Just took over a property, how to collect rent?

[Jake Dotson]

I just took over my first rental property, a 4-unit that was previously managed by a property management company where the tenants sent in their payments by mail or dropped it in their office drop box. I am having a hard time deciding how I should collect rent. Each unit is occupied, and each tenant's rent is different. After looking through the forums here are the options I have been considering, and what concerns me about them:

1) Electronic - this concerns me because 2 of the tenants are in their 70s and would never be able to figure this out. Nice people that have been in the apartment for 18 years, but not real tech-savvy

2) Drop-box- I thought about just putting a locking lockbox on the property for them to slip their rent into, but my concern is (maybe dumb) what if someone runs off with it or breaks into it?

3)Deposit slips - I have deposit slips from my bank with my LLC name typed on them and no account number. I could just have the tenants take these slips with their rent to my bank, but is that asking too much?

Sorry to blather on and seem a little scattered, just trying to figure out all of this on the fly. Thank you for taking the time to read this, and thank you in advance for helpful suggestions.

[Thomas S.]

What ever you decide is not too much to ask of tenants in regards to rent payments.

Determine what is most convenient for you, keeping in mind your state landlord tenant regulations, and inform them immediately.

One option you should not ever consider is picking up the rent payments yourself. Landlords should never be at their tenants beck and call regarding rent payments. It is their responsibility to deliver the payment to you not your responsibility to pick up.

Option #3 will be the best with a minor adjustment. Set up a special bank account for rent deposit and transfer the money to your LLC account as soon as you receive the payments.

I have all my tenants provide me with post dated checks for the year simply because I am old school.