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Updated over 6 years ago, 05/09/2018
Educating your tenants - where do you draw the line
I am about to become a first time landlord, on June 1...
Til now, in my very short investing experience, I have only dealt with PM's and never directly with tenants. But I am willing to give it a try bc the place is a condo and so many big maintenance items are HOA's headache and not mine, plus the place is relatively close to me (NJ) unlike others...
Having said that, I am reading through blogs here and becoming concerned..I want a long-term relationship with my tenants obviously and hope it works out but as long as it is mutually respectful!
The condo is fully rehabbed and so I do not anticipate any big issues. Is there a reasonable way to "educate" your tenants that changing light bulbs is their responsibility and also any issues caused by the tenants themselves are their responsibility as well?
Second Question - I added to the lease that tenant is to pay "late" fee if the rent is not paid within the first 5 days of the month. How can I enforce the rule? Another words, tenant may simply ignore me and continue paying late but, as long as they pay I would not evict them obviously...