She said that as soon as she started doing this, her rent collections went WAY up and the amount of running down rent checks went WAY down.I have no personal experience with this yet, but I will be implementing this month.

Your excess amounts (that you would normally just stick in a bank account making less than 1% interest) go to pay down the excess payment you made at the beginning of the cycle.Right now my expenses are a bit all over the place because of some things I have going on, but once I get those worked out I am going to probably implement this.

Landlords who are considering implementing similar measures must make sure they are carried out in a nondiscriminatory fashion.

If not, you need to consider what business system can you implement now that will allow you to do this at 50+ units and still make sure you are collecting rent.I would suggest setting up multiple forms of payment options, electronic, check,Money order... and preferably never cash.When you move a tenant in give them the payment options as well as the late fees asPart of your move in packet.

@Justin WrightIf you have big plans that you are ready to start implementing, the time is now.Generally, financial advisors (disclaimer: I used to be one) are not knowledgeable in real estate investments, because they make most or all of their money from selling you financial products, like mutual funds, annuities and insurance-based products.

Consider using a company like Evolve vacation rentals, or implement software like Guesty and push your listings to multiple market places (This admittedly takes a ton of work to do right and learn the systems)Although I have not implemented this idea quite yet, several of my units are now in the same condo complex.

The problem with most newbies is that they fail to take action and implement the knowledge that they have gained.

I'm working as a seller of office implements, insurance.

I, also, am offended at people pricing their property according to what it will be worth after I correct all the deferred maintenance, get rid of their low-quality tenants, find and put into place my own high-dollar tenants, and implement good policies and procedures for tenant retention.

I implemented Intuit Payment Network for $0.50/transaction but there are systems designed specifically for collecting rents.