Best avenue to add an electronic option to rent collection? I know I have seen previous posts on this topic but I cannot find anything by searching. I recall there are some online services to automate rent collection or perhaps an app?
Anyone have knowledge of any of these services? I would like to give the "hand me a check" option as well as a "send me the money electronically" option. Any pros and cons would be appreciated -- jumping back into rentals after a few years out of it. First re-habbed 3-flat ready to rent in the next 30 days!
Hey Ann. I'm using https://cozy.co/ which has an online rent collection option in addition to being a portal for your tenants to post maintenance requests. It's a free service you can use and I am using on my first flooded house rehab and rent.
I would avoid the "hand me a check" option as it requires you to either pick up the check or rely on a post service to deliver it, not to mention the possibility that the check bounces. Electronic payment has really become standard at this point and is really the easiest option for everyone involved.
There are lots of property management apps and programs out there, but for just the triplex, I would try Cozy first and see how you like it.
@Jeff Smith I will definitely check it out. We tend to be very hands on landlords (we own a construction company) but we already have a few other investment properties in mind so I can see it getting very sticky, very quickly! Love the online payment idea. Thanks for the recommendation!
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