First Rental Property

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How do you collect rent? I'm planning to rent out my old house and I'm going to self-manage it. I don't have a system in place for collecting rent? Please help!

[Detra Harris]

Hi Tri.  When I first started out I used free software.  There are a few on the market such as Cozy.com.  You can google a few other software companies that are super easy and user-friendly for your tenants to use at no cost to you. Your tenant can pay rent online by cell phone or computer. The rent payment will go directly into your bank account within a few business days. Your tenant will have the option to pay by ACH or credit card. You can also use the software to track property expenses and maintenance requests. You may also want to consider establishing a PO box for tenants to send rents by check or money order. Giving tenants a few payment options makes it really easy to collect your rents.

Good luck!

Detra