First Late Rent at a Recently Purchased Property

[Lucas Bennett]

Hello All,

My business partner and I recently Purchased a multi-family property in the Portland, OR area, inherited 7 tenants, and have just gone through our first round of rent payments...and you won't believe it...one of the tenants was late on their payment! Unheard of, I know.

So here is my question: Do we charge them their late fee, which is spelled out very clearly in the leases they signed when they moved in (with the previous owner) or do we give them a written warning that clearly states this is their first, last and only warning about late rent, and then start strictly enforcing the late fee next month.

On the one hand, I want to be strict. On the other hand I want to give them a break since it is the first month, and we have been enacting a lot of new rules (the previous management was all but non-existent).

I'm sure many, if not all of you, have gone through a similar situation. So...what did/do you do?!

Thanks!

Lucas

[Samson Kay]

I would charge them the late fee and serve them a 14 day notice to pay or quit.

Best case scenario they pay and learn that you dont mess around with rent payments.

Worse case scenario they are late again and you serve them notice and evict them and get people who actually pay on time.