How to collect like you are collecting 13 cheques months rent
As a full-time Canadian real estate investor, we will own many types of properties over the span of our career. There will be many exit strategies that we will have used that will enable us to create massive and passive income for ourselves. I must remind you that using a single realtor to help you build your portfolio is a recipe for disaster. By that I mean using a realtor in most cases, allows you to build your portfolio extremely slowly, and get caught up in what that realtor thinks is best for you.
Control of your business
As a real estate investor, you must be completely in control of your business, remembering that you are your business as a real estate entrepreneur.
As a full-time Canadian real estate investor, most of us will ultimately become a landlord. There are many extremely intelligent ways of being a landlord, and in the next series of articles I would like to give landlords out there a few of our landlord tips, that we share in our real estate training, on succeeding in their business. That said, lets get into it.
How often do you get paid?
As a landlord, how many times a year do you get paid by your tenants? The standard answer would obviously be 12. In this article, I am going to show you the mindset in collecting more than 12 cheques. The typical tenant gets paid perhaps once a week, once every other week. Rarely do they get paid once a month. But you receive a cheque once a month, and during that time, the tenant is there in your unit. That tenant is spending money on whatever people spend money on. And quite often, depending on the responsibility level of the tenant, there may not be enough money at the end of the month to pay you. This is a common problem that typical landlords face.
Change the way you do business
Why don’t we change the way we do business, by asking our tenants “what is their pay cycle?” If their pay cycle is every other week, like a lot of tenants, then it would be a fair argument to ask that tenant to pay that portion of the rent (1/2) when they get paid, so there is no worry after that about the money that they have after they’ve paid you that they can utilize that money for whatever they need it for.
No defaulting on rent payments
Now the rent has been paid and in their mind, the weight has been taken off not only the tenant ,but off the landlord as well. There will be less chance for any defaults!
Do the math
If we think about it, getting paid every other week means that you are getting 26 payments, and if we do the math on that, by the end of the year, you will have collected money as if you’ve collected 13 cheques by the end of the year.
P.S. Take Action now to attend the eye-opening seminar and walk away with confidence, knowledge, and specific “action ideas” that can help you achieve your dreams and leave the rat race behind.
We have been training Canadian Real Estate Investors since 1993
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