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Companies like Venmo or PayPal can handle this, as can property management software companies like Buildium, AppFolio, or Cozy. If I brought this up at the beginning for tenants, most everyone would jump at it. Remember, humans will naturally pay the most pressing bill, so I need them to know that rent is incredibly high on their priority list. We will still let the tenant know that rent is due on the 1st, give them the options I just mentioned, and even still issue a late-notice to the tenant if they miss rent. This is where we will introduce the tenant to our Emergency Rent Deferral Plan, or ERDP. And because we followed step one above, we have a specific plan in place to deal with this inevitable situation. Having this documented plan in place shows the tenant that this is not us winging it—but we have a system in place to handle it. Simply put, the ERDP allows the tenant to opt into a payment plan for their rent over the following 10 months.

The ERDP is an addendum to their lease that gives them the ability to take their rent and pay it in equal portions over the next 10 months (beginning the second month after enacting). It basically gives them an extra month before the increased payment begins. Simply because I have a strong suspicion that this is not going to end that quickly and a one-month deferral may not be enough time to get back on their feet. Furthermore, it is our company policy that during this time, a tenant will be allowed to use this ERDP twice. If after two months they are still unable to pay, the tenant may just need to be removed.

My guess is that the government will offer more and more programs to attempt to help, because remember—you and I are not in this alone. Humans have an incredible ability to figure stuff out when the night is darkest. I encourage you to share your thoughts below and let us know what your plan is. And perhaps together, we can help the world move forward financially. Perhaps now is a good time to get some reading in and brush up on your skills. It cannot stop your quest for self-education, self-improvement, and personal growth. An extremely outgoing individual who likes to think big and is rather determined in all that she does.

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Please visit the Four years ago, Lee Ripma was brand new to real estate. From looking at our podcast stats, we know a LOT of you are in hot markets like L. Be sure to subscribe to the BiggerPockets Real Estate Podcast, sample the other BiggerPockets podcasts in our network (just search "BiggerPockets" in your favorite podcast app), and as always, if you appreciate this content, please give us an honest rating and review on Apple Podcasts. It seems like young real estate investors get more and more impressive every week. Today we talk with Cole Ruud-Johnson, a wholesaler and flipper out of the Seattle area. During childhood, Jim Kwik experienced a traumatic brain injury. BiggerPockets Podcast 441: House Hacking as an NFL Player?

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Many avid members of the BiggerPockets forum, listeners to the podcast, or readers of our articles may know our founder, Joshua Dorkin. It was a hard decision for Joshua to leave, but thanks to his amazing team, he was able to (even during a time of tribulation in his personal life). While he was a hospital administrator in the Democratic Republic of Congo, he was calling real estate agents in Chattanooga, Tennessee trying to scoop up multifamily deals. Ever missed out on an important moment because you were staring how to sigma solutions payday loans get rich on unsecured loans at your phone, distracted by TV, or just zoning out? Nir Eyal, author of Indistractable, felt sigma solutions payday loans the same way when he missed an important moment with his daughter because he was locked in on his phone. From a bank teller, to the mortgage business, to property management, and even Airbnb arbitraging, Alex took his time in acquiring the skills to succeed in real payday loan maryland estate. If so, you may need to tweak your mindset to reach new heights. Ever wanted to know how Mark Cuban, Richard Branson, and Warren Buffett seem to invest with ease? Or how you can leverage and measure your risk to make billionaire financial decisions? You, BiggerPockets listener, may have more in sigma solutions payday loans common with Matthew McConaughey than first realized... Wondering how family life fits in with a hard-driving work ethic.

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