I'm interested to hear what methods everyone uses to collect rent. I'm finishing up my first duplex and I am currently looking how to rent collect and how to structure the bank account(s) that the rents and deposits will go into. I originally liked the idea of using cozy, but after reading some horror stories about tenants using their c.c. to make payments and then disputing the charges later and cozy charging back the landlords account months later I have since steered away from EFT collection.
1.)
My thought process right now is that I can install locking drop boxes at each unit in the car port, which would allow me to come by and collect rents on my schedule and not have to schedule with tenants every month. I wanted to be able to come by, unlock boxes, collect checks and leave a receipt in the mailbox or taped to door/taped to drop box. I figured this would work well as I'm in Tennessee and we have a grace period in our rental codes. My rent for units is due on the 1st and the grace period runs till the 5th. If rent is not paid by the 5th, the next day on the 6th we add a 10% late fee (given the 5th is not a Sunday or holiday). this would allow me to come by on the evening of the 5th on my schedule (I work a full time job as well) and collect my checks, and if they are not in the box I can tape a notice informing of the fees as well. what are everyone's thoughts on this process.
2.) I'm looking at how to structure my bank accounts for my property, I know I need to set up a separate bank account for the deposits to go into (at least that is my understanding here in Tennessee, not sure if that is nation wide). I then wanted to have another account that the rent checks go into, instead of my personal account, just so I could follow how the money is building and help keep track of the profitability of the property, along with what expenses I put into the property. thought on what yall do and how you structure your accounts???
