Episode Details
Back to EpisodesCollect Rent on Time, Every Time
Description
If you want to collect rent on time, stop thinking of it as something you chase. Almost every late payment we have dealt with in twenty-plus years was not a character problem. It was a design problem. And design problems you can actually fix.
We had a tenant who paid on the first of every single month, without fail. Her money did not reach our account until the fifth or sixth. She was not late. Her system was. Kevin and I walk you through what we changed after that, plus the four lease clauses we now consider non-negotiable.
Then we get into late fees, and I have to tell on my younger self a little here. We once restructured a fee and collected a few hundred extra dollars a month from one tenant for years. I called it free money at the time. Kevin explains what we know now about how California actually judges a late fee, and the one question to ask yourself before you write a number into your lease.
Plus the carrot almost nobody uses, a six-month mistake that cost nothing to fix and everything to notice, and why our software has to be able to say no when we cannot.
Hit play. By the end you will have a checklist you set up once, instead of a task you do every month.
What You'll Learn in This Episode
● Why most late rent is a systems problem, not a tenant problem
● The three payment methods we will not accept, and what we use instead
● The float that turns your best tenant into a late one
● Four lease clauses that quietly drive on-time payment
● What California actually requires of a late fee, and the test to run on yours
● The credit reporting carrot most self-managing landlords skip
● Why we shut off invoicing the moment one roommate pays and the other does not
Episodes & Resources Mentioned
Episode 28: The Cash Reserves Blueprint
Episodes 32–34: Our Lease and Addendum Breakdown, A 3-Part Masterclass
Episode 49: Analyzing Credit Reports For Tenant Selection
Episode 51: The Hidden Dangers of Using Cash Apps to Collect Rent
Episode 87: Essential Communication Methods
Episode 128: AI Tools for Landlords
TurboTenant: Great for newer landlords
Innago: Completely FREE software
RentRedi: Syncs with QuickBooks Online
DoorLoop: Best for larger portfolios
Rental Kharma: Rent reporting for tenants — $10 off setup with our link LLResource25OFF
Connect with Us:
🌎 Visit our website
📧 Subscribe to our newsletter.
👆 FREE Landlord Forms and Doc’s
🤳Text Us: 650-489-4447
📩Email us at: Stacie@YourLandlordResource.com, Kevin@YourLandlordResource.com
➡️ Give us a review: Apple<