All Forum Posts by: Eugene Lavatman

@Chad Hale I stumbled onto Gozego yesterday, just reached out, thank you!

Found one company so far, its called Simplychecks.com, $49.00 per Month with 0.95% processing fee + $0.50 per Transaction. Same day ACH (echecks)!

Besides short-term, you can look into coliving. If it's an apartment with 3 or more bedrooms, can furnish the apartment and rent by the bedroom and increase cap rate.

@JD Martin we master lease the properties and thus we are treated like tenants, many contracts state payment required by the 5th latest or else penalties. Some landlords are strapped for cash, especially during pandemic and on the first of every month we get a phone call lol.

We are ok with paying processing fees up to 0.75 - 1.00%, its 2021 and the technology that is available is truly remarkable, Real time payments via clearing house only charge banks/gateways $0.01 - $0.10. Same day ACH cost a bit more but definitely not 1.99%. No point of wasting tens of thousands of dollars on processing fees.

Millennials have expectations of instant payments or same day with minimal processing fee and so do we. 

Facebook is supposed to launch Diem.com this month (used to be called "Libra", a blockchain stable coin) things are changing but I guess not fast enough. 

@Nicole Heasley Beitenman thanks, how long does it usually take for payments to clear in bank account once a tenant sends a payment?

We are coliving company (SettleLiving.com) and at the moment we manage 165 bedrooms in NYC, matching zelle and venmo payments to see who paid and who didn't isn’t very professional, easy to make mistakes.

Cozy uses traditional ACH, takes up-to 5 days to receive payment, many landlords expect us to send them rent between the 1st of the month and the 5th latest. Tenants pay between a few days before the 1st all the way to the 5th of the month. 95% pay by the 5th or earlier. Don’t have the luxury of waiting up to 5 business days for traditional ACH. Telling folks to pay earlier reached limited success.

Hello BiggerPockets community, we have been accepting payments from tenants using Zelle, Venmo and Paypal. Zelle and Venmo requires  tenants to have an American bank account. We can receive the payment INSTANTLY and FOR FREE, no processing fee.

The problem is Venmo limits you to $20,000 withdrawn per week.

Zelle can only be used for folks who use major USA banks (some folks have unsupported banks and cant use Zelle).

PayPal we use as a back-up if tenant does not have an American bank, but there is a 3% processing fee, we require tenants to pay that 3%  processing fee if they use PayPal.

All three payment methods allow us to do instant transfers. We have been able scale our business for a while but are now just a bit too big to use these methods for accepting payments. It takes too damn long to do accounting and limitations wont allow us to scale.

We are interested in receiving payments using REAL TIME PAYMENT network from clearing house (push payments) or SAME DAY ACH / NEXT DAY ACH. Venmo recently created Venmo for business but they charge 1.9% + $0.10 per transaction. Traditional gateways like Stripe charge 3% processing fee and Appfolio takes too long to process ACH payments. Please help!

"Typically" folks fall into 3 categories who try to use security deposit for the last month.

- Folks who are low on cash 
- Folks who do not trust you to give them security back or had some kind of incidents in the past with another landlord
- Folks who caused damage to your apartment

If they have low cash, ask them to at least pay half rent for the last month, if they believe you wont return them deposit remind them about your great relationship and explain that you do not have any reason to withhold deposit after move-out, for folks who could have caused damage to your apartment I would recommend conducting an inspection ASAP to see if there was damage done and confront them about it asap. In NYC a highly regulated housing environment it is complicated to take anyone to eviction court / civil court, much easier to take folks to small claims court (as long as damage is under $5000).

Hope this advice helps you.