All Forum Posts by: David Stone

@Kyle Scholnick, is sending a reminder letter 2 months later for a late fee owed giving the tenant a hard time and being "nasty"?  Let me clarify, I have not harassed the tenant over a late fee.  I haven't said anything to this point, other than sending out a reminder letter.  The question is, what would you do in this situation?

@JD Martin, this is late past the 5 day grace period (ex: paying on the 7th is 2 days late).  Thanks for answering my question.  I agree a lot with what you said.  I have been leaning toward ignoring it if it remains unpaid, but I don't want this to remain a habit either.  

@Account Closed, Washington state does not limit late fee amounts like many other states... not sure about the "complaining" remark.  This is a business and like any other business they will send you a bill or reminder of amounts owed if you don't pay them.  

Hey, just had a question for landlords out there to see what everyone else would do in this situation... We have a tenant who has been on time or early coming up on 3 years now and keep the place in excellent condition.

Recently, he was laid off and is collecting unemployment and seeking employment.  The first month, rent came in late by 1 day, so we waived the late fee and explained if he was having trouble affording rent we could let him out of the lease.  The next month, rent was late by 2 days, so we charged the $70 late fee.  He said he couldn't afford the late fee and paid the full rent.  The third month, he paid on time and did not pay the late fee that month either.

I sent a letter of "Balance Owed" for $70 yesterday.  My question is, what would you do?  Let the tenant slide on the late fee for now until they can afford it and take it from the security deposit if they never pay it or get aggressive with recovery, making an example of the seriousness of his obligation to pay us the full due amount?

Sweet! will definately check these out and see what works best for me, thanks everyone

are they every 3rd Thursday now?

Tried quickbooks and could never get the hang of it, I will have to look into tutorials / user guides

I just came across LandlordMax.com, it's a desktop app, not cloud or online based, $200 flat, no monthly fee. Does anyone else have experience with this software? Any other suggestions?

Hi, I was wondering what people used to track the income, expenses, late fees, etc for their rental properties.  I have 5 units currently and am using a word document I created to track everything, but it is getting quite full.  I am looking for an easy to use source, possibly an excel template.  If there's any good programs/apps out there that aren't unreasonably priced, I would be willing to look into some suggestions.  Thanks!

You have the right attitude! Good luck, and welcome!

As far as questions for the family, I would ask some general questions followed by something specific to what you may be worried out... "Now I'm assuming they won't be partying and trashing the place, right?" Of course family will answer no. Follow up with, "Generally when we have applicants with minimal rental history we ask for a cosigner. Is this something you would be willing to do?"

Ask the way that feels comfortable to you but the idea is the same. Put the risk in their head and have them put their money where their mouth is with a cosign. If they are hesitant, it might be because they know more than they are willing to tell. If they are comfortable with it, and everything else checks out, you probably won't have any issues. Not all teenagers are bad. Also meet them in person and get a good gut feeling. Good luck!

If you do decide to take in unrelated roommates, make sure your lease includes a joint and several liability clause. 

I tried to think of a civil way to solve the problem, but I think everyone above is spot on. There is a reason he is denying access. 

If you can't get inside to check things out and he refuses to give a copy of the key, I would get rid of him ASAP.  Even if he is paying rent, he could do a lot worse inside. Defibately doesn't sound right.