Partial Payment Of Rent Checklist
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It is bound to happen eventually if you have rental property: a tenant tries to ask you to accept partial payment for rent with a promise to pay the rest at a later date. How do you deal with that? Do you have a formal written system?
If not, I encourage you to start with my written system for that and then adapt it to meet the exact needs of your own business.
In my business, we have the Partial Payment Checklist (link requires Real Estate Investor Bronze Membership) that we use when a tenant makes a partial payment to use.
It includes some of my personal business philosophies about how to treat partial payments as well as the forms I use like the Statement Of Rental Account form for letting the tenant know exactly what was paid and when plus what is still owed to avoid an eviction.
So, go ahead and use that as a model for how you want to deal with tenants that make partial payments in your own business.
Until my next post,
James
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