All Forum Posts by: Account Closed

@Rick Santasiere I will look up the other posts and get a copy of the CT landlord/tenant laws.  Even though it may not apply to my CT rental, it's still interesting to see what other people do.

@Cameron Norfleet -- sounds like my lease is in line with what you're doing, meaning payment is late and charged a fee after 10 days.  I do need to become more familiar with all these laws though.

I guess it's because this is really my first rental and a learning experience...I have to treat it more like a business.  I've been too easy on my tenants.  They have the money, they're just 'forgetful'.  I swear if I didn't say anything I'd never get paid.  

It's probably a good idea to give 5 days as a grace period instead of 10. I will be doing that with the next lease.

How soon do you guys start charging a late fee for late rent? I used a standard lease form that my agent provided and it says rent due on the 1st of each month. Then 3% late fee if more than 10 days late. Is that standard? My tenant has never paid on the first other than when he provided a couple of future dated cheques and I deposited on the first. He always pays, but it takes tons of reminders and it's closer to the 10th than the 1st. Just wondering how you guys handle.

Thanks Michael Noto ! Definitely will!

Hi! I'm pretty new as well and have been running into the same thing...it's been a learning experience haha :) I was interested in a rental refinance, equity line of credit, and mortgage for non-owner occupied rental. I called a few banks and they kept saying NOPE, we don't do that. However, the last one referred me to U.S. Bank. I would try any of the suggestions others have offered or just make a list of some local banks and keep calling. If they say no, ask them if they can refer you to another bank that can. Eventually you'll find some.

Hi All! I'm pretty new to BiggerPockets and new to investing. I'm an accidental landlord...yup, purchased a condo to live in early 2010 and when I was ready to sell in 2014 imagine my surprise when I found that the value dropped by about 20%. Thankfully it's in a desirable location and finding a tenant was not a problem. Anyway, I'm definitely interested in acquiring more rental properties. I'm sure I will learn lots here! :)