Re: Bi-Monthly Lease Option Payments - Posted by Jim FL
Posted by Jim FL on February 20, 2002 at 23:08:17:
I agree with Johnboy, but would like to add a little twist.
Why not tell the guy that you are fine collecting bi-weekly rent payments, but this will cause you to change a few things in your accounting, which will cost a small fee.
Raise the rent by this amount, perhaps $25 or so.
Then take your rent amount, divide it by four, and charge him that per week.
Since there are actually 4.3 weeks per month, you will make out better in the long run.
Also, be sure to set the schedule in writing, and make them stick to it.
Explain that it all MUST be done according to schedule, and should the Tenant miss one weekly payment, the rent is considered not paid.
Perhaps talk to a local legal mind about the legality.
As I read your post, this thought came to my mind;
"What if the T/B’er pays the first week, misses the next two, and shows up with just the last weeks rent?"
Does this constitute unpaid rent for the entire month?
Would this hinder an eviction because you accepted “Partial rent” for the month?
I know in some states, if a tenant pays you a portion of the rent, you accept it, and an eviction is filed, you might have to re-file the eviction.
Some other states do allow (Illinois) a landlord to accept partial rent, and still proceed with eviction until the entire month is paid up in full.
Check your local laws and be sure what ever you agree on will work there and comply.
Just my rambling thoughts,