Handling Missed Lease-Option Payments

Info 100First Time Late

If this is the very first time or if this is your very first payment, there is a good chance there was a mistake or miscommunication with the account. It is wise to give your tenant the benefit of the doubt by verifying status. A quick email or text “Hi this is the owner for ______. I just need status of this month’s payment.”
If you get no reply or a country western song as to why they didn’t make your payment. Proceed to the next step.

Info 100Second Time Late or Country Western Song

alert red 100DO NOT CONTACT THE TENANT! Contacting them only delays the inevitable AND teaches them how to lead you around by the nose. Calling them also gets you frustrated. If you have a temper, you are only going to make our job more difficult.

Text or Email to us
Property Address
Tenant Name (we just need confirmation our records are accurate)
Amount They Owe + Late fee

2nd Time: We recommend $100 late fee
3rd Time: We recommend $200 late fee
4th Time: We recommend $400 late fee

We will post a “5 Day Notice”. We generally post this the next business day. 90% of all tenants come to Jesus at this point. If they don’t come to Jesus, we go to the next step.

Info 100Tenants Who Make Partial Payments

If your tenant makes a partial payment, you still need to accumulate the total balance of rent due + late fees. Our rule of thumb is that we will go to the next step of evicting when the balance owed equals one month of rent. When we lock them out, they amazingly come up with enough money to pay and get back into their house.

It is your job to track the balance and late fees. The reason this is your job is because we don’t know how much you are collecting and/or what you agreed to. Reporting back to us what you agreed to, is a bonus as we put it in our system to review when their eviction date is due.

TIP: Use a very simple spreadsheet for each of your properties so that when they are late, we can simply forward your tracking sheet to the tenant when they demand to know why their balance is so high.

arrow red 100Tenants Who Pay In Full

If your tenant pays, please be courteous and let us know. We manage about 6 evictions a week and it really helps us a lot when you notify us when an eviction is off our plate.

Info 100Evictions

This page will tell you everything you need to know about evictions. Please read this before calling us. We are very thorough and will inform you on all events that occur after the 5 day notice.