Deposit only ATM cards for tenants / Tips

[Jeff Weaver]

Hi guys, I'm a investor In Oakland county, Michigan (North of Detroit) I have 36 rental units and on the units that I manage myself I give my tenants a deposit only ATM card ( Bank of America as many as you want for free) . I give these to my tenants and they go to the ATM 24-7 to deposit there rent ( cash check or money order). And they can print a receipt ( receipt does not show the account balance and they have no access to any other ATM feature) Each card has its own # on it so I just keep track of the numbers with each tenant. It's easy. You can also set up alerts when a deposit is made. It is also possible to print all the deposits from just 1 card if needed. Only downside is it must be a full service ATM not one of the little ones in the drug store. I keep track of rents on a google sheet that totals for my year end. Adding a new sheet for each year shows my progress. I can view on my phone so I can see it any time I also keep a sign out all the time and an ad on CL that way I have a list of potential tenants if one comes up empty. This has also helped me set my price as I ask what there looking for a what price there getting quoted. My rental application is a google form that I send ( text or e mail the link) this form allows me to convert the received data to a lease and also a rent increase letter ( working on an eviction form) Electronic portfolio : I keep a scanned copy of my leases , LLC info, insurance, deeds, title work, etc . in a google folder that I can share with my bank when I'm in need of funding. Banks like this a lot ! Please share any tips you have Thank you Jeff Weaver

[Mel Hayes]

@Jeff Weaver my first thought with this method is how do you handle 3 day notice to pay or quit. If you give a 3 day notice to pay $500 and the tenant takes their card and pays $100, in the court's eyes you've accepted their rent and cannot move forward with eviction. You're leaving yourself open for a huge loophole in the landlord/tenant laws.  I suggest something like pay near me. You must have a process in place that rejects rent amounts less than the total.