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Bi-weekly rent
by Greg (MD)
on October 19, 2014 @14:04
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Has anybody done this? Is this good/bad? A tenant pays half the rent before 5th (5 days grace) then pays the other half on the 15th?
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Re: Bi-weekly rent
by Anonymous
on October 19, 2014 @14:28
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No. What would motivate you to do this? Seems like twice the work to process the payments. No to the 5 day grace period.
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Re: Bi-weekly rent
by Bill
on October 19, 2014 @17:33
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Often people who get paid twice per month have difficulty paying rent once per month. It is OK to collect the rent bi-weekly if it is agreeable to you but you must not allow a grace period even of one minute. Specify the hour on the 1st and 15th that the rent must be paid. Make this clear to the tenant. Have a Pay or Quit notice ready to post on the front and back door the first minute the rent is late. Immediately send another by certified mail. Also keep the eviction forms ready to file as soon as the P/Q notice expires. Promptly post and send this one by certified mail also. You do not need a lawyer to file an eviction.
It is a lot for you to make this rent concession to your tenant. It is not a lot to expect a no excuse, on time payment.
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Re: Bi-weekly rent
by Garry (Iowa)
on October 19, 2014 @17:47
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The tenant is probably living paycheck to paycheck, if they are asking you to let them do this. If they are otherwise a good tenant, and you want to keep them, it's your choice whether to do it this way. But, you should up the rent by $20/month, and do away with the grace period, for your inconvenience. Then charge whatever your state allows for late fees, on the 2nd , and on the 16th. Some banks offer this idea to their mortgage holders, and they get a pretty hefty premium for that option.
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Re: Bi-weekly rent
by Anonymous
on October 19, 2014 @18:24
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Could your tenant claim the rental agreement is now a bi weeky agreement and give you a 15 day notice to vacate the rental?
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Re: Bi-weekly rent
by Monica (Ohio)
on October 20, 2014 @22:52
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Rent is paid in advance before use, so unless you are having them pay the first half amount the 15th before rent is due on the 1st and the balance paid on the first so it's paid in full by the first, otherwise it is a very bad idea. Here's why, if you only collect half the rent on the 1st or 5th and they don't pay the rest by the middle of the month, you have to wait until the following month before you can begin an eviction with the notice.
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