The result is that even though I sold the property I am showing a late payment on my credit.I was planning to DSCR an investment property and this throws a monkey wrench in things.

Im looking at properties to buy, and saw a tenant in a 4-unit property I like paid $1,000 in late fees.

Im looking at properties to buy, and saw a tenant in a 4-unit property I like paid $1,000 in late fees.    

@William Coet Pretty typical, especially lately.

Hi @Bobby Valcin, sorry for the late reply, I've been crazy busy trying to get my rental ready!  

As for why the way it was explained to me it seemed feasible to do, even this late in the game. 

Might be too late at this point by my leases require that the tenants pay a broken lease fee (usually 85% of one months rent) and then they are on the hook until I move in a new tenant. 

But lately it has come to situation where student sign 12 month lease, decide to vacate in the 11th month but property manager doesn't let them without paying for the last month which then students decide to stay through that last month.

But, It’s truly is one of the three reasons I use a PM for the rest  1) I don’t want to screen, I don’t really like meeting new people.2) I want to stay legal in my screening, notices, demands, etc etc3) They raise rents more and faster than I would and collect more in late fees.They literally pay for themselves with increased rent/fees and I get the legal and people screening for free. 

Common fees will include a set-up fee, a leasing fee for each turnover or a lease renewal fee, marking up maintenance, retaining late fees, and more.