Late Payment Question for Landlords

[Mark Graffagnino]

I'm curious to see how other landlords feel about this. We have a tenant who has paid late the past two months. Between the late fees and penalties, it's been about $200 extra each month (rent is $985)

My partner wants to set her up on a temporary payment plan over the next three months where she makes a mid month payment in addition to the first month payment, which is scaled to help her get back on track to paying full on the first again by July 1st.

I want to help her get back to paying on the 1st but also like getting the extra money in late fees each month. We send out late notices per the payment schedule in the lease so we maintain the lease agreement. When she goes past the 10th we file a dispossessory, which she has to pay for. There is no loan on the house, so we're not fronting any money each month.

She makes good money, so its not a situation where she can't afford the rent. How would you proceed? Thanks.

[Mike Haro]

I would leave the due date as is and let them pay the late fees. As John mentioned, what has changed that the rent is no longer affordable? I had a tenant buy a new car and had asked me if they could pay on the 15th because the car note was due on the 1st. I told them absolutely not and to call the finance company to have them change their due date. In a polite way I told her she can live in a nice a apartment or she could live in her car.