I have a property that I purchased 2 weeks ago, and it is most economical for me right now to allow the current tenants to live there. What do you recommend as far as a lease agreement and rent collection ? A property manager would charge at least 10-12 percent of the rent, and I don't want to do this just yet for this property, due to it needing some work and legal actions to be completed before I spend thousands fixing it up to get more rent per month. Is there an app or something that provides a good lease agreement and offers direct deposit of payments to a checking account? Also, if so, what is the cost for these services?
@Sam Zawatsky Did you close on the property? The present lease goes with the property, even month to month. You can have them sign your lease your lease with the same terms. You will need to get a state specific lease. You can have a lawyer draw one up or BP has some for I believe $99, free if you are a pro member. If you want to change terms you will need to give them a 30 day notice. I use Innago which is free for the landlord. You can upload the lease, have the tenant sign, ,do a background check, pay the security deposit, and collect the rent monthly. It takes 3 days before you get it deposited to your bank account. There are other services that do the same., Apartsment.com, zillow rental manager, Buildium, some of these cost money. Google the landlord tenant laws of your jurisdiction so you know how to be legal.
Denver, CO · Member since 2022 · 200 posts · 77 votes
4y
There are lots of good property management apps out there that have online rent collection capabilities. They vary in cost (some are free and others have multiple different plans depending on the size of your portfolio) so it depends on what features you want to prioritize.