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Updated about 3 years ago on . Most recent reply

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Best platform to take rent payment from tenant- 1st time landlord

Posted

Hello community! My husband and I just bought a duplex in the state of Florida that comes with one unit already  occupied with tenants (we are moving in to the other side).  

Please recommend the best platform to take payments from tenants. 

A couple of things to keep in mind that are important when picking a payment platform:

1)The tenants know us as the property managers, not the owners, and we want to keep it that way to eliminate the possibility of them taking advantage of the proximity should they have a financial challenge. 

The property was purchased under our personal SSN, not an LLC.

Thank you in advance for your help. 

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David M.
  • Morris County, NJ
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David M.
  • Morris County, NJ
Replied

@Krystle Tavernier

Hmm... Do you need a "platform?"  I know there is this big push for it, but...

If you have introduced yourself to the tenants as the property manager, how are you communicating with them?  Same cell number?  Google number?  different email address?  Also, are you using a separate bank account?

For example, you could still take Zelle payments and hide your personal contact info.  At least Zelle is built into just about every banking system and transfer are instantaneous --- literally.  One time a tenant did the transfer while were talking on the phone and I got the text message notification and check my bank account and it was there and cleared.  You could still even do Venmo or Paypal (granted they are the same company really).

I guess you could also go old school and just have rent checks since to a PO Box...

Maybe not what you wanted to hear, but hope that helps.  Congrats, and good luck.

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