Welcome back! It’s Lou Brown with another of my amazing 101 Street Smart cash flow accelerators. I’ve been in this business over 40 years buying, holding and selling property and I’ve learned a lot of valuable things. And one of the things I talked about in number 51 was the use of profit centers and adding in profit centers into your agreement because people are number one, willing to pay them if you’re willing to offer certain things. And now number 52 is Charge Extra Person Fees, extra charges when people move in. Now what this means is let’s say that somebody is applied for your property and there’s two adults and two children and then you find out later that there’s additional people living in the property. Now that only happens a lot. So, I want you to be aware of that. That in the agreement we actually have built into our Standard Rental Agreement an amazing additional profit center for you that says if you’re going to move in additional people, then you’re going to pay $100 per person.
Now, another clause says it’s, if you don’t tell us about that, then it’s retroactive to the beginning date of the agreement. So let’s say we find out about these extra people a year into the agreement and they didn’t tell us about, let’s say that they’ve got two extra people in there. Well that’s 200 additional dollars per month that you could be collecting on these extra people that are producing additional wear and tear on your property. You should be paid for. They didn’t tell you about them in the beginning. They weren’t approved by you. You don’t know these people and their income was not considered in approving this transaction. And so what we like to do is actually just build it into the agreement so that if they do tell us about it, then it begins to be $100 per person. If they don’t tell us about them, it’s retroactive to the beginning date of the agreement. What? To create compliance. That’s what you’re doing. You’re creating compliance to your rental agreement because it’s a very powerful document. But if you don’t use it for what it’s designed for, you can put yourself in a position of hurt baby. Alright. So like this. Share this. And do subscribe to our channel and I hope to see you soon. Join me at my up coming Millionaire Jumpstart event. It’s three days of nonstop information. www.MillionaireJumpstart.com Yeah, baby!
If you want to listen to our Podcast, click here:
