All Forum Posts by: Elenis Camargo

@Nathan Gesner Thanks let me look into it some more. I looked online last night and it was talking more about accepting partial rent AFTER posting the notice. We accepted it before. From now on I guess no more partial rents.

@Nate Sanow We have 3 SFH. After all expenses including adding vacancy loss percentage and putting some away for maintenance, here is the cash flow.

Property 1: $381

Property 2: $344

Property 3: $250 (This one we just acquired last week. We will rehab next year then sell. It came with a tenant and the rent is lower than market right now)

@Justin Kane Why do you say never to accept partial payments? Does it make it difficult to evict in this case? I’m asking because I did accept a partial payment from another tenant but she hasn’t paid the rest. I already posted the 3 day notice and she has until tomorrow.

@Nathan G. Thanks! Just sent it to them tonight :)

@Andrew Boettcher Thank you! I will definitely get them into a new lease ASAP!

@Thomas S. Thanks so much! You always have the best answers. I’ll make sure to get them on a new lease for the 1st of the month. We definitely don’t tolerate late rent but if the tenant communicates we usually work with them and the late fee should hopefully prevent them from paying late again. That’s the idea anyway. Sometimesnit doesn’t work :)

Thanks @Thomas S. I definitely will! Probably give 2 months and ask them to be out a month before we need them to be, in case they do procrastinate and we have to evict.

Hi BP! We are getting into our third inherited tenant but this one is a little different. The tenants have been month to month for 12 years and do not have a lease at all. I don't mind leaving them month to month because my husband and I plan on moving into the property next summer when we leave New York but I am not sure about a few things. 

1) How long do they have to pay rent before it's considered late? 

2) If they do pay late, can I charge a late fee? If so, how much?

I already know I have to give at least 15 days notice legally for them to move out, although I'd give much more than that considering how long they have lived in the property, but I cannot find information on late payments or late fees. Thanks in advance for the help!

Thanks @Marelyn Valdes! We are thinking to keep the current month to month in place now. Good point about the eviction process. We definitely want to give enough time to evict them if they don't move. 

@Mindy Jensen Thanks for your input and the link to the leases! I do need to have my own lease for when we move down there, rather than paying a PM to do lease renewals. I agree, we will for sure give them time to move, not just a 30 day notice, seeing as they have been there over a decade and will most likely have a hard time finding a place and moving all their stuff. 

Best of luck on our rental rehab!! It seems like a smart strategy  :)