Hi, it’s Lou Brown. I’m back with another of my hundred and one Cashflow accelerators where we help you to build an amazing real estate business. Now, one of the things that I’ve learned over the years, paperwork, and in that paperwork is that you have strong penalties. Now we call them penalties, but the truth is they are incentives, they are incentives to pay on time. And so in our standard rental agreement, for example, we’ve built in a housing discount or a payment discount.
What happens is because of that discount for timely payment, it causes behavior. That’s all we want. We really just want people that pay us on time and if that means they have to pay somebody else late, well that’s what happens in their world. But if our incentives are strong enough, then they’re going to pay us first. And that’s what we want. We want to pay to be paid first. Why? Because we have underlying expenses. We may have underlying financings, we have property taxes, we have insurance, we have repairs, we have contractors, we have to pay. This is a business. It’s a cash flow business. Very critical that you establish your paperwork in the right way. And that you get compliance from the folks that are moving in. Hopefully, this has been helpful to you. If it is like it, love it, share it, and do let others know about us. We sure do. Appreciate your joining us today. See you again soon. Yeah, baby.
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