Investor · Edwardsville, IL · Member since 2014 · 142 posts · 54 votes
Actually, the title says it all. Right now I'm using a PO box that everybody mails their rent to. But late rent is getting blamed on the Post Office (which is possible). It seems like the 2020 there should be better options... Any and all suggestions are appreciated!
I have been house hacking for a year now and have been exclusively using Cozy to collect rent. It super easy for me and my renters and there are no fees for me unless I want to expedite the payment (I don’t use this). I can highly recommend it!
Auburn NY · Member since 2019 · 97 posts · 56 votes
6y
I use TSYS merchant services .. I withdraw rent weekly and bi weekly, automatic payments withdrawn from ach or credit card accounts. Automatic receipts are send the the tenant through email, and their money is deposited into our acct. Can also charge late payments. Through this service right to their accounts
Rental Property Investor · Lawrence, MA · Member since 2020 · 252 posts · 153 votes
6y
I collect the money the old fashioned way, knocking at the door. The tenants said that they would rather pay cash. There was one that asked me if they could deposit it at their bank. I said if only they have an account where I have my personal account. There is a name to that type of bank but I forgot how it's called.
Rental Property Investor · Albany, NY · Member since 2019 · 125 posts · 47 votes
6y
For now we just use popmoney, goes right into the account. Will need to switch soon to something more scalable. I definitely don't want cash, but occasionally make an exception to make sure I get it before they spend it!
I know cash is "King", but I don't accept it for rentals. Their is no way of tracking this and I don't want to have the argument with the tenant who claimed to have paid.
Regarding the post office excuse I would include in your lease that you need to receive the funds by the 1st of the month at 4pm or whenever you pick up your checks. If its not there it is late. The tenant always has the option of post dating a check to the 1st and mailing it well in advance. Not doing so could lead the tenant to believe as long as its dropped in the mail by 11:59 PM on the 1st they are on time.
I have been house hacking for a year now and have been exclusively using Cozy to collect rent. It super easy for me and my renters and there are no fees for me unless I want to expedite the payment (I don’t use this). I can highly recommend it!
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
6y
We only accept direct deposits into our bank. They can deposit funds with cash, check, money order or whatever. We give them deposit slips. Some that have accounts at the same bank can do it without going in person (via phone, etc) For our oos rentals we use a different bank but same procedure.
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
6y
Regarding post office rent collection, I recently sent an earnest money check to a town 15 miles south of where I mailed it from. Took 6 days to get there. (That was just a couple weeks ago).
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
6y
@Marvin Meng no more post office! I do venmo, cash app and zelle. I also allow tenants to go to my bank and deposit into the account if they are not able to do online payments/apps. yes there are much better ways than mailing!
Midland, TX · Member since 2015 · 90 posts · 75 votes
6y
I tried out Cozy and I've been enjoying it. Not a good option if you need your money quickly. It takes a few days to get money from their account, to Cozy, then your account.
Cozy reports payments to Equifax, so there is added incentive to pay on time. Every potential tenant I interviewed liked the idea of their credit improving with payments.
San Antonio, TX · Member since 2017 · 41 posts · 9 votes
6y
@Marvin Meng
With non savvy with a computer tenants (pay online), I have an account at the local bank where they just stop in and deposit their rent. It works great for me.
Rental Property Investor · Bethlehem, PA · Member since 2017 · 59 posts · 22 votes
6y
@Marvin Meng
Bought my first deal in November 2019.
Also has garage spaces which I rent separately. One tenant gave me a check for 2 yrs in one shot for garage (ok awesome) The other garage tenant pays me cash monthly (comes to my job). Lastly the house will be (fingers crossed) rented out this week and I’m accepting Zelle through my bank for security deposit but I use avail.co for my screening, leases, and rent collection. Have in my lease they must use auto-pay through avail.co once set up. Similar to cozy (free) but also has state specific leases that you can customize. Hope this helps !!
Saint Joseph, MO · Member since 2018 · 401 posts · 244 votes
6y
@Marvin Meng currently, they can mail to the P.O. Box, or they can carry it by hand into our bank with their address and apartment number(small town bank). As far as mail goes. Rent is due on the 1st, with grace period til the 5th. So I go check the box at the end of the day on the 5th. If it’s not there, then I charge a late fee.
Investor · Jackson, MS · Member since 2018 · 1 post · 1 vote
6y
PO Box is fine if you only have a few rentals. At some point you’ll outgrow this method. Running to the PO then the bank is takes up enough time during the first 5-6 days. The worst part is the follow up visits checking for late rent payments only to find there’s nothing in the box. Your late tenants will have you running back and forth for nothing. I NEVER pickup rent in person.
I suggest some type of online method that allows for tracking payments and automation. Cozy, Zillow rent manager, Quickbooks all do this. I now use Appfolio, but this is only cost effective if you have a significant sized portfolio. I used Quickbooks (QBO) for years prior. You can setup each tenant as a customer and setup memorized transactions to create and email an invoice to each tenant on the first. Tenants have the ability to pay online and receive an email confirmation when paid. You need some type of bookkeeping software anyway, right? I still have a PO Box for business mail and random items.
Rental Property Investor · n/a · Member since 2019 · 143 posts · 117 votes
6y
I use Zelle and it's been great. My tenants were already familiar with the platform from their previous landlord and I didn't want to complicate anything by changing that up. Zelle is free, links right to the bank accounts, and is trusted by the banks as I have seen many advertise it. Also with this, you cut out the middleman like Venmo since it goes directly into the bank account. So there is never any additional transferring required.
The only hiccup was the first month, they had deposit the rent in $500 increments until our accounts were verified. So I didn't get the full rent until 4 deposits, each 24 hours apart. But now they can deposit the entire amount with no issue.
Real Estate Agent · San Jose, CA · Member since 2017 · 57 posts · 35 votes
6y
I have the tenant go into branch of my bank, and deposit the rent directly into my account by the 3rd of each month. Have never had an issue or late rent!:)
Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
6y
@Marvin Meng Cozy has worked really well for me and helps a lot with tracking. You can also bill maintenance through their platform which is a really nice feature. I’ve used Venmo, too, but it’s just not as functional for a landlord (since it’s not built for that).
Contractor · Sterling Heights, MI · Member since 2020 · 43 posts · 8 votes
6y
@Marvin Meng my landlord takes PayPal lol he also has an llc. Which he empty PayPal into all the time. Those the ways I can think of if your in another state or have multiple properties. I hope this helps! Let me know what you find.
Investor · Boston, MA · Member since 2016 · 77 posts · 55 votes
6y
@Marvin Meng I have been using Cozy for about 4 years now for both of my properties. It is a good platform for 20 units or less. Allows tenants to pay with a debit card or credit card. You can pay $2.99 a month for each unit if you want the rent 2 or 3 days earlier than usual. Rent takes about 5 days to be deposited into your bank account. Anything higher than 20 units is alittle stressful. Appfolio or Buildium are stronger options for larger portfolios from what I have heard.
Rental Property Investor · Conyers, GA · Member since 2017 · 51 posts · 14 votes
6y
@Marvin Meng
I use Cozy.co. Takes about 5 days to receive payment, but the tenants set up online deposits for free on their checking account. Simple. And can set up recurring payments. You can add a late payment option that will automatically apply.
I’ve used Venmo in the past too. Cozy just seems more professional IMO.
I collect the money the old fashioned way, knocking at the door. The tenants said that they would rather pay cash. There was one that asked me if they could deposit it at their bank. I said if only they have an account where I have my personal account. There is a name to that type of bank but I forgot how it's called.