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June 15, 2021, 08:49:05 am
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June 15, 2021, 08:49:05 am
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Author Topic: late fees  (Read 16240 times)

Offline kdhastedt

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Re: late fees
« Reply #15 on: February 26, 2007, 10:16:46 am »

You've been told in this thread already what you need to do -- you need to know what the applicable state/local laws are and then follow them...if you don't know what the state/county/city dictate as far as late fees, you will certainly wind up in a "train wreck"!

http://www.reiclub.com/real-estate-property-codes.php

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline patat335

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Re: late fees
« Reply #16 on: February 26, 2007, 12:44:01 pm »
Hi Everyone  :argue

I have been doing this for about 7 years, so i am not new at this and from the sounds of some of your remarks , maybe you should not give advice but you should ask for some. sounds like alot of you are always in court i have never went to court . Never needed to because of my late fees, I tought this was a open forum and some of the people on this site think that they have all the answer when in fact that don't know any but how to put down people. so if you have nothing nice to say , well then dont say anything at all.

Does any one know a web site where i can get info on late fees for fl
Thanks for all your help

Offline Rich_in_CT

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Re: late fees
« Reply #17 on: February 26, 2007, 12:45:37 pm »
 :rolleyes

Offline propertymanager

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Re: late fees
« Reply #18 on: February 26, 2007, 06:13:01 pm »
Quote
and from the sounds of some of your remarks , maybe you should not give advice but you should ask for some. sounds like alot of you are always in court i have never went to court


patat,

I think you are right.  Please educate me.  I am in court a lot, in fact I average evicting 1% of the tenants each month.  Should I charge $150 and $150 per day as a late fee, even though it would be laughed out of court?  Should I treat my tenants differently?  Do I understand that I wouldn't really charge my "good" tenants this late fee, but I would charge my bad tenants this fee?  Why should I accept these bad tenants?  If I know they are bad tenants, why would i take them?  What should I do when my illegal late fee doesn't cause them to move voluntarily?

Please help.

Mike

p.s.  you can probably find your state's laws by doing a Google search of Florida tenant landlord laws.
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline Frank Chin

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Re: late fees
« Reply #19 on: February 27, 2007, 05:17:24 am »
If you need somewhere to check it out, why don't take a look:

http://www.ag.state.mn.us/Consumer/housing/lt/LT_2.asp

No doubt you had a "large" penalty" written into the lease that may not be entirely legal. Most tenants sign them, but often does not check with an attorney regarding the legality of each and every item when they sign a lease.


Offline kdhastedt

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Re: late fees
« Reply #20 on: February 27, 2007, 08:21:30 am »
Hi everyone
I have been putting in my lease that after the fifth of the month there will be a 150.00 fee for being late, then a 150.00 a day fee until paid in full, is this legal the rent's are about 1200.00
thanks

There's your quote...even though you fail to bother with punctuation, there actaully is a question...

Hastedt Life Rule #8 - If you can't stand the answer, don't ask the question....

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline patat335

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Re: late fees
« Reply #21 on: February 27, 2007, 08:49:21 am »
All tenants are good until they stop paying rent , that when it get's nasty, i currently have about 7 units and the reason i posted this message was because i know the late fees are extrem but it has been working, the problem now is that i have two tenant that i might have to take to court, when i spoke to the state they said as long as both parties sign the lease then it ok , i just think they were blowing me of , so i was just trying to great feed back from people that have been in court was this, i basicly know that the goal is to just get the tenants out , chance on you getting money back from them are slim i geuss.

i live in fl where the rental history was good until about a year ago , it is just latly that things are going bad

Thanks
P.s I don't mean to be rude i just dont like to be put down eathier

Offline rlack72

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Re: late fees
« Reply #22 on: February 27, 2007, 09:15:08 am »
I do charge reasonable late fees myself, but the way to really get a tentant to pay is being overlooked here. In my experience, it is not with punishment, but with reward. Let them know in advance that they receive a good discount when they pay before the due date.

Offline Rich_in_CT

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Re: late fees
« Reply #23 on: February 27, 2007, 09:17:36 am »
Let them know in advance that they receive a good discount when they pay before the due date.
That is not legal in all states.  Anyone considering that should definitely check their local laws before offering incentives like that.

Offline propertymanager

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Re: late fees
« Reply #24 on: February 27, 2007, 09:47:03 am »
Quote
Let them know in advance that they receive a good discount when they pay before the due date.

Tenants are not complete morons.  They can figure out that there is no difference between paying a $50 late fee and getting a $50 discount for paying on time.  I have done it both ways and there is no difference in the result. 

Tenants usually don't pay the rent because they don't have it.  In most cases, it is a self-inflicted wound.  I've evicted tenants because they spent the rent money on a dog; on crack; on a car; on a big screen tv; on a cellphone, etc, etc, etc.  They make stupid decisions and don't have the rent.  Whether they get a discount or pay a late fee, they're not going to pay if they don't have it.  Other times, they don't have the rent because they got fired (usually for good cause), quit their job, got their section 8 terminated; had to pay fines in court, etc. 

My rule is simple.  If they don't pay IN FULL AND ON TIME, they're immediately evicted.

Mike
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline rlack72

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Re: late fees
« Reply #25 on: February 27, 2007, 10:07:09 am »
FYI ....there is a difference between a $50 late fee and $50 off of rent. $100 difference to be exact.


Offline Rich_in_CT

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Re: late fees
« Reply #26 on: February 27, 2007, 10:10:30 am »
FYI ....there is a difference between a $50 late fee and $50 off of rent. $100 difference to be exact.


How do you figure?

Rent is $500:
LL charges $550, or $50 off if it is early.
LL charges $500, or $50 late fee if it is late.

Both are $550 if they are late, both are $500 if they are on time.

Offline rlack72

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Re: late fees
« Reply #27 on: February 27, 2007, 10:26:32 am »
My point is

$450 if it is early
$500 on time
$550 if it is late

This a $100 diference to the person paying rent.

Offline patat335

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Re: late fees
« Reply #28 on: February 27, 2007, 10:30:35 am »
I don't understand the credit back if someone is on time. they should always be on time anyway, if my payment to the bank is not on time they charge me a late and int, they don't give me a discount if i am early

what i am looking for is something that will scary people if i need to get them out, i don't want to go court ,that will be the last thing. every time you try to get someone out all its does is cost you more money.

Thanks

Offline Rich_in_CT

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Re: late fees
« Reply #29 on: February 27, 2007, 10:35:55 am »
My point is

$450 if it is early
$500 on time
$550 if it is late

This a $100 diference to the person paying rent.
To me that's crazy, that's $50 right out of my cashflow because the person gets it to me a bit early.  I agree with patat that they should always be on time anyway.  Getting it 2 days early doesn't allow me to make any more money by having access to that money for 2 extra days.

 




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