If you have ever owned a rental property, chances are you have had to deal with late rent payments. Unfortunately, as a landlord, this simply goes with the territory. As common as this is however, I often see investors caught off guard when they first encounter a tenant who is late with the rent.

via biggerpockets

A common problem for landlords is collecting on-time rent payments.  Personally, I don’t mind late payments because I enjoy making the extra $50-100 per month but generally speaking you want to ensure timely payments if you can.  A couple weeks ago I had lunch with a friend and she shared some of the strategies that her landlord friend uses with her tenants.  I thought they were excellent ideas and sought out additional strategies to share with all of you.

via biggerpockets.

Utah Loan Servicing is a debt collector that buys home equity loans from lenders. Clark Terry, the chief executive, says he does not pay more than $500 for a loan, regardless of how big it is.

“Anything over $15,000 to $20,000 is not collectible,” Mr. Terry said. “Americans seem to believe that anything they can get away with is O.K.”

via Mish’s Global Economic Trend Analysis

We’ve had a lot of water in the wrong place this year. But, landlords complain about water in the wrong place, too. That place is coming out of the tap at their rentals. I hear complaints that tenants “take hour-long showers,” as if they are doing this just to hurt the landlord.

via Landlord-tenant hell

n Athens man accused of trying to pay his landlord with a worthless check has been charged with theft, an official said Wednesday.

He was released from jail after posting a $3,500 bail, records show.

via » The News-Courier .

[If only this was our world. Maybe we should all move to Alabama]

Sorry to begin on a note of disappointment, but I sure wish you had told us that your lease specifically states that prepaid rent may be applied to rent and to any other sums due under the lease. If the lease had included a provision like this, then you would be able to use the prepaid rent to cover damage caused by the tenants. Because the lease makes the tenants financially responsible for damage, the cost to repair that damage becomes a “sum due under the lease.”

But we’ll have to assume that you didn’t specify how the prepaid rent could be used —

via Janet Portman

Hard-nosed lanlording can have negative connotations, but what does it really mean? It is what YOU make of it. Landlord tenant relationships can be difficult or easy – it is totally up to you, the landlord. One way to make it easy on yourself is to set expectations up front, and to ensure that your tenants understand and follow them. Some call it “hard-nosed” landlording, but to me it is common sense property management, and more money in my pocket.

via Landlord Articles.

Nearly 40 million Americans received food stamps — the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.

via Reuters.

[If people can't buy food, they probably also can't pay rent.  A bad omen for our industry]

“Collections is the process of completing the sale,” according to Abe WalkingBear Sanchez. As the endorsed Credit Consultant to the 4,500 combined members of STAFDA and PEI trade organizations, he advises companies to make collection calls using a positive, sales-oriented approach.

via American Express OPEN Forum.

BROOKLYN — Last week Sean Overstreet, 29, of Brooklyn, was arrested and charged with posing as a city marshal and unlawfully confronting and evicting a tenant from her basement apartment in Hollis, Queens, in January.

via Brooklyn Eagle,