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Updated over 5 years ago on . Most recent reply

User Stats

40
Posts
25
Votes
Tiko D. Blane
  • Rental Property Investor
  • Evansville, IN
25
Votes |
40
Posts

First Time Landlord Questions. HELP!

Tiko D. Blane
  • Rental Property Investor
  • Evansville, IN
Posted

I have just posted my first rental "for rent" on the market. First question. I am looking for a solid game plan to collect rent that allows my tenant a couple of options to pay. I DO NOT want to door knock monthly to collect. I have the property listed with cozy.co. If my tenant uses their checking account to pay on cozy it is free. But it takes 5 days to clear the bank. Do any of you guys use that? If so how do you like it? I have also considered giving them my banking account deposit slips for them to drop off at the bank monthly. My concern with that is they will have my checking account number. What do you guys do? This my first rental. I want to be professional and appear to know what I am doing. 

Also, the lease. I don't have one. I am in Indiana if anyone wants to share the one they are using. Where should I get a lease or rental agreement from? I need one that I can customize. Thanks in advance. 

  • Tiko D. Blane
  • Most Popular Reply

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    John Underwood
    #5 All Forums Contributor
    • Investor
    • Greer, SC
    15,057
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    John Underwood
    #5 All Forums Contributor
    • Investor
    • Greer, SC
    Replied

    @Tiko D. Blane For rent collection I use bank ACH, Zelle (supported by all the major banks, is free and only takes seconds) and deposit directly into my bank account.

    Everytime you write someone a check you give them your bank account number. They can't do anything with it. I put my account number in my lease so they can deposit to it. My tenants have different rent amounts and are supposed to write their name on the deposit slip. This way I can go online and see who has paid.

    I don not chase rent. They pay or I file an eviction. They get trained quick or they have to leave.

  • John Underwood
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