Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Technology
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 07/07/2017

User Stats

75
Posts
39
Votes
Don Daniels
  • Spring, TX
39
Votes |
75
Posts

Cozy rent due early to arrive on the 1st?

Don Daniels
  • Spring, TX
Posted
I'm using cozy for my rentals - great tool. For those of you using online rent collections you're familiar with the 5-10 days wait time for the rent to deposit. Do you require your tenants to pay ahead of the 1st so that it deposits by the 1st? Currently, I just require it be submitted by the 1st. Having the payments deposit on the same day as mortgage payments has obvious cash flow benefits

User Stats

246
Posts
183
Votes
Jennifer L.
  • Investor
  • San Jose, CA
183
Votes |
246
Posts
Jennifer L.
  • Investor
  • San Jose, CA
Replied

I just have them initiate on the 1st. This July is particularly slow since the 1st fell on a Saturday and the 4th was a holiday. But if timing of the deposit creates potential cash-flow issues, I'd pay the extra $3 to get the payment expedited.  For me, the convenience of using Cozy for my tenants and me far outweighs any inconvenience the delay in depositing causes.  Since my state requires me to give my tenants an option of payment that is neither cash nor electronic funds transfer, I wouldn't want my tenants to shy away from EFT because they could send a check in 5 days later.

User Stats

251
Posts
290
Votes
Paul Bowers
  • Real Estate Investor
  • Macedon, NY
290
Votes |
251
Posts
Paul Bowers
  • Real Estate Investor
  • Macedon, NY
Replied

@Don Daniels, I would doubt that legally you could ask them to pay early.  If their lease says rent's due the first then it's due the first, not early because it's more convenient for you.

NREIG  logo
NREIG
|
Sponsored
Customizable insurance coverage with a program that’s easy to use Add, edit, and remove properties from your account any time with no minimum-earned premiums.

User Stats

129
Posts
58
Votes
Tom Spaeth
Pro Member
  • Investor
  • Denver , CO
58
Votes |
129
Posts
Tom Spaeth
Pro Member
  • Investor
  • Denver , CO
Replied

I require payments made by the 25th. That way they typically clear prior to the 1st.

  • Tom Spaeth