DO IT YOURSELF LANDLORD ACCEPTS PARTIAL PAYMENT DIRECT DEPOSIT
Real estate is a great way to obtain residual income when it is down correctly. I am in the property management business. Many real estate investors decide to manage their own property to have total control of their assets. OK-everything is fine until the tenant stops paying rent or pays partial rent. Does the owner accept partial rent or not? Sure, the tenant is good for it-right? That may not be the case. I have found that tenants know the local laws better than the landlords. Landlords are on an unfair playing ground. Landlords tend to trust too much. Furthermore, they would like to help the tenant out. To what extreme? Then, the tenant fails to pay rent for the next two months. Now, it becomes a problem. Most landlords become frustrated and do not know who to call to fix the problem.
Properties R Us LLC is a full service property management company located in Phoenix, Arizona. We cover the entire Phoenix Valley when it comes to property management. We charge $60 per month per door with complete 24/7 online access. Landlords love us because we handle the property management and tenant relations for one flat fee. Come on! I am sure time can be better spent than doing property management.
I just picked up a do it yourself landlord property last month. We sent out the proper notices to the tenants informing of the change weeks in advance in order to make their payment to Properties R Us LLC and not the owner. Well, the owner had them direct deposit the monthly rent into their bank account since they lived out of state. OK-it seems innocent and easy to all of us.
Now, the fun begins. The tenant deposit less than the full months rent. The owner was furious. Why did the tenant deposit the worng amount? Was the tenant playing games? I called the tenant to introduced myself as their property manager. I asked about the rent. The tenant took out repairs done to the home without owner's permission. Tenant was pretty stern and refused to pay full months rent.
We instructed the owner to do the following to protect his interests
- Send the money back to the tenant immediately with a form not accepting partial payments
- Follow through on Five Day Notice if tenant does not pay in full
- File eviction notice to have their day in court
- Start marketing property to obtain new tenant
Problem solved. Next-Please give us a call to manage Arizona Properties $60 per month per door.
Make the Call, Set the Plan, Do the Deal$!
Feel free to listen to my Radio Show to learn more about the phoenix real estate market, new trends, and the latest opportunities. The Real Estate and Beyond Radio Show Airs every Saturday from Noon-2:00pm on Conservative Newstalk KKNT 960am in Phoenix, Arizona. You can listent to past shows, or stream on-line.