I'm renting my condo furnished for 3 and a half months to two traveling nurses. My condo is in San Diego. I'll be living in Nashville during that time....
I have 2 handymen on call and available to the ladies should anything in the condo need fixing, etc. So, no official property manager.
So, my question is ....Advice on best and most efficient ways to collect rent given this situation?
I like Chase QuickPay.
Chase quick pay....do you have to have a Chase bank account?
@Juliette V. - I don't think you need a Chase account.
I used to have a small transcription company and got paid regularly through Chase QuickPay. I would just "accept" the payment and it would go right into my account (I think it took maybe a day to transfer).
The terms and conditions for Chase Quick Pay do state that (1) of the individuals in the transaction has to have a Chase account.....
There are a bunch of online rent payment options. I've not used any myself, but there have been a number of discussions on BP. Try using the search bar and look for "online payments" or "online rent payment"
I have payments to me from Nashville deposited into Bank Of America. My account is in CA. even though I am in Honolulu most of the year and Honolulu does not have BoA branches I can access my money online.
I'd ask who they bank with and if they have a billpayer set up or Pop money.
Hello @Juliette Vara,
Here my answer based on my experience:
1) If the tenant has Chase they can send you money using Chase Quick Pay. You don't need to have an account with Chase bank. It will take couple days to setup, validate, and receive the payment. Maybe even calling Chase customer services.
2) You can provide the tenant your checking account and they should go to their bank and ask the bank to deposit money in your bank account.
Hope this helps.
I would recommend not providing checking account information to your tenant. You don't need to for collecting rent, and by doing so you open a very small window for abuse. Chase quickPay is one option. Wells Fargo has something similar... other banks may also. If you have Wells Fargo in your area, consider the WF Business Deposit Card. search that in the search bar for multiple topics...
Or use a reasonably priced ACH provider. You can search that as well (e.g. online rent payments...)
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.