All Forum Posts by: Kyle Meyers

Does this mean no 1099s or just that they will not have to be issued to corporations?

I might get some of those for them, they had told me they would be paying through the online payment system I have, but I guess they have had trouble with their computer so I will give them another way to pay. Thanks for the tip.

Luckily, they had been confused about how they were going to pay and my follow-up call cleared everything up and I picked up a check from them. Thanks everyone for your input, I am still going to have to do more research on the laws, so far it looks like there is not anything about late fees or grace periods, and I will have to figure out how the wording in my lease should be properly interpreted. I am going to update my lease to be clearer for the future.

I have 2 older properties that I rent out. One built 1966, the other 1920. I did large renovations on them when I bought and had factored that into the numbers before purchase. I had to replace the AC, furnaces, water heaters, etc. One of the properties also needed asbestos abatement. I don't know if there is any lead paint, but everything has been freshly painted and lead disclosures are part of my lease.

I believe this portion of the Indiana Code applies to rental of non-titled personal property rentals. I guess that is the closest I will find, so if there is no grace period for that, I won't have one either.

I hope they do this in Indiana. I just had a property appraised and it came in way low because of the nearby foreclosures.

I am in Indianapolis, Indiana, and I do not think they have a required grace period, but I did put one in my lease (I plan to remove it for future use). I have not found any laws in the landlord-tenant code for the state that apply to late fees or grace periods.

I am dealing with my first late payment and I'm not quite sure how to handle it. The rent was due today, but I have not received it or heard from the tenant. I am going to call them tomorrow to see what is going on, but I wanted to make sure I know how everything works.

I am especially curious about the grace period. I have a 5 day grace period and a $5 per day late fee. So, if they pay on the 6th their would not be a late charge, but if they pay on the 7th would the charge be $5 or $30? Do I count the days that are part of the grace period since that is still how many days they are late?

This is their first rent payment since they moved in partway through March, and I am hoping they were just confused about something, but I want to be prepared for what my steps will be. Also, since they paid the first month rent up front, could they actually get away with delaying their payment until later in the month?

My lease states: "If the rent or any other charges are not received by the Landlord on or before 5 days after the rent due date, Tenant must pay a late fee of $5 per day the rent is late in addition to the rent."

Thanks for the help.

I collect the deposit when we sign the lease and the first months rent when they move in.

I have seen it declared in the lease who it will be returned to. I think the easier way to handle it is just to write the check to all the tenants. That way they have to all sign it to cash the check and you are not involved in the issue of who is owed what.