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Updated 2 days ago on . Most recent reply

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Brady Michael Gross
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Question concerning Collecting Rent

Posted

Hi everyone! I'm jumping in to real estate investing very soon, set to close on 6/17. It is a triplex that I intend to househack. I'm currently finishing up The Book on Managing Rental Properties by the Turners. In it, it seems like the best way to collect rent is to use an online company that can accept payments online. I'm looking for recommendations for an online rent collection company or app that functions well, ideally gives me instantaneous notifications when rent is paid (to know it was on time/not subject to late fees), and has zero or low fees. 

I suppose the other option would just to have the tenants drop a check off in my mail box, as we will be living under the same roof, but the eventual plan will be to scale and move in to the next house hack when renovations are complete and rents are at the market rate. So the ultimate goal would be to get systems in place to collect rent easily that doesn't require mailing/PO boxes/picking up checks. 

I have personal accounts through capital one and will likely create a business checking and savings account through them for continuity, to deposit the rent/pay the mortgage and to keep the security deposit, respectively. Their business checking and savings accounts allow free deposits, ACH, and online bill pay for no fee, so I feel that should work well. Would an easier option be to cut out the middle step and not get an online company/app and instead have tenants simply route money to my business checking account? I understand that it would take a couple days for the funds to arrive, but I should be able to see a notification that the transfer process has started.

Appreciate any and all insight!

Sincerely, 

Brady Gross

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