How are you guys collecting rents?

[Marvin Bobb]

Hey guys how are you guys collecting rent right now

[Phillip Black]

@Marvin Bobb

I use Cozy.co and have been for a few years now. We have a large portfolio of 50+ SFH and love the Cozy platform. It typically takes about 5 days to receive the ACH transfer from your tenant but far exceeds any other collection method I have tried in the past. Only downfall is late fees are not automatically calculated but Cozy management stated they are looking into adding this feature in the future. Now that Cozy Was bought by Apartments.com I imagine it's only a matter of time that they add this feature as they work to dominate this space!

[Paul K.]

@Todd Ashley @Brian Caudill
I have two rent-by-the-room rentals as it’s been working out great so far.  I will caveat that I personally know at least one person in each property which makes it a bit easier to manage myself.

In Cozy, I set up each room as a separate unit and have separate leases for each tenant. In the lease, I include that up to ‘X’ many other tenants will be considered “additional occupants.”

I’m able to charge more per room and have higher rents than I would if I were to rent the entire place. I make sure that my numbers would work as both a househack and as a normal rental.

Feel free to message me if you have any questions! 

[Matt R.]

I use Cozy for credit and background checks, and rent collection.  I don't use Cozy's applications or tenant communication service.  It has semi-recently been bought by Apartments dot com, so I expect the feature set to change in the next several months.  I wrote a big post about my experience with Cozy a couple of years ago:

https://www.biggerpockets.com/...

I am not affiliated with any sites mentioned.

[Lisa Lincoln]

After a lot of home work I am trying to use Rentech Direct but their payment processing service Forte has been such a pain to deal with. I have just about given up. They did give me a discount with BB, but taken over 2 months to set up payment processing service. Renters have been using a near by bank with rental deposit slips and Zelle. I think I have missed the boat using the online system to collect rent and too new to recommend other features available. I thought it was the answer to support my new apartment complex but the jury is still out on this one. 

[Nicholas Zaharevich]

@Marvin Bobb

We use Rentec Direct. It has everything for us that we need to manage all aspects of managing it properties. Much more than just rent collection. There's more ways to collect rent then you can shake a stick at. You'll find one that works for you

[Khaled El Dorry]

@Marvin Bobb I have used property management (8% of rent and 75% on turnover) and then tenant pay online but not sure the platform they use. I find the 75% excessive but I have a demanding W2 job so this takes away my headaches and they have done a very good job so far 3 years in.

[Detra Harris]

Cozy is really popular I see.  We use Cozy, Zelle and Paypal. Appfolio is great for properties over 50 units.  Very user friendly. Tenants can also mail in rent payments which most of our seasoned tenants prefer over new technology.  Having several options is best and will help rack in your rents timely and tracking is super easy.

[Christopher B.]

We use QuickBooks Online for our accounting, so we use it's built-in payment system.  It's free if they use ACH.  There is charge for debit/credit cards, which we don't accept for that reason.  

[Mike Lee]

Cozy works very well 

[Will Bert]

@Marvin Bobb I like cozy.co ...not only do I collect rent but I put my expenses for each unit in & at the end of the year it allows me to put it into a PDF that I can send to my CPA ....

[Dakota Wilde]

Through property management software. I accept only online payments, except for one tenant who keeps providing cash. 

[Michael Noto]

We have people pay through our website or send/deliver checks to our office. 

[E.S. Burrell]

My older tenants pay by check or money order. My younger tenants prefer cash app.

[Shunta Mildenberger]

@Charles M. How are e-signing you leases? What program are you using?

[Arta Montero]

@Jason Norton I had hired Real Property Management Solutions in Portland, Oregon and I wish it was 10% .

I paid $7000 to get house move in ready based on recommendation for just minor things and then they were charging me close to $1000/month for minor repairs such as unplugging tub, change burner and random things like that after I paid $7000 move in fee.

On top of that I had to pay $1000 to break contract. The wife and husband that own it (big one) too we’re screaming at me because I told them I would leave a bad review given all this and especially if they done waive the contact break fee.

Dan Hays, the CEO definitely has a great talk, but doesn’t walk the talk and it’s unfortunate that their business is build on conflict of interest in every way from a maintenance, they keep pet rent and he was giving me a whole speech as to why I should have pets.

Anyway, I would not recommend Real Property Management Solutions for those of you in Portland and I think their business is based on ripping their customers off.

Long story short I wish it was 10 or even 20% for me.

Out of the contract but they cost me 10k and not sure if tennant will be paying.

[Victorina McAdam]

I use Zillow for one, Zelle for another.  Both are free except Zillow takes 5 days to arrive into my checking account.  Our rental is in the Bay Area and Zelle has a maximum daily amount that we exceed, so I would have to ask my tenants to send two separate payments via Zelle on different days. I didn't want to have to do that.  Zillow is easy and I manage the listing, lease and payments through their Rental Manager portal for FREE.  I've used Turbo Tenant and see they are excepting payments too, but I haven't used them.  

[AJ Shepard]

@Arta Montero

That sounds like an awe full experience sorry to hear about your experience. I’m sure there are other property managers out there that will be more aligned with your goals. We manage a lot of our own rentals in portland and keeping vacancy low and providing a good place for the tenant is the key thing.

We use appfolio for our back end accounting software which collects rents amid a bunch of other things.

[Raul R.]

@Marvin Bobb

9mm S/W and w my Germán Shepard....

Just kidding my PM collects my rent they accept all electronic form of payments. The 1 tenant i manage myself Zelle

[Mark Sikora]

I am using cozy services for last 3 years and been loving it. 5-7 days for transfer of payment but it's seem less and works. I think they just got purchased by apartment.com

[Ben Kappel]

I would advise against using paypal, as they charge a separate fee to collect rent. (3% I think).   I use Cozy.co and its great.  It does take 5 days for the transfer, but the additional features they have make it worth it.  Make sure whatever you do decide to use, that it is in the lease agreement. 

[Alexander Lang]

COZY.CO - Also in addition to rent collection, tenants can view their Lease and send me maintenance requests as well.

[John Kunick]

Venmo...  I love it and have never had a single issue.  I started using it three years ago (was collecting rent before then).  Most of my tenants couldn't believe how easy (and free) it is and they also love it.  I do have one tenant that requested to use Apple Pay so I set up an account and it is very similar to Venmo..

[Charles M.]

@Shunta Mildenberger I have a base contract and Zillow has the ability to send and e-sign through their system.

[Account Closed]

Cozy.co. It does everything I need it to, including auto-applying late fees, doc hosting, and maintenance request portal. 

[Frank R.]

My out of state property I use a property manager.

My primary home where I rent out the rooms I use venmo.