3rd month in a 2 yr lease late rent, not paid water once Colorado

[Jennifer McPherson]

So I am a newbie - and it seems like my very first tenant may end up being not so great!  In April we closed on a second home and moved into it and kept our home in Erie to rent out.  We found tenants that everything check out on - except this is the second month they are late - except this month - today being the 16th they still have not paid rent.  Our home is not chump change either.  Currently worth $500K+.  Neither is the mortgage.  We do have savings etc we put away for this reason but I di not think the first people we would rent to may potentially drain the bank!  I am sending a letter to pay up tomorrow by the 22nd and if not I will start Eviction.  I also checked with the Town of Erie and they have not paid a single water bill either.  Which I understand the town can put a lien on my house for that - so of course you know who will have to pay that....   Any advice on the front end is totally welcome!

[Bill S.]

@Jennifer McPherson so this is the deal. Post a pay or quit tomorrow. File for eviction with an attorney on Monday if they have not paid in full with a money order or bank check. Giving them a "pay up letter" is a waste of time. You have already lost 2 weeks of rent and you "plan" will only cost you another week. Sit down and figure out how much it is costing you each day they don't pay.

This is a slam dunk eviction case and you should not waste any time with non-sense. A standard pay or quit notice can be found on THSLAW.com web site (they do the most evictions in Colorado). Look for the "forms" tab. Fill in the blanks and deliver it tomorrow. Give it to the tenants if they are there and if they are not post it on the door and take a picture of it. After you deliver the notice contact the firm and get approved as one of their clients. It takes a few days and costs money but for a newbie they are well worth it. 

If they offer to pay, only take full payment for rent and for outstanding water. Don't take any promises. Show me the money!!

I guarantee if you do anything else it will cost you more money and heart ache.