All Forum Posts by: Susan H.

 Marcia, this is excellent--thank you!

One question: do I need to qualify what's considered "a timely manner"?

Thanks to all for your responses. It makes sense to report as late any payments not received by the first. I'll make sure I edit the lease to reflect that as well as the late fee.

Appreciate the help!

 Is the investor in a state with a grace period? I think that's my sticking point--trying to get my head around on-time payments, grace periods, and the late fee.

I've been so fortunate with tenants to date. Just want to be prepared with this summer's turnover.

[Likely questions with an obvious answer to all you experienced folks...]

My rental property is in Arkansas where the state statute notes a 5-day grace period. If rent is due on the 1st, can I send a "you're late" notice on the 2nd even though they have until the 5th of the month to pay in full?

And if I understand all this correctly I can't charge a late fee until the 6th of the month. That begs the question, then: why would a tenant feel obligated to pay on time on the 1st?

 Thanks very much--very helpful!

 Thanks Greg.

 Nancy, I cannot find any state or local laws limiting late fees. It appears to be at the landlord's discretion.

As I understand AR state law, there's a 5-day grace period for rent payments but beyond that I can set due dates and late fees as I like. What's new for me is the idea that landlords can choose to assess a one-time late fee (and is that a fee or "additional rent" as I've heard some call it?) AND they can add a per-day fee on top of that. I was even more surprised that some leases include a late fee that's a percentage of the total rent. 5% might not sound like much until I consider the rent amount involved. Market rates for rentals like mine are $1300-$2,000.

What do you consider reasonable? I have a few weeks left to update my lease before I market the property again.

Thanks to all who responded. I've explored the many options you've suggested and believe I'm going with erentpayment.com. It certainly seems easy to use. 

Now I'm off to see just how customizable (if that's the word) their online application is.

Thanks to everyone for their response!

And apologies for the delay in responding to the earlier comments. Had a minor adventure in hospital while they tried to rule out meningitis. I'm actually glad my current tenants extended for a month, because I'm absolutely not up to dealing with a turnover right now. You folks who handle multiple properties: my hat's off to you!