Hey! It’s Lou Brown. I’m back with another of my 101 profit centers to help you build and sustain a wonderful real estate investing business. And one of the things I discovered over time was that when we connect with our residents, we want them to be responsible around what they’re doing with our property. Most of your residents have a lot of different bills due on the first of the month. So I rolled that back and I said, what if we got paid out of the middle of the month check instead of the first of the month check. So I rolled it back to the 25th, now I found out that there’s about 13 different benefits from collecting the rent early before the first of the month. One of them is that everybody else is following they’re dispossessories later after the first of the month, they usually wait five days before they file dispossessories.
Well, think about this. If you’re collecting on the 25th and your resident doesn’t pay on time, then you’re actually filing your dispossessories on the first of the month when nobody else is there. So it opens up the opportunity for you to be in court before everybody else is. It opens you up to the opportunity for the [inaudible]. Your paperwork doesn’t get delivered as a notice of the dispossessory warrant and it doesn’t get served until later in the month. Now they may not call them dispossessories in your area, but you get the idea. If it is not timely, then you’re going to be pushed back. Sometimes it can take up to a month for them to serve that paperwork. Well in the meantime, you haven’t been paid already. Now you’re not being paid again until you finally get to court. So we want to speed that process up as much as possible and one of the ways we do that is to get paid on the 25th of the month.
I hope this has been a value to you. Like I said, I’ve got 13 different reasons that that alone is valuable to you and you can find out more about that in my volume two Selling and Holding. You can get that at StreetSmartInvestor.com that’s StreetSmartInvestors.com I hope that’s valuable to you. Like this. Love this. Share this with everybody you know. And I will see you soon. Yeah, baby!
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