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I used to write my leases with a due on the first, payable by the fifth. Then everyone started to pay on the fifth. So I changed it to due on the first, payable by the third. I also doubled the late fee. Now everyone pays on the third. I can't get people to realize the rent is DUE on the first. So that is the reason for dropping the grace period. give em an inch and they take every bit of it.
Is there something wrong with paying by the 3rd or 5th? Sometimes I need that extra few days for a pay check when unexpected expenses come up (like getting towed...ggggrrrr....) and my job is 100% travel and I try to drop my rent off before I leave but there have been times I forgot and thank God I came back on the 4th or 5th and was able to pay it.
Wow, I'm surprised by all these answers. I rent out two homes and although the rent is due on the first, I'll give them a leeway of 7 days before tacking on a $25 late fee and a discount of $25 if they pay a week in advance.
you are THE GREATEST landlord EVER! lol Please move to Michigan so I can rent from you
I live in Connecticut. My rent is due on the 1st, but you have 10 days to pay without getting charged with a late fee.
What bothers me is I pay my rent every month on time. It's just strange that my rent check doesn't get cashed until the end of the month. I was thinking that maybe they waited until all the rent checks come in and then deposited them at one time.
Is there something wrong with paying by the 3rd or 5th? Sometimes I need that extra few days for a pay check when unexpected expenses come up (like getting towed...ggggrrrr....) and my job is 100% travel and I try to drop my rent off before I leave but there have been times I forgot and thank God I came back on the 4th or 5th and was able to pay it.
Landlords have mortgages to pay, and the consequences of them not paying on time can be far more dire than a little late fee.
I've lived in 4 apartments in 2 states and each of them have been different.
1. Rent due on the 1st, considered late on the 3rd, but my roommates and I paid as late as the 6th with no penalty (i was an irresponsible 20 yr old)
2. Due on the 1st, late on the 4th and charged $15 per day xtra, but we had to drive it to the leasing office downtown which I tended to forget to do until the 3rd or 4th. They'd be lenient for holidays on Mondays.
3. Due on the 1st, late on the 3rd! On the 3rd you got charged $20 -- and they charged it every time.
4. This place sends us an invoice the 3rd week of the month, it's due on the 1st, if they don't have i on the second they require you to bring a cashier's check to their office which is super far away. Needless to say, we've never paid late.
I live in Connecticut. My rent is due on the 1st, but you have 10 days to pay without getting charged with a late fee.
What bothers me is I pay my rent every month on time. It's just strange that my rent check doesn't get cashed until the end of the month. I was thinking that maybe they waited until all the rent checks come in and then deposited them at one time.
This complex holds checks too and I had to start getting money orders because sometimes I forget they havent cleared my check and I have to run to the bank to deposit some cash so I dont OD. But having 10 days to pay is pretty sweet.
Wow, I'm surprised by all these answers. I rent out two homes and although the rent is due on the first, I'll give them a leeway of 7 days before tacking on a $25 late fee and a discount of $25 if they pay a week in advance.
People who rent private property can handle the rent day as they see fit. But apartment complexes and public rentals are different.
We have tenants that have set up auto bill pay with their banks.
Never have to remember to pay the rent and many banks offer this service at no charge.
... We don't do late fees. Residents receive a $25 discount when the rent is received by the 5th.
wow thats pretty awesome too!
I cant do the auto pay because the money is never in my account on the same day. Sometimes I will write a check for the 5th knowing I dont get paid until the 6th, but if I do auto pay- if the money isnt there on the 5th it wont do it so I unfortunatly have to do it on a monthly basis lol. But i have never been late.
wow thats pretty awesome too!
I cant do the auto pay because the money is never in my account on the same day. Sometimes I will write a check for the 5th knowing I dont get paid until the 6th, but if I do auto pay- if the money isnt there on the 5th it wont do it so I unfortunatly have to do it on a monthly basis lol. But i have never been late.
I think you may need to rent a cheaper place. My rent is due on the first and if it arrives after the due date, it's late. My tenants can pay with a credit card, if they want, though. I think you may have problems if the rent you're paying is too high for your salary. Why live paycheck to paycheck?
I would recommend you move to a cheaper place. It may not be as nice, but it sounds like you need some breathing room in your financial life. If you don't have children, then I strongly suggest you look for a place that's 25% or less of your monthly income.
You can save money on rent, and maybe have a chance to save for other things, like emergencies. Also, since you're a renter, you can always move to a nicer place later. IMHO You should be able to pay your rent every month on the due date.
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