Tenant Rent Deposits/Collecting Rent
I am about to go from 4 to 8 rental units with my next deal and have been doing fine with having my tenants depositing cash at my bank and can tell which tenant has paid because each house has a different rent amount, however after acquiring 2 duplexes I won't know how to distinguish the cash deposits. Any ideas or solutions how tenants can deposit their rent and you know who it is from? Anyone only allow a check or money order to be mailed? I have a rule that I will not collect rent or go out to get it so the bank deposits have worked fine.
Most Popular Reply
Congrats on your new purchase! I have a combination of tenants that pay at the bank and those that pay online using www.erentpayment.com. As you scale up, you'll find it's easier to stay organized with more automated systems. eRentpayment has auto reminders for the tenants, options to allow/not allow partial payments, notifications when the rent is paid and by whom, options to allow utility and security deposit payments, thank you notices, etc.
Excellent customer service as well. It's not as cheap as other online systems ($3 per transaction, but no monthly fees or sign up costs, and you can have the tenant pay it if you want to). But cheap isn't always good and good isn't cheap. Check them out, and best of luck to you!