One of the biggest pains in the butt for landlords is rent collection. Any landlord who has been in the business for more than a year or two could write a book on excuses for late rent.
What a headache!
Well, it’s time to stop putting up with it. Time to stop thinking so much like a landlord, being sympathetic to struggling tenants. Instead it’s time to start thinking like a bank, which is not very sympathetic to struggling landlords. (See how that works?)
Try using some of your tenant’s excuses on your bank, the next time your mortgage payment comes due.
Think you will get: ‘Oh, that’s okay. Pay us when you can.’
Um, no!
Most likely you will receive: ‘We’ll get that foreclosure notice over to you right away, Mr. Landlord.’
Use Banking Tech on Your Tenant
Banks can also be your friend. There’s a reason they sometimes offer discounts if you are willing to directly deposit your mortgage…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.