I am wondering how investors who manage their own properties collect rent when they live in different states or countries.
The easy answer is to get a management company to do it for you but they take too much of the profit.
So if you are going to self manage how do you get payments from renters? And what if the payments are in cash
Cozy for online, a money order in the mail for cash. Though I personally would avoid a tenant that far off the grid, communications, especially for out of state management, are important.
Nearly all my tenants pay online through Zelle/pop money or other online payments with the exception of two of my tenants who deposit it directly into our account at the bank.
The most recommended site is Cozy
Another option is to set up a bank account in the tenant's area and let them deposit funds right into the account. This allows them to pay with cash, check, money order, etc.
@Travis Elliott There are lots of great services. The most simple is probably getting them to deposit it into a bank account.
Someone the other day someone who manages more than 1000 homes said they have a system where the tenants are given a bar code and that gives them the option to pay at 7-11 stores.
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