We bought a rental property that we (finally) have a tenant for. What are the best pays to collect rent? I was going to have the tenant zelle to the account which I manage the property from. I've read about other options like apartments.com. Any other thoughts?
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If you are going into the landlord business, it is a good idea to automate the processes and make them as professional as possible without driving costs up. Along those lines there are several good (some free) rent payments services that might appeal to technologically savvy tenants and that are easy to use. I know people that use apartments.com and also Cozy. Both fine. Many other options.
5 Best Online Rent Payment Services for 2021 (fitsmallbusiness.com)
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Originally posted by Shant View PostI wouldn't download a new financial app just to pay rent, especially one that I've never heard of (zelle). My tenant texts me the rent using Interac but that was my tenant's choice, I had actually requested cheques since apparently I am a dinosaur...
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We use zelle for some of our properties and it works fine. We have a separate bank account only for rental properties.
However, for higher rent properties, they have to make 2 sequential payments as the zelle daily limit of $5000 is too low. Nevertheless, they prefer this to sending a check.
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Originally posted by DocNextDoor View PostMy son’s most recent apartment landlord only would accept payment by check in the mail, I would recommend any other option.
This is also the landlord who nickle and dimed me after 2 years when I patched some holes left by shelves and used the paint they left behind to paint them, complaining it didn't look professional.
I lived in that house for 2 years and hated it. But my commute was good?
F that noise. This landlord is 100% the reason I wanted to own my own home.
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Originally posted by StateOfMyHead View PostDinosaur here. I still get checks in the mail which can be a bit of a pain but overall works fine. I suppose if one of my tenants wants to change to an electronic payment it might be a better option. I'm hoping to wrap things up with my rental side gig in the next few years.
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