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Old 09-28-2005, 06:22 AM
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Default Landlord Tip of the Week

Joe VanAlphen wrote regarding last week's tip:

I have been providing a "discounted rent provision" in many of my
leases for several years and I, too, swear by them. however the
discount is ONLY allowed if the rent is received BEFORE the 1st of
month DUE DATE. It is amazing how far some tenants have driven, (20
miles), at 10:00 p.m. on the 31st to take advantage of the $20
discount. That's on rent of $425 and $500. I also grant a $50
discount on rent of $1050 at a single family home I rent out. I found
the idea in a book I read ten years ago on rental property
management, I'm surprised it wasn't yours. the author stated that he
includes the provision that the tenant is responsible for minor
repairs -- light switch, etc. to avoid having a judge
subsequently declare that the discounted amount was in fact the real
rent.

My leases also provide that a late charge of $15 will be due 5 days
after the due date, and an additional $2 each day thereafter. It's
more to let the tenant know that I mean business. If I don't get the
rent before the first, I'm definitely getting my guard up -- and the
three day notice ready. If a check does bounce, (twice in 10 years),
$15 fee is assessed, and the discount privelege can be lost at my
discretion.

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