All Forum Posts by: Will Yee

I've given my tenants the routing / account information in the past and allowed them to do direct transfers. I recently started using cozy.co which allows me to set up online payment without giving them my information. This also allows them to pay with ACH for free or using a CC with a fee. I just started using it and wasn't sure how long it would take to hit my account but just tested it with a charge to the tenant on Monday and it hit my account Wednesday. This was faster than I expected, we'll see how the monthly rent payments go. 

I'm not sure if it's available from your utility company but here in Ohio, you can send a form to Duke that will have the utility automatically revert to the owner if it's cancelled. That way when the tenant moves out, the power isn't shut off and you don't have pay or wait to have the power company turn it back on. 

Personally, I don't think it's fair to ask the tenant to pay for utilities that they aren't using after they've moved out. 

I believe you should get security deposits but I wouldn't expect you to get any past rents. 

Thanks @Account Closed

 I didn't realize that. How much does Experian charge?

I've been using Smart Move and have been pleased with the results. The tenant can pay for it directly and the information is sent to you immediately. 

I've recently started looking at Cozy for collecting rent and saw that they do screening as well. At first glance, it looks like it's slightly more expensive - $39.99 for Cozy vs the $35 for Smart Move. However, I haven't used it to know how good it is. 

Good information. Thanks Rick!

@Account Closed I apologize for hijacking your post but If I could jump in and add onto your question, I have some questions on the same topic. 

I've encountered the same situation when looking for financing under an LLC, my bank won't do fixed rate mortgages for an LLC.

What's the benefit of holding a property under the LLC as opposed to your name?

Can you purchase a property under your name for the purpose of getting fixed rate financing and then operate it under an LLC? Is there any benefit to doing this?

I currently own a SFH that I rent out and am looking at buying some 4-plexes and want to figure out the best structure under which to make the purchase. My brother and I are looking to go in on the properties together so we're considering creating an LLC.

Thanks BP!