How is the best way to approach this situation? I have people paying all over the month which was agreed as ok in their verbal leases with the previous owner. I want everyone to be paying on the 1rst. How do I approach the situation and still seem fair and honest with the tenants?
When you re-paper the park with rules, regs, leases and disclosures the new leases will reset your ‘due’ dates.
You might want to coordinate with the Seller because he will have only been paid for a portion of the prior month’s rent. If the Seller is ok with only a portion of the last months rent or the issue is left open in your purchase and sales agreement, then you are good to go with the new date. If this is an issue and your contract requires a prorate that comes out of your hide, then you might consider prorating the rent for the month of change to get them on the same cycle. If this creates too much of a burden on some of the residents then you might consider smoothing some of the higher catch up amount over future months. For example, if the rent is $300 per month, and tenant’s rent is due on the 15th and you are moving the due date to the first, they would need to pay for the upcoming month and the catch up half of the month from the 15th to the 30th or $450 (300+(.5 x 300)) To ease the burden you might consider having the tenant pay the $150 catch up over a number of months in the future along with their regular rental payment. One thing is for certain, you WILL hear many complaints! You may want to consider checking the legal aspects of how to communicate this and what rules apply in the event the tenants fail to pay the additional amount for the catch up. Best of luck!!!
Thanks Bobinboca,I own the park. The burden on some tenants is the issue where some pay 2x per month. I’m not sure how to communicate or structure the catch up but the pay date differences are driving me nuts. The last owner was a real screwball.