Landlord Rent Collection

5 Replies

Hi All, 

I have a client who has opened escrow on his first rental. What is a good landlord software and is budget friendly and can be used for a SFR? His primary goal is to utilize this for rent collection. This will be his only rental and many options seem to require more units.

I had a previous client who used Cozy but was not impressed due to long processing times on payments. What options do you use/like? 

@Erik Hayhurst I track multiple properties in Excel and have tenants pay rent by going to my bank and depositing in my bank account, setting up auto draft to me, Zelle or Paypal. All of these methods of receiving rent are free.

Agree with others. Cozy is best. The landlord should keep a working capital reserve of at least one month’s worth of expenses regardless of float time. You can also pay about $3 per property per month to have Cozy expedite The payment. There are other, faster rent collection services but they charge (tenant or landlord). Check out Avail or TenantCloud. Google ”free online rent collection services” for a comparison chart for more details.

If it is only one SFR an excel spreadsheet is easiest and cheapest because most people have it. Just have your client copy the schedule E expense categories into the first column and fill them in each month with a row on the top for rent collected. Very basic formulas will give him NOI, cash flow, and any other metric he wants to see. As for payments, Zelle and paypal are good for personal accounts but if it is a business bank account he is using he can set up ACH or just give the tenant deposit slips to deposit the rent himself.