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Updated over 4 years ago on . Most recent reply

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Gary Nicholson
  • Investor
  • Los Angeles, CA
4
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28
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How to accept rental payments?

Gary Nicholson
  • Investor
  • Los Angeles, CA
Posted

As a new out of state investor, I’m wondering how best to a accept payments if the tenants want to pay with personal check. Should I just open a bank account at a national big bank so they could deposit it at said bank in their state? Mailing checks seems slow and I wonder if they will get to me on time here in California. I will of course offer them the ability to pay online via Cozy or Zelle, Venmo, bank Bill pay, etc. thanks!

Most Popular Reply

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Whitney Hutten
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Rental Property Investor
  • Boulder, CO
1,151
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1,554
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Whitney Hutten
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
  • Rental Property Investor
  • Boulder, CO
Replied

@Gary Nicholson For the units I self-manage, I have TenantCloud set up. I can market the units, build leases, store docs, complete accounting work. The tenant can submit maintenance tickets, see the status, and pay rent there.  I've used Cozy before as well.  Things work pretty seamlessly :)

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