All Forum Posts by: Justin Ford

But could you say that it could now be blamed on the renter selection process more then the incentive? Just curious.

As this discussion has evolved we may just go with the standard rent is due on the 1st and late after the 5th. At least until we go through the prescreening then adjust when we get a better read of the perspective tenant.

Thanks to all that replied. This has been a good place to go for a lot og good information. I am glad to have found this site when I did.

It was suggested by an accountant friend of ours that it be handled this way because if we would have to go to court, fees added for being late are often negotiated out of the settlement.

But it was also mentioned here: http://www.biggerpockets.com/renewsblog/2010/10/07/5-strategies-to-get-early-and-on-time-rent-payments/

Can someone help me with some legal wording for our lease regarding discount for on time payments. We are charging no late fees, but if they are on time, giving a discount. We are upping the rent by $50 and then giving them a discount for paying on time of $50 per month. I just need to know how to word that correctly. If anyone does this, and has it in their lease, I would appreciate you sharing that wording. Thank you!

I am ready to buy my first property and would love to check it out.