Transitioning all tenants to an automatic payment system.

Not to mention, I don't always have to sell as when I sell, the money goes into my money market account automatically. 

If I get multiple applicants, I look through their application and make sure they are not automatically disqualified (no evictions in the past 7 years, 3x the rent in income, no pets on my insurance's "no pet" list ect). 

Now that I am a landlord I would be a little more concerned but I don't think I would automatically write them off. 

I have - only ONE tenant that was affected, they had tow payments they entered on the 12th, rent and the automatic late payment.

On the PMI front I'm paying about $265 a month total, most of which is being paid by the tenants.Curious as to what others suggestions/thoughts are.One additional note: I was informed the FHA loan on Duplex A will not automatically drop the PMI once I have 20% equity.

This is generally true, but there is always the exception to the rule...... we just closed on a deal where the bank funded us the purchase and rehab cost up front structured like a construction loan with 6 months interest only then it automatically rolls into a traditional loan.

That does not automatically make them a bad risk.

I thought rentals automatically turned into month-to-month after the lease expires.

You could have automatic withdraw from their credit card - we have a number of tenants who pay their rent this way.Could have payroll deduction that goes direct to your management account.I had a friend who had 100 units - he would have them go to his bank and deposit their rent to his management account - he could always check on line to see who has or has not paid.You could ask the tenant for 12 post dated checks for the amount of the rent - every month around the 3rd or 4th he would deposit their check.We have about 80 units, most all drop off their rent or mail it - some will let us charge their rent from their credit card.Let me know if this was helpful - love votes.Charlie