Collecting rent from afar.

6 Replies

  1. I am basicly an out of state investor. Anyway I do collects rents near and far.  I have a bank acct that I have given all my tenants in order to deposit their rent money. Their deposit receipt is their rent receipt. This have work for both my tenants and me.  I use BOA which is a big bank.  To those who was wonder how to get your rent from far or near, this will make collecting rent simple.  They can also use their own online billpay from their bank acct to pay you rent.  For those who tenants who are not near a big bank, you can open a bank account that is in their locality.  You can open that account online for expediency with their local bank or just call the bank and do it.

Thanks.  Seems like a fairly simple way to do things.  I know other people have mentioned using other on line payment methods.  Think one by Quicken.

Tenants can also pay their rent through PayPal.  There is no fee to the sender and the recipient if they select "living expenses" as the category for sending the money.

I just give my tenants my info and they set up direct required. Never had an issue and I manage across the country!

@Rob Caldwell  

Pay pal would be a good way to go.  Although I remember reading that tenant complained and Paypal ended up taking the money from the landlord back to the tenant.  Little gunshy after hearing that.

Having had PayPal shut down a business account for no viable reason (for over 6 months), I would be cautious. Google "paypal freezing accounts" or something similar to get a taste.

Well, I've never had any problems using PayPal and have been doing it for years.

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