Re: Late fees - Landlord Forum thread 338487

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

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.

[ Reply ] [ Return to forum ]

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.