Rental Property Investor · Griffin, GA · Member since 2018 · 16 posts · 5 votes
I am a new investor and recently bought a single family rental property on the south side of Atlanta in Hapeville, GA. I need help with collecting rent, and performing background/credit checks for tenants. I've looked at Cozy, Zillow Rental Manager, PayPal (just for collecting rent), and a few others. I've also talked to some people who have the tenant directly deposit rent checks at landlord's bank, and then have tenant text photo of deposited receipt. I would like to hear what has worked for you guys, and why it has worked. I would also like to hear of pros/cons of using some of these different avenues. Thanks in advance!
Rental Property Investor · Atlanta, GA · Member since 2016 · 12 posts · 6 votes
8y
Yes, I give all attendees an application and take an application fee with each one. I'll send you my application shortly. It's similar to the form @Brandon Turner provided in his book 'The Book on Rental Property Investing.' If you're going to self-manage, I'd highly recommend that book as well as 'Landlording on Autopilot' by @Mike Butler. To avoid a potential discrimination charge, I'd process the applications on a first-come, first-served basis. If you deny someone, clearly document why and send them a written notice.
Rental Property Investor · Atlanta, GA · Member since 2016 · 12 posts · 6 votes
8y
Hey Jacob, congrats on the Hapeville SFR! I give tenants the option to use whatever platform they'd like to pay rent as long as it's electronic and I don't incur a fee. My tenants go with PayPal, Zelle (Wells Fargo), and Cash app. Zelle is my favorite because it goes straight to my bank account, but pushing the button to transfer the money in PayPal and Cash app is pretty easy. As far as screening tenants, I recommend Rent Marketplace or SmartMove. Both are intuitive and affordable. I own a few duplexes in Hapeville and the surrounding area, so feel free to reach out if you have any questions.
Rental Property Investor · Griffin, GA · Member since 2018 · 16 posts · 5 votes
8y
Thanks @Tim Griffin! I think I will go with Zelle also. I've also looked into Cozy, but I don't like that it takes 4-6 days for the payment to transfer to your account.
Do you set up an open house to meet your applicants, or do you just phone screen them and meet with a select few?
Rental Property Investor · Atlanta, GA · Member since 2016 · 12 posts · 6 votes
8y
I post an ad on Zillow and Craigslist that clearly spells out the application requirements (e.g., income at least 3x monthly rent) and phone screen everyone first. Then I'll schedule one or two showing times for all prospects I spoke with. I'm a fan of having them all show up at the same time to create a sense of competition.
Rental Property Investor · Griffin, GA · Member since 2018 · 16 posts · 5 votes
8y
@Tim Griffin Sounds good. Do you have all of the attendees fill out an application, and if so what all does your application entail? And do you just move forward with background/credit checks for people you like the best? Also can you send me a copy of the application if you have one handy?
Rental Property Investor · Atlanta, GA · Member since 2016 · 12 posts · 6 votes
8y
Yes, I give all attendees an application and take an application fee with each one. I'll send you my application shortly. It's similar to the form @Brandon Turner provided in his book 'The Book on Rental Property Investing.' If you're going to self-manage, I'd highly recommend that book as well as 'Landlording on Autopilot' by @Mike Butler. To avoid a potential discrimination charge, I'd process the applications on a first-come, first-served basis. If you deny someone, clearly document why and send them a written notice.
Property Manager · Saint Petersburg, FL · Member since 2016 · 182 posts · 51 votes
8y
Congrats on your acquisition. Just to round out the discussion, you may want to check out mr.landlord.com, check the 'services' tab @ the top toolbar. Several services you might find helpful to learn about that are cost effective. Quite a bit of user feedback too.
@Tim Griffin I looked into Zelle, but they do not link to business accounts quite yet. I have an LLC account to run all my payments through. Do you have an LLC, and if so do you receive payments through Zelle in a personal account and then transfer to your LLC? I wasn't sure if this would mess up the integrity of the LLC or hurt with tax preparations?
Rental Property Investor · Atlanta, GA · Member since 2016 · 12 posts · 6 votes
8y
I don't have an LLC. I wasn't able to find a lender that would loan to one at a competitive rate and didn't want to run the risk of a due on sale clause transferring properties into one after closing. Were you able to find one?
Wish I could be more helpful, but I'm not sure of the implications of receiving rent in a personal account and then transferring to an LLC.