Collecting rent from low income tenants

[Zachary Caudill]

We are closing on our first apartment building! (Only 15 units) but it is in a low income area where not all of the tenants have bank accounts. What is the best way to collect rent without driving to the property every month and going door to door? We are self managing for the first year so no property manager. Should we have them mail in their rent checks?

[Wesley W.]

Each multifamily building has its own bank account. It's written into the lease that tenants must deposit their rents into that particular account (either by online bank transfer or by walking in a check/cash); I do not collect rents directly, nor would I if anyone asked. Systems don't work if there are any exceptions. Each tenant living in a building has their own unique rent amount, so even if they do not leave a notation with the rent payment, I know whom paid the rent based on the amount alone.  I get an email alert each time a deposit is made.