All Forum Posts by: Kristen Ray

@Corina Eufinger Thanks for the insight. The thought of giving them the full account number was not appealing. However, I've seen many property do it. I am trying to figure out the best way for tenants that do not have a job where we can collect the rent via direct deposit and/or do not have a bank account pay their rent with a money order. i do not like when they mail the money orders because it never seems to arrive on time. I looked into paynear me and they are not accepting any small businesses at this time. That would have been ideal. 

@Thomas S.Thanks for the suggestion.

@Kyle J. Thanks for the suggestion! I had not heard of a deposit only debit card. I will def look into that!

@Connie Chan Thanks for the suggestion!

@Jason D. Thanks for the info. I thought making a withdrawal would require some sort of ID or verification. However, I realize that bank tellers can make errors also.

@Andrew B. thanks for the insight!

Hello @Eriko Yoshimaru! Welcome to BP! I am a buy and hold investor in Maryland. I am happy to assist you if you have any questions. Feel free to PM me. Happy investing!

@Colin Youn Thanks for sharing. I would highly suggest speaking with a real estate attorney and a CPA that specializes in real estate. What you should do is based on several factors and is not "cut and dry" or "one size fits all." Have an attorney and CPA work together to develop a personalized asset protection plan for you.

@Matt P. Thanks for the insight. I have a friend who has been renting to a tenant for several weeks and the tenant has yet to put the utilities in their name. I am curious as to what other landlords are doing in regards to this.

Hello BP!

What has your experience been with allowing tenants to deposit their rent payments into your account at the bank? Has anyone experienced a time when the tenant made a withdrawl? Also, in terms of setting up ACH for direct deposit of rent, what challenges have you faced? 

From my understanding ACH can take 2 weeks to set up. Have you received late rent due to this factor? If so, how did you handle it?

Hello BP!

For those of you that have sinlge family and/or small multi family properties that are submetered for water and you include the water bill in the rent, have you put a clause in your that states the owner will cover the water bill up until a particular amount? What has been your experience?

Hello BP!

Has anyone had the gas and eletric turned off 24 hours before a new tenant moved in to keep them from "forgetting" to switch it over into their name? What has been your experience?

Thanks for the resources @Pat G.

@Brent B. thanks for the reply. I don’t mean it in a way to look down on anyone else. Rather, I’m looking for other ambitious, goal oriented, action takers that share my same passion for the RE business. I also agree that finding those like-minded individuals and cultivating those relationships will take time.