Advise on how to Collect rent
Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you
Quote from @Alejandro Ferrer:
Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you
A platform is definitely the way to go! It tracks and collects your tenants payments, and automatically deposits into your bank account and SO MUCH MORE… applies late fees, tracks tenant / unit expenses, has a tenant facing web portal for reporting maintenance issues and collecting rent and on and on… screens new tenants, broadcasts your rentals for rent, etc!
We use Rentec Direct… costs between 1-2$ per door per month and they front your ACH payments the very next day in advance of them fully settling with no percentage fee for any of the rent collection services. It is truly my favorite landlord tool!
All the best!
@Alejandro Ferrer It all depends how many units you have. Also check out Yardi Breeze, they do not have a minimum number of units to subscribe: https://www.yardibreeze.com/
Quote from @Alejandro Ferrer:
Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you
I do Chase QuickPay and Zelle currently but I'm planning on switching to RentRedi at some point.
I know a couple of people that use Zelle without any issues. However, it depends. I use Innago and have all my rent collected there. It's also free so it keeps my expenses down. Best of luck on your journey!
A lot of investors that I work with use apartments.com because it is free and provides reports. The only downside to it is that funds take 5-days to transfer. If you want other services, I'd recommend buildium or zillow rental manager.
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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With a property manager, nothing else.
Quote from @Alejandro Ferrer:
Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you
Use a separate account for all your rentals, or a decided number for instance 5 go to this account and the other five go to this account. Always operate a separate account and the other thing, you want to at least open it in a DBA or the LLC name as a business account. Chase, Wells and any big bank can do that or smaller banks like CUs.
The other piece to it is you need to be using a software that is minimal and you can keep track of stuff on your platform of choice. There are some that only charge $5.00 to use a month and they deposit directly into your account. That is the type of software you want.
Quote from @Randall Alan:
Quote from @Alejandro Ferrer:
Hello biggerpockets family, hoping to get some advice/ tips on how to go about collecting rent. I currently have them Zelle me to my personal bank amount but I’m Wondering if it’ll be easier to manage using a platform of some sort or opening a separate bank account? Any advice will be much appreciated. Thank you
A platform is definitely the way to go! It tracks and collects your tenants payments, and automatically deposits into your bank account and SO MUCH MORE… applies late fees, tracks tenant / unit expenses, has a tenant facing web portal for reporting maintenance issues and collecting rent and on and on… screens new tenants, broadcasts your rentals for rent, etc!
We use Rentec Direct… costs between 1-2$ per door per month and they front your ACH payments the very next day in advance of them fully settling with no percentage fee for any of the rent collection services. It is truly my favorite landlord tool!
All the best!
Thank you Randall, never heard of that platform. I will look into it.