Collecting Rent, what are the best options
Half of my renters pay in person, some direct deposit and mail or deliver to my designated place (home).
what do you think is the best way to handle this?
Notes: I see that when the bring it in person, this develops more of a relationship.
Electronically is easier, once they learn the system but it will probably cost some to do this. It's probably easier for someone to hack into (even though I am sure there are things to do to help this be quite secure).
Direct deposit, I have to give them part of my account number (is there a better way?).
Thank you, Joe
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
Feel free to click on the magnifying glass in the upper right. This is literally asked monthly if not weekly.
I truly prefer the Electronic Funds Transfer (EFT) like the gym uses to bill you monthly. It’s not something they have to remember to do, the money is just taken from them and given to you. Usually this even happens on Sunday’s and holidays, depending on the bank.
There’s no clawback on their end, there no fees on your end or theirs (or at least there shouldn’t be). They have to have a bank account, but that’s not a huge hurdle.
I have posted a couple times about what I do. Feel free to look at my prior posts that share how I collect.
