Late Fees
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Late Fees (by Michael [AL]) Jan 10, 2021 6:17 PM
       Late Fees (by razorback_tim [AR]) Jan 10, 2021 6:33 PM
       Late Fees (by razorback_tim [AR]) Jan 10, 2021 6:34 PM
       Late Fees (by Steve [MA]) Jan 10, 2021 7:36 PM
       Late Fees (by NE [PA]) Jan 10, 2021 7:44 PM
       Late Fees (by 6x6 [TN]) Jan 10, 2021 8:52 PM
       Late Fees (by BRAD 20,000 [IN]) Jan 11, 2021 12:13 AM
       Late Fees (by S i d [MO]) Jan 11, 2021 8:40 AM
       Late Fees (by Jeff [CO]) Jan 11, 2021 8:47 AM
       Late Fees (by Scott [IN]) Jan 11, 2021 9:48 AM
       Late Fees (by Nicole [PA]) Jan 11, 2021 10:03 AM
       Late Fees (by Robin [FL]) Jan 11, 2021 2:17 PM
       Late Fees (by Jeff [CO]) Jan 11, 2021 4:06 PM
       Late Fees (by BRAD 20,000 [IN]) Jan 11, 2021 11:04 PM

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Late Fees (by Michael [AL]) Posted on: Jan 10, 2021 6:17 PM
Message:

We are thinking about changing our late rent policy in the near future for our rentals. We would appreciate feedback from everyone concerning your late fee policy for your rental properties. Please tell us your policy from your lease and what do you do if the tenant still does not pay you. Again thank you for your feedback and let's all continue to keep our rentals occupied with good tenants who pay and on time. --47.13.xxx.xxx




Late Fees (by razorback_tim [AR]) Posted on: Jan 10, 2021 6:33 PM
Message:

I don't have a grace period in my lease.

Rent is due on the due date and if not, it's 10% of the unpaid balance. Once the late fee is incurred I don't accept payments or payment plans that don't include the late fee.

The lease specifies that funds received are applied to late fees before rent.

HTH. --70.178.x.xx




Late Fees (by razorback_tim [AR]) Posted on: Jan 10, 2021 6:34 PM
Message:

I will add - I give everyone one mulligan IF they contact me prior to the due date to make arrangements. --70.178.x.xx




Late Fees (by Steve [MA]) Posted on: Jan 10, 2021 7:36 PM
Message:

I don't have a grace period rent is due in full on or before the first of the month in most of my units & on or before the 15th of the month for a couple. In MA we LLs can't charge a late fee until it's 30 days late by which time a wise LL would have already issues a 14 day non payment notice. --71.174.xxx.xx




Late Fees (by NE [PA]) Posted on: Jan 10, 2021 7:44 PM
Message:

One thing Jeffrey has taught is holding a late fee for the first late and activating it if there is a 2nd late payment. So both come due at once. (Save your conversations with tenants.)

I've had this work a few times. --70.44.xxx.xx




Late Fees (by 6x6 [TN]) Posted on: Jan 10, 2021 8:52 PM
Message:

I believe here there is a 5 day grace period and then I can charge 10%.

NE, will you explain that in a little more detail? Maybe an example?

--73.120.xx.xxx




Late Fees (by BRAD 20,000 [IN]) Posted on: Jan 11, 2021 12:13 AM
Message:

Michael,

Some states regulate when and how much you can charge, and what your judge allows.

Mine is no grace period, $5 per day starting the day after itís unpaid. Same applies to PayDayPlans. Thatís what MY judge will allow.

I donít think $5 means anything to someone owing $1100 rent.

We charge a bounced check fee $50 plus the late fee.

Considering changing it $25 first day.

Biggest thing: charge it. I paid cash for 3 kids thru Purdue from late fees.

But now, in normal times, I have a ZeroTolerance on lates policy. They pay and we make more than when we were chasing rent, thinking the late fee made the effort worth it.

BRAD --73.102.xxx.xxx




Late Fees (by S i d [MO]) Posted on: Jan 11, 2021 8:40 AM
Message:

Rent is due on whatever day it is due. I am very flexible about letting someone pick whatever day they want, but they always pay the full period in advance. Most pay on the 1st, the 1st and 15th (bi-monthly), or every other Friday (bi-weekly).

$25 late fee the first day late. $5 per day for every day after that for tenants not on ACH / auto-pay.

10% fee the first day late for ACH.

Our local judges have agreed to cap late fees on judgment awards at $150, but I will apply payments to late fees even if I don't get them formally awarded. The judgement is only one aspect: the legal side. My home accounting system has no limit on late fees.

--107.216.xxx.xxx




Late Fees (by Jeff [CO]) Posted on: Jan 11, 2021 8:47 AM
Message:

I charge an extra $50 if rent is received after 5:00 PM on the FIRST, and $25 per day thereafter. --76.120.xx.xxx




Late Fees (by Scott [IN]) Posted on: Jan 11, 2021 9:48 AM
Message:

No grace period, it is counterproductive. It teaches tenants that your due date is flexible.

Mine pay $40 when 1 day late, then $2 per day thereafter.

You also have to stay in their ear with progressively more aggressive texts. Don't let them think for a second that you have forgotten or are complacent. --107.141.xx.xxx




Late Fees (by Nicole [PA]) Posted on: Jan 11, 2021 10:03 AM
Message:

In my area, the magistrate's allow 10% - not a daily fee. I charge mine the day after rent is due. I believe if I ended up in front of the magistrate over late fees they require a 3 day grace period. --72.70.xxx.xxx




Late Fees (by Robin [FL]) Posted on: Jan 11, 2021 2:17 PM
Message:

Florida doesn't mandate a grace period, but I do give my tenants 5 days grace. The late fees are $25 on the 6th of the month and $5 per day until the rent is paid in full.

I do not waiver on the late fees. If they pay after the 5th, I insist on collecting the fees. --96.47.xxx.xx




Late Fees (by Jeff [CO]) Posted on: Jan 11, 2021 4:06 PM
Message:

Agreed, Scott.

Grace periods where they are not required by law are a terrible idea and a bad business practice. They train tenants that it's okay to pay late. --76.120.xx.xxx




Late Fees (by BRAD 20,000 [IN]) Posted on: Jan 11, 2021 11:04 PM
Message:

Michael,

My lease is clear: All monies received are applied to the unpaid balance. Unpaid balance becomes rent.

So I get the late fees paid and the rent is still late unless they pay it all.

BRAD --73.102.xxx.xxx



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