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Updated over 1 year ago on . Most recent reply

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Paul Sandhu#4 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • The worst town to live in, KS
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Late fee for late rent payment?

Paul Sandhu#4 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • The worst town to live in, KS
Posted

One of my bigger houses has 6 real beds and 2 sofa beds.  The weekly rent is $1500.  There are 7 guys in there working day or night shift.  It comes out to $215 a person.  Yesterday was rent day.  4 guys paid me the rent for 6 of the people.  They told me the 7th person was at a bar, I never got his rent payment yesterday.  So today I have to go back to that house when he gets off work and get his $215. 

I feel like a late fee is appropriate, since the other 6 people managed to pay me on the rent day.  What do you think the fee should be?

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Teri Feeney Styers
  • Real Estate Agent
  • Grand Junction, CO
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Teri Feeney Styers
  • Real Estate Agent
  • Grand Junction, CO
Replied

@Paul Sandhu my leases always said 5% - but that's not enough in this case. I once had some tenants who couldn't pay their late fee of $25. They offered me the turkey they were raising for Thanksgiving. I didn't like them and they were perpetually late - so I took the turkey which they had named John Henry. We kept the name even after "he" started laying eggs. John Henry lived a long, happy life on our farm snatching food from our picnic plates when we weren't looking and begging to have her drumsticks massaged (she loved that). Died of old age. 

  • Teri Feeney Styers
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