Appraisal Done, Rent Late

I got an email from my property manager this weekend saying the tenant in Rental #1 had not yet paid his rent. She sent him a letter and also spoke with him and he claimed he would drop the rent off in the PM company's night drop over the weekend. No word yet on if he did or not. I asked if the PM told him he'd also have to include the late fees in his payment and haven't gotten a response to that email. I checked the lease and the late fees are $35 if not paid by the 5th of the month and $3 a day after that, so I figure he owes about $56 in late fees so far.

Those are pretty weak fees, if you ask me. Three dollars a day is not a deterrent at all. Unless there is some Oklahoma law I don't know about, I'll be increasing those fees when this lease is up in November.

I did get confirmation that the appraiser was able to get in and appraise the property, so the refi should be moving forward again. The PM also told me the tenant had some maintenance requests. I feel no obligation to do them until he's current on the rent, but there is probably some law about that.. Anyway, the PM felt they seemed like valid requests that an owner should be responsible for and not the tenant. She's getting quotes for repairs and will get back to me when she has them. I don't even know what the requests are yet...


Post a Comment