Tenant Problem / Novice Landlord
I have 2 Fairly descent Tenants in my 3 family Brownstone. Impecably kept. Problem is they seem to think it is my responsibility to track them down to get the rent as opposed to them Making sure it is to me on the 1st of each month. What can I do? The lease agreement has…
I have 2 Fairly descent Tenants in my 3 family Brownstone. Impecably kept. Problem is they seem to think it is my responsibility to track them down to get the rent as opposed to them Making sure it is to me on the 1st of each month.
What can I do? The lease agreement has language that states a $50 late fee will be assessed if the rent is received after the 5th of the month. I have yet to enforce that.
On top of this, 1 tenant started with just herself and her young son. NOW, it’s her, her young son, and her “gentlman caller” Who now even shares the same checking account?
I have no idea what I should do or can do.
Any advice is Welcomed!!!!
I also offer an incentive to pay early – $25 off before or on the first and $50 penalty after the 5th. Most checks are in our hands but the night before the 1st. Incidentially, it’s also a good indicator, because it seems that the few tenants that don’t care about the $25 have also been the ones that break leases, make unreasonable demands, etc.
You may also want to consider joining the Landlord Protection Agency. Very interesting website that you can spend some time researching/reviewing:
http://www.thelpa.com
Diego
As a tenant who sometimes is late with the rent, and having been lucky enough to have landlords who have been most understanding, I still have to say you sound like a good landlord who just needs to put his (or her?) foot down. It took me a long time to learn that when you lay out the boundaries from the very beginning, people accept it for what it is.
So far as the boyfriend, they should have asked, but I don’t know as there is much else you can do. But he’s nice, so you’re lucky.
Thank you all for the advice. I sent an email today re-enforcing the guidelines about the rent due date. I didn’t make mention of the boyfriend. He’s actually a good guy that hasn’t caused any problems. I guess the fact was just highlighted because its every month that the rent is late. I’m a pretty friendly guy, and I don’t want my kindness to be taken as weakness.
But that’s it. After the 5th. It’s late. No Questions.
And go figure, not ONE troll on this thread!! 🙂
I give my tenants a financial incentive to pay early. If i receive the rent before the 1st, the tenants get $75 discount. From the 1st to 5th, the rent is as stated on the lease. Anything after the 5th is late with $75 penalty.
I agree with the above poster. You need to be a great landlord but insist that the rent is the first bill they pay, it is due on the 1st and be relentlessly consistent. You have to insist and don’t feel bad about it. Getting the rent on time is the foundation to your providing the services they expect. Your mortgage company, Con Ed, Keyspan, exterminator don’t want to hear about it, so why should you. Get this squared away with your tenants and life will be much easier. Good luck to you too!!!
My husband and I own a 4 family townhouse. I understand what you mean about chasing your tenants. Its feels awful to have to constantly ask people for money. However, you have to develop a thicker skin and realize that you are providing them with a nice place and that you also have financial obligations to meet. We are strict enforces of late fees. I have to say that our tenants are pretty good, but they all have this carefree attitude about paything their rent on the 1st. We have gotten into the habit of sending emails out by the 2nd or 3rd of the month if they have not left the rent with my parents, who by the way, live in the building. I have a set of tents that every month pay $100 extra on their rent, they just cann’t seem to get it together. I have made it clear that to them while I empathize with what their situation, I have bills that I have to pay, and that I cann’t tell my mortgage holder “my tenant is having cash flow problems and they are unable to pay the rent and this is why I cann’t pay my mortgage”.
If you provide and nice place and respond quickly to their needs, then they should extend the same courtesies and pay your rent at least within the 5 day grace period. You shouldn’t feel bad about enforcing the late fee.
Good luck!
I like the idea of the lease with 3 months notice. I get my tenats to give me one month notice……. However, In this hot rental market, I’ve never been at risk of having an empty apartment. I started doing month to month out of fear. I’ve had friends who have had some really bad tenants. Tenants that have mental problems who have stopped paying rent and will not move. It’s very hard to get someone out if they have a lease. By the time you go through court system you will have lost a few months rent. So, oddly, I think you have more control over tenants with no yearly lease.
Rick, I agreee tenants often break a lease.
My response has been not to resort to month to month to month as you have, but rather to write into the lease a clause that allows breaking the lease with sufficient notice (I use three months). The lease further states that if there is less than three months notice, the security deposit is forfeited. This has worked for me and my tenants like it, because it keeps their options open.
Not having a lease leaves me exposed to an empty apartment if I can’t rent it in time. That is my concern with month to month.