Do you suggest renting PO Box to collect rent?

[Tiffy W.]

Hi,

I have a question for investors out there. Do you suggest renting a PO Box to collect your monthly rental checks? I will not be living in the building so I would like to avoid physically collecting these checks in the beginning of each month. Any pros and cons to renting a PO Box (other than the yearly fee)? Thanks in advance.

[Leon O.]

Hi,

I suggest you create a bank account with one of the bigger banks in your area that has many locations.  Then it is up to your tenants to stop by and deposit the rent money/check in the account by a certain date.  It will be easy for you to check if they paid on time, as you can check instantly online.  Make sure this is in your lease agreement.  This is what I do with my rentals and it is great! Speaking of whic, rent is due on one of my units today, and I got to log in and check right now.

Hope this helps.

Leon