Ways for landlord to collect miles or points from tenants?

Discussion in 'General Discussion | Miles/Points' started by daninstl, Aug 20, 2014.  |  Print Topic

  1. daninstl

    daninstl Gold Member

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    Sorry this may sound odd but I rent some property. Any ideas on how a person might be about to collect miles or points via tenants that pay rent? I know you can earn miles or points by paying your own rent with a miles or points card (usually with a fee) but I'm wondering if you could collect miles or points as a landlord without fees? Any ideas?
     
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  2. OceanTrotter3

    OceanTrotter3 Silver Member

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    I don't know how you can earn miles/points for income, that just seems like too much of a good thing. :)

    The closest thing I can think of are miscellaneous charges that a landlord might incur, depending on your property agreements (i.e. mowing the lawn, or petty expenses). In that case, I'd probably have the tenant setup an Amazon Payment account, where I can make those payments to him with my CC. The one thing to note is the monthly limit set by Amazon.
     
  3. iolaire
    Original Member

    iolaire Gold Member

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    If you have a mortgage on the property you could load blue bird and pay the mortgage with that money.
     
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  4. Newscience

    Newscience Gold Member

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    FWIW, some municipalities/counties/states allow you to pay your taxes by using a credit card. Sorry to say, I'm unable to do this. :(
     
  5. OceanTrotter3

    OceanTrotter3 Silver Member

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    You can probably still pay with a debit card though. ;)
     
  6. satman40

    satman40 Gold Member

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    One thing you never want to do is get involved with your tenants,

    I have enough purchases at Lowe's and HD, get 5X with HIGC's, and passed a million miles several months ago.

    50 years if renting properties, my goal was a house every year, and I do need any partners...including banks, any fee is an needless expense.

    Separate your investments, and eliminate the emotion,

    Just business, nothing personal.
     
  7. daninstl

    daninstl Gold Member

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    Great advice. I also like the house every year goal. I might borrow that idea :)
     
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  8. satman40

    satman40 Gold Member

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    At 72 a rent check is like another Social Security Check, and it does increase almost every year..,not like SS.

    Just don't tell anyone what you are doing, they will call you crazy...,

    Kind of like collecting miles...
     
  9. MX

    MX Gold Member

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    Great idea, I was just considering it for my third career. What services do you use to attract/screen tenants?
     
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  10. Jenny & Curt
    Original Member

    Jenny & Curt Gold Member

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    I do this.
     
  11. Jenny & Curt
    Original Member

    Jenny & Curt Gold Member

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    The first one is really choosing your property well. A very desirable property makes it much easier to screen through dozens of tenants and pick just the right ones. We have one who has lived in one of our rentals since 2001, and though we don't raise her rent, we know that even one month with no tenant would offset months and months of any rent increase.
     
  12. satman40

    satman40 Gold Member

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    Select a tenant that will fit in the area the home is in, that shows respect for their own property, and children.

    A home is one of the most important thing a parent can give their children, they need to rent in an area with like minded people...

    Me I like college rentals, students with high GPA's, and parents who are responsible...

    Screen, keeps the bugs out...:eek:
     
  13. TravelBear

    TravelBear Gold Member

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    Unlike Satman, I only have one property but have been very successful in having long term renters (9 years with 3 different tenants). I have to agree with Jenny&Curt in that choosing a property is key. If you buy a dump it will cost you more in the end. Satman is correct too, select your tenants. We do a criminal and credit check which they pay for. If they are willing to pay $35 for their own check they are serious. If they pass great, if not don't rent to them.
     
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  14. satman40

    satman40 Gold Member

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    There are no slum lords only slum tenants.

    Every LL Starts with the best intentions, just like my tenants.

    They,just do not always leave it in the best of shape...

    We do over look many things if we can see they tried,

    I had one group of girls stay at a college rental for 7 years.

    It is a great business, however only put 1/3 of your money in RE, 1/3 Stocks, and 1/3 precious metals. Worked for me., and I would do it the same again.

    Nothing wrong with just one rental, life is a long time,at 73 my wife now wants me to buy more...

    Best of luck to anyone who gives it a try, you only buy to make a profit.

    It is a business. So only buy when the seller is motivated.by the 3 D's.
     
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  15. eponymous_coward
    Original Member

    eponymous_coward Gold Member

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    Must be pretty rough out there for folks who declare bankruptcy- nobody will rent to you because your credit's horrible, you might have lost the house...
     
  16. moongoddess

    moongoddess Silver Member

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    It can be - although some landlords aren't as upset about a recent bankruptcy (especially if it was for medical reasons) because it will be a minimum of 7 years before the person can declare bankruptcy again (so if they have a steady income, there's less chance of the landlord being bilked).

    Bad credit has very real, very negative impacts on a person's everyday life. I wish there was a way to teach all young people that before they dig themselves into a hole that can be very difficult to climb out of.
     
  17. TravelBear

    TravelBear Gold Member

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    We look at the whole picture. We get it that not everyone has great credit. We had a woman who was driving a 9 series BMW who applied 5 years ago. When she handed us the app she also gave us a restraining order that she said had been cleared up. When we ran her criminal she had more than one restraining order and charges of 2nd degree arson plus numerous other things. Her credit score was along the lines of 350. I don't know how she got that car but I don't really want to know. She presented herself very well. Just don't piss her off!
     
  18. TravelBear

    TravelBear Gold Member

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    Sort of got derailed but what i have done for points is use a points earning debit card to purchase a MO with the rent money to move it to another account then pay the mortgage.
     
  19. daninstl

    daninstl Gold Member

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    Good advice. I laughed about the college girls for 7 years. Sounds like my kids that seem to be on the 7 year graduation plan as well :)
     
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  20. satman40

    satman40 Gold Member

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    One thing for sure they can not file again for another 7 years, and all debts are forgiven...

    Sounds like a stable situation....no real liabilities,

    You have to look at both sides if a coin, and the reason for the problems.
     
    Last edited: Aug 29, 2014
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  21. satman40

    satman40 Gold Member

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    Yes they were on a 7 year plan,

    Architecture majors spend 7 years at the college.

    I use the male students as helpers, they are committed,and very smart, and in later life most if them do very well.

    I have another friend who spent 13 years at Harvard after she graduated, and practice send as an MD, sure would have loved to rented to her.

    She also had no student loans when she finished
     
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  22. I had a tenant whose Transunion FICO score was 676. His debts had been dismissed in Chapter 7 bankruptcy only 19 months before. I was amazed his score was so high so soon.
     
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  23. satman40

    satman40 Gold Member

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    I had a guy working for me that filed...

    It was not long before every finance company in town was sending him credit applications.

    Think about it, your debit is wiped, and you can not file again for 7 years..

    It is your liabilities that effects your wealth, more than your income, most if us make within a few dollars of all our friend, and yet...some are far richer..

    Anyone can get rich if they spend less than they make.
     

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