Inherited Tenant Issues With First Payment

[Niyi Adewole]

Good Afternoon BP Family,

I recently purchased my first househack tri-plex, and the one tenant i was somewhat apprehensive about has just alerted me that he will only be able to pay $500 of the $675 rent that is due today. He claims that his bag was stolen, etc... and that he can pay the rest in 2 weeks. Per the lease policy i can Add 10% if payment is not received tomorrow and an additional $5 per day. 

What should i do?

Should i send a pay or quit notice tomorrow and start the eviction process? What happens if he pays $500 today, can i still send a notice out tomorrow?

[Dana Dunford]

@Niyi Adewole - You are asking the right questions and congrats on your first househack. 

Do not accept the partial payment and let the tenant know that the amount is due in full (he can borrow the additional $175 from a friend or family). The precedent needs to be set that rent is the top priority. Serve the eviction notice to pay rent or quit. If the tenant has still not paid in full by the time the notice expires, then you can start the eviction process. 

You want to set the precedent immediately that rent must always be paid on time. I hope that helps.