Real Estate Agent ยท Member since 2019 ยท 8 posts ยท 16 votes
5y
@Marvin Bobb We currently use Rentler (the free version) I think there is a paid version not sure. But we've been using it for over a year for 4 units.
Rental Property Investor ยท Austin, TX ยท Member since 2016 ยท 317 posts ยท 257 votes
5y
@Marvin Bobb Venmo. I set up an account separate from my personal account and even used my company logo. I also use it as a way to remind my tenants to change their air filters every month to keep their electric bill low ๐ by commenting on their transfer.
Investor ยท Southwest MN ยท Member since 2018 ยท 15 posts ยท 4 votes
5y
Personal check put in a drop box in our multifamily properties. Gives me a reason to stop by at least once a month. I am interested in offering other options, such as a digital payment method. Just haven't pulled the trigger yet.
@Garrett Blanchard who do you use for the ach payments? What is the fee?
The tenant set it up directly with their bank. The tenant made up a โpasswordโ for me to tell the bank when they called me and then I gave them my banking info. I never take cash or personal checks. Always want to make sure there is proof on both sides.
Rental Property Investor ยท Tampa, FL ยท Member since 2019 ยท 128 posts ยท 166 votes
5y
@Marvin Bobb I auto-generate an invoice in Quickbooks Online that gets sent to the tenant via email on the 20th. They can click and pay right from there. When the payment comes in, Quickbooks automatically logs it to the correct property using the โClassesโ feature. Iโve used Cozy and Cash.app too and like them both but QBO is my favorite.
@Marvin Bobb I auto-generate an invoice in Quickbooks Online that gets sent to the tenant via email on the 20th. They can click and pay right from there. When the payment comes in, Quickbooks automatically logs it to the correct property using the โClassesโ feature. Iโve used Cozy and Cash.app too and like them both but QBO is my favorite.
Yep, works like a charm. It doesn't require Tenants to sign up for anything for payments either.
Rental Property Investor ยท Tyler, TX ยท Member since 2016 ยท 198 posts ยท 89 votes
5y
@Peter T. Iโve started having the same experience with Cozy. I also noticed they are a part of apartments.com. They may start charging. If thatโs the case, another PM software may be more advantageous. I hear good things about Appfolio.
Rental Property Investor ยท Vineland, NJ ยท Member since 2019 ยท 9 posts ยท 3 votes
5y
@Clay Rempe
Clay could you explain how you are collecting late fees. As far as I know on the Cozy app you can select a day when you want to start charging late fees and an amount you would like to charge.
For example if my late fees are $5 a day starting on the 2nd day after rent is due then Cozy will automatically charge $5 to the tenant on the 2nd day. If the tenant does not pay rent until the 12th of that month Cozy does not automatically calculate the late fees that would be due. I would have to go into the Cozy app and add in the addition late fees due once the tenant made payment. Please let me know what system you have set up through Cozy to collect accruing late fees.
Rental Property Investor ยท Clarkston, GA ยท Member since 2012 ยท 2k+ posts ยท 1k+ votes
5y
@Leonard L. I also use erentpayments.com the biggest reason it's great over other systems is a has great reports. You can use all you want but there is no reports for how much each tenant paid. Cosy isn't even very good on reports. When you have enough doors and you have late payments or partial payments you will appreciate easy reporting per house per portfolio per month aggregated over a year.
Erent also has the most flexible late fee payment options cosy doesn't come close..
I split fee with the tenants never pushed back and I pay much much more for the convenience of the rent even over free especially over systems like zelin cash where there's no reports in the clawback those funds.
Folks don't realise that zelin cash and eBay PayPal those funds can be clawed backup to 2 months later.
All ach based systems have sane claw back risk.
Lol did you know that even a money order can be canceled and not be good funds?
@Marvin Bobb. I opened a bank account very close to the units and had them deposit it there. If they requested, I sometimes picked it up if I was going to be in the area.
Just to add to this. I would fill out 6 deposit slips and give it to them at lease signing. It made it very easy for them and accurate for me.