Collecting Rent From Inherited Tenants

[Cody Davis]

Hello everyone!

I recently closed on my first duplex that I will be house hacking. The duplex came with long term tenants (9 years) as well as the year lease they resigned shortly before I bought the house. During the first conversation, I asked how they have been paying rent. The tenants said that they usually leave a check in the mailbox. I will get back to that later. The main thing that caught my attention is when the tenant said they usually leave the check in the mailbox within the first two weeks of the month... Their reasoning was that they get paid bi-weekly. It says in the lease agreement that rent is due first of the month.

So, my first question is this: how should I approach this situation? I want the rent on the first of the month, which is when my mortgage payment is due.

Second question: how should I approach changing the way rent is collected? I would prefer to have the money deposited directly into my account. I am also interested in using an online source like Rent Redi or Cozy.

Thanks in advance for any ideas!

[Marcus Geiser]

I would simply make those intentions known. Rent paid on time is a realistic expectation. I would also ask if this will be a problem. Then ask them for suggestions on how we can get to the point where rent is paid on time. "What can I do to help you get where I need you to be?" For a long term person like this living paycheck to paycheck I may cover the mortgage and collect the rent as usual. In my opinion they may never leave and waiting two weeks seems a small price to pay to have them essentially buy me a house. The first and most important thing I would try to do is make sure is comprehend their situation. Most likely you bought the house because their credit sucks and they couldn't. They may be caught in the loop that makes us rich, get paid, pay rent, blow the rest, pay everyone late.