Feb is the perfect time to HELP your residents by converting them to weekly PayDayPlanRent.

National statistics (and just look around!) tell us renters are BROKE and we all know the winter bills are starting to hit hard.

With the current arctic blast and another one on the way their heating bills, even in Florida! will bankrupt them.

I predict rent problems in March.

Some are counting on a fast IRS tax refund but some years those are delayed and never as much as people hoped. Usually goes to pay urgent bills like keeping the heat on.

70% of our new leases CHOOSE weekly/biweekly.

Last week we converted 2 homes to weekly, at their request.

"Cheaper than the bounce and late fees" one res said.

The other said "I just want to know my rent is paid and how much I have for other stuff each payday."

On the LL side, it brings in 13.4 months of rent during the year while HELPING families stay on track.

With autodraft the bookkeeping is not an issue.

$1000 rent

divide by 4 = $250

add $10 = $260 "every Friday".

(stop saying weekly)

Coming up with $1000 on March 1 will be tough for most. But $260 out of this week's paycheck is much easier to handle.

To get on the Friday to Friday sequence have them pay 5 days of rent on March 1, instead of the full month. Then your calculated EVERY FRIDAY amount starting March 6.

If folks contact you "I'll be a little late the month" we automatically put them on Friday rents. They can come up with $260 and stay in the home. Again, it's cheaper than Late Fees.

And it helps them keep their dignity, reducing stress at home knowing they are on track.

Have a renter in mind for this? Help them!

BRAD

It's a partial shutdown and everyone knows that gov't employees are not that productive anyway compared to the private sector where there are expectations.

Business as usual.

I still have one tenant that pays weekly. Has been doing that since May of 2016.

Have a couple others that pay bi-weekly. It works for them because they get paid that way.

Thank you, Brad.

I tend to think like Ken on this one. It seems that if they are wanting to go to a payday plan then they are just bidding time and learning bad habits. This plan will keep them on that track of learning bad habits and will progressively get worse. I would rather see folks get trained to be more responsible with money and learn how to budget and be disciplined.

What does this ultimately do when the tenants move to a new place that does not do this?

Given your experience with this for a while now, what is the ultimate end result?

Out of curiosity, what did these tenants screen like coming in?

I can see the financial advantage for the LL, but I don't think it really helps the tenants but rather hurts them. Also, would ultimately hurt the LL. It just seems like a temporary solution to a future disaster.

That said, I only have a couple of rentals and am still learning all this stuff so I appreciate the suggestions and will keep analyzing.

I don't see how it is hurting the tenant to pay weekly.

Besides the fact that they pay me 13 months a year instead of 12. I tell anyone paying less than monthly that I do not give discounts because of the extra tracking. But I also do not charge them extra to go to less than monthly.

Like I mentioned before this tenant is nearly to a decade of doing this. I would not consider that to be a temporary thing.