EP 27: How Do You Handle Late Rent Payments?

Late rent payments can hurt your cash flow and create unnecessary stress. In this episode, Brad breaks down practical strategies to manage them effectively. He explains why setting expectations from day one is critical, how to communicate with tenants about overdue payments, and when to offer flexible arrangements without putting yourself at risk. You will learn how to enforce your lease terms, apply late fees the right way, and protect your property income. Whether you manage one rental or a growing portfolio, these steps will help you stay in control and avoid costly mistakes.

 

Takeaways

• Set clear rent payment expectations in writing before move-in.
• Communicate payment terms in a direct and professional manner.
• Offer payment plans only when it makes sense financially.
• Apply late fees consistently to maintain fairness.
• Document every conversation and agreement to protect yourself legally.
• Stay calm and professional when dealing with late payers.
• Protect your cash flow by acting quickly on missed payments.

Resources / Links Mentioned

• Real Wealth Formula 
• REI Biz

Connect with Us: www.realwealthformula.com Call 877-77-MOGUL [e-mail]

 

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