As someone who owns rental property in the Central Valley, or elsewhere in the United States, you may be asked by one of your tenants at some point if you would be open to accepting a partial payment for rent with them promising to pay half of the rent now and the remaining balance at a later date.
This type of arrangement almost never works out for the owner because once the door has been opened to the tenant for making a partial payment they may expect that you will allow it again sometime in the near future or worse, they may never catch up on the rent that’s due, and continue to stay behind on their rent for the remainder of their lease.
If You Decide To Accept a Partial Payment
Although most landlords and owners won’t accept partial payments there may come a time when you decide to accept one, especially if your tenant has a good track record paying their rent and you’ve never had problems with them in the past.
Before agreeing to accept a partial payment from your tenant you should draft an agreement of the partial payment in writing with the exact amount of money they are expected to pay now with the amount and date that they will be expected to pay the remaining balance.
Fall Back On Your Lease
If you’re not open to accepting partial payments from your tenants it’s best to create an excellent lease which clearly states that partial payments are not accepted and lists the consequences that your tenant can expect if they pay their rent late like late fees and eviction.
Get Property Management Help
To learn more about partial payments and how to deal with them, or to speak with us about our property management service, contact RPM Central Valley today by calling us at (209) 572-2222 or click here to connect with us online.