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What to Do When a Tenant’s Rent Is Late | Landlord Tips
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About this video:
What should you do when rent is past due and your tenant hasn’t paid? Real estate investor and founder of Lattes & Leases, Soli Cayetano, offers her professional advice for addressing this kind of situation.
**Resources**
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**Timestamps**
00:15: Define Late Payments
00:30: Grace Periods and Late Fees
1:00: Lease Violation Reminder
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While it isn’t ideal, you may have a tenant pay rent late. Soli Cayetano explains what to do when this situation arises.
First, define when rent is considered late. Soli shares four benchmarks to help guide your decision:
When the payment is initiated
When the payment is withdrawn
When the payment is received
When the payment has cleared
Next, Soli advises landlords to understand their local grace period and late fee laws. While regulations may vary by state, be sure to include the grace period and late fee in your lease agreement.
Finally, remind your tenant that late payments are a violation of the lease. If they consistently pay late, it could result in their eviction.
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**Connect With Us**
**Connect With Soli Cayetano**
What should you do when rent is past due and your tenant hasn’t paid? Real estate investor and founder of Lattes & Leases, Soli Cayetano, offers her professional advice for addressing this kind of situation.
**Resources**
--------------------------------------------------
**Timestamps**
00:15: Define Late Payments
00:30: Grace Periods and Late Fees
1:00: Lease Violation Reminder
--------------------------------------------------
While it isn’t ideal, you may have a tenant pay rent late. Soli Cayetano explains what to do when this situation arises.
First, define when rent is considered late. Soli shares four benchmarks to help guide your decision:
When the payment is initiated
When the payment is withdrawn
When the payment is received
When the payment has cleared
Next, Soli advises landlords to understand their local grace period and late fee laws. While regulations may vary by state, be sure to include the grace period and late fee in your lease agreement.
Finally, remind your tenant that late payments are a violation of the lease. If they consistently pay late, it could result in their eviction.
--------------------------------------------------
--------------------------------------------------
**Connect With Us**
**Connect With Soli Cayetano**
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