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Updated about 6 years ago on . Most recent reply

Continual 5 day grace period payment
Our is due on the 1st and the tenant continues to pay rent on the 5th. I have been under the impression that Tennessee has a 5 day grace period for late rent. What can I do, other than a late fee, to mitigate this? If there is a 5 day grace period then the rent is going to continue to show up 5 days after it's due, even if it does have a late fee.
Most Popular Reply

I have a tenant that does this, in Alabama. My late fee starts on day 5, so most months I get a little extra. It used to bug me, but now I don't sweat it. If they're taking care of place and abide by the contract, I think of it as extra cash flow.
Clint