Do you give your tenants a break if they have been good?

Rehabbing, Fix and Flip, Rental Properties
1

Somebody recently suggested to me to do this:

Instead of doing the usual… Charge rent and add late fee if they don’t pay on time…

To be nice to your tenants and give them a discount if they have been good for a while…

2

Hi,

You generally can make any decision you wish, however it is best to follow through the paperwork process which is the pay rent or quit notice and on paper accessing the late fee and any daily accruement of penalties.

Then if the tenant approaches to settle or your inclined to help adjust what’s owed appropriately. If you don’t follow protocol you will delay your rights to file an eviction. You want to uphold your eviction rights as other wise you lose control over your own tenants.

Now bare in mind if the tenant approached you in advance and said “I will be on vacation the day rent is due and will not be back until 5 days later” and this was disclosed 12 days before rent was due I would certainly wave any fees or costs and except rent upon the tenants return as he was responsible, disclosed his vacation plans and intends to pay upon return.

           GR
3

The rules of money are not flexible. You always pay rent first, utilities, car note then food, bills etc. In other words you give them a break when GMAC gives them a break on their car payment. You MUST pay your rent on time each and every month. If not you get your money rules out of sequence and you get in trouble. You are not helping them by letting them do anything else.

4

My tenants pay with a deposit card (like and ATM card but it only deposits are ATMs). They can pay from anywhere there is a Chase ATM. If they are going where there is not an ATM they can pay before they leave.

5

I’m nice to my good tenants. If they pay on time, take good care of my property, and are pleasant to deal with, I give them the occasional upgrade. I do not tolerate late rent unless it was arranged in advance, and that only applies to my very best and reliable tenants.

6

Yea I added a late fee. $15/day.

7

I had one tenant that paid on-time & all utilities for 15 years on a foreclosure that cost us $25k.
I rarely raised it $10-$25/month each year as her son did any maintenance, repairs & upkeep.
Tired of petty City code violations (wanted vent pipes painted etc) I finally I asked if she would like to buy the
home with the current rents paying it down in 15years, but she declined???
Sold it to a friend for $42,000 & held the note @ 12%, 10yr term & the tenant has been there another 5 more years.
Good tenants are an Annuity!!!