Rent Payments in Multifamily

[Jay Jones]

I’m new to landlording and have just closed on my first multifamily property (a quadplex) and plan on managing the property myself at least initially.  Looking for advice on what kind of payment options I should allow/require tenants to use when paying rents each month.  Would really like for them to be identified when payment comes in so I don’t have to figure out who has or hasn’t paid.  I also really don’t want to add to their expenses or mine whatever I do.  Also, should I try to require them all to use the same payment form?  Any advice would be appreciated!  Thanks!

[William Sing]

Hey, congrats on your first multifamily! 🎉 Managing it yourself at first is a great way to learn the ropes.

For rent payments, I’d highly recommend using a property management platform like Innago—they let tenants pay online, track payments automatically, and keep everything organized for you. Plus, they usually allow ACH payments for free, so you and your tenants avoid extra fees.

Definitely set up a separate bank account for the property. It'll make bookkeeping and taxes way easier down the line. Also, consider requiring all tenants to use the same payment method—it’ll cut down on headaches when tracking who’s paid.

Other things to think about:

• Late Fees & Lease Terms – Be clear upfront about when rent is due and any grace periods.
• Automate Reminders – Some platforms send tenants reminders so you don’t have to chase payments.
• Backup Payment Option – If a tenant has an issue, having a secondary method like Zelle or Venmo (with clear labeling) can be a good backup.

Hope that helps! You'll figure out what works best as you go, but having a system in place from the start will save you a ton of time.