Havinga five day grace period for the rent, creates a healthy relation with a good tenant. Usually from the first to the fifth with a $25-50late fee, charged if not truly out of control, as long as not excessive. A good tenant wants and need stability. A good tenant, pets or not, cares about their home as want and need stability. Its very easy to tell a good tenant, for they want stability, and demonstrate that in their daily life in all ways.
Does your friend demonstrate he she values stability, or is he she the type to flight and move around in homes, job, relations, etc. Does he she balance their money, put rent and utilities as top priority;or clothes, dating, expensive rrstaurants, socializing etc. As a friend, you pretty much have more inside data.
Knowing this, only you can decide. You will either have the dream tenant, or a huge nightmare. No good tenant wants to move. Thats months of sesrching, dtiving, moving, packing, instability.
Best tenants want and need stability. Best tenants look for landlords that allow stability, want it, and let tenant pay bills and live at ease, in privacy. Best landlords have fair contracts, which allow the five day pay rent period, as in real life, paychecks and social security do not usually comebon the first, but betwen the first thru the fifth.
The main reasons a good tenant will move, are for these reasons.
1.Unsafe dwelling or too unsanitary.
2.Invasive landlord, and landlord not fix issues.
3.Relocating for work, marriage, divorce, or need a bigger or smaller place.
You can find good tenants, even not rich; if stability, responsible priorities are what they have as a need andbin their character. These types, do not want to move. Time and effort is valuable to them, and they must have order and efficiency in their lives. Many times, landlords have problems with college students and unknown criminal types. For a student can be more unconcerned about stability and not value to upkeep a place. Yet, the student caring about grades, wants stability and order. The lazy, crime types, and even the domestic violent types, thrive on chaos, hence, not stable and nightmare tenants.
Of course, these are just examples, merely to demonstrate that as a friend, you have insight on whether your friendvis the stable type that cares of the condition where they reside. Stability is a dependable trait.
From a history of renting rooms and never will, again; I highly recommend your lease states that you do not have to ask for the rent. In the grace period, friend mustbpay, then send you a short text. Why? For if you are forced in the role to ask, you will resent, as its stressful, pressure, takes up YOUR time, and unfairly puts you in the work mode to approach. A good friend or tenant, never makes a landlord ask. All my years of renting, I paid, then texted, and even texted, tom I am paying rent at the bank. Good landlords appreciate that. Tells alot about a person, when ones have to ask for their money. Even if ones borrow money, gact of initiative to inform, even give small amts monthly as able, goes a long way to maintain trust and respect.
Hope this helps!
