So you finally have your own multi-family building. Now what? Most investors want everything to run smoothly, but that doesn’t always happen. Many calls to our office start with “how do you handle a tenant who isn’t paying the rent?”
Most tenants want to pay their rent on time. Their credit is important to them, and they like where they call home.
But life happens, and occasionally they may be late. There are several ways you can handle this as a landlord. The easiest is to give your tenant a call. Ask why they are late, and when you can expect to receive the rent. Let them know that you would be happy to receive the rent with an appropriate late fee. If the tenant knows that you are on top of the situation, they are unlikely to make a habit out of paying late.
But if your calls go unanswered, or the check doesn’t make it to your desk by the next few days, it is time to get serious. We’ll discuss what happens next in the next installment. In the meantime, keep smiling!
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Anaheim, CA 92805
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