Service to deposit rent on my behalf?

Question

Hi there,

I own a couple of multifamily buildings.  Currently the tenants are sending their rent checks to me (at my business address) so I can deposit.

I'm going to be traveling over the next few months and won't be around to deposit the checks.  Does anybody know if there's a service available that I can hire to deposit rent checks for me?  Hopefully there's a service of some kind that I can give tenants a new address to send their rent, and that service will deposit the checks on my behalf.

Thanks!Robert.

Robert Lindsley · Answer

Thanks for your thoughts on this!  Unfortunately the previous person collecting rent stole a bunch of money and we're now in court.

I have a handyman that works on my building, but he's not a people person and has told me he doesn't want to collect the rent.  I spoke with my bank and they won't take checks directly from tenants because those checks would be considered 'third-party.'

I supposed I could do mail forwarding from my house to wherever I may be but that seems a bit complex.  I'm hoping there's some service that could handle all the receiving/depositing of checks for a low cost.  I'm currently doing the property management myself otherwise I'd just use a property management service.

Thanks!Robert.

Andrew B. · Answer

Do you have a trusted friend or family member that can do it? You could just leave them with a few deposit slips that are already filled out. I cant imagine the bank will say anything if they are depositing. Who will be your boots on the ground while you are away? If you are paying them to do it, give them a few extra bucks to make a bank run once per month.

You could also set up a separate account at your bank and ask tenants to deposit right in there with pre-filled out deposit slips.