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 didn’t 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 Kû to all.

Josh

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.

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.

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.

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.

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.