Accept partial rent or give a 5 day pay or quit notice.

[Shawn Ackerman]

Just wanted to throw this out there to see what you guys think.  Here's the deal.  Today my property manager went to one of my newly acquired rentals and the tenant states "Can I pay $400 today and $500 on Friday?".  Keep in mind that this is a rental I closed on 9/2/16 but because of everything else our company is doing we didn't get around to the tenant to collect September rent until today(no prorated rent at closing).  

What would you have done in this situation? Take the $400 and hope the tenant pays the remaining rent of $500 on Friday or Give the tenant a 5 day pay or quit notice today and inform tenant if rent is not paid in full by Friday you will be issuing an eviction notice?

Side Bar - This is an inherited tenant.

[Shawn Ackerman]

@Don Daniels I think this can be argued both ways, that's why I'm feeling our the community.  My portfolio is in Wisconsin which is also landlord friendly.  I purchase low cost property so the holding costs per month are about 25% of the gross rents.  With that said losing a non-paying tenant for me is really no sweat.  One of the reasons why I chose this market all things considered.  I just think as a business owner we have to look at things from all perspectives in order to make a sound business decision.  Looks like you and I are on the same page.