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Tenant late or bouncing checks - Landlord Forum thread 348418

Tenant late or bouncing checks by Anonymous (PA) on September 15, 2016 @18:01

                              
T has been in for 5 months. First check plus sec dec was fine. Second and third checks were very late...both got notices from me after 5 days. 4th check was fine. 5th check bounced. Credit score 600... the lowest I've taken. The older I get the less tolerant I've become of slackers. Get rid of him or deal with it... notices, etc.?
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Re: Tenant late or bouncing checks by Anonymous on September 15, 2016 @18:48 [ Reply ]
Tell he needs to start paying or go. If he listen you absorb the deposit when he goes.
Re: Tenant late or bouncing checks by Katiekate (New York) on September 15, 2016 @19:05 [ Reply ]
I have a $25 charge to post a notice of late rent.
I charge 10% for late charge (after day 3)
I charge $100 for a bounced check...and from that time forward tenant must pay in CASH only

I have found that tenants rarely pay late after one time having to pony up the extra $25 plus 10%

I have had tenant challenge this in court, and had it upheld by judges. When I was charging $10 per day for late fee..judge threw that out. But, 10% is the going rate at all the large apartment complexes, so it is nothing new.

Just be sure you enforce it.n send letters demanding it..then deduct it first from the rent, and send a demand letter for the rest of the rent,

Oh..and sure your lease is very specific about the amounts and the order in which payments are applied...fee first, then rent,
Re: Tenant late or bouncing checks by AnonymousFL on September 15, 2016 @20:30 [ Reply ]
We have a clause in our lease that states if a NSF occurs, the next payment must be in the form of a cashier's check, money order, or cash. Also, if another NSF occurs during the lease, we will no longer accept personal checks.

If a tenant is struggling and we believe there is a chance that they will catch back up, we will work with them a few months. In other words, if they stick to a payment agreement we will forgo late fees and finance fees. Most usually turn out ok, but there have been some instances where we have had to non-renew or evict. It happens.

Out credit score cut off is 650. Interestingly enough, we have noticed that there is a big difference in responsibility of clients at 650 and those just 10 or twenty points below...which is why we settled on 650.

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