days or more, they have now established full tenancy and to terminate their tenancy, would then need a 30 day notice.
Weekly Rent (by Deanna [TX]) Posted on: Jan 16, 2021 3:27 PM
I've tried weekly rents in the past to try and help some people who were struggling. They work for a period, but the sort of people who are most likely candidates are the sort of people who have trouble making ends meet, period, whether they're trying to manage their bills monthly or weekly.
One of the other problems people run into with weekly payments is having difficulty grasping that 12 months are
not evenly divisible by 52 weeks. Even though I take care to tell them, "This isn't January, February, March, April rent. Instead, it's for Monday, March 1st- Sunday, March 7th; Monday, March 8th - Sunday, 14; Monday, March 15 - Sunday, March 21; Monday, March 22 - Sunday, March 28; Monday, March 29 - Sunday, April 4th. It doesn't work out evenly; you're going to pay a bit more for the convenience of synchronizing your due date with your paycheck, and the fact that I have to pay attention to your account 52 times instead of 12 times in a year---" and even give them a marked-up calendar to illustrate the pay periods, when that fifth week of the month comes around, they're very upset. Because the ones who do weekly payments are also generally not the ones who were top of their class in Honors math. ;) --137.118.xx.xxx
Weekly Rent (by 6x6 [TN]) Posted on: Jan 16, 2021 3:38 PM
I have never done this myself but have thought about it off and on.
If I understand correctly, you basically would still be giving a M2M tenancy but with the option of paying weekly or bi-weekly with an up-charge for the convenience and so you would still have to give the same termination period as with a M2M in your state.
Good reply Deanna. --73.120.xx.xxx
Weekly Rent (by Jim in O C [CA]) Posted on: Jan 16, 2021 3:52 PM
Years ago I co-owned a trailer park in Phoenix, Arizona. Our park was the next step before being homeless. We charged by the week. It was a massive rent collecting disaster. DON'T do it.
Some people were a week, 2 weeks, 3 weeks or more late. They would pay a week and only be 2 weeks behind until the next weeks rent was due.
When we sold the park the first thing the new owners did was go MTM. --89.46.xxx.xxx
Weekly Rent (by Ray-N-Pa [PA]) Posted on: Jan 16, 2021 8:38 PM
I don't understand the logic....
M2M pays on the 1st for that month. That payment is for that month. So if they don't pay on the first they will get a late notice about the 3rd.
If they are weekly payers, rent will be due four times that month but if you don't pay on the 1st what happens - you get a notice about the same time.
Now if some one who gets the late notice says Ray, I need some assistance getting caught up - I would accept a valid plan as long as this doesn't become a habit. Starting out weekly payments seems like you are providing them with a solution to problem that they don't have yet.......but hey if you can get a few dollars extra for chancing them down more - it will be worth it to someone --24.101.xxx.xx
Weekly Rent (by BRAD 20,000 [IN]) Posted on: Jan 17, 2021 1:54 AM
Johnny B (Good),
This is one of the 5 things we did to boost our income when the Great Recession hit.
I LOVE LOVE LOVE LOVE weekly rents. 70% of our new residents choose it. I make an extra 13th month of rent in a 12 month period on each home.
Renters LOVE LOVE LOVE it. They come to us for it.
Why do LLs talk about knocking on doors for rent on Friday? because we know THAT is the day they have money. Even professional people are paid weekly or bi-weekly so that is when they have money for rent. So we match it up with the rent due dates.
The appliance and car lots figured this out YEARS ago.
And you are right, you know right away if they are having a money problem, not a month later. Plus they only owe a small amount which they can get on loan from Granny.
Extra bookkeeping? To bring in and extra month of rent without spending to improve the home? A no brainer.
Gotta think like a renter, not a thrifty LL.
Find what they want and let them pay you for it.
Weekly Rent (by BRAD 20,000 [IN]) Posted on: Jan 17, 2021 1:59 AM
Here's my formula:
$800 rent x 12 months = $9600/year.
$800 divided by 4 weeks = $200/week.
Add $10 service fee = $210/week.
$210 x 52 weeks in a year = $10,920/year.
I added $1320 per year to my income per house
AND gave them something they needed - bite sized pieces instead of that dreaded 1st of the month.
Momma picks the house and she likes this.
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