Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago, 08/30/2016

User Stats

3
Posts
0
Votes
Adelle Miller
  • Investor
  • Washington, IL
0
Votes |
3
Posts

Automatic Withdrawal?

Adelle Miller
  • Investor
  • Washington, IL
Posted

I've been a landlord for a few years, but I only have a handful of properties, so I'm still kinda new.  I would like to start requiring automated withdrawal for paying rent.  I know there are differing opinions on it, but my mind is made up, so I really just want some advice.  Is there a form I can download somewhere that details the tenant giving me permission to do this?  Is it something I'd take to their bank?  Or is there an online service that makes the process easier?  

Also, how do you handle the automated withdrawal if the tenant tells you they will have to pay late? We don't usually have a problem with this, but I just wanted to make sure my bases are covered IF I run into that problem.  For instance, I had a really good tenant for about three years, and he always paid on time.  One month, he got sent to Chicago for his job, but he had to pay all of his expenses up front.  His job reimbursed him, but it was delayed, so because of this, he had to pay rent late, and we were okay with it since he had paid on time for years.  I'm not sure how this would work with automated withdrawal.  Would I have to change the date manually?

Loading replies...