Sorry to here that your stream of cash dried up, that has to hurt.
I have read the post to the link you gave above; it sounds simple enough for a small park that only collects lot rent, and was a good “think outside of the box” solution to your problem. Good job.
Did you have a problem with tacking money (.01-.02-.03-etc) onto the rent on such short notice? Most residents I deal with would fight tooth and nail over even the smallest amounts such as these. Sounds like you have a great set of residents.
As for not trusting a Property Manager with up to a months worth of rent, I do wonder how you trust them with your property, it is worth much more I am sure. I am guessing that you must have picked a bad manager at one time or another. Bad choices are hard to forget about, however I guess you gained a valuable lesson from it.
And the excuses from residents do sound so familiar, but luckily in my case the residents have no excuses since there is a drop box and on-site office to make payments.
Greg Meade wrote:
This still works for me on 2 Notes that are still paying from Texas. We >finalized the sale of Park there so that stream of cash is no longer goin’ >on! (Drat)
The two things I try never to do with Parks:
Allow Manager access to rent funds.
Wait for tenants to mail payment.
Number one is self explanatory
Number two is the voice of experience. Couldn’t find a stamp, envelope, >mailed it ten days ago, dog ate my mail b4 i could post, or my >favorite…the mail lady didn’t pick it up…for 2 weeks!!!
This still works for me both in Texas and Florida.