Bi-weekly Rent

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Bi-weekly Rent (by Tredece [GA]) Aug 14, 2017 10:08 AM

Bi-weekly Rent (by S i d [MO]) Aug 14, 2017 10:30 AM

Bi-weekly Rent (by razorback_tim [AR]) Aug 14, 2017 5:56 PM

Bi-weekly Rent (by DJ [VA]) Aug 14, 2017 8:01 PM

Bi-weekly Rent (by BRAD 20,000 [IN]) Aug 14, 2017 11:58 PM

Bi-weekly Rent (by J [IN]) Aug 15, 2017 8:09 AM

Bi-weekly Rent (by Tredece [GA]) Posted on: Aug 14, 2017 10:08 AM
Message:

State Specific Question About: GEORGIA (GA)

What are the advantages and disadvantages of accepting biweekly

rental payments vs. the traditional monthly rental payments? --73.43.xxx.xx

Bi-weekly Rent (by S i d [MO]) Posted on: Aug 14, 2017 10:30 AM
Message:

See my post under "tenant concessions" about 5 posts down today where I discuss how I do monthly, bi-monthly, bi-weekly, and weekly payment options.

In summary, the benefits are you get paid more, and it's more likely tenants can stay caught up on rent, avoiding nasty and expensive evictions.

The Cons are it takes more time to track payments and you have to be sure you carefully explain how it works or tenants may feel cheated or that they didn't properly understand what they signed up for. I have my tenants sign a payment scheduled that shows all the due dates, the amounts due, and what time period each payment covers. I want a judge to be able to tell what's going on with a quick glance. Be sure you check your state and local laws in case there would be any reason you could not do this. --173.19.xx.xxx

Bi-weekly Rent (by razorback_tim [AR]) Posted on: Aug 14, 2017 5:56 PM
Message:

I echo what Sid said. A little more to keep track of, but the returns are worth it. Align the payments with their paydays so there are no excuses. --70.178.x.xx

Bi-weekly Rent (by DJ [VA]) Posted on: Aug 14, 2017 8:01 PM
Message:

I see the greatest advantage as coordinating with payday, so I get paid even when the tenant does not budget well. (At least a better chance if I get paid right away) --68.105.xxx.xxx

Bi-weekly Rent (by BRAD 20,000 [IN]) Posted on: Aug 14, 2017 11:58 PM
Message:

Tredece,

I wrote a nice reply but it disappeared into cyberspace!

Start here: applicants, even those with good jobs do not have cash or savings.

Pro: There is no magic in the 1st.

While other LLs whine about broke applicants I have already rented the home because I can accept the SD and one week of rent.

People COME TO US because we promote Worry Free ayDayPlanRent.

We make a lot more money. We pick up a "13th month" of rent.

It helps residents stay on track which means fewer rent problems and evictions.

It's the 2010s!! People LOVE it! 70% of our new leases choose it. Helps them afford and helps them budget.

We autodraft it from their account. No waiting, HOPING they will save for 30 days and not have car trouble to pay us on the 1st.

If they run into trouble they are only looking for $180, not $700. They can borrow this from Granny.

Cons: you'll have to enter the rent more times each year. (For an extra $1000 a year - Are you KIDDING ME!?!?! This is a problem HOW??)

You'll make more money and have to spend it.

Been doing this for years and LOVE IT!

BRAD

--68.50.xx.xxx

Bi-weekly Rent (by J [IN]) Posted on: Aug 15, 2017 8:09 AM
Message:

A disadvantage is it takes more work to keep track. --174.221.xxx.xx

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Subject:	RE: Bi-weekly Rent
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Bi-weekly Rent

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