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The post Collecting Rents On Your Rental Properties is courtesy of MPG Deals LLC A lot of inspired real estate investors get their start with rentals. Rentals can either be a cash cow, or a nightmare. What you have to decide right from the start is that it is a BUSINESS, like we covered in our first article "Tips For The New Real Estate Investor". Get this right from the start, and you will do better in the long run. In this article we will go over the most important thing in making your rentals profitable - Collecting Rent! We are surprised at the number of people that just have tenants mail or drop off a check. This can lead to "I mailed a few days ago, the postman must have lost it", or the tenant is just to busy to bring you a check. Stop this! In this day in age there is no reason you shouldn't be taking payments on line or with some sort of system. Chris Clothier just wrote an article that talks about this and gives good reason to convert:
Chris has a lot of other good points in that article. We suggest you read the entire piece because Chris is part of MemphisInvest, and the well known Clothier family team. Now you maybe thinking, "where am I going to find a company or service to collect my rents?" Well, Sharon Vornholt (another investor whose advice we trust) just wrote an article that lists some great properties, as well as good info on choosing the right company for you:
She goes on in here article to give you 5 companies to choose from depending on your needs. Of course, you can also do a Google search and maybe find someone local to help you with the level of assistance that you need. The basic takeaway from this is that you need to catch up with the times and go digital for collecting rents. Whether you do it on your own with a credit card machine, an online service for collecting rents, or use a full service property manager. In the long run, it will help make your life easier by not having to worry as much about getting paid next months rent. If you are in the market for an investment property in or around Metro Atlanta, be sure and visit our site MPGDeals.com to sign up for our early alert emails for when properties become available :) via Blogger Collecting Rents On Your Rental Properties
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