All Forum Posts by: Tedd Lodes

Thanks everybody.....Julian, it'd be good to meet up sometime but we're traveling for the next month or so.  

We are in our 8th year of real estate investing - mostly buy and hold property in Fort Smith, Arkansas. 

Thanks to all for your responses......we don't Wells Fargo or Bank of America or 7-11 in our city but we do have several Money Gram locations so I'll take a look at rentpayment.com.  I  also hadn't thought about just using one local bank account and having each tenant write their name on the deposit slip....I like the idea but I was looking on my deposit slip and don't see any place for a tenant to write his or her name....so just wondering where they would actually write their name on the deposit slip? Anyone have any idea?

Our property manager recently quit on us and so I'm going to be taking over for the foreseeable future. The only problem is we travel a lot and I'm trying to figure out a way to collect rent without actually being here. We have 24 units that are mostly lower income. I think only one of our tenants has a checking account…nearly all of them pay in cash or with a money order.  I'm considering opening up a separate bank account for each tenant so that they could deposit their rent money into our bank on the first of each month. Just wondering if anyone else has any experience doing it like this or can think of a better way. Again, checks and online pay are not an option for 95% of our tenants.  Thanks for your help!