Independent landlords.. How do you collect rent??

[Mike B.]

Hi all Was curious for the independent landlords (those acting as their own property manager) what's your preferred method for collecting rent and keeping costs down at the same time. I previously used an electronic service but they charged almost $10/month. Thus I told my old tenant to drop a check in the mail. I only have 1 property currently so no big deal with managing paperwork. I have a New tenant moving in now, prefers electronic payments so I'm using PayPal in the interim. What programs/websites do you use? Do you collect rent by other means? (Eg check in the mail)? Any other advice on this? I like simplicity and if possible to avoid delay in ACH transfers between accounts. Thanks

[James DeRoest]

Sometimes they drop it over to me, sometimes I'll collect. Only one is allowed to pay into our account.

Here's the thing, everyone wants the least amount of trouble to get rent, like getting in the car and driving 10 minutes is a bad thing, but it keeps you engaged with the tenants and you can keep an eye on at least the outside of the property. If check isn't ready, they'll invite you in, and you get to see how they are keeping the place. Ask them if there are any problems, check for a leak maybe. This month is fire alarm month where every one will be checked.

At the end of the day, you have a considerable investment in a property, so I find it very odd when so many people then try and avoid their own properties!