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Updated almost 8 years ago, 01/09/2017
URGENT: I need payment collection help!
BP family,
I'm looking for some help. I just closed on my first deal; an 8-unit mixed-use and I need to know the quickest way to set up online payment methods for my tenants.
I don't have a business account set up with my bank yet but am planning to have that wrapped up this week (actually tried to set up on the morning of closing but did not realize how involved it was). The Seller messaged the tenants yesterday (1-day after closing) letting them know of the ownership change. She informed me this morning that setting up payment services can take 3-4 weeks and that tenants are already asking for that information. If true, I'm already behind on that for the first round of rent payments (Feb. 1).
I am thinking of calling each tenant this evening or tomorrow to introduce myself and explain that the business entity specific to their building was just recently formed, so for the first month they would need to pay in some traditional fashion (by mail, or giving a check to my PM). Another idea I had was to set up a PayPal account and have that routed to my personal checking account for now, and then change it to have future payments routed to the business account once that's set up. I've never received PayPal payments before so not sure if it is possible to change where payments are routed so easily. Does anyone know? Any other thoughts or ideas?
Much gratitude in advance for any suggestions.
Best,
Stanci