Quick Advise! first rental + tenants payment question!!

[Joseph Shevy]

Hi BP,

Quick question.. looking for some good advice!

I just purchased my first duplex on Mar 31, (yay!) and I will be living in the top apt since it is through an FHA loan. The bottom tenants are very nice people and are already a little slow with payment.. They are giving me the rent today that was due on the first.. 7 days late. Not a huge problem, to be honest, but its not a great sign. I texted them today and they want to set up payments due every week instead of every month.. so instead of 750/month, it will be 200/week per the tenant. Thats an extra $50/month. She said it will help her budget her money and enable payments to be timely. Should I do this? My brain says yes.. just want to take the proper precaution. Is there anything I should watch out for, or is there anything I should do beforehand.. (such as making a new payment contract?). I really want to work with these tenants, and definitely don't want to have to evict them!

Friendly advice?

thank you!

Joe