Minnesota Investment Real Estate

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Every December, I see the past due rent amounts on my investment properties increase. Tenants will call and say that they are going to be short for some reason or another. The honest ones tell me they are going to be paying only part of the rent as they need the rest for Christmas presents. If they are a long time tenant and pay rent on-time (and in full) typically I will give them some latitude.

Now that we are in the new year and April 15 (tax time) is nearing, here is your chance to reduced or eliminate your past due rent balances. Many of your tenants will be getting tax refunds. In fact, some of my tenants filed their taxes in January and have already received their refunds.

Here is my suggestion: Start pressing your tenants more often to pay off any past due amounts in full (figuring that they are getting a refund). I actually started pressing my tenants at the beginning of the year. It was one of my investment property new year’s resolutions. You can suggest (strongly) that they use their refund to pay off their balance. You will be surprised how many times the tenant already has that refund spent on some new toy instead of on the rent they owe you!

Need help figuring out where to start? Don’t Wait! Get Started now.

Scott Ficek is a Real Estate Agent with Keller Williams Integrity in Minneapolis, Minnesota.  He helps new and seasoned investors buy, own and manage Investment Real Estate. Scott owns almost 30 investment property units from single family to multi-family. Find his website at www.minnesotainvestmentrealestate.com or receive his blog via your RSS Feed or in your Email.

This entry was posted on Tuesday, February 5th, 2008 at 10:03 pm and is filed under Landlord Ideas. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.