Online Rent Collection

[Tim Nelson]

Greetings, Investors! My dad and I have an LLC with 13 college rental properties. He manages all of them since I'm active duty military and he spends a ton of time collecting rent checks. Within the next year I want to go fully paperless and move to online rent collection. I've read a decent amount about the Cozy app and it seems like a no brainer. Who has used Cozy or any online rent collection apps and what has your experience been? Is it the right call to go online? I appreciate your feedback.

[Bryan O.]

@Tim Nelson I use Cozy with one of my rentals and it works just fine. The others pay electronically from my QuickBooks invoice. Cozy is free, QB costs $0.50 each payment, though I think they recently dropped to $0.25.

Cozy would probably fit your rentals best since it makes all of the payments from however many people are signed up collect until you get 1 full payment. Gets rid of the "well you go my portion, Billy spent his on skunk beer." You either get 1 payment, or you can evict, or you can set up multiple leases if you do it that way. It's fairly flexible, though I wish they would implement the ability to put "extras" into the charging system, such as paying for parking, storage unit, etc.