Comments on: Why Late Fees Are So Important… http://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/ Learn, Network, Invest Sat, 11 Feb 2012 20:37:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dennishttp://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/#comment-92897 Dennis Tue, 15 Mar 2011 01:26:53 +0000 http://www.biggerpockets.com/renewsblog/?p=9759#comment-92897 Successful landlording can be assured by the enforcement and collection of late fees, with no mercy. Straying from this one rule is a guarantee path to failure as a landlord, and the creation of bad tenants. Successful landlording can be assured by the enforcement and collection of late fees, with no mercy. Straying from this one rule is a guarantee path to failure as a landlord, and the creation of bad tenants.

]]> By: Tony Senahttp://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/#comment-76812 Tony Sena Sat, 02 Jan 2010 07:29:40 +0000 http://www.biggerpockets.com/renewsblog/?p=9759#comment-76812 "As you can see, if you don’t enforce the late fees then the tenants will feel like they can walk all over you and they won’t have respect for you anymore."I couldn't agree more! I learned this the hard way when I first got into the business. I tried being understanding with a particular tenant and before I knew it, they started paying rent late every month. I eventually had to evict them. “As you can see, if you don’t enforce the late fees then the tenants will feel like they can walk all over you and they won’t have respect for you anymore.”

I couldn’t agree more! I learned this the hard way when I first got into the business. I tried being understanding with a particular tenant and before I knew it, they started paying rent late every month. I eventually had to evict them.

]]> By: Neil Uttamsinghhttp://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/#comment-76808 Neil Uttamsingh Sat, 02 Jan 2010 02:57:47 +0000 http://www.biggerpockets.com/renewsblog/?p=9759#comment-76808 Hi Jason,Further to Brian's comment, I think that it is so important to set the rules and the tone from day one with your tenants. This of course can be done in a civil and polite manner.Sometimes a lot of newer investors get scared about enforcing rules with their tenants. You have to treat real estate investing like the business that it is.This means that if rent is late, you have to enforce your rules that you have in place.Further, advice to newer investors is also to fully enforce your eviction policy. Don't waiver on this. You have to be firm. If you keep on making concessions, you will be taken advantage of.Happy New Year to all!Best Regards, Neil. Hi Jason,

Further to Brian’s comment, I think that it is so important to set the rules and the tone from day one with your tenants. This of course can be done in a civil and polite manner.

Sometimes a lot of newer investors get scared about enforcing rules with their tenants. You have to treat real estate investing like the business that it is.

This means that if rent is late, you have to enforce your rules that you have in place.

Further, advice to newer investors is also to fully enforce your eviction policy. Don’t waiver on this. You have to be firm. If you keep on making concessions, you will be taken advantage of.

Happy New Year to all!

Best Regards,
Neil.

]]> By: Brian Dickersonhttp://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/#comment-76759 Brian Dickerson Thu, 31 Dec 2009 03:45:50 +0000 http://www.biggerpockets.com/renewsblog/?p=9759#comment-76759 You're right on with your last point Jason... you set a precedent the first time you waiver on a late fee, and you WILL get walked over going forward. Also, I use a discount for paying on time, rather than a penalty for paying late. Easier to collect, especially when you do end up in court (where late fees generally get tossed out). You’re right on with your last point Jason… you set a precedent the first time you waiver on a late fee, and you WILL get walked over going forward. Also, I use a discount for paying on time, rather than a penalty for paying late. Easier to collect, especially when you do end up in court (where late fees generally get tossed out).

]]> By: Shae Byneshttp://www.biggerpockets.com/renewsblog/2009/12/30/landlord-late-fees-important-tenants/#comment-76752 Shae Bynes Wed, 30 Dec 2009 22:12:04 +0000 http://www.biggerpockets.com/renewsblog/?p=9759#comment-76752 Agree 100% Jason! I collected an extra $75-100 for several months from a tenant this year and did it with a smile on my face :-) Agree 100% Jason! I collected an extra $75-100 for several months from a tenant this year and did it with a smile on my face :-)

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