Increase In Slow Paying Tenants!
All,
I have a few out of state properties and this year, I have seen an increase in slow paying tenants.
They eventually pay the rent and although my lease allows late fees and daily penalties, I typically do not pursue these penalties vigorously if they end up paying.
Am I hurting myself by not pursuing these penalties? The penalties range from $15 to $40 per day and can add up quickly and I have them more as a deterrent than as a means for income.
Any ideas on handling slow pays? Do you immediately evict a slow paying tenant especially of they have gone past the 15th of the month? Or do you work with them?
Thoughts?
JS.
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