Re: Late fees - Landlord Forum thread 338485

Re: Late fees by Garry (Iowa) on August 30, 2015 @11:28

So, how many Ts do you have, and how many end up paying the $50 plus the $25/day? Do you collect the late fees first, before the rent is collected, or do you collect it the following month? Also, if, say, the rent is $800, do you collect $750 for that month on the date due, or on the next day after the rent is due, do you collect $800 + $50 + $25 ? Have you ever had to go to court for any of this ?I'm just wondering how this works, and if it's been successful for you.

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Re: Late fees by Jeff (CO) on August 30, 2015 @12:48	[ Reply ]

I have 34 tenants, and have been using this system since 1997. Never had a problem. The "discount" is built into the rent amount. The lease will state, say, $800, but it is reduced by $50 if paid on time. I don't have many late payers, but I used to. The tenants realized that they had no argument, as the lease plainly stated that the discount applied ONLY if the rent was paid on time. This isn't my idea, of course. I read about it in a real estate investing book. It was written by Mike and Irene Milin.

Re: Late fees by Garry (Iowa) on August 30, 2015 @13:24	[ Reply ]

Thank you for getting back to me so soon, Jeff. I may decide to try it that way sometime.