All Forum Posts by: Agustin Conti

Quote from @Adam Bartomeo:

You should take business as business and not take it personally. Also, I am fairly certain that you just announced to the world that you are breaking Florida State Law by overcharging on late fees. From my calculations your tenant would have to pay at least $7,500/mon in rent for your late fees to be in line with the law. Maybe you should hire a PM to handle the property as to take the emotion and liability out of the equation.

I don't think so: " ...A facility or unit owner may charge a tenant a reasonable late fee for
each period that he or she does not pay rent due under the rental
agreement. The amount of the late fee and the conditions for imposing
such fee must be stated in the rental agreement or in an addendum to
such agreement. For purposes of this subsection, a late fee of $20, or
20 percent of the monthly rent, whichever is greater, is reasonable and
does not constitute a penalty. In addition to late fees, a facility or
unit owner may also charge a tenant a reasonable fee for any expenses
incurred as a result of rent collection or lien enforcement"

Quote from @Colleen F.:

@Agustin Conti  your problem is not the size of the late fee, it is "Because In the past I have not applied the late fee," Some people are like this.  I had one tenant I had to write close of business on the 5th he was so difficult.  You have to make it considered as additional rent in your lease but that late fee is really high.

What do you mean by "write close of business" and "make it considered as additional rent.." ?

Being consistent and applying the late fee did the trick. He has paid on time since then and has not mentioned any delays or BS about when is he paying rent. Unbelievable that people needs to get "punished" to do what they supposed to do. Problem solved.

Quote from @Keith Jablonowski:

If he is really trying and eventually pays in full every month and it is truly a timing issue with him getting paid you could consider changing the due date on his lease or accepting multiple payments throughout the month.   

But if he is just being difficult and he owes anything more than 30 days then don't mess around.  Serve the proper pay or quit notice for your state and if he doesn't pay start the eviction process.

But you need to enforce the late fees regardless.   You can give a 1 time get out of jail free card but after that if rent is due on the 1st and late on the 5th, then on the 6th the late fee get's added, do not budge on this.  If you do he knows he can work you.

He always communicates and lets me know if he is not paying by the 5th, and it never got more than 4 days late. But As I said for whatever reasons (maybe cash flow at beginning of the month on his part) he makes stupid excuses instead of being open about why he is not able to pay on time. Not that this is my business but I need to be able to assess his ability to pay consistently on time. If He was honest I would not mind working something out with him instead of "punishing" him with strict late fees but he gives me no choice and it seems it is the only way he will see I am serious about paying the rent on time. 

Hi, I have a Tenant who is good but have paid a few times (only a few days) late in the past on occasions. So to discourage this behavior I have increased the late fee on the renewal of the lease to $250 (if rent is not paid by the 5th) AND $50 per day starting on the 7th. He makes stupid excuses.,like I reached my limit on Zelle or ..today my mom is in the hospital and the bank is closed..I'll pay as soon as I can etc.. Which I hate. I would have prefer a much more open and honest communication like "I can't pay today but I will on the  6th, etc" Because In the past I have not applied the late fee, I sent a reminder at the beginning of the year (2025) that rent needs to be paid on time and I will enforce the late penalty. I also sent a reminder on the subsequent months about this. Now he is late again and have paid half of the rent. (its the 7th as I am writing this) This is the first time I am dealing with this situation. The question is HOW do I enforce the penalty if he does not send the money? what is the standard and formal procedure. I don't want to take it out of the security deposit. I want the money.  I sent several reminders and a clear message about this and need to stay firm and set the boundary clearly. Suggestions? Thanks

Thanks Mitch. No, I do not know at all if the land will appreciate. I like the location. This is North of Franklin. I am just researching, and the more "negative" stuff I found about it the more I am inclined not to make an offer on it. I want to know the options and you are certainly gave  me good info. 

HI Jonathan, thanks for your response. I agree and as you said "if you want to make money" but in this case I am not trying to make money, right away but rather not loose money if anything. I see it a a long term small diversifying investment. What I need to know is what are the things to look for and analyze when considering buying a lot like this. I am going through the regulations and restrictions in that place (not a closed community but there are some rules). There are no utilities in place, no septic tank and no well. And preparing a building site and installing a driveway are further considerations if I even decide to build something there. It is already off putting that I could not be allowed even to use a tent or trailer, RV, mobile or tiny house even temporarily. I need to have an idea for example of how much money I need to have the place ready to start building. How do I make this assessment? How do you evaluate the increase (or decrease) in price of the land in question down the road? 5-10 years for example? I need real tips for LOT buying considerations. Not if I should buy it or not. Thanks

I am considering putting an offer on a 2 acre empty lot, in a sloped wooden area in Western North Carolina. I have never bought a lot and have no idea what are the steps and the things to consider, when evaluating this option. I have no desire now to build anything and I don't if I  ever will. This is a pure emotional type of investment and I want to honor it. The surrounding lots are developed and have houses, It is not a closed community but it looks like one. We do have a house we rent in the area and simply love it. I don't have a plan yet for the lot but I see a lot of potential and if i don't develop it I know I would not loose money if I sell it in the future. Features: Rolling Slope, Near Level, Steep Slope and small stream and partial look of the lake. The things I have no idea about is, what to ask for..septic tank? Water and electric? how hard (or expensive) would be to build. How do you evaluate those things and more important what is the checklist I need to go over when considering a lot of these characteristics in Western North Carolina. Any tips appreciate it. Thanks

It's great to hear your focus and determination at that young age. I wish I had started sooner, but my advice is make sure you are happy (or strive to be) on a daily basis by following and nurturing your passion (specially if it is not related to real state!) AND save, save, save. Always live frugally and be disciplined financially. 

yeap..those are the numbers I am seeing..$1125 in monthly interest is not fun...This is like 14k per year in interest alone. Crazy.. I am ok with 1000 to 1200 per month including some principal payment. but not this. This is like around 50k in interest over 5 years, not a minor expense in the whole equation. dang..it is so easy to make money IF you have the money! the more you have the easier it gets and the other way around.