Friday, May 2, 2008

Got My Rent Check!

But I am a pushover. I called them to remind them that the rent was due and they jumped in their car and delivered the check to my work. I was so happy to get the check I didn't mention the $50 late charge. I know, I know. I am a bad landlord. I can't wait to get out of this business. I am thrilled to be able to put another month of my mortgage repayment plan in motion though. I deposited the check after work which will allow me to pay another $1200 extra mortgage payment. Even if my renters moved out next month and I moved back in to my house (except for one month a year at peak tourist season) I will still be able to pay off my mortgage 4 years and 10 months from now. If I keep getting rent checks I will be able to pay off the mortgage faster. And of course selling the house would pay off the mortgage but I won't count on that yet.

4 years, 10 months and I'll be FREE!!!


traineeinvestor said...

Good news. I'd suggest following up on the autopay while the memory of the late payment is still fresh in the tenant's mind.

Anonymous said...

There is actually something else you should consider - discrimination.

At this point, it seems like you only have the one property, but lets assume for a second you had two. If both tennants pay late and you only collect the late payment fee from one of them, the one who paid you could raise the issue of discrimination (for whatever reason they wanted). It would also be the same if your _next_ tennant paid late with the fee and somehow found out you never collected late fees from the previous tennant.

Basically, if it is in the contract, you should adhere to it without exception. It's safer in the long run.

Daizy said...

Good points. I saw on Judge Judy once that if the landlord makes and exception on one part of the contract then basically the whole contract is worthless!