Best Options for Rent Collection & Background/Credit Checks
I am a new investor and recently bought a single family rental property on the south side of Atlanta in Hapeville, GA. I need help with collecting rent, and performing background/credit checks for tenants. I've looked at Cozy, Zillow Rental Manager, PayPal (just for collecting rent), and a few others. I've also talked to some people who have the tenant directly deposit rent checks at landlord's bank, and then have tenant text photo of deposited receipt. I would like to hear what has worked for you guys, and why it has worked. I would also like to hear of pros/cons of using some of these different avenues. Thanks in advance!
Most Popular Reply
Yes, I give all attendees an application and take an application fee with each one. I'll send you my application shortly. It's similar to the form @Brandon Turner provided in his book 'The Book on Rental Property Investing.' If you're going to self-manage, I'd highly recommend that book as well as 'Landlording on Autopilot' by @Mike Butler. To avoid a potential discrimination charge, I'd process the applications on a first-come, first-served basis. If you deny someone, clearly document why and send them a written notice.