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General Landlording & Rental Properties

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Mark Malevskis
  • Investor
  • Chicago, IL
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What to do when rent is late and when is it late?

Mark Malevskis
  • Investor
  • Chicago, IL
Posted Nov 3 2014, 10:17

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!

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