Rent Is Due, But How Can You Ensure You’ll See Your Money?

All moms want the best for their families. Sadly, the best often means more income for a better standard of living. Hence why more and more mompreneurs are branching into side lines such as property investment to keep the cash flowing. Options like these are a fantastic way to supplement the income you already have. Renting out one or two properties is sure to be easier than, say, topping your income by starting a business. In most cases, landlords take a back seat and still receive regular monetary benefits.

 

But, when embarking on this path, many of us worry whether it’ll pay off. What if you have trouble with tenants who don’t pay the rent? If you rely on that money to pay your bills, you could soon find yourself in serious trouble. It’s a concern many landlords face at some stage. But, by considering the following pointers, you can at least reduce the risk of this happening.

 

 

Screen tenants well

You can save yourself a lot of hassle by taking real care over which tenants you accept. You need to know that you’re leaving your property with reliable people. That means being sure they can afford their rent. It’s also worth doing credit checks to make sure they’ve never been in financial trouble. And, the only way to ensure all this is to have proper screening procedures in place. You’re well within your rights to ask for references, past payslips, and even guarantors if you’re worried. If you wouldn’t feel comfortable dealing with this, you could entrust the job to companies like 719Rent.com who can manage things for you. The benefit of this is that such businesses know what rental red flags to look out for. As such, they stand the best chance of finding tenants who’ll pay.

 

Open a direct debit

A surprising amount of landlords still accept rental payments in the form of cheques. But, there are a few reasons why this is a bad idea. For one, it makes it easier for tenants to skip payments. Plus, it leaves you at the mercy of your bank. Some cheques can take a long time to clear. So, you’ll still be at risk of receiving the rent later than planned. To make sure that doesn’t happen, set up a direct debit between your bank, and that of your tenants. If you’ve never done this before, find out how on sites like www.bankofamerica.com. Once you’re ready to go, this will ensure that rent is taken from your tenant’s accounts on a set date each month. And, did we mention that these payments are instant?

 

Keep communication open

It’s also essential that you keep lines of communication open. Missed payments aren’t such an issue if you know to expect them, and know what date you will be paid. Make sure, then, that your tenants know to talk to you if they’re struggling. Always be kind and understanding. That way, it’s unlikely they’ll miss payments without warning you about it first.

 

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