Reminding Tenants About Rent
We are new landlords and wonder when you expect the rent check and if you give your tenants some leeway. For example, you’d obviously like your check before the 1st of the month, but you give them until the 5th to get the check to you. Do you start reminding them on the 1st? Tell…
We are new landlords and wonder when you expect the rent check and if you give your tenants some leeway. For example, you’d obviously like your check before the 1st of the month, but you give them until the 5th to get the check to you. Do you start reminding them on the 1st? Tell them you’ll add a fee if payment isn’t made within 24 hours? As you can probably tell, we didn’t get our rent check yet and it’s the 1st of the month. The tenants always paid before the 1st prior to this, so we’re puzzled about what to do.
Ummm, no, MAT. I would find a way to pay the mortgage if it came to that. Why the snarkiness? Are you a bitter tenant?
wow. So what would do you do if you don’t have a tenant for a few months between rentals? Just…not pay your mortgage?
We have it written into the lease, rent is due by no later than the 3rd of the month. After the 3rd it’s a $50 late fee, and that is recurring every 3 days after that (if we get it on the 9th, it’s $100 in late fees, the 12th, $150, etc).
We also go over it verbally with the tenants at lease signing so there is no misunderstanding.
I give my tenants a self addressed stamped ennvelope a few days before the 1st. That makes it easier for them. I receive the checks in the mail the first week of the month.
Except for one tenant whose been there a couple of decades. She pays whenever she feels like it which is a partial rent check every couple of months. Always about three months behind. Been to court four time for non-payment. Doesn’t do any good. She brings a list of two or three minor violations as a counter-claim (never tells me about them beforehand). Judge orders her to pay after repairs are made. She immediately falls behind again and the cycle begins again. I have given up on legal action.
Point taken about paying before the 1st. But 1) this tenant has always paid before or on the 1st and 2) that’s BS about credit card payments/paying Citibank. If it ain’t received by the payment date, you’re getting charged a late fee and a finance charge, especially in this economy. Posted/mail date means nothing. Unless you’re talking about tax returns and the IRS.
I guess I’m a little anxious because my mortgage payment is due on the 7th and we need that rent check to pay it off.
One of my tenants consistently pays on the 5th or 6th. Once in a blue moon, he goes past that and I just call or text and say that I am heading to the bank tomorrow and would appreciate a check. A tenant that pays within the first week of the date due is a good tenant and not to be messed with.
If you really want to get your rent in the first few days of the month, give them an invoice on the 27th or so. But, if this is an aberration, which it appears to be, then they just forgot/got busy with the holidays and you will get it soon. Give them the benefit of the doubt.
“Before the 1st” is just crazy talk – like “if I win the lottery”.
“or example, you’d obviously like your check before the 1st of the month,”
BEFORE…would you pay a bill before it’s due? And if it’s being mailed, while you could complain if it gets there very late, only a curmudgeon or Citibank would ignore a postmarked date of the 1st. That’s what the grace period is for.
Even my mortgage company deducted my automatic payment on the 10th; it’s due 1st of the month, and late on the 15th!
It’s a good question – with good advice given above. I let it slide a bit more. Have good tenants, they get paid on first and bank sends a check a few days later. I remind ’em around the 7th if I haven’t got it. My mortgage due on 15th so have time.
Have never bothered with a fee. If tenants are bad, don’t renew lease. Occasional slow payment an annoyance, but in general scheme, not always precursor to bigger issues. If you do want the rent earlier, bring it up gently at renewal time? “I’ll keep rent the same, but I need something from you to make this work – payment on the 3rd.”
Most leases have a 3-5 day grace period so that is probably what they’re used to.