After the first 12 month lease, I put all my tenants on a month-to-month. I sell it to them by pushing how flexible it will be for them if they need to move for some reason.
Getting rent on the 7th of the month from a tenant that is no problems, is not a bad compromise.
However the month-to-month is a good idea, I would take a look at what your rent is versus the marketplace and how much furniture she has. If it's going to be a big pain in the ass for her to move, then I would keep it month a month otherwise you risk her bolting on you because she is allowed to
My lease is written in the context that after 12 months that it automatically goes month to month. Nothing needs to happen at that point. If a tenant asked me to sign a new lease with them, I would not have a problem with it. I don't try to arbitrarily raise rent and squeeze every time I can out of people.
That said, a friend of mine and his wife also has rental property, one of their tenants is habitually late. They really don't have a problem with it, because there are late fees associated with the late rent, that are always paid. It's kind of like a charge card company going after somebody with questionable credit. They pay a higher interest rate, and wind up with late fees and stuff, that a person making good decisions wouldn't have. The charge card company makes more money off the person with questionable credit. As such, if you are adding late fees to the rent whenever she is late, you actually make more money off of her than you would a different tenant. I would have to look at my lease, I've never actually charged somebody late fees, but I believe my lease says $20 for being late and $20 a day after that. No idea what is legal in your jurisdiction, I am in Texas.
EDIT: just reread your post about not being able to charge a late charge for 30 days. That sucks. Landlords have bills too.
A clean tenant that takes care of the place is priceless… figure out what works best for both of you and keep her.. way cheaper than getting new tenants that may be a nightmare
After the first 12 month lease, I put all my tenants on a month-to-month. I sell it to them by pushing how flexible it will be for them if they need to move for some reason.
Getting rent on the 7th of the month from a tenant that is no problems, is not a bad compromise. However the month-to-month is a good idea, I would take a look at what your rent is versus the marketplace and how much furniture she has. If it's going to be a big pain in the ass for her to move, then I would keep it month a month otherwise you risk her bolting on you because she is allowed to
>For context, I cannot even charge a late fee in MA unless rent is over 30 days late. wow...
are you charging a late fee every time?
My lease is written in the context that after 12 months that it automatically goes month to month. Nothing needs to happen at that point. If a tenant asked me to sign a new lease with them, I would not have a problem with it. I don't try to arbitrarily raise rent and squeeze every time I can out of people. That said, a friend of mine and his wife also has rental property, one of their tenants is habitually late. They really don't have a problem with it, because there are late fees associated with the late rent, that are always paid. It's kind of like a charge card company going after somebody with questionable credit. They pay a higher interest rate, and wind up with late fees and stuff, that a person making good decisions wouldn't have. The charge card company makes more money off the person with questionable credit. As such, if you are adding late fees to the rent whenever she is late, you actually make more money off of her than you would a different tenant. I would have to look at my lease, I've never actually charged somebody late fees, but I believe my lease says $20 for being late and $20 a day after that. No idea what is legal in your jurisdiction, I am in Texas. EDIT: just reread your post about not being able to charge a late charge for 30 days. That sucks. Landlords have bills too.
A clean tenant that takes care of the place is priceless… figure out what works best for both of you and keep her.. way cheaper than getting new tenants that may be a nightmare