I love the 1st and 15th
I love waking up to find money dumped into my account. And I love having all my tenants (except a few I inherited) on autopay. As a landlord, it makes life much easier just having the money automatically show up in my account, rather than depending on the mail, or on tenants to show up, then handling checks and cash.
To new landlords: people are often surprised how much work this business involves. Wherever you can automate things and cut out wasted time or inefficiencies, do that. We just tell all tenants who want to apply that the rent in the listing is for autopay, and if they want to mail checks or pay cash, it's an extra $50/mo. No one ever wants to do it the hard way.
Your state or city laws may vary, etc. etc. It's probably illegal in several blue states. (I'm surprised that even collecting rent at all is still legal in some states!) But wherever you can make your life easier, do it!
Most Popular Reply
@Ryan Marrs and I are running into this. Loads of checks in the mail and tons of time wasted on organizing, driving to the bank, and depositing. Our main source of the problem is that a large majority of people who live in mobile home parks don't have bank accounts. New tenants must have one, but the grandfathered in leave us with little alternatives but to collect the mail.
For one of our parks we have switched to everyone depositing at the local bank branch for us. Still time consuming, but I think that is the best it is going to get.
Any suggestions?