What’s the best way to accept payment from a tenant

[Wendy Lacey]

We are purchasing our first rental property. I duplex on a FHA. With that said the loan is under my name but I do have an LLC. What is the best and most efficient way to collect rent? Should I accept it to my name or LLC as far as taxes go and for listing income to acquire my next property. Also would there be any advantage to have a website for payments to be made?

[James Wise]

Originally posted by @Wendy Lacey:

We are purchasing our first rental property. I duplex on a FHA. With that said the loan is under my name but I do have an LLC. What is the best and most efficient way to collect rent? Should I accept it to my name or LLC as far as taxes go and for listing income to acquire my next property. Also would there be any advantage to have a website for payments to be made?

 Rubber checks are all too common so don't accept checks. I assume that you don't have an office so don't go to their properties in person to collect cash either. Online payments are nice. Direct deposit into your bank account is nice. As is money order. Note that money orders can actually bounce just like checks but it's a lot more uncommon.