Updated over 10 years ago on .
The Saturday Shakedown
Morning BP Fam,
Just figured I share yesterdays adventure in rent collection. I own a lot of property in D class areas. The upside to this is the get in price on properties is extremely low, you are paid in cash and the returns are very high! The downside list can go on and on!
The first weekend of every month my team and I hit it hard shaking every one down! Over the years I've learned that if you do not collect by Saturday night all the money gets spent on lifestyle (typically drugs)
I had a descent morning collecting over $5k in cash paid in very small bills (one person gave me $650.00 in $10.00 bills) that I stuff under the floor mats of my car in case someone gets "froggy" with me. The ones that do not pay in full have no problem paying a late fee the following week but the real fun is in hearing the excuses of why they don't have the money!
One tenant was short $25.00 not a big deal but she had a big bag of weed on the table. I asked her if she has money for weed she should have her rent money. She replied by offering me a bag in exchange for the $25.00 difference. As generous as that was of her I don't smoke so I declined!
Another tenant was $50.00 short but was at the Cleveland air show (priorities) that can exceed $100.00 per person once you figure food, beer and parking.
It honestly doesn't bother me too much as everyone has to pay a late fee if I'm not paid in full on time. I just figured I'd share with the community to see who can relate.