Rental Property Investor · Philadelphia, PA · Member since 2017 · 35 posts · 3 votes
For all my SELF property management investors out there. What's the best way to get rent payments from tenants without having to physically do it and something secure and with a trail?
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
7y
@Anthony Theokary both Cozy and Zillow have free online rent collection systems. I would require tenants to use one of those unless local laws require you to take other payment methods. If you are required to take other payment methods, I would incentive online payment via a monthly discount. Say your rent is normally $1000 per month, I would advertise $1000 with online rent payment or $1010 without. That way you are compensated if you are dealing with checks.
Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
7y
There are a ton of threads on this topic, but Cozy and Buildium are always popular. I personally use Buildium, but may be switching to Cozy (the Cozy platform is free). Search the forums and you will get a lot of suggestions.
Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
7y
@Anthony Theokary both Cozy and Zillow have free online rent collection systems. I would require tenants to use one of those unless local laws require you to take other payment methods. If you are required to take other payment methods, I would incentive online payment via a monthly discount. Say your rent is normally $1000 per month, I would advertise $1000 with online rent payment or $1010 without. That way you are compensated if you are dealing with checks.
Rental Property Investor · Chicago, IL · Member since 2013 · 100 posts · 85 votes
7y
@Anthony Theokary most of my tenants don’t have online access/bank accounts, so cozy doesn’t work. Paynearme is an option and they can pay at 7/11s or CVS. BiggerPockets used to have a discount with them not sure if it’s still available..
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Anthony Theokary - my leases say all tenants must by the end of business on the first of the month have deposited in my bank account (local bank, address and business hours of nearby branch given), Zelle or PayPal friends and family me (or they pay any fees). After the first, daily late fees are due.
Note: Zelle instant transfer doesn’t work if you need to put the money into a business bank account though.
I manage my former residence in Washington DC from New Jersey and several properties in New Jersey and I haven’t have any problems with people auto-paying. I haven’t tried Cozy because I like having my money on the first without paying a premium. Some people bill cozys fee to the tenant. Friend uses renttrack or similar that reports to credit bureau to improve tenants score and bills it to the tenant.
Investor · Springfield , NJ · Member since 2017 · 192 posts · 93 votes
7y
All of the online rent collection services should have some kind of trail. It's just a matter of what other features you prefer and how much you want to pay (or charge your tenant).
I prefer Cozy because it's simple and free for landlord and tenant.
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
7y
@Anthony Theokary I will be another vote for Cozy. I recently began switching all the incoming tenants in a newly acquired 19 unit building in Berwyn, IL to Cozy. So far, the new tenants have all loved it. I am still trying to transition some of the legacy tenants to Cozy, and I may run into issues as they are older and also don't speak/read English. I am hoping to get their children to help though, so maybe I will pull it off! Going virtual is definitely nice both from a time saving stand point and also from an accounting stand point. As you get more units, keeping track of all those checks can be frustrating!
Rental Property Investor · Albany, NY · Member since 2016 · 37 posts · 42 votes
7y
I agree with @Faron Davidson that free screenings is a nice feature that Tellus offers. Does anyone have more experience using Tellus and doing tenant screenings?
Rental Property Investor · Richmond, VA · Member since 2014 · 100 posts · 50 votes
7y
@Anthony Theokary
Some of my tenants pay me with Venmo. Some deposit the rent directly into my bank account. My tenants that don't have back accounts insist on driving to my house and leaving money orders in my mailbox.
Rental Property Investor · Edmond, OK · Member since 2017 · 1k+ posts · 1k+ votes
7y
@Obi I. I haven't fully committed to switching software yet because of the actual effort required to switch everything over. My only reason is that Buildium runs about $45/month (and is increasing prices in the next few months). Cozy is free and offers all of the features that I actually use. I don't really use enough of the buildium features to justify the $500+/year.
Rental Property Investor · Baltimore, MD · Member since 2016 · 109 posts · 31 votes
7y
@Cassi Justiz thanks for your response. I've been reading up on both Cozy and Buildium lately so your comments are helpful. It sounds like Cozy might be the better option to start off with and then switch to Buildium as the portfolio grows
Rental Property Investor · Walla Walla, WA · Member since 2016 · 480 posts · 346 votes
7y
@Anthony Theokary, this may sound like a broken record but cozy appears to be fairly user friendly. Although I am utilizing their service for my new tenant to pay rent, this will be the first time that I have done this so we will see. But the reviews on cozy have been good. Not to mention as stated above it is free. What made it attractive for my tenant is they allow the tenant to report their actual rent payments to their credit report (experian if I am not mistaken). They offer a lot of services and most all but two are free! Hope this helps. Best of luck in your search. Here is to wishing you nothing but GR8 success in your 2019 REI ventures!
Real Estate Agent · Princeton, NJ · Member since 2016 · 1k+ posts · 1k+ votes
7y
@Obi I. - In A/B DC and NOVA neighborhoods, self management isn’t very difficult because your tenants have good paying jobs and pay on time. When there’s an on site problem, the tenant meets with the contractor like a plumber and the repair gets done and billed to me (unless they clogged the toilet with baby wipes). I have family in the area so I check on the house every 6-12 months and make sure everything’s fine. In 10 years of ownership, I just replaced a washer and a dishwasher. Other appliances have been repaired for dirt cheap like a $40 dryer fix or a $20 oven coil.