Late Rent - Habitual Fix
Yay! I just got back from my Thanksgiving real estate tour in Jacksonville, FL (which I am going to write about on another post) and I am glad to find that I have my rent checks waiting for me!
Big Thanks to BiggerPockets! This is my process now:
1. Have a solid rental agreement specifying the consequences of late payment (which I luckily had before)
2. If rent is collected before the 3rd of each month {celebrate},
else {send via PDF a pay or quit notice with rental payment and late fee application date and make a phone call stating consequences}
3. If full rent + late fee is collected within 5 days of pay or quit, good;
else if only only rent is paid, send a notice of cumulative late fee right after, continue sending every 10 days until full rent + late fee is collected.
ELSE if nothing is paid after 5 days of pay or quit, I don't get mad, but I file for eviction.
Above all, don't get emotional.
Comments (9)
Not sure if emailing a PDF file will work. I invest in Jacksonville Florida so look forward to your post.
Mark Goodman, over 12 years ago
Not sure if emailing a PDF file will work. I invest in Jacksonville Florida so look forward to your post.
Mark Goodman, over 12 years ago
IF (Rent_Received < Rent_Total) && (Date-Due_Date > Allowable_lateness) Then Call Lawyer I love your logic.
David Rundle, over 12 years ago
I am new. What is a 'quit notice'?
Dan Clermont, over 12 years ago
Dan, welcome! It means pay up or move out :) Give the notice that asks to correct the violation (not paying rent- corrected by paying rent). If they do not move out by the amount of days in the notice (3 days, if it is a 3-day notice), then you file for eviction. Hopefully, it is not a notice you have to give often!
Jen Kurtz, over 12 years ago
Kelly, Are you able to serve notices via e-mail in Florida ... or does the acronym PDF have another meaning? 2. If rent is collected before the 3rd of each month {celebrate}, else {send via PDF a pay or quit notice with rental payment and late fee application date and make a phone call stating consequences} Here, our laws have not caught up with the information age, so we have to serve notices via: a) delivering it personally b) sending it through ordinary mail; it will be deemed served on the third day after the date of mailing to the tenant at the address of the premises or, if subletted, to the address provided by the tenant as assignor; c) faxing it (which is really only applicable for tenants serving documents on their landlord).
Roy N., over 12 years ago
Geeks rejoice -- very clever . . .
Joshua D., over 12 years ago
Congrats Kelly. Looking forward to hearing about your real estate tour.
Roger Lin, over 12 years ago
haha, nice IF/THEN statements! Can compute!
Lisa Phillips, over 12 years ago