@Kesete Thompkins in addition to a receipt make sure you collect their W9 before paying.

Just collecting the payments and retaining their fee for doing so. 

Take a class on debt collection practices.

I’m sure that 3rd party collections company got a decent cut of the collected amount, something the management company could have gotten on first attempt.

Hi @Jim Cousino and @Greg Scott, I'm also thinking about optimizing my financing strategy for the current environment, and wanted to ask a clarifying question here: when you say "put the $90k into your HELOC to pay it down", do you mean that you have already taken a draw from the HELOC and want to pay it back? 

I’ve created systems, structures, and lots of documents to optimize my BRRRR process.

Although I disagree with his concept of creating a collection agency type function (I prefer to let courts handle payments, etc.,) the BP topic Brandon Turner Nails it on the COVID-19 Rent Due Advice may be of interest to many who feel overwhelmed.

@Theresa HarrisI’m collecting 800 in cash flow for the TRIPLEX spit with a partner.

Technically the 15,000 in rent you chose not to collect just doesn’t exist.

@Lance Lvovsky On my properties, I make decisions on repairs, sign contracts with renters, approve contractors, and pay a property manager to collect rent and make inspections.