When to Pull the Trigger on a Good, but Late Paying Tenant

[Nolan Sanburn]

First off, thanks for any responses to this, I truly appreciate the insight from investors more experienced than me. 

Of the 9 rentals I own, I currently have 8 of them under property management. The one I manage myself was a tenant I inherited from the previous own. It is my best performing property rent wise. Because the tenant that is currently living there has been nothing short of great when it comes to how he treats the property, he maintains it on his own, and in the 9 months I have never received a phone call about anything, I didn't want to pay for management company when there has been no reason for management. He has lived there for 15 years, (not sure why he has never wanted to own, but thats beside the point) so I want to give him the benefit of the doubt but he is constantly late on rent. Although he has never missed a payment, he is a habitual late payer. One month it is the 8th, the next it's the 12th then the 3rd. I know the correct answer is to begin the eviction process on the 6th if rent is not paid, but like I said, I know I am always going to get rent, so I let it be. Has anyone ever had any experience with a situation like this and if they have some advice on how to approach this, (other than the quick eviction!) it would be much appreciated. Thanks guys!

-Nolan Sanburn 

[Deanna McCormick]

Honestly 15 years he's lived there and your huffy for late rent payments... You've had no turns no lost rents and bascially I bet not much fixing in the house while he's lived there.

YA go ahead and be strict and then file for late or non payment and get another tenant that will pay late and start the whole thing all over again.. 

Reality is he's paying .. and you have no expenses..  kind of a no brainier to me...