Rental Property Investor · Hershey, NE · Member since 2018 · 13 posts · 0 votes
Hi, I recently built a small studio duplex designed to cater to short term traveling medical personnel in my area. Many of the medical professionals line up housing in advance, some 30 to 90 days out, and I want to require a deposit to hold the property until they arrive to sign the lease and move in as I am getting multiple calls for the same time frames. Does anyone have any tips on the best way to take a deposit long distance? I have heard good and bad things about PayPal so I wanted to research other options. Also, any tips on what I should watch out for? I have traditional rental properties but this is my first foray into the "short term" rental market. Thanks!
PayPal is one way to do it. Depending on cost, you could set up to take ACH payments through your bank, and get paid both the deposit and rent electronically. Another option, if you have a website is a 3rd party credit card processor. The fees can be a few %, but it's automated and again, they can pay both deposit and rent.
If you are looking at a property management platform, there are several online that allow credit screening as well as payment portals.
Finally, you could go the VBRO or AirBnB route, which as sone merits and seems to dovetail in nicely with what you are doing.
Basically, I would look at my costs for each option, and choose the one that offers the best value for my businesses model.