Whens Your Rent Due?

Question

I am a new Landlord, I was wondering if rent is due on the 1st by 5:00pm do you give your tenant a grace period of say 3-5 day before you give them a late fee and issure a 7 day notice to pay or quit or Do you send out a 7 day notice to pay or quit the very next day?

Thanks in advance for any help or input.

Power

Thanks in advance for any help or input.

Power

Account Closed · Answer

on the first of the month......wake up wake up......cash your checks and come on.....get up get up (5 day grace period, so it really ends up being the 5th)

Rodney Kuhl · Answer

@Brian L. Yeah that makes sense. So I think than it would also make sense to charge a fee per day they are late, as mentioned above by Aly NA . Otherwise, what's the point in the tenant paying the day after it's late if they can just wait until the end of the month and pay the same amount?

Jack Slattery · Answer

we are all over the place.  One pays every six months, another direct deposits on the fifteenth and another mails the check on the first.

Pauline McCalla · Answer

My rent is also due on the 1st with a 3 day grace period. A $50 late fee is due on the 3rd and $5 per day thereafter. If rent remains unpaid after 7 days I immediately start the eviction process.

MARK BRANDT · Answer

Thanks everyone for your help, input and replies.

Mark.

Timothy Leong · Answer

For me, rents due on the 1st with a 5 day grace period. On day number 6 there is a $75.00 late fee and a pay or quit gets sent out. It seems like its pretty standard for my area.

Brian L. · Answer

The fee needs to be high enough to motivate people to pay on time. I currently rent from a PM that charges 10%

Val Csontos · Answer

If our market rent is $1500 for a unit,  we write the lease for $1700 and there is a discount of $200 if you pay by the 4th.

This way we almost never have late payment. Our lease was tested in court once of twice.

It is an old Carollton Sheets method and if works really well.....

Aly W. · Answer

Late fee is $50 as of the 3rd, plus $5 a day after that.

George P. · Answer

1st. All of them