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Updated over 2 years ago on . Most recent reply

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Nick Gagel
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Amending rent due from 12th to 1st of month in middle of contract

Nick Gagel
Posted

I currently have my rent due on the 12th of each month. Mortgage is due on the first. I now know it is better to have that date be the 1st of each month. 

2- What is the best way to go about doing this without losing out on money? Or is a refund of those 11 days and amending to the 1st the only way to go about it? This is a 2 year contract and thinking of amending it at the end of this month which is the end of the first year. 

Or, is keeping it the 12th of each month for the rest of the year best?  

Thank you! 

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Mike Dymski
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
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Mike Dymski
#5 Investor Mindset Contributor
  • Investor
  • Greenville, SC
Replied
Quote from @John Teachout:

I'm curious as to how the rent due date became the 12th in the first place? That's pretty unusual.


I bought a 30 unit apartment community and the prior owner had a different due date for most every unit.  The due date was based on the lease signing date.  So inefficient.

We transitioned everyone to the 1st by having them pay prorated rent through the end of the month on their original due date (rather than a full month).

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