Rent Day

There are actually several rent days because all the rents never arrive in the mail box the same day. Each evening when I get the checks in the mail, I make a deposit slip for the bank and I update Quicken to show who has paid their rent. Some landlords drive around and pick up rents. They tell their tenants to leave the rent check on the kitchen table on the first of each month. That is probably a good idea because they get paid on the first and they also get to check the condition of their properties. I have a full time job and just can't take the time to do that. If I'm renting to roommates, I let each one write a check for their share of the rents. There are legal reasons you shouldn't do that which basically is because you can't send any legal notices to pay rent if you have accepted any portion of the rent which would happen if 1 check would bounce in a roommate situation. A wise friend in the business told me he would rather have 3/4 of the rent because the roommates will put pressure on the one that bounced the check. So far he has been right. Also consider the damage to the relationship that occurs when the 3 roommates that paid on time get a "3 day or Quit" notice in the mail. Tomorrow I'll drive to the bank and make a deposit and hopefully tomorrow night there will be more rent checks in the mail box.

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