Long Distance Rent Collection - Electronically Challenged Tenants

[Matt McGuire]

I recently acquired a 4-plex a few hours away from where I live and I planned to collect rent using Venmo or Zelle or something similar. I found out yesterday that my tenants don't have bank accounts. They don't know what Venmo is. They just cash their paychecks at the gas station or wherever. The previous landlord was local and he would go by there and pick up the rent money. I set up a PO Box so they can mail the rent, but what other suggestions do you have to collect rent in this situation?

[Patricia Steiner]

Matt, here's a link to a BP blog addressing that issue:

https://www.biggerpockets.com/member-blogs/7302/46591-collecting-rent-from-tenants-who-dont-have-bank-accounts

You may want to set-up a bank account near the property where the tenants can deposit their rent payments.  I know investors who have done this and it worked well.  

And, kudos to @Nicole A., who posted this information over 3 years ago....