Late Rent? What's your "way too late date" to get paid

[Todd Fithian]

Hey BP, So I've got some tenants that seem to be 3, 4, maybe 5 days late just about every month on rent. Usually it's not too big of a deal because they are great great tenants when it comes to up keep, noise, and overall good people. But this last month I had a situation where my tenant (who's in the unsettling construction industry) couldn't get paid from a job and gave me his notice that he had to move because he was way too unsure about when, if ever, he'd get paid. He told me that he and his family would be out by Sunday the 10th, Well the 9th rolls around and he comes to me late with the rent saying he got paid and they didn't want to move anymore. This is totally all well and good, but I just don't want this to happen time and time again, but I also don't want to lose "well behaved and good tenants". So my long winded question for you is, what's your absolute last date of the month you feel is acceptable to get paid before you've had enough, or want a different set of tenants? Thanks!

[Ken P.]

@Lelith Walker is right on target, you have to be firm and run your rental(s) as a business.  Your lease should spell out exactly when the rent is due, when it is overdue, and what the consequences are for being late.  You must stick with what is in writing, as agreeing to deviations will only invite more deviations, and will undermine your position if you have to move forward with eviction and the tenants challenge the eviction in court.  

Remember, you only have one (I'm assuming) empty property at a time, and at any given time there are hundreds or thousands of potential tenants in that area looking for a home, so among all those potential renters there are many who are exactly what you are looking for.

Good luck!