Rent is almost late...

[Luka Milicevic]

Hi BP nation. I only have 1 property and I am relatively new to landlording. My tenants have sent checks on time every month. Usually arriving no later than the 28th each month. It's the 2nd and the mail man just came with no check. I wanted to ask for some advice as I've never been in this situation. Should I just text them? Send them an email? I'm thinking text will be the easiest but not entirely sure what to say. Any help great appreciated

[Max James]

I was in the same position last month.  What I did was find a nice template from Google on Late Rent Notice.  My plan was to go to the door of the late payer and tape this to their front door.  It seems awkward, especially to a new landlord, but if you want to be respected, you have to remember you're not friends with your residents, this is a business and legal rules are in place to ensure business flows according to the mutually agreed upon contract.  

I was also semi flying by the seat of my pants when this came up and realized I had no clue to what I would do.  This is why i created this template and have a detailed mapped structure of what I will do when a tenant is late paying rent.  I suggest coming up with a system you like as well.  Takes the angst out of it if a resident pays late.

Here is what the body of my letter looks like, hope this helps!

Dear xxxx:

This is a reminder your rent on the referenced property has not been received as of the date above and is past due. If this was an oversight, please send your total payment immediately in order to avoid further action.

As your lease states, your rent must be received in our possession by the rent payment due date of the 5th of each month before 5:00 PM in order to be on time.

The following is an itemization of the total amount due:

Unpaid Rent $475.00

Late Charges $47.50

TOTAL $522.50

We highly value your tenancy and hope to gain your cooperation in paying your rent by the 5th of each month. Please call me at xxx-xxx-xxxx if you have any questions. Thank you for your prompt attention to this matter in paying your rent and late fee ASAP.

Feel free to contact me with any questions or concerns.

Sincerely,

xxxxx