Greetings from the North Jersey Shore of New Jersey.
Late Fee questions.
Tenant was late w/Dec. rent and triggered late fee of $95.00.
Notice was mailed to them where they were advised that the amount due in Jan. has that fee added to their invoice as "additional rent".
Sent CMw/RRR & RM, so far no receipt returned.
IF they pay the fee, then that additional amount should be added to the Dec. invoice clearing that invoice of the additional amount due, corrrect?
If the late fee/additional rent is NOT with January's rent does that deficiency trigger ANOTHER late fee?
Lastly is there a link for a [good for NJ] form to send/post when a tenant does not pay their rent, i.e. pay or quit and how soon after the rents due date [after the 5 day grace] should it be sent.
Also, there was an un-met yard maintenance obligation and with proper noticing the tasks was done and they have been billed for it.
I expect to be taking THAT from their Security at some point I did offer them a reduction ANd installment payments if they start paying by a certain date [mid Jan.]
Their lease ends 2/28/11 and goes MTM from there.
I anticipate noticing them on 1/15/11 ending the old lease, offering a re-newal [MTM??] with a small increase [increased taxes/insurance] and NOW having to do maintenance that they are unwilling/inept/incapable of doing.
This has been a huge learning experience as a first time LL, and it is not easy, but I am learning.
A BIG thing I learrned here was to tailor the lease so that, if things did not work out well, I wold be able to get the unit and ready to rent in time for the [better] Spring] market.
Many questions, I know,
I am trying to get prepared in advance as I know that court takes time and being proactive can get my place ready to re-rent sooner.
Thanks in advance for your advice and insight.
RowZ
Late Fee questions.
Tenant was late w/Dec. rent and triggered late fee of $95.00.
Notice was mailed to them where they were advised that the amount due in Jan. has that fee added to their invoice as "additional rent".
Sent CMw/RRR & RM, so far no receipt returned.
IF they pay the fee, then that additional amount should be added to the Dec. invoice clearing that invoice of the additional amount due, corrrect?
If the late fee/additional rent is NOT with January's rent does that deficiency trigger ANOTHER late fee?
Lastly is there a link for a [good for NJ] form to send/post when a tenant does not pay their rent, i.e. pay or quit and how soon after the rents due date [after the 5 day grace] should it be sent.
Also, there was an un-met yard maintenance obligation and with proper noticing the tasks was done and they have been billed for it.
I expect to be taking THAT from their Security at some point I did offer them a reduction ANd installment payments if they start paying by a certain date [mid Jan.]
Their lease ends 2/28/11 and goes MTM from there.
I anticipate noticing them on 1/15/11 ending the old lease, offering a re-newal [MTM??] with a small increase [increased taxes/insurance] and NOW having to do maintenance that they are unwilling/inept/incapable of doing.
This has been a huge learning experience as a first time LL, and it is not easy, but I am learning.
A BIG thing I learrned here was to tailor the lease so that, if things did not work out well, I wold be able to get the unit and ready to rent in time for the [better] Spring] market.
Many questions, I know,
I am trying to get prepared in advance as I know that court takes time and being proactive can get my place ready to re-rent sooner.
Thanks in advance for your advice and insight.
RowZ
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