All Forum Posts by: Bill Tyler

I would offer to split the rent payments based on their pay periods. Many times almost everything is due on the 1st of the month. If they are stretched too thin, the 15th may be the catching up time to pay late fees, etc. 

See what is legal in your State for late fees and make sure the new contract reflects that. It is also good to acknowledge your appreciation of how well they are taking care of the property. Offer an incentive for timely payments in the new contract (maybe refund $50/month for every month it is on time?).