We do not have the portfolio as most of BP members. I work full time in a career outside of real estate. We have between 55-60 homes. I swear the longer I am in it the more I hear, "why don't you cash my check immediately after you get it, you mess up my checking account when you wait a week."
1. I used to love going to the bank and doing that deposit but with 50+ rentals and 100's of storage units I would be running to the bank non-stop.
2. Call me old school but if I cash your $700 check today or the $700 check next week - you still need to know you have $700 less in your account :)
Sounds like you need to get set up on some electronic payment plans for you tenants sake as well as your own...
But i do get what your saying. personal accountability for your check book is lacking in our culture.
Does your bank have an app where you can take a picture & deposit instantly? No more running to the bank, you get the money faster, and no more (irresponsible) renters fretting about their inability to spend the rent money :)
Most people in that rent bracket live paycheck to paycheck and do not have the financial skills to keep a balanced checkbook. So you really should deposit the check within a day. Other option is ask them to do electronic payment through the bank. IN that case the bank debits the funds immediately and sends you a check. You can wait to deposit that check cause the bank likely has $700 available (but these days you never know :-))
@Tami R. if you can try to get the majority of your renters on electronic payments, that would save you some time. I don't have 50 rentals, but I still run to the bank about 5x per month and it gets old. (Plus I go to 3 different banks.) I also mail in some payments.
I started doing electronic payments, and it hasn't been huge in the adoption rate, but I keep pushing it. One of my tenants took it on and eliminated one bank per month I had to go to so it was worth it.
I haven't checked the rules for awhile but it use to be a law in Oregon that checks had to be deposited within 5 calendar days. Do you have a regulation like that?
Basically, they have to have something to complain about and it should be someone else's fault when they bounce a check.
Tell them to get a money order if it's an issue, only around 5% of my tenants pay with personal checks.
It sounds like to me you need to stop going to the bank. Electronic payments are great but that's a conversation you have to have with each tenant and that's a pain. You could look into something like this:
Basically you can deposit an unlimited amount as opposed to the limits the scanner app usually has. Just a thought!