Do investors experience problems collecting rents from tenants, if so what safeguards do they have.?

Asked by Patrick Livingstone, Buffalo, NY Sun Nov 9, 2008

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Gary Geer, Agent, Antioch, IL
Sat Mar 17, 2012
Being a landlord is like running a business and that requires keeping your emotion out of the business. When an issue pops up such as tenants not paying rent you need manage the issue and take any necessary action to ensure you get paid. If that's not going to happen, then you have legal remedies and those should start right away. Even the best tenant can have an issue that changes their situation. It's all about quick action when an issue comes up.
0 votes
Michael Cheng, Agent, San Jose, CA
Sat Mar 17, 2012
Any landlord, investor or not, will face some level of difficulty collecting rent from tenants. If you have a property manager, then just having a professional face in the door will get tenants to behave. Otherwise, being physically close to your property will help as well. It's certainly much more difficult if you're renting a property across the country. I know that first hand.
Web Reference:  http://www.archershomes.com
0 votes
Joe Suppa, Agent, Williamsville, NY
Sat Nov 22, 2008
Patrick, Do yourself a favor, if you do not live here, do not bother. Unless you are going to purchase a higher end product, you will not be able to find a property manager you can trust. They do not exist. The properties that I assume you are looking at that show good cash flow are lower end. A higher end property will give you a higher end tenant that will send you the rent directly and you will not need a mgr. however you will not have the cash flow you are looking for unless you are planning on buying a mulitpal of 20 plus units.
Web Reference:  http://www.joesuppa.com
0 votes
Thomas McGiv…, Agent, Farmingville, NY
Sun Nov 9, 2008
Do they ever!!!

lol.

You bet. ya.
Web Reference:  http://www.noobdogs.com
0 votes
Joe Sorrenti…, , Buffalo, NY
Sun Nov 9, 2008
Collecting rents in this day is probably easier than a bank collecting mortgage payments. If you do not live in the area, you may want to consider employing a property manager to find, screen and select tenants as well as collect your rent and deal with complaints.
0 votes
Bill Eckler, Agent, Venice, FL
Sun Nov 9, 2008
This is on of the advantages of doing seasonal rentals as a investment. A contract is signed and all monies are collected up front. 4 months rent+damage deposit. Additionally it allows you to realize at least double the rental rate for an annual rental, there's less wear and tear on the property, and you have a regular opportunity to get into the property to check on its condition.

We like to encourage investors to consider locations that lend itself to repeat heavy seasonal rental traffic. Cape Cod, South Florida, Outer Banks, Maine, etc. The key is to select a location that will bring you the greatest return.

Hope this is helpful,
The "Eckler Team"
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Nov 9, 2008
Any landlord can experience problems collecting rent if they do not exercise proper due diligence with regard to prospective tenants.

As a landlord myself, I learned early on to be very selective in the selection process and investigate each applicant. Once I have a good tenant, I make sure I am the best landlord anyonne could hope for. A good tenant is valuable. I do not become greedy with rents...one month of vacancy is more costly than an extra $50 each month.
Web Reference:  http://GailGladstone.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Nov 9, 2008
Anyone leasing out properties can experience problems collect rents if they do not properly investigate the tenants.

As a landlord, I learned very quickly who I could rent to and who would not make a good tenant. Once I have a good tenant, I become the best landlord. I never want to risk losing a good tenant.
Web Reference:  http://GailGladstone.com
0 votes
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