From 0-20 units in 6 months

[Lyndsey Whiteaker]

Hello BP

I am a new investor who has purchased 21 units in the last 6 months

4 family

4 family

8 family

2 family

2 family

Single family

My question is existing tenants. I live in Missouri and I have 3-4 tenants who are late in rent every single month almost letting the rent go into the next month.

They all say they got a new job ect

I’m not afraid to evict people I just was wondering if there is a scary letter I can send out before paying an attorney hundreds each time to file the eviction? Would anyone care to send me what they send tenants who are late or don’t pay within a certain amount of days.

Also after how many days do you actually file? What is your process before you evict ?

[Nathan Gesner]

My policy is:

1. Rent due in full on or before the 1st;
2. Late fee applied on the 5th;
3. Only accept money orders or cashiers checks on the 5th or later because I need to know the money is good;
4. If not paid in full by the 10th, file a 3-day Pay or Quit;
5. If not paid in full by end of 3-day, file for eviction
6. Eviction hearing is within 7 - 14 days of filing;
7. Evict

You have tenants that have been improperly "trained". Someone has allowed them to pay late without penalty and they no longer see this as a professional business transaction. I can assure you their cell phone, cable bill, and car payments are no this lax.

There's no magic formula but this is usually fixed with a short, professional reminder of the policies spelled out in the lease agreement. Let them know you intend to enforce them 100% for all residents, no exceptions. You will stick to the deadines, you will not waive late fees, and you will start the eviction process without failure.

Then you have to follow through consistently. A letter like this may scare them into compliance for a month or two but you have to be vigilant about enforcement every single month, even six months down the road.