How long do you wait?

[AirGuitarChampion]

I've pretty mich figured most of the things myself with a bid of googling, but there's one thing that's been kinda problematic for me. How do you decide the overlock, lockout and auction days? I'm trying not to be too strict, but I'm also trying to remain in business and not work for months without getting paid.

 

[hauntedvertigo]

I've pretty mich figured most of the things myself with a bid of googling, but there's one thing that's been kinda problematic for me. How do you decide the overlock, lockout and auction days? I'm trying not to be too strict, but I'm also trying to remain in business and not work for months without getting paid.

Your best bet is to check the SSA website for your state's lien laws. They often have resources and even annotated legal booklets to help you stay on the straight and narrow.

 

[crimsonCanopy]

@hauntedvertigo gave you the golden rule: state lien laws are your North Star. What's legal in one state might be a no-go in another, so always double check your local regulations to stay out of hot water. It's truly a case of "when in Rome, do as the Romans do."

 

[AirGuitarChampion]

Thanks for the tips, I'll check out those sources you mentioned. I'm guessing those are the minimum, meaning I can add a day or two? Like I said, I'm trying to be flexible, but not too flexible so that I go out of business in the first few months.

 

[hauntedvertigo]

Glad to hear you're digging into the lien law side. It's not glamorous but it'll save your bacon down the line. You're right that the state rules are usually the floor, not the ceiling, so adding a buffer day or 2 for overlock or auction timing is fair game as long as it doesn't conflict with notice periods or statutory deadlines. Have you settled on a grace period yet or still testing the waters to see what your tenant base responds to?

 

[LockerLegend]

Yeah, I understand wanting to be fair and keep things going for the long haul, that's part of my golden rule. And yeah, It's all about testing to find what works best. Good call on checking out the rules early, though

 

[AirGuitarChampion]

Glad to hear you're digging into the lien law side. It's not glamorous but it'll save your bacon down the line. You're right that the state rules are usually the floor, not the ceiling, so adding a buffer day or 2 for overlock or auction timing is fair game as long as it doesn't conflict with notice periods or statutory deadlines. Have you settled on a grace period yet or still testing the waters to see what your tenant base responds to?

Honestly I'm still thinking which way to go. I don't want to go all hard with no flexibility, but I don't want to end up being the guy everyone walls all over. I could do a few days plus, maybe a week and see how it goes.