Self Storage Payment Terms/Timelines
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.