All Forum Posts by: Aaron Reibe

Hello fellow members,

I am looking for rental software that allows online payment AND in-person bank deposits.  Is this even available?

I have 12 doors and have tenants that want to pay in person.  Some are older, some don't speak English, and some don't trust the Internet for money transfers.  In the past, I have had tenants deposit funds directly into my business checking account and offered no online payment methods.  As I have grown and taken on partners, I now have business bank accounts at two banks and want to make online payment possible. 

A few months ago, I attempted to solve things with TennantCloud.  I chose TennantCloud because they allow online rent payments and deposits can be split among various owners.  I immediately ran into a problem because TennantCloud uses Stripe or electronic payments and my local credit union does not allow Stripe transactions (Strange I know but it's a problem).  About one-third of my tenants use this same local credit union.  

As of today, I accept in-person payments at two local banks, TennantCloud, and through Zillow rents (solved the CU issue but has its own issues).  My goal is to make things less complicated and all I have done is create more work for myself.  What do others do in similar situations?

Thank you in advance for your responses.

Hi Isaac,

I agree, don't slow down, begin looking seriously at your upcoming purchase. I am assuming your loan officer has preapproved you for the next purchase and knows the down payment is coming from the current Refi.  If you are using this upcoming cash to buy a place outright then just use the refinance documents as proof of funds and have a clause that if your refinance is delayed you have options.  If neither of those are true, I would still be actively looking while getting the financing details sorted.

Don't be discouraged.  Keeping to your pre-determined max amount was smart.  Let that other investor take the risk. I have been to lots of those actions and most of the time don't get the house I bid on.  Eventually one will come through.  Now you are more prepared for next time.