Inherited Tenants Late On First Months Rent

[Mark Anderson]

I currently just purchased my first quadplex and inherited 4 tenants. This is my first month collecting rent and they are all on month to month leases. I have not met the tenants as they were not there when i posted on their doors with my contact information and how rent will be collected digitally through paypal or venmo. The seller let them know that i was going to be the new owner as well. In the state of Texas they are late 1 day after when rent is due the first. However their existing lease says they are not late until the 5th which i have decided to honor.  I am trying to train my tenants the right way and was wondering how i should go about this. Post a notice to vacate notice on the 5th at their door? Or begin to take proper steps now

Any advice on how to proceed with this? 

[Jill F.]

What kind of property/neighborhood is it? if you're going to get mostly working people scraping by and living paycheck to paycheck with no credit, you might as well come up with a late pay plan now or you'll either be frustrated every month or constantly churning your units. If are likely to have people with credit, savings, and/or stable incomes (social security or pensions) you can more easily enforce strict rules and penalties for late payments. 

Edit to clarify... I don't take just any old late payment. I have a policy which requires clear written communication in advance for late payment plans and I penalize other behaviors (with fees). I also use 3 day notices as insurance in some situations.