I am a fairly new landlord (as of April). Things have gone great. We get the rent check every month. I want to however set up an automated system, so they don't need to send us a check. Does anyone have a good solution for this? I would love to do auto pay, but don't know how to set that up.
@Nick May - I use Sparkrent by Intuit. There are many other good ones out there that have been mentioned frequently on the forums. I would do a search on the forums for online rent payment systems. I love having no checks lost in the mail.
You can print the checks if you have them sign a form and can find software to print checks:
You can also ask them to set up an allotment with their bank or employer to pay their rent
I use WilliamPaid.com which is free to you and them and I also use Chase QuickPay
On one of the podcasts, they say to add this to the initial scenting questions. That way from the start that know that the rent comes in this way. I was thinking "why have I not been doing this?".
Banks offer ACH payments which should withdrawal right out of their checking account. I believe Paypal also has some such feature and there are the software programs others have mentioned above.
I have recently discovered Google Wallet. I associate my bank to my Google account, my tenants associated their bank with their Google account and I simply request the money every month. Google Wallet does the exchange. You can then transfer the money from your Wallet account to your bank account. It takes a couple of days but it's worth it. And it's free for both parties.
The reason this was the solution for me was that I did not need to have an LLC. The other options I checked out needed me to have an LLC, as far as I knew.
I give out my bank account number (it's on all my checks anyway) so that they can make deposits directly into my account. One of the banks I use is Chase. I've had people get money to me via chase in many ways such as... e-mail, mail, transfer over the phone, do online transfers and go in to a branch. Whatever they choose to do works for me because I can collect any of those ways without having to pick up the money in person.
Maybe Square Cash...I think they just text you a payment. Ive never used it, but seems pretty simple - I just prefer having more paper trails to work with.
Bank account number and routing number. Once they deposit your good. Mine do it electronically either throug a bank transfer internally or bill pay I believe.
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