Re: Consistently Late Rent - Landlord Forum thread 359363

Re: Consistently Late Rent by Jason on June 3, 2019 @18:18

When it comes to late rent payments, my philosophy is to nip it in the bud. If I let them slide this month, then it'll be another month and another and another.

There are no penalties or late charges if it's paid by the 5th of each month, because I know people may not get paid before the rent is due, etc.

And to answer your question - no tenant is better than a bad tenant - I'm not saying they're bad tenants but they're just going to have to keep paying late fees.

Family issues happen. People lose their jobs. The car needs hundreds of dollars of work - I get it - the first time it happened was around Christmas and their car needed hundreds of dollars to get repaired. I let them slide because it was the holidays.

My philosophy is that I am in this to make money, NOT friends. And yes, kicking them out would probably leave me with about 2-3 months of no rent.

As long as they keep paying their rent and late charges (if they occur), I'll keep them. I just like to nip little problems like this in the bud ASAP so that they don't think I'm a pushover or that they can take advantage of me.

You do make a very strong argument for them. Thank you for taking the time in responding and providing your advice. I'm still new to this game - which is exactly why I'm on this forum. Again, thank you. -Jason

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Re: Consistently Late Rent by Robert on June 11, 2019 @09:46	[ Reply ]

IMHO if you had done a background check before they moved in you probably would not even have then as tenants. IF you decide to renew increase the late fee to $75, it needs to be high enough to hurt a little. I've done this for over 20 years and your late paying tenants would have their lease ended. As someone said this is a business. In the long run you will be better finding a new qualified tenant.