Deposit only ATM cards for tenants / Tips
Investor · Troy, MI · Member since 2017 · 57 posts · 42 votes
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