Payday rent payments (by Josh [CA]) Aug 12, 2022 7:24 PM|
Payday rent payments (by 6x6 [TN]) Aug 12, 2022 9:42 PM
Payday rent payments (by WMH [NC]) Aug 13, 2022 9:10 AM
Payday rent payments (by S i d [MO]) Aug 13, 2022 9:13 AM
Payday rent payments (by Ken [NY]) Aug 13, 2022 9:14 AM
Payday rent payments (by WMH [NC]) Aug 13, 2022 9:52 AM
Payday rent payments (by Oregon Woodsmoke [ID]) Aug 13, 2022 9:52 AM
Payday rent payments (by WMH [NC]) Aug 13, 2022 9:53 AM
Payday rent payments (by GKARL [PA]) Aug 13, 2022 11:45 AM
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Payday rent payments (by Josh [CA]) Posted on: Aug 12, 2022 7:24 PM
I have a Tenant that has been with me 8 months. They get paid on Friday every 2 weeks is my understanding. 2 months ago they wanted to stretch it out in two payments. A payment on the 3rd of the month of about 3/4 of their rent with the balance on the 6th of the month. I have a 3 day grace period. I told them ok this one time. If it happens again we need to do something else like a pay day rend every two weeks. Told them, I didnít want them to start building a bad credit history. They thanked me They are open to ideas.
What can you tell me about setting up rent payments like this? I have never done one before.
I realize you charge a fee for the service. What amount? Or is it a percentage of the rent total?
Do you set it up yourself? Do you use a service? Currently and for the last 25 years I have been doing it on my own.
I am open for suggestions. Strategies, referrals etc.
waving KŻ to all.
Payday rent payments (by 6x6 [TN]) Posted on: Aug 12, 2022 9:42 PM
You might look at some of Brad 20,000's post as he does payday plans. Others do as well, maybe they will reply and explain how it works. I do not have a full grasp of it as of yet. --73.113.xxx.xxx
Payday rent payments (by WMH [NC]) Posted on: Aug 13, 2022 9:10 AM
I don't charge a fee - my payment plan requires that they be paid in full by their due date (let's assume it's the first.) So if they want to make payments, they pay the first month's rent in full, then start paying next payday towards the NEXT month. They can pay every payday or even every DAY if they want to (Uber driver, waitresses, bartenders...) as long as it's paid in full by the 1st. They pay electronically (Cash App, Venmo, Google Pay, Zelle (preferred) so I always know who's paying.
They are always ahead not behind this way: paid in full and on time. --50.82.xxx.xxx
Payday rent payments (by S i d [MO]) Posted on: Aug 13, 2022 9:13 AM
Monthly rent divided by 2.
Pay that amount every 14 calendar days.
Some months have 5 Fridays, so you get 3 payments instead of 2. Be sure to explain this. Some tenants will say, "I already paid twice this month!"
Yes, that's right. But you don't pay twice per month... You pay every 14 calendar days.
There are 52 weeks in a year, so if you divide that by 2 you have 26 rent payments annually. 26 half of a month payments = 13 whole month payments. So you get one extra month's rent. --173.244.xxx.xx
Payday rent payments (by Ken [NY]) Posted on: Aug 13, 2022 9:14 AM
WMH, how many actually attempt to do this and actually have the discipline to pay before it is due? --74.77.xx.xx
Payday rent payments (by WMH [NC]) Posted on: Aug 13, 2022 9:52 AM
Everyone who pays that way, Ken. Because they don't have a choice, I guess? It's just the way rent is paid. For instance, today is almost halfway through August...Anyone who is due by the 1st is paid in full and I am already receiving September payments.
The only ones not paid right now - their rent is not due until the 15th and each of them are regular monthly payers, they don't do payments.
People can make the choice at anytime during the month to pay all or some each payday as along as it all has been received by their due date.
I never have late fees due. --50.82.xxx.xxx
Payday rent payments (by Oregon Woodsmoke [ID]) Posted on: Aug 13, 2022 9:52 AM
How hard is it to get a deccent tenant in your area? If he doesn't have enough money to pay the rent, maybe it is time to ease him out. He's got four more months on his lease, perhaps non-renew him.
If I have really good tenants and they come to me before rent is due and explain why they will be late and can tell me when they can pay, I allow them to do that occasionally.
Your guy had only been there six months before his budget couldn't pay the rent. Unless his was some sort of rare emergency, I would not count him as a "good tenant" and that would limit how much I would be willing to work with him. --76.178.xxx.xxx
Payday rent payments (by WMH [NC]) Posted on: Aug 13, 2022 9:53 AM
Anyone who was due by August 1st, I should clarify, was paid by the 1st, all paid during July. Now I am receiving September payments in August. --50.82.xxx.xxx
Payday rent payments (by GKARL [PA]) Posted on: Aug 13, 2022 11:45 AM
I do weekly, bi-weekly and monthly rents. Monthly rent is collected via Clear Now and I collect all other rents via cash app. With folks on different schedules, I found it necessary to bill the rent based on the schedule to keep track of things.
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