Use PayPal to collect rent?

[Kilter L.]

Hi Investors! What effective ways do you use to collect rent? Has any of you used PayPal? I collected the earnest money from one my of tenant via PayPal and I found it really convenient. The money transfer from the tenant was instant and I can transfer the money to my checking account immediately. If you can share any experience on rent collection that would be appreciated. Thanks, Lee

[Mindy Jensen]

A word of caution about accepting rent payments through Paypal. The person making the payments can dispute the charge, and Paypal sides with them almost exclusively. You will be out a month's rent at least.

@Russell Brazil