Collecting rent from inherited tenants

[Danny Clair]

Hey BP, I recently closed on an investment property where I inherited tenants.

One of the tenants tells me that he can only pay every 2nd Wednesday of the month, because that's when the VA pays him.

He’s current lease says his rent is do on the 1st

It’s sounds like 2 weeks of free rent to me!

I hate to say this about someone, but he seems sorta manipulative and conning to me.

Can any veterans out there vouch for this kinda pay system?

[Jaron Walling]

@Danny Clair I can't vouch for a system that will works best for the tenant to pay rent on time, but I can tell you from experience the first impression is everything. You must LAY THE GROUND WORK and set the STANDARD for this tenant or it could bite you. Inherited tenants are risky to begin with so don't play nice with this person; especially given the pandemic and lack of evictions going on right now. 

I would tell them you're enforcing the lease they signed and expect payments on time. End of story. I'd be flexible on how payments are received because that's the nice thing to do. Good luck.