Landlord:best way to collect tenants rent

Landlord:best way to collect tenants rent

Kokomo, IN · Member since 2017 · 1 post · 0 votes

I am new to being a landlord, starting with my first rental property. What's the best way to have tenants pay rent?

0Reply
30 views

1 Reply

Jump to latestLatest
  • Investor · Springfield, MA · Member since 2010 · 277 posts · 84 votes
    9y

    I would always have tenant send in rents via mail or set them up for ACH withdrawal.   If you intending to grow your rental business it is best to setup repeatable and scale able systems.  I see too many new landlords collecting rent in person.  I would also recommend checking out www.paylease.com and using the cash pay cards they offer.  These allow tenants pay at many different locations ( such as Walmarts ) and if goes directly into your account.  Love this feature.  We are currently at 40% payment penetration and hope to eventually get 75% of our tenants paying this way.  

Join the conversationCreate a free account to reply, vote on answers and follow this thread.