Late-Paying Tenants . . . Advice
Hi:
I have a couple of detached garages that I rent seperately for $175/mo. One garage is rented by a couple guys--one of whom is a tenant of a good friend of mine. My friend told me he was a good guy, always paid his rent, but always paid it late WITH all corresponding fees. He said the guy ends up paying way more every month than he should because he tacks on the late fees, but he does pay every month--fees and all. If it were an apartment, I never would have accepted his app., but $175 is such a very small part of what I'm bringing in on that building. So, I did--with stiff late fees. $25 due if not received by 5 pm on 1st of month, $5 per day after that.
This month, he still hasn't paid. He called to apologize, told me he'll get it to me next week with all late fees.
I was planning to let it go til the 15th and send him notice. My husband (and landlord friend) think I'm nuts to not just sit tight and collect all the late fees. I don't usually mess around with late paying tenants (and I still wouldn't if it were apartment rent), but not sure I'm right this time.
What do you guys think????
It's a garage right...if it is not a necessary part in making the mortgage pmt...I would collect the fees. Look upon it as a "profit center"...regards, CWal
Give him 30 days to pay with late fees. If he pays with all the late fee's smile real big and go out for a nice dinner.
More then 30 days late and boot him
Quote:
On 2004-11-14 00:23, Dumdido wrote:
Give him 30 days to pay with late fees. If he pays with all the late fee's smile real big and go out for a nice dinner.
More then 30 days late and boot him
Exactly my thought. :-D
Quote:
On 2004-11-14 00:23, Dumdido wrote:
Give him 30 days to pay with late fees. If he pays with all the late fee's smile real big and go out for a nice dinner.
More then 30 days late and boot him
Exactly my thought. :-D