Collecting Rent Electronically

[Lucas Laufenberg]

I am a newbie investor and I am looking for recommendations for electronic payment methods to implement for my tenants to pay rent. I currently just collect checks from my tenants I house hack with, but I am in the process acquiring my first property that I will not be living in. So I wanted to move to collecting rent electronically. With such few tenants still, does it make sense to just use Paypal or Venmo? or are the better options out there? Thanks in advance!

[Kyle J.]

I currently use Cozy, Venmo, and Zelle. They’re all free, they all work, and each has their pros/cons.

One thing I like about Cozy though is, once you set it up initially, you never have to touch it again. It just automatically transfers the rent from the tenant’s bank account to yours each month with no further action require on your part or the tenants. Lots of others on here use Cozy too.