5th Friday rent woot (by BRAD 20,000 [IN]) Jul 30, 2021 10:36 AM|
5th Friday rent woot (by Allym [NJ]) Jul 30, 2021 10:40 AM
5th Friday rent woot (by plenty [MO]) Jul 30, 2021 11:14 AM
5th Friday rent woot (by Vee [OH]) Jul 30, 2021 11:39 AM
5th Friday rent woot (by S i d [MO]) Jul 30, 2021 11:47 AM
5th Friday rent woot (by Barb [MO]) Jul 30, 2021 11:58 AM
5th Friday rent woot (by Ken [NY]) Jul 30, 2021 3:48 PM
5th Friday rent woot (by Barb [MO]) Jul 30, 2021 4:46 PM
5th Friday rent woot (by 6x6 [TN]) Jul 30, 2021 4:59 PM
5th Friday rent woot (by Robin [WI]) Jul 30, 2021 9:07 PM
5th Friday rent woot (by JB [OR]) Jul 30, 2021 10:41 PM
5th Friday rent woot (by Small potatoes [NY]) Jul 30, 2021 11:57 PM
5th Friday rent woot (by Lucy [IN]) Aug 2, 2021 12:10 AM
5th Friday rent woot (by BRAD 20,000 [IN]) Aug 2, 2021 12:28 AM
5th Friday rent woot (by BRAD 20,000 [IN]) Aug 2, 2021 12:30 AM
5th Friday rent woot (by Phillip Frazier [KY]) Aug 30, 2021 1:39 AM
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5th Friday rent woot (by BRAD 20,000 [IN]) Posted on: Jul 30, 2021 10:36 AM
Woot woot! Gotta love PayDayRent!
Today is one of those wonderful days when we bring in an extra week of rent, by simply helping people with what they want - easy payments.
And the monthly payers hit in 2 days!
ALL on autodraft.
LOVE this biz!
5th Friday rent woot (by Allym [NJ]) Posted on: Jul 30, 2021 10:40 AM
There are 52 weeks in a year so you get 52 payments. --108.24.xx.xx
5th Friday rent woot (by plenty [MO]) Posted on: Jul 30, 2021 11:14 AM
Does this mean i lost money cause i charge by the month? Or is there still 12 months in a year? Is it too early to start drinking? It's 8pm somewhere? --172.56.xx.xxx
5th Friday rent woot (by Vee [OH]) Posted on: Jul 30, 2021 11:39 AM
I realized this last nite at a realtor meeting, I told everyone I had good news - weekly payments are good tmrw - which is today... --76.188.xxx.xxx
5th Friday rent woot (by S i d [MO]) Posted on: Jul 30, 2021 11:47 AM
Plenty, as you may know, Brad has posted on this before. But if you're like me sometimes we get overwhelmed with details...so much happened this past year!
It goes like this. Say your rent is $800 per month. Some folks can't budget to save their life or money, so you instead offer bi-weekly (every other Friday) that lines up with their paycheck. I typically calculate bi-weekly by dividing the rent in half then adding $10-$15.
So now Mr. Tenant is paying $415 every 2 weeks.
52 weeks in a year / 2 = 26 payments of $415.
$415 * 26 = $10,790
If they had paid monthly, $800 * 12 = $9,600.
Yes, people ASK for it! I give them what they want. I used to be skeptical, but the past 4-5 years of doing it have made me a believer.
What I advise NOT to do: don't calculate how much a payment every 2 weeks is so that the tenant pays the SAME as $800 per month. I tried that once to "be fair". Tenants didn't understand it: they thought if they paid 2 times per month that there was no "third payment" due. "But I already PAID twice this month!" They DID NOT (or chose not) to understand that they were paying every two weeks, not twice per month.
So now I spell it out in the lease: "If you pay bi-weekly, it's every 14 calendar days. Some months will have 3 payments. This amount is more expensive than paying once per month. I literally tell them (and they initial next to) the block that says they chose to pay more."
And they choose it.
5th Friday rent woot (by Barb [MO]) Posted on: Jul 30, 2021 11:58 AM
Yep - I have a couple of tenants on every other week payments. They LOVE it. In general, it lets them chunk their rent into smaller chunks, which mean their rent is more manageable. Most of them do great with it.
Still have one who struggles, but I think he would struggle no matter what. He just can't keep his bills straight. Of course, he also doesn't write down when he spends on his debit card. Sigh.
Got one who is paid on the last day and on the 15th of the month. So I'll be getting that one today as well! --149.76.xxx.xx
5th Friday rent woot (by Ken [NY]) Posted on: Jul 30, 2021 3:48 PM
I noticed Brad seems to be feeling better when the cash is flowing in,good for you.I have tried this and as much as i explain it and put it in writing when that third friday of the month comes along or 5th friday of the month comes along they all start crying and complaining --72.231.xxx.xxx
5th Friday rent woot (by Barb [MO]) Posted on: Jul 30, 2021 4:46 PM
Ken - I sell it to mine that they pay fewer late fees.
I've got one that I literally had to give a calendar to with RENT in big red letters for the paychecks his rent is coming out of. Yeah, he loses track no matter what. --149.76.xxx.xx
5th Friday rent woot (by 6x6 [TN]) Posted on: Jul 30, 2021 4:59 PM
Thank you for the reminder.
The biggest problem that I have with it is that I tend to look at from my perspective and know that I wouldn't do it and I tend to fill like that I would be ripping people off.
Of course the reality is that they are going to be spending there money somewhere and giving it to someone. They are tenants for a reason.
I have to change my mindset on this and other things and I have been working on that. --73.120.xx.xxx
5th Friday rent woot (by Robin [WI]) Posted on: Jul 30, 2021 9:07 PM
I offer it to everyone, but very very few take me up on it. They seem to be good enough money managers that they don't want to pay extra for a service they don't need. Maybe I'm just blessed with unusually good tenants. I'll take the on-time payments, even if I don't get the extra boost! --104.230.xxx.xx
5th Friday rent woot (by JB [OR]) Posted on: Jul 30, 2021 10:41 PM
Love ya Brad, but getting excited about an extra Friday in the month is almost as silly as a tenni complaining about paying for an extra Friday because of the way the month falls. --73.25.xx.xxx
5th Friday rent woot (by Small potatoes [NY]) Posted on: Jul 30, 2021 11:57 PM
I don't have tenants that need this and if I did they wouldn't be tenants in NY. Can't take the chance and certainly can't hold this type of tenants hand and give them a calendar, oy veh. But hey if it works for Brad and others, cheers. If it's not your cup of tea read a different thread, don't hate. --24.194.xxx.xxx
5th Friday rent woot (by Lucy [IN]) Posted on: Aug 2, 2021 12:10 AM
I've taken the annual and divided it by 26 pay periods, before-to be perfectly fair and equal. Last time, I just did the monthly and divided it by 2..didn't add on an extra fee because they are already paying extra. Trying to be "fair" didn't work as well and made my accounting confusing. So I quit trying to be so preciously "fair" and am getting a bit more and the accounting aspect is clear and straight forward. If people want to pay monthly, that's great too. BTW, went to my local bank (small towns bank) and spoke to them about auto drafting..they call it a Cash management Account. So it was pretty reasonable. $20/month plus .15 per draft. Starting with the newbies and will work it as I get more used to it. So far so good!! --69.160.xxx.xxx
5th Friday rent woot (by BRAD 20,000 [IN]) Posted on: Aug 2, 2021 12:28 AM
Yes, extra cash helps heal the body!
My lease is clear: $XXX every Friday x 52 weeks.
I they ask I tell them to forget the word MONTH. We're helping you by dealing with WEEKS.
And rent is paid in advance so a payment on July 30 is really to live in the house the first week of August.
For those not sure, we ADVERTISE the weekly/biweekly rents and people COME TO US for those rates.
Also, selling is a transference of BELIEF. If you don't believe they will see it in your eyes or in your voice and shy away.
The people on PayDayRent LOVE IT! and it helps them succeed as renters. Jeffrey explained it with 2 examples: We LLs chose a 30 year mortgage so we can afford the incremental payments. And we buy half gallon of milk even tho a gallon is cheaper per ounce because we dont' need a whole gallon.
70% of our new leases CHOOSE it and some change to it later one. If someone starts to fall behind they way we "work with them" is to put them on weekly. Same with those who bounce payments.
In addition to the extra weeks of rent each year we are also bringing in a service fee of $10 x 52 = $520 per year.
If you are not getting weekly payers re-think your advertising and approach. It's worth $1320 per year per house that rent for only $800. It's an extra 1.65 "months" of rent each year.
5th Friday rent woot (by BRAD 20,000 [IN]) Posted on: Aug 2, 2021 12:30 AM
Or the same as a 13.75% rent increase.
Remember - key words - this HELPS THEM.
5th Friday rent woot (by Phillip Frazier [KY]) Posted on: Aug 30, 2021 1:39 AM
BRAD 20,000 and Sid [MO] can you all share how you have it written up in your lease for bi weekly and weekly rents? I have offered this but would like to clean up the language and make it more clear.
Also how do you handle this when it is time to evict (if it gets to that point). My state(Kentucky) does not allow for partial payments, and I have to give a 7 day letter for non payment eviction notice. So does bi-weekly or weekly violate that? --74.130.xx.xxx
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