Need some advice on my next step... One of my tenants missed his scheduled rent payment. Am I correct that I need to serve him a "Pay or Quit" notice? If so, does anyone have a letter I could use? Or is there specific language I must have in my letter when I serve the tenant with the letter in the event I write the letter myself? Is there a certain amount of time I must allow him to pay?
Begin by accessing your specific state landlord tenant regulations. They are on line for every state.
You need to begin the process the day after rent is due and be prepared to evict.
You need a landlord/tenant attorney in your area. The process and timing varies by state. Here in CO you post (or hand deliver) the pay or quit notice as soon as the rent is late. CO law says that's four days after the rent is due. Then they have three days to either pay or quit (leave). If they don't, you proceed to doing an eviction. You can look this up, but I do advise using an attorney at least the first time. If you don't follow the process correctly, you may end up having to start over.
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