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Updated almost 6 years ago on . Most recent reply

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Will Triplett
  • San Luis Obispo, CA
14
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Direct deposit rent collection question

Will Triplett
  • San Luis Obispo, CA
Posted

We occasionally have a legitimate problem with our tenant mailing us his rent check. When the check hasn't shown up after the grace period we contact the tenant and ask if there is a problem and he immediately drives 20 miles to hand deliver a check. At some time later his original check shows up in our mail box in a bettered and torn condition with the correct post mark date on it, so he is not lying about sending us a check. Does anyone use a method of direct rent deposit or on line system that will automatically take money out of someones checking account?

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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
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Bill B.#1 Real Estate Deal Analysis & Advice Contributor
  • Investor
  • Las Vegas, NV
Replied

I went with an out of state tenant to their bank and we both signed a direct funds transfer form for the 3 year length of his lease. I get the money on the first every month, even if it’s a holiday or Sunday. Didn’t cost anything and works perfectly.

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