What hassle free ways do you collect rent?

Question

I am always looking for creative systems to improve my landlord experience. I currently use Cozy to collect rent for my duplex, but it charges my tenants 2.75% of rent if they use a card and don't link their bank account. Most tenants are fearful to link to their bank account and they certainly don't want to pay the 2.75% (I know I wouldn't). For this reason they try to pay with checks in the mail. I don't want to deal with the hassle of cashing checks or having to trust the tenant when they say the checks in the mail on the 4th. I still want to learn as much of buy and hold Real Estate as I can so property manager isn't on my radar right now. I live in Ohio and an hour away from my property. I'm curious what other landlords are currently using to collect rent?

Harvey Yergin IV · Answer

@Todd Snyder This has worked GREAT for us:

Step 1) Setup a dedicated account with Huntington or Chase or some other user friendly bank

Step 2) Give tenants routing and account number (we put it in lease with instructions for payment)

Step 3) Tenant pays via online ACH or walks into bank and deposits check or cash into your checking account.

Step 4) You get text notifications once the money hits your account 😁

Tenants obviously can deposit but not withdrawn or anything else.

Mindy Jensen · Answer

Be careful with Paypal. Your tenant can request a refund from Paypal, and they almost always side with the payor, not the payee. Venmo does not have this issue, they simply instruct you to request a refund from the person you paid.

Victor Buquer · Answer

@Todd Snyder, i use zelle pay it works great

Matt M. · Answer

@Todd Snyder

No such thing as hassle free anything in this business

Scott Donahue · Answer

@Todd Snyder Cozy.co. Great interface. Easy to use. My book keeper loves it, too.

Dennis M. · Answer

Go right to the front door and grab that cash . No bouncing no-nonsense and no pulling the money back out . Everyone loves uncle Ben

Mitchlyn D. · Answer

@Todd Snyder I use Cash app, Venmo, Money Order, or Chase account.

Cash app works the best.

Tom S. · Answer

@Todd Snyder Exactly as Harvey posted above. In addition to that, I accept Venmo, Zelle and Paypal. All have free next business day transfers into my checking account.

Gary MacDermid · Answer

@Todd Snyder

I am using clear now because it requires no tenant involvement. The tenants provide a voided check at lease signing and money rolls in automatically. It is about a $15 fee though so I am interested if anyone has a cheaper option for multiple houses that does not require the tenants to setup anything online or with email. I heard quickbooks online allows recurring ACH like this but I am currently using quickbooks desktop.

What hassle free ways do you collect rent?

What hassle free ways do you collect rent?

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