I have offered my tenant $50 off for paying by the 20th of the prior month. Additionally, I am trying to

Asked by Airahcaz, Glen Rock, NJ Wed Aug 20, 2008

devise a proper percentage for paying any future month's payments up front. Is 5% advisable? Should I increase the percentage if the tenant can pay many months up front?

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Scott Godzyk, Agent, Manchester, NH
Wed Aug 20, 2008
It is difficult for a tenant to pay for many months in advance, it is hard enough sometimes to collect the current months rent. I for instance offer my tenants who pay monthly an incentive for paying on or before the first. Say the rent is $1100 month, they only have to pay $1000 if paid by the 1st of the month. On the second the regular rent applies. On the 5th though there is a late fee of 5% or $50. You would have to have a financially secure tenant to get payments in advance and offer a big discount to give them an incentive to part with their money. good Luck
Web Reference:  http://www.ScottSellsNH.com
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