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Updated almost 6 years ago on . Most recent reply

User Stats

102
Posts
17
Votes
Brandon G.
  • Middle Tennessee, TN
17
Votes |
102
Posts

Continual 5 day grace period payment

Brandon G.
  • Middle Tennessee, TN
Posted

Our is due on the 1st and the tenant continues to pay rent on the 5th.  I have been under the impression that Tennessee has a 5 day grace period for late rent.  What can I do, other than a late fee, to mitigate this?  If there is a 5 day grace period then the rent is going to continue to show up 5 days after it's due, even if it does have a late fee. 

Most Popular Reply

User Stats

425
Posts
391
Votes
Clint Shelley
  • Surveyor
  • Dothan, AL
391
Votes |
425
Posts
Clint Shelley
  • Surveyor
  • Dothan, AL
Replied

I have a tenant that does this, in Alabama. My late fee starts on day 5, so most months I get a little extra. It used to bug me, but now I don't sweat it. If they're taking care of place and abide by the contract, I think of it as extra cash flow. 

Clint 

  • Clint Shelley
  • Loading replies...