Pay on the 1st of every Month

[7DD4]

Just been caught out by my tenant "Can I pay on the 1st of every month"

Yep no problem.

Now lets do the Math :

$100 a week = $400 on the 1st of every month
$400x12month =$4800/year

When he should be paying :

$100x52weeks = $5200/year

DISCOUNT=7.7%

His discount lasted 6months until I got a property manager in who pick it up.

Needless to say hes paying back the discount rent

 

[redwing]

Just been caught out by my tenant "Can I pay on the 1st of every month"

Yep no problem.

Now lets do the Math :

$100 a week = $400 on the 1st of every month
$400x12month =$4800/year

When he should be paying :

$100x52weeks = $5200/year

DISCOUNT=7.7%

His discount lasted 6months until I got a property manager in who pick it up.

Needless to say hes paying back the discount rent

Who was he/she paying the rents to prior to the current PM?

 

[7DD4]

Rents were going straight into my account.

Got to friendly with the tenant and trusted him.

Might of been an mistake on his behalf but then again he works as an accountant.

Just another lesson under my belt

 

[nhg]

I pay rent monthly.

I use to just pay 4 weeks a month. After a couple of calls stating I was behind, now I count how many weeks a month

It is an honest mistake.

 

[HD_ACE]

That old chestnut.

 

[AlmostBob]

100 per week
= 100 / 7 * 365.242 / 12
= 434.82 per month,

plus late penalty[sup]1[/sup], detailed in the lease and RTA

for two point two weeks, late payment in those jurisdictions where the rent is not permitted to be paid more than 2 weeks in advance
strangley, if the tenant request paying weekly, we always divide the monthly rent /4 (sometimes 3½) and write that in the lease as weekly amount

1. always include the few penalties still permitted

 

[russellpeter]

100 per week
= 100 / 7 * 365.242 / 12
= 434.82 per month,

plus late penalty[sup]1[/sup], detailed in the lease and RTA

for two point two weeks, late payment in those jurisdictions where the rent is not permitted to be paid more than 2 weeks in advance
strangley, if the tenant request paying weekly, we always divide the monthly rent /4 (sometimes 3½) and write that in the lease as weekly amount

1. always include the few penalties still permitted

unless this happened last year as it was a leap year 366 days

 

[HotRod]

365.143 for a normal year, 365.286 for a leap year.

 

[Scott No Mates]

unless this happened last year as it was a leap year 366 days

One day's discount on a leap year can always be considered as a 'bonus' for a good tenant, 0.27% shortfall isn't going to send you to the poor house when you're getting over $20k for the rest of the year.

 

[AlmostBob]

365.242, Every Year

 

[jenni_nextplace]

Most importantly work off their paid to date.