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Updated almost 8 years ago on . Most recent reply

User Stats

35
Posts
16
Votes
Michala Vander Ploeg
  • Investor
  • Ottawa, Ontario
16
Votes |
35
Posts

collecting rent with triplex in Ontario

Michala Vander Ploeg
  • Investor
  • Ottawa, Ontario
Posted

We close on our first investment property at the end of this month (March 31st). All three units are currently rented, and renters have been paying rent on the first of the month with the previous owner. 

Wondering what is the best/easiest method to use when collecting rent. We aren't interested in setting up a program that requires a service fee, as we only have 3 units to manage at the moment. 

Are post dated checks the easiest? Seems a little old fashioned and was wondering what other options were out there, such as direct deposit?

Also, would it be in poor taste if we contacted the tenants prior to closing? Otherwise if we waited until after closing, we wouldn't likely receive any payments until after the 1st of April, and I dont want to start the first month of ownership with late payments.

TIA :)

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