Cash Flow — Or Else!
I was flipping through the radio stations while driving yesterday and landed on a hip hop station that was playing a song called “Cash Flow”. My first thought was “Cool, a song about real estate investing!” Upon further review the song was NOT about real estate investing. After listening to it for a few minutes it became clear to me the song was actually about drug dealing. The hook to the song made me think that this hypothetical drug dealer and the investment real estate owner actually have a few things in common.
What do you do if you don’t get paid on time? Well, let’s see the approach this “drug dealer” takes by listening to the lyrics of the hook.
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I’ll tell ya one thang dont play about mine
i be bangin on your front door wit da nine
ima come see ya (see ya)
ima come see ya (see ya)
i need all my dough not a dolla short
and if u dont have it then u gotta go
ima come see ya(see ya) hey hey we put our hands
in da sky let em know that we bout that
cash flow..i need it on time im
talkin bank roll my money my money my money
cash flow…i need it
on time im talkin bank roll my money my money my money…
As a law abiding citizen you shouldn’t be “bangin on your front door wit da nine” (nine = 9mm gun reference), at least I hope not. So how can you, the investment property owner , ensure that you receive your “cash flow”, “bank roll”, “rent check” or whatever you want to call it on time?
The best way is to avoid being in this situation in the first place is by properly screening your potential tenants. They should know from the get-go that you will be charging late fees if they don’t pay on time, they should also know that you will start the eviction process as soon as the lease and local ordinances allow it. As a last resort….you can always flash your “nine”.
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