By your definition rent is due on the first and not deemed late after the seventh. If your tenants are paying a few days after the first they may not know that this is offending you. The best thing for you to do if lower your grace period.
I am renter and I always turn my rent in on the first or before the first. There is a five day grace period in my lease. My landlord usually waits two to three weeks before she deposits my check. Last month I had a few things going on and I didn't pay my rent on the first as I usually do. Three days after the first my landlord approached me about the rent. I told her as far as I was concerned I had two more days before it was late and I would incur penalties. I of course gave her rent the next day but this was more offensive to me than it was to her. I am still within the contract so there is no reason for my landlord to make me feel as if I am trying to dodge her or pay late. If your tenants are within there contractual obligation and you are feeling awkward about there payments then the problem is with your lease agreement not your tenants.
My parents have several apartment complexes and have a number of tenants who pay consistently late. Their cashflow is such that they actually love these tenants. A late payment of twenty five dollars on unit that is 1000/month is the same as have an APR of 30 percent. So they just choose not to worry about it, and enjoy the benefits of the late charge should
My advise, change your policy before you change your tenant.
Also I would work hard on getting your cashflow in line so your are not dependent on the rent coming in on a certain day of the month, I would work on saving a few months worth of mortgage and costs so you stop taking out your worries on your tenants payment schedule which is totally permissible by your policy.
By your definition rent is due on the first and not deemed late after the seventh. If your tenants are paying a few days after the first they may not know that this is offending you. The best thing for you to do if lower your grace period.
I am renter and I always turn my rent in on the first or before the first. There is a five day grace period in my lease. My landlord usually waits two to three weeks before she deposits my check. Last month I had a few things going on and I didn't pay my rent on the first as I usually do. Three days after the first my landlord approached me about the rent. I told her as far as I was concerned I had two more days before it was late and I would incur penalties. I of course gave her rent the next day but this was more offensive to me than it was to her. I am still within the contract so there is no reason for my landlord to make me feel as if I am trying to dodge her or pay late. If your tenants are within there contractual obligation and you are feeling awkward about there payments then the problem is with your lease agreement not your tenants.
My parents have several apartment complexes and have a number of tenants who pay consistently late. Their cashflow is such that they actually love these tenants. A late payment of twenty five dollars on unit that is 1000/month is the same as have an APR of 30 percent. So they just choose not to worry about it, and enjoy the benefits of the late charge should
My advise, change your policy before you change your tenant.
Also I would work hard on getting your cashflow in line so your are not dependent on the rent coming in on a certain day of the month, I would work on saving a few months worth of mortgage and costs so you stop taking out your worries on your tenants payment schedule which is totally permissible by your policy.
Posted by: ScottyMax at February 13, 2009 4:13 PM in response to Late Rent Notice