First time landlord. How should I collect rent?

[Brian Medansky]

Hello everyone! 

I'll be closing on my first house hack tomorrow and I realized that I have no idea how I'll be collecting rent. My first thought was just Venmo or some P2P app like that, but then decided I probably want to make it a little bit more professional than that. 

Is there a good free/cheap software that you recommend I use to collect rent?

[Troy Ramey]

Hi Brian,

I use Cozy.co and I recommend it. It's free for the landlord and it's free for the tenant if they link a bank account. The drawbacks are that unless you upgrade your account, it does take several business days for the payment to actually clear in your account. Also, if the tenant wants to use a debit or credit card, it does charge them a fee. Neither of these things have caused an issue for me however. There are lots of other ways and I'm sure some others will chime in soon with their recommendations. 

Congrats on the new house!