The purpose of the late fee is indeed to make the landlord whole for a dishonoured payment on the part of the tenant.One of the underlaying themes in this thread, which is substantiated by our own hunt for a PM company to take on some/all of our portfolio as we reach our 50-unit acquisition milestone, is the misalignment of the manner in which most PM companies seem to operated and the interests of property owner.    

What an awesome milestone to achieve!

Julie L. is your neighbor who quit his job earlier this year after he hit his milestone.  

I have passed two mile stones in the last two weeks.  1) I flipped the switch in my brain from "I can't do that" to "Now...how can I do that!" 

Step two is to take that total and break it up into a series of achievable Milestones.Step three is to lay out a plan, with numbers ($$$), that will produce a profile for the property that you will use over and over, to achieve these Milestones, one by one.Step Four, is to execute the plan, by going through each property to the next whereby the exit strategy for one property becomes a specific entrance strategy for the next.  

We just crossed the 45,000 Newsletter Subscriber Milestone!

Reverse engineer you plan from there with a series of measurable milestones connected to eachother, with steps in between leading from one milestone to the next...these are your properties.Then, execute the plan.

If he's legitimate, he should be able to do work based on milestone payments, he shouldn't struggle to cover the initial costs of the renovation.  

Last month we celebrated 100 deals done was a great mile stone  could not have succeeded without the best teams on the ground and the best buyers to  work with.Always looking for more contacts feel free to look me up more then willing to chat and share what I have learnt.

If it meets their requirements, then they'll fund the purchase and then upon reaching milestones they'll payout more to ensure the job gets done.