rent collection suggestions

[Tom Server]

Hello.. looking for some advice here.. new to investment property.

I'm currently in the process of purchasing my first multifamily investment property. I'm due to close at the end of January 

The home currently has tenants. 

The first rental is section 8 , the second and third tenants pay cash. 

How do I go about changing over to an online payment for the cash payment tenants?

How do I change the section 8 payment to myself?

What payment system do you use?  Is Venmo, or PayPal a way to do a monthly rent payment? 

thank you

[Alecia Loveless]

@Tom Server Hi Tom. I use all the online payment Apps, Venmo, CashApp, Facebook, and have not had anyone do a partial payment or a charge back to get their payment back. I do have one on Cash App that pays me weekly but that is pre-arranged.

In the event that I was to start getting a small partial payment to try to stop the eviction process I would immediately shut off their account connection to my account and start the eviction process.

I would also immediately start the eviction process if someone did some sort of a charge back on any part of one or several months rent payments.

I like the App payments because generally they get made either early prior to the 1st of the month or on the 1st of the month whereas my check payments usually arrive around the 7th and the tenants pretend they have mailed them on the 1st.

With prior cash payments I was chasing down the tenants around the 20th of each month for those. I try to discourage cash payments now for security reasons that I don’t want cash on hand.