Thanks to a number of great tips from other REIN members, I am closing on my first investment property this week, Woo Hoo! My tenants have been in the property for about 6 months and they want to stay. The previous owner of the property collected rent on the 1st of every month in cash payments but lived close by. I am not in the same Province and I was wondering if anyone had any input on whether collection of post dated cheques would be the better way to go over a money wire transfer. The renter has agreed either way. What do you think?
Preferred Rent Collection
- Thread starter jpandrsn
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In Ontario although legally we are not able to demand post dated checks all of my tenants
have been providing checks for years. I find it a simple and efficient system. A notice is sent out in December and I recieve the full years checks before Jan 1. This system was established by the prior owner and works very well. I should add though that all of my tenants are long term (very long) so this tends to make things simpler for everyone.
have been providing checks for years. I find it a simple and efficient system. A notice is sent out in December and I recieve the full years checks before Jan 1. This system was established by the prior owner and works very well. I should add though that all of my tenants are long term (very long) so this tends to make things simpler for everyone.
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Based on the two options listed, I would go with wire transfer since the funds are certified and if you receive the transfer late, you can start the eviction process without delay.
An NSF cheque can take a while to show up.
Todd
An NSF cheque can take a while to show up.
Todd
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The advantage to checks is NSF means a late fee, when they make a mistake
with there finances, and more profit for me.
I do send a eviction notice however because my tenants own the home there
is little fear of them not paying.
I will use the third late eviction notice to evict "problem" tenants as Ontario
rent review board allowes.
with there finances, and more profit for me.
I do send a eviction notice however because my tenants own the home there
is little fear of them not paying.
I will use the third late eviction notice to evict "problem" tenants as Ontario
rent review board allowes.
- Joined
- Sep 17, 2007
- Messages
- 783
QUOTE (jpandrsn @ May 27 2008, 01:14 AM) Thanks to a number of great tips from other REIN members, I am closing on my first investment property this week, Woo Hoo! My tenants have been in the property for about 6 months and they want to stay. The previous owner of the property collected rent on the 1st of every month in cash payments but lived close by. I am not in the same Province and I was wondering if anyone had any input on whether collection of post dated cheques would be the better way to go over a money wire transfer. The renter has agreed either way. What do you think?
I would use email money trasfer in this situation. It`s easy to do. I use this now even with tenants that I have in the same city.
I would use email money trasfer in this situation. It`s easy to do. I use this now even with tenants that I have in the same city.