Late rent payment options?

[Kaybreh Mathis]

Hello! My husband and I bought an apartment building that is fully rented out. The previous owner was not a good landlord or business man. His lease was barely three lines long, and did not address late fees. He told me he charged a $30 late fee, but again, it’s not spelled out in the paperwork. Some of them are in current leases. Some of them are in month to month because their leases expired. I am not interested in issuing new leases right now (most of them are undesirable tenants). Am I stuck, with no ability to enforce a late fee? He also let them get by with paying rent weekly or whenever worked for them, so it’s been difficult to get everyone on board. Help!

[Sarah Brown]

The month to month people you can start enforcing the late fee now.  You just need to give them notice of the new policy.  I would put it in a letter and and send it to them.  I also send reminder emails before the rent is due.  The other you may have to weed out as the leases expire.