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Will Carter
  • Investor
  • Burlington, NC
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Self Storage Payment Terms/Timelines

Will Carter
  • Investor
  • Burlington, NC
Posted Dec 14 2016, 08:26

What are some usual payment terms for self storage rentals?  I'm revamping a family owned self storage facility that's been operating straight out of 1984...

My current thinking on terms:

You're in default after day 1.

Late fee after day 5

I'm locking you out after day 15

I'm sending you notice of foreclosure/auction date after day 30.

Too harsh?  Too lenient?  

Property is in Virginia so I think I'm good with the 30 day foreclosure after default if my memory serves.

I searched I promise...

Thanks.

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