2 weeks late on first rent payment...

[Britt B.]

I have just bought my first investment property, a duplex. I moved in one side while there was an existing tenant on the other side. I closed on the 25th of April and the same day went over to inform my tenant that I am now the owner. I also gave her all my contact info on a printed sheet of paper. The tenant was very cordial and outgoing. I politely explained to her that the lease agreement she signed is still applicable and the only thing that changes is where you send rent and to contact me with any requests for repairs. Fast forward to yesterday, the 1st, when she calls to say something about her coming off maternity leave and that she needs til the 15th to pay rent. I understand people hit rough patches but I am very suspicious and have a feeling this is just the tip of the iceberg. Her lease expires in September so she still has a few months there. What’s my next move? TIA

[Tim Swierczek]

@Britt B. I agree do not deviate from the lease, it's very important you set that tone.  Offer her suggestions, such as paying other bills late that don't charge late fees or report to credit. Good examples are utilties, cable, cell phone providers.  Let her know that you can't pay your bank late and you cannot afford to let her pay late either.  If she tries to go to a sob story keep it polite but firm.  DO NOT GIVE IN!