What is the name of your state? Florida
I was hoping that someone knew what a reasonable late fee charge would be in Florida. I'm currently the landlord of two rental properties and on the lease, I've implemented a late charge of 5% of the rental payment on the 1st day, and $10.00 each additional day until rental payment is received. Rent is due on the 1st and they have a grace period through the 5th to pay without penalty. I was telling a friend of mine who happens to be an attorney about one of my tenants that I'm having problems with and he seemed to think that my late charges were extremely high. I thought the whole point of late charges were to "make a lasting impression" so it wasn't happening continuously? I'm not in the business of lending so I would prefer timely payment over late fees any day. Just hoping someone had some inside views!
Thanks for your help.