How long should I wait before posting an eviction notice? I would love to hear other real estate investors processes. And learn something.

@Josh Fernandez

A few schools of thought that I've seen. 1) The day they miss their payment serve a notice. The reason being is that people usually have about 10 days (depending on where you are) to resolve before you can take the next step. If you wait a week then serve, that'll be 17 days after they missed their payment before the process really starts. 2) Talk to the tenant and see what's going on. If it's a good reason and verifiable, their car engine just gave out, their parent just died etc. create a payment plan. As soon as they miss their payment plan, serve the notice. 3) Case by case, if they're consistently 5 days late but they pay every month then it might not be an issue. Might even be worth it to wait the extra few days if a late fee is applicable (per your laws) and you get to collect a few more dollars every month. 

Depends on your patience, time, and risk tolerance.

@Josh Fernandez Read your lease. Many say rent is due on the 1st, but late on the 5th. If that is how your lease reads, then on the 5th you can start the eviction process. Talk to the tenant and tell them what you are doing. Listen to what they say, but start the paperwork and go forward with the eviction.

Depends on your state law. My state requires a 3-day grace period before I can charge late fees or start eviction.

Rent is due on the first day of the month.

If not received by the fifth day of the month, then I charge a late fee.

If they haven't paid everything in full by the 10th day of the month, then I hit them with a 3-day Pay or Quit.

If they don't pay everything by the end of the third day (or move out), then I file in court for a forcible entry and detainer. My court no more than 14 days later, usually less, and I always win my case.

This means I can typically evict a tenant before the month is over, limiting losses to one month of rent, which the deposit can cover. Then I'm only out cleaning and repairs.