Re: Getting Tenants To Pay Rent On Time! - Posted by B.L.Renfrow
Posted by B.L.Renfrow on April 02, 2000 at 16:13:05:
That’s exactly what I do…charge them, say, $625 per month, but discount it by $25 if they pay or or before the due date. Then, if they don’t pay within 3 days of the due date, I add the late charge. So if they pay on or before the first, they pay $600; if they pay on the 2nd or 3rd, it’s $625; if they pay after the 3rd, it’s $625 plus the late charge.
To my knowledge, there’s nothing in the NY State code which would prevent this. Furthermore, the tenants see it as a reward for paying on time, so it’s more “tenant friendly” than just throwing the late charge in.