What do you charge for a late fee?
This subject came up a few months ago when one of my tenants was going to be late on rent. They thought what I charged was to high. They had been tenants for about a year and a half at this point. The rent is $1,300 a month. I have a 5 day grace period before rent is considered late. After the 5th day, I charge a $75 late fee and another $20 for each day it's late after that. Is this to high? What do some of you charge?