What to do when rent is late and when is it late?
Hello,
I have just purchased a six unit last month.
Rents were due on the 1st. I have installed a rent drop box on the first floor and passed out a letter to all of the tenants to deposit checks in their.
I check the box yesterday and 0 checks were there.
According to their rental contract, rent is due on the 1st but they have a week to pay before late charge kicks in.
What do you think I do at this point?
Should I wait for the rent to come in by the 7th or should I go in there and individually ask each tenant why they haven't made a payment?
Any ides would be great,
Thank you!