Rent due on the 15th?

[Heather Miner]

I have two tenants who receive their paychecks/disability funds after the 5th of the month, so I extended their grace period by a few days. This results in extra effort each month because of multiple late fee structures. In addition, we keep our main business checking account balance low for our peace of mind/our approach to finances (we have plenty of reserve funds in other accounts). Thoughts on switching to all rent due on the 15th?

Pros:

- one late fee structure across all tenants

- most/all rent is collected before mortgage/monthly bills are deducted

Cons: 

- weird/non-standard - potentially confusing?

Previous thread on this topic: https://www.biggerpockets.com/forums/52/topics/918...