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Many contracts say that rent is due on the 1st of each month but the late charge doesn\\u2019t kick in until the 10th. So it\\u2019s no big deal if the check arrives on the 5th, 6th, or even the 9th. Right? We hate to break the bad news but your leniency on rent is only going to encourage more delinquency. You\'ve heard this before from us - human nature!

Maybe it\\u2019s time to get more serious about on-time meaning ON TIME! Here\\u2019s an idea crazy enough that it just might work. Don\\u2019t give them nine days of wiggle room. If the due date is the 1st, then apply a late charge on the 2nd, and don\\u2019t make it a paper tiger. Actually charge it and make them pay it.

This is your livelihood they\\u2019re screwing around with.

Tough? You bet, but it works! Of course, you don\\u2019t want to sneak this past them during the contract signing phase. Make a big deal about it. Communicate the rules clearly. Have them circle and initial the part of the contract that outlines rent payment dates and give them a separate document to take home.

Take serious and, more importantly, quick action on late payments. No excuses and no negotiations to catch up next Friday. If they say it\\u2019s in the mail, ask for a substitute check and send the other one back when it arrives. Another tactic is to have them agree beforehand that you may contact their \\u201cemergency\\u201d references in the event of a late payment. This is excellent payment stimulation.

Of course, if you invest in income properties the right way, like Jason Hartman and Platinum Properties Investor Network\\u2122 recommends, your property manager will be the one dealing with all this. Just make sure he has clear instructions on how to proceed.