Early payment of rent
Good afternoon everyone,
I would like to receive my rents before the end of the month, and require my tenants to deposit those payments directly to a bank account. What is the best way to do this? I have thought of several approaches, and am wondering what others think and, of course, whether I have missed something and any of these approaches are specifically disallowed under Massachusetts law.
1. Require that rents be paid by the 15th (or maybe the 20th) for the following rent. Rents received after that date are late.
2. Have my monthly schedule for the rentals run from 15th to 15th (I see several advantages to this, but the fact that it would be out of sync with most landlords might create significant problems).
3. Have rent due on the 1st of the month, but offer rebates for rent paid by the 20th of the previous month.
I am grateful for all constructive input-- thank you!