# Grace days if any, before late charge per day?

[Account Closed]

It's that time of the month, again!

What's your late rent policy?

Do you give any grace days in between the due day (ie, the 1st) and the day you start applying a daily/weekly late charge?

I've been thinking of doing $10 per day late, but with (just) a 1 day grace, on any future rental agreements.

(I notice some landlords/PMs give $10 or $20 back each time paid by the due day, and some do a % late charge but not sure how the latter works)

[Pat P.]

I use to have grace days- but tenants were paying all the time on the last grace day - not using it for the purpose intended but as a new date due, so new leases are being written and there will be no grace period - the rent is due on the due date, Period.  As for late fees, I am being told by local attorneys that our judges in Michigan do not like to see more then $50 in late fees per month.  I don't agree, but I will make the adjustment. 

We are in the process of going through our first eviction case right now.  Mostly because I didn't hold up to my set of standards in tenants screening.  This has been a costly learning experience.  But I now have a Notice To Quit printed except for the date, for all of my properties, and ready to go on the day after a late.  Being burnt makes you change your ways. This is a business, strictly a business, no emotions... soon - I am still in training after 7 years. But as long as I do not repeat any mistakes, it will be okay.

Yesterday I did a dry run at the courthouse on the day for eviction cases - I was suprised to learn that 90% do not even show up to court.  I will change the way I did this one too.