5day grace
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5day grace (by Mary [IL]) Aug 20, 2017 2:59 PM
       5day grace (by OPM [OR]) Aug 20, 2017 3:09 PM
       5day grace (by Johnny B. [MA]) Aug 20, 2017 3:17 PM
       5day grace (by Blue [IL]) Aug 20, 2017 3:51 PM
       5day grace (by BRAD 20,000 [IN]) Aug 20, 2017 4:49 PM
       5day grace (by razorback_tim [AR]) Aug 20, 2017 5:33 PM
       5day grace (by oregonwoodsmoke [OR]) Aug 20, 2017 5:40 PM
       5day grace (by Jeff [CO]) Aug 20, 2017 5:44 PM
       5day grace (by Vee [OH]) Aug 20, 2017 6:32 PM
       5day grace (by gevans [SC]) Aug 21, 2017 3:42 AM
       5day grace (by Deanna [TX]) Aug 21, 2017 4:58 AM
       5day grace (by WMH [NC]) Aug 21, 2017 6:06 AM
       5day grace (by Robert J [CA]) Aug 21, 2017 12:00 PM


5day grace (by Mary [IL]) Posted on: Aug 20, 2017 2:59 PM
Message:

I have a tenant that always uses the 5 day grace period to pay the rent. Is there any way to term limited use of the 5 day grace period in a lease? --108.86.xx.xxx




5day grace (by OPM [OR]) Posted on: Aug 20, 2017 3:09 PM
Message:

And Mary... what does IL say or not say about repeated use of the grace period..always a good move to look up the law first.. its your friend --162.247.xx.xx




5day grace (by Johnny B. [MA]) Posted on: Aug 20, 2017 3:17 PM
Message:

If your state allows early pay discounts, then increase the rent by $25 per month, but tell the tenant there is a $25 discount if rent is paid no later than the 1st of the month. Now you win either way - either paid by the 1st or an extra $25 in your pocket if it's still on the 5th. Check the laws in your state first though, in Mass we aren't allowed to do this. --66.30.xx.xxx




5day grace (by Blue [IL]) Posted on: Aug 20, 2017 3:51 PM
Message:

Nope. Not without modifying your lease, which I suggest that you do.

--75.132.xxx.xx




5day grace (by BRAD 20,000 [IN]) Posted on: Aug 20, 2017 4:49 PM
Message:

Mary,

Why? If you wrote it in your lease you must have watned to allow it. No limit.

I HIGHLY suggest you eliminate the grace period for the exact reason you mentioned - they pay on the 5th.

Back when we had 88 homes I gave everyone a letter with 60 days notice we were eliminating the grace period. Not a single person complained or even commented. They simply paid.

BRAD --68.50.xx.xxx




5day grace (by razorback_tim [AR]) Posted on: Aug 20, 2017 5:33 PM
Message:

As Brad said, if you offer a grace period, they will use it every month, just like I use the grace period on my mortgages every month. My leases no longer have a grace period and I require payment by ACH so I control the flow of money, not the other way around. --70.178.x.xx




5day grace (by oregonwoodsmoke [OR]) Posted on: Aug 20, 2017 5:40 PM
Message:

Check your state law. You might be required by state law to give a grace period. In Oregon, I can't charge a late fee until day 5, which pretty effectively makes 4 days a grace period by state law.

Other than that, at lease turn over change your lease to limit days in the grace period (as allowed by law) or increase the late fee (again, as allowed by your state law)

You might try sending a notice to the tenant that even though you can't charge a late fee during the 5 day grace period, the rent is late if it isn't in your hand on the first and at whatever point that he moves out and wants a landlord reference, you will have to report that he has paid the rent late every month.

Depending upon how good he is otherwise, you might consider just non-renewing him because he is giving you stress. The stress he gives you must be compensated somehow: extra good care of the house, easy to get along with, no complaints from the neighbors, something to make you want to keep him even though he gives you stress.

You might also ask why rent is always paid on the 5th. Maybe his paycheck (Social Security?) doesn't arrive until the 5th. Maye something could be worked out with that. I have tenants who don't have rent due on the first. I don't care what date it is due as long as it isn't late.

--72.35.xxx.xx




5day grace (by Jeff [CO]) Posted on: Aug 20, 2017 5:44 PM
Message:

Never allow a grace period unless it's required by law. --174.51.xx.xxx




5day grace (by Vee [OH]) Posted on: Aug 20, 2017 6:32 PM
Message:

Listen if it is there they will use every minute they can, so repeat after me - erase grace, Erase Grace, ERase GRace - now go to the mirror and blow out those wind pipes - ERASE GRACE, ERASE GRACE.... Any questions? --76.188.xxx.xx




5day grace (by gevans [SC]) Posted on: Aug 21, 2017 3:42 AM
Message:

We have to give 5 days in SC, but we are also allowed to give an "early payment discount" if paid on the 1st. I do both.

On the 5th of every month you can hear SC tenants singing louder than in church "Amazing Grace, how sweet the sound".

It works in church, not on my leases. --98.122.x.xx




5day grace (by Deanna [TX]) Posted on: Aug 21, 2017 4:58 AM
Message:

When I started, I used five days. It was taken advantage of.

I tightened it up to three days. That was taken advantage of, also.

Now, I use my state's minimum: due on the first, late after the second.

People still aren't always timely-- but at least now, it's not because I encouraged them to not prioritize me. --96.46.xxx.xx




5day grace (by WMH [NC]) Posted on: Aug 21, 2017 6:06 AM
Message:

I had a 10-day grace period and people paid on the 10th. I had a 5-day grace period and people paid on the 5th.

Now my lease says rent is due ON or BEFORE the due date, and that there is NO grace period.

I also say a late fee is due if not paid by the 5th - that is unfortunately state law :( - but acceptance of the late fee does not stop the landlord from filing for eviction for BREACH OF LEASE: Failure To Pay Rent When Due, and that Tenant accepts that the lease provides notice of that consequence.

Once I adopted this policy, 99% of our rents are paid on time or EARLY. I have one or two that habitually push it to the 3rd or 4th but I start texting them on the 2nd. --173.22.xx.xx




5day grace (by Robert J [CA]) Posted on: Aug 21, 2017 12:00 PM
Message:

I try my best to find a tenant who will honor the due date of their rental payment. But with over 100 tenants I simply keep a record as to when each tenant can and will make payment. Some are by the 25th of the month before. Some are on the 1st while others straggle between the 2nd and 5th of the month. After that, a late fee is assessed.

I can't make someone pay early if they don't have the funds. And if they are waiting for their salary check to clear, I simply tell them to mail me a check with a note as to when I can deposit it. --47.156.xx.xx





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