Grace period (by Laura [KY]) Oct 11, 2017 4:08 AM|
Grace period (by LindaJ [NY]) Oct 11, 2017 4:42 AM
Grace period (by Deanna [TX]) Oct 11, 2017 5:04 AM
Grace period (by BRAD 20,000 [IN]) Oct 11, 2017 1:39 PM
Grace period (by Laura [KY]) Oct 12, 2017 2:45 AM
Grace period (by Vee [OH]) Oct 12, 2017 4:12 AM
Grace period (by Laura [KY]) Posted on: Oct 11, 2017 4:08 AM
Anyone here know what KY grace period says? My lease says due on 1st. Any late payment = $75/late fee. No mention of any grace period; however, if I have good tenant who pays on time most of time, I allow grace. If they abuse it and pay late all the time or more and more each month, I charge late fee on 6th day. Notice to vacate, I think, can be done here after 3rd day late though.
Going to try to find in Kentucky Revised Statutes but just thought I'd ask here first.
Want to take $75 charge that she refused to pay her last month in unit in addition to damages that she denies but I have pictures out of her deposit but may decide to let it go just to get rid of drama. --184.53.xx.xx
Grace period (by LindaJ [NY]) Posted on: Oct 11, 2017 4:42 AM
If you take it out of deposit, there is less money to charge against when they move out and leave you with damages. Only take it from deposit AFTER move out. --96.236.xx.xx
Grace period (by Deanna [TX]) Posted on: Oct 11, 2017 5:04 AM
I see an April, 2014 article that says Kentucky has no statute addressing either grace period or late fees, so if any changes have been made, it would be in the last two or three years, max.
So the best thing to do is, "Would this look reasonable to an outside party if I ever had to explain my methods?" Because you always want to be the reasonable one, if anyone ever challenges you in court. --96.46.xxx.xx
Grace period (by BRAD 20,000 [IN]) Posted on: Oct 11, 2017 1:39 PM
Good for you fro eliminating grace periods! They only confuse renters.
Regarding your "sometimes laters" the law is clear: you must treat EVERY resident the same way. If you let one slide the others could nail you for charging them a late fee.
We stopped playing god, deciding who was worthy of a late payment and who was not. My lease is clear: Management does not accept late or partial payments.
Our lives got so much simpler and people actually PAID on time without being reminded. The "I'm gonna be late" calls ceased.
Also, my judge says if you have not been charging late fees all along you cannot start now at eviction.
I will suggest you are confusing those residents, teaching them it's OK to be late - no harm, making extra work for yourself, and leaving money on the table they totally expected to pay.
Things to think about.
Grace period (by Laura [KY]) Posted on: Oct 12, 2017 2:45 AM
Your comments make complete sense. I work for attorneys but noticed you mentioned your "judge" says. I'm making changes on my leases now, have several who have been with me for years who have been operating under the old landlord methodology of trying to be nice guy and whose lease terms have expired but I just go month to month without new signed lease. I'd appreciate your comments on whether to go to new lease with them or not now and whether a new lease signing is recommended every year. (One of which is prior tenant's father whom I am trying to avoid unnecessary drama or conflict that has come up since demanding timely payment from her after several consistent months of late payment and little effort to get it to me, she got mad and has moved out, waiting on deposit return now). I believe her dad may be next. --184.53.xx.xxx
Grace period (by Vee [OH]) Posted on: Oct 12, 2017 4:12 AM
Try to be nice, hold the tenants responsible for lazy actions, why reward bad behavior? If you are intending to be professional in this business be sure to understand your local/state tenant rules - anytime you get to court you will be held to the highest standards, download - print - read - understand your business rules before opening up. Many places do not allow access to the deposit until the keys have been returned, unless your jurisdiction requires a grace period then treat the first of the month as the first renewal day of the tenancy and this is when rent is due - not a put-in-the-mail story, the rent is in -my hand- or bestway is into the deposit account, did you ever notice stuff around the banks? They have gates, cameras, guards - most with guns, they are in the money business, I do not speak for all owner/managers but I carry toilet rubber parts, the clips that hold windows shut, camera phone to take visual samples of damages to the desk so I can call to a few repairmen to get clear estimates (not confused by a tenant yelling it was like that when I moved here), also a somewhat strong arm to help lift a broken branch out of the driveway so they can get kids from school - all while the banker people are stampng a date on a deposit slip for my account. --76.188.xxx.xx