Best rent collecting platform/method?

[Kevin Hunter]

Hello BP community! Just reaching out…what is currently the best method/platform for collecting rent from tenants? Is anyone using zelle, Venmo, etc? Or is it best to stick with ACH of some sort? I know of some websites as well…Closing on my 1st multi-family unit with tenants, so just trying to be prepared!! Thanks

[John Warren]

@Kevin Hunter when you are just starting out, zelle is your friend! As you scale up, you may eventually hit a cross roads where you want something more formal. Most investors also run into issues with older tenants who mail checks or with some tenants who want to pay cash. What I did early on that helped is I would install a drop box or mail slot in a closet for rent. I would have my tenants drop the check or money order (never cash) so I could collect at my convenience. This took out any issues with the mail (I had issues multiple times) and it allowed me to sweep all of the properties at once to collect.