Real Estate Investor · NY · Member since 2014 · 17 posts · 2 votes
Hello all. I recently purchased a 6 unit mixed use property that is 1.5 hours away from where I live and would prefer to set up online payments, instead of waiting for checks in the mail. Your suggestions would be greatly appreciated.
I want to make it as easy as possible for tenants to pay me without dealing with the hassle of lost checks.
Google pay is another easy one. Many choices, as stated above. You just have to set them up to auto transfer to your bank account. The tenant usually just needs whatever App it is and your email address.
@George Pappas you could also use a prop mgmt program like rentredi that will help you in areas as well. It also has a mobile app for both Apple and Android for tenant and landlord. We have some pretty sophisticated software for all of our ventures but I do test out a number of other programs in specific areas and we use rentredi for a few of our houses and it works great.
@George Pappas I use Yardi Breeze which is something low like .50 cents per unit, or a higher end version for about $1-2/unit. I like it because tenants get a portal, and it’s layout is simplified.
Basically a lot of PM software I find overly complicated. And trust me I’m a tech guy that likes advanced and functional.
Perhaps give it a look! Otherwise yes for a small operation Venmo might be okay. Just make sure you document your payments and write receipts.
You may also consider jerryrigging a invoicing software which might be the best of both worlds. Consider invoiced, which doesn’t use all the complicated PMS features, and is simple enough to schedule repeat charges to follow up on. It’s strength in your case is the record keeping for financials and receipt sending.
Hi George -- Lots of great ideas already. I've been using Venmo and CashApp but also give my bank and account number to those tenants who feel more comfortable paying directly. Best, Teresa