How do you guys have your tenants pay rent?

[Colin Sweeney]

Hey BP,

Im about to close on a 4-plex in NE Minneapolis (my first investment property) and I was wondering what people in the area do to collect rents.  Even though I'll be living on the property and they technically could just drop it off to me I would rather have a system in place where they can pay it online (for when I move out in a year).  Just wondering what any local people in the Minneapolis area use or what anybody nationwide would suggest.   Thanks in advance!

[Nathan Gesner]

Use online payments. Don't tell tenants there's the option of paying with check or cash or mailing payment to your bank. Tell them from the beginning that payments must be made through Cozy or whatever online system you use and then stick with it.