Re: Late fees - Landlord Forum thread 338428

Re: Late fees by P-Bone (NY and OH) on August 28, 2015 @07:35

I generally stick to a round number in line with what my mortgage would charge me if my payment was late. For my property in NY, my rents range from $500-$700 and my late fee for my mortgage is around $41, so I have late fees of $50 on each of the 4 units in the building. That way most judges wouldn't see it as excessive and if it were questioned I could pull up my mortgage document and state that a late paying tenant could easily cost me roughly the same amount.

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