Okay, I suppose that buying the house, rehabbing the house, screening the tentants and leasing the house were the EASY part. Now I suppose the journey officially begins..

So, I have had my first tenants now for coming on their 5th month. They have been great and have paid early every month until this month. I have done my part to maintain the property.

So, I figugred if there ever was a month to be late, February would be it. Since they get paid on Friday, they would have had to pay almost an entire week early rather than a few days as they normally do to prevent being late.

They said they wouldn't be home to pay the rent on Wednesday and Thursday, so we could pick up the rent on Friday. They did not acknowledge they were late, though. My wife is my translator in this case and she failed to tell them...

In any case, this is my plan. I am going to pick the rent up this evening and tell them they are late. I won't charge them a late fee this time because I understand it was a short month, but this is the only time I will be able to waive a late fee (my lease states late after the 1st).

My question is: is there any point in having them sign a form acknowleging they are late and that the fee was waived at the discretion of the owner (me)? I thought this might be of psychological benefit, but am kind of thinking off the cuff and want some feedback before doing anyting. Often times things that sound like a good idea have a negative unintended consquence.

Also, is February a common late rent month for any of you guys do to being a short month?

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First late payment on rental: common in February?

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