Rental Property Investor · North Wales, PA · Member since 2017 · 35 posts · 8 votes
As Mr Brandon Turner mentioned in his book on "Managing Rental Property", we always require our tenants to pay deposit and first month's rent before or during lease signing via confirmed payment such as demand draft or cashiers check.
Due to pandemic and to comply with our social distancing guidelines, we are planning to do e-sign this time and not meet if possible. We would like to stay away from paypal, venmo etc since that creates problem during unfortunate events of eviction process and tenants can basically do small payment and delay whole process.
We always turned to wise community of Biggerpockets in times of confusion and this is one of those types. If someone can recommend different way that they try to collect deposit, we will greatly appreciate that.
Hi @Neerav Patel. An overnight flat works. I have signed two leases during this quarantine period. We went over the lease via FaceTime, from a PDF copy that I had e-mailed. After making edits (one tenant added a cat) and sending again, Tenants signed and initialed two copies of the lease and mailed them to me, along with their first month's rent and security deposit. When the check cleared and they set up their own utility accounts, keys and celebration followed; along with a copy of the executed lease. We did the move-in inspection wearing masks.
We ended up meeting for accepting cashier check deposit. We used zoom for tenant orientation and used eversign for e-signing lease. Worked out perfectly