HOW TO PROPERLY CHARGE A LATE FEE IN A MOBILE HOME PARK

Mobile home park tenants are not rich. Most of them live from paycheck to paycheck. As a result, they frequently don’t pay their bills on time – sometimes at all. To motivate these tenants to pay their lot rent on time, you must enact a late fee for rent that is not received by the due date. However, enacting such a plan is a lot more complicated than most park owners recognize. And messing up the plan can cause extreme legal and financial penalties. Here are a few initial points to consider:

How much to charge the tenant.

There is a law in most states as to the maximum late fee you can charge. Read more »