Rent due 1st and 15th??
What’s up BP.
So I have decided to take one of my properties and manage it myself. I have a PM for the rest of my properties.
I have one applicant that meets all my screening criteria. Listed below
Income 3x rent (3.7 is where this applicant is)
Credit score of 600 or better (629 score)
Employed with same employer for 12 months (14 months)
No evictions (none)
No felonies (none)
No judgements (none)
I was talking to the tenant and they mentioned being able to pay the first or the fifteenth as his job pays on that schedule. And I thought why not allow this happen. Half on the first and half on the 15th.
Has anyone tried this? How did you word it in the lease? I would still want to charge a late fee after 5 days late.
Thanks