Getting paid

9 Replies

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.   

Jonna Weber, Real Estate Agent in ID (#SP41257)

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?".

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.