I am about to close on a three unit building and would love to hear how you all collect rent each month from your tenants. What are the best tools to use? Thanks!
Rental Property Investor · Apex, NC · Member since 2015 · 197 posts · 102 votes
8y
First, congratulations on your new property.
There are many ways to accept rent. I don't recommend cash because there is no record of it. It can become a he said she said situation.
Currently I have some tenants that mail me checks (I am trying to phase this out) but some older folks are just more comfortable with what they know.
Some tenants go directly to my bank and deposit their rent directly into my account. With my Bank they don't need an account number to do it, they simply state they are depositing their rent into my business account and provide the business name. Never had a problem.
What I am trying to get all my tenants to do (and most do already) is pay online. I use the Cozy site, it's free and is easy to use.
Rental Property Investor · Chicago, IL · Member since 2018 · 24 posts · 15 votes
8y
@Cody Hines
Congrats! I close on a 3-flat tomorrow as well. I would echo @Michael Badin in using Cozy as that’s my plan. I’ve been on the other side of Cozy as a renter for some time now and it’s very convenient and keeps great record for both sides.
Good luck!