All Forum Posts by: Dontrea Riser

I seen someone make a VERY interesting point on bigger pockets around this topic would you agree? I think this is a very creative alternative because most people will wait until the last day.

"You give a discount.

example rent is $950 due on the first. If it is paid on the 1st I discount $50 to $900

if paid after the 1st its $950. no late fees or grace period.

why because if rent is due on the first and you have a 5 day grace period then rent is really due on the 6th. and that's when they will pay."

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Originally posted by @Chyniece Cox:

@Dontrea Riser I would give a 5 day grace period but you can charge a late fee as well

What do you think would be a fair late fee?

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Originally posted by @Wesley W.:

NY State law says a mandatory minimum 5 day grace period.

I am so glad my government can make my business decisions for me. What would I do without them?

lol

2 Votes

Originally posted by @Trenton Miller:

I give my tenants 5 calendar days.

5 Days seems to be the answer I hear the most. Are you lenient with the late fees or you come down pretty hard?

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Originally posted by @Eli Schwartz:

@Dontrea Riser

Rent is due on the 1st, grace period till the 5th.

They'll take advantage of you if you don't charge a late fee.

Yeah that seems reasonable, I agree.

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Open to replies/opinions from ANY market. Should tenants get a grace period? Should they be charged late fees? Share your experiences with collecting rents and making grace periods/late fees work in your favor. I have heard a lot of different answers from people in my market but all generally the same. Looking forward to see what you guys have to say about this topic.

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Originally posted by @Matthew Paul:

No , Unless they put a freeze on taxes , maintenance , supplies and pay for tenant damages .

Good Point

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Do you feel this needs to take place in more places? How do you feel about the effects of gentrifying neighborhoods?

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Do you feel this needs to take place in more places? How do you feel about the effects of gentrifying neighborhoods?

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Originally posted by @Mary M.:

How much you cash flow is all about how much money you put down. the more money you put down the more goes to you and not a mortgage.

But, in general you should be earning apprx 6% on your money - thinking multi family here - and this is just an average - it may be more or less!

Nice! Thank you for your feedback. Yeah I like multi families a lot more than single family investments to start out.

1 Vote

All Forum Posts by: Dontrea Riser

Dontrea Riser has started 5 posts and replied 15 times.

Post: How many grace period days do you give tenants after the first?

Post: How many grace period days do you give tenants after the first?

Post: How many grace period days do you give tenants after the first?

Post: How many grace period days do you give tenants after the first?

Post: How many grace period days do you give tenants after the first?

Post: How many grace period days do you give tenants after the first?

Post: Berlin Freezes Rents for 5 Years in a Bid to Slow Gentrification

Post: Berlin Freezes Rents for 5 Years in a Bid to Slow Gentrification

Post: Berlin Freezes Rents for 5 Years in a Bid to Slow Gentrification

Post: How much should you typically aim to Cashflow per property? Why?