EP 27: How Do You Handle Late Rent Payments? The REAL Wealth Formula podcast

EP 27: How Do You Handle Late Rent Payments?

13d ago 40:19

Content provided by Brad Hovis. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Brad Hovis or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

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

Connect with Us:
www.realwealthformula.com
Call 877-77-MOGUL
[email protected]

Social Media Channels