How Do You Collect Your Rents?
hi all,
this may seem like a basic question but i was wondering how everyone gets the rent check from their tenants.
i get most by mail via property manager about the 3rd week of the month. i hate this as it means i float the mortgage payment for 2-3 weeks. i have one guy that direct deposits to one of my bank accounts. this works better.
what do all of you do? does anyone have a good direct deposit or authorization to withdraw from the tenants account type of system?
thanks, brian
[ Edited by bnwbaron on Date 01/27/2008 ]
paypal meaning they can pay with credit card also?
Good question. Does anyone have their llc set up with a merchant account and accept credit cards?
Accept checks & cash to a po box and also accept paypal (both from checking accounts and credit cards). encourage paypal by offering $5 off per month.
I have seen a couple web site that offer landlords the ability (w/ renter consent) to auto-draft a check directly from there account.
Any experience w/ this?
Raj,
To prevent a false check being drawn on the deposit account i use for my tenant I do two things:
1. They deposit to a savings account, not checking. One would hope if a check was submitted on a savings account a flag would go up.
2. That same account sits mostly empty until the deposit arrives, then I pull the money out immediately.
To all that have responded thus far - thanks. I have enjoyed this thread. Brian