Collecting rents from a tenant without bank account
Hi,
I just completed a deal (duplex) and I inherited a tenant who does not have a bank account. He pays cash to the previous landlord.
I am new to real estate investing and would like to hear recommendations on what systems to use to receive payments in this case. I heard about paynearme and netspend. Any experience with them?
Any input or recommendation will be greatly appreciated.
Bernard
Most Popular Reply
I have around 20 residents that pay via Cozy. Too easy. I selected a wonderful, older single lady as a resident around a year ago. She had no checking account and preferred to pay cash. I stop by once a month and pick it up. I'll trade a little inconvenience for a great resident any day of the week. Plus, my wife forgives my sins when I leave some cold, hard cash laying around.