I downloaded the late notice and want to ask if I should send it right away as soon as the rent is late on the 5th or should I wait a few days before sending it because the lease says I can add $10. per day after the 7th?
(Lease says a late fee is due if rent is not paid by the 5th, and $10. a day after the 7th)
It's really a matter of what you are comfortable with.
Personally I prefer to wait until the 8th or the month to see if they paid so I can include the right amount of late fee in the late notice, but I don't want to go longer than that without sending a written notice.
If it does go much longer than that, the late fee is the least of my worries. It may be time to start an eviction.
Even if you have a five day grace period, I would have the notice out in the mail of the second. The rent is due on the first. Just because they don't pay a late fee until the sixth does not mean that rent is due on the fifth.
Start training them early otherwise they will pay on the fifth month after month and then get upset when they get a late fee because the fifth fell on a Sunday or holiday.