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Updated almost 7 years ago on . Most recent reply

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60
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Edward Burke
  • Rental Property Investor
  • San Diego, CA
29
Votes |
60
Posts

Cash Tenant, No E-mail (Crazy...)! Rent payment options help!

Edward Burke
  • Rental Property Investor
  • San Diego, CA
Posted

I just acquired a 4-plex today.  I currently have 18 units, and will have another 4 here within the month.  As crazy as it might seem to many, I self manage from out of state.  I have a reliable maintenance team and listing agent, and historically handle leases and rental payments electronically.  This post is not about that, so please no comments on my decision to self manage.  

However, one of my tenants does not have an e-mail or a bank account.  I inherited this tenant...not my first choice.  The prior landlord allowed cash payments, and he never missed a single payment in over a year.  I do not allow cash payments.  Being out of state, it doesn't work with my business model.

The options I have considered:

  • My thoughts are that the tenant gets a money order every month and physically mails it to me.
  • The tenant directly deposits into my account at the bank (is there a way to do this without disclosing my account number?)
  • I see services that allow the tenant to deposit cash at a local Walmart, but everyone of these services is a separate product that I would have to license or enroll in.  I don't want to manage a separate system for one tenant.

Does anyone have any suggestions of what works for them?  Thank you very much for your help!!!

Most Popular Reply

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3,969
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2,919
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Matt K.
  • Walnut Creek, CA
2,919
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Matt K.
  • Walnut Creek, CA
Replied

Your account number really isn't that big of a security concern.... If you've ever written a check, your acct number was there for all to see. 

But like said, chase and other banks are starting to cut back on letting anyone put cash into an account.

Depending how your set up, this could work? Doubt it'd work for 1 person though...
https://www.biggerpockets.com/forums/52/topics/108305-using-paynearme-for-rent

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