Late fees & grace period (Arkansas)
[Likely questions with an obvious answer to all you experienced folks...]
My rental property is in Arkansas where the state statute notes a 5-day grace period. If rent is due on the 1st, can I send a "you're late" notice on the 2nd even though they have until the 5th of the month to pay in full?
And if I understand all this correctly I can't charge a late fee until the 6th of the month. That begs the question, then: why would a tenant feel obligated to pay on time on the 1st?
Most Popular Reply
I know an investor who mails out an eviction notice the 3rd if rent wasn't received by the 1st. They receive it the 4th and I suppose the eviction process begins the 5th. If they notify him in advance, they have a problem and will be late, he will work with them. Otherwise, he's cutthroat. However, he doesn't have many issues with his renters.