How do you collect your rent? (repairs, property, bank account, deal)

[CarrieM]

I pay my rent through paypal. All I need is my landlady's email address, my bank account is set up through PayPal, as is hers, I get an email receipt immediately when the rent is paid, she gets an email notifying her that she received money. PayPal is free as long as we are using bank accounts rather than debit/credit cards, there's pretty much no security risk, it's quick and easy. We've never had a problem.

[Chuckity]

Originally Posted by chambersb

Thanks for the responses everyone!

For those of you that have tenants deposit the rents into your bank acct, are you concerned about them having access to your account number?

If you write a check, your account number AND routing number is on the bottom of your check.

It's not like it's a super secret number.

As far as I'm concerned, it's a non-issue.

[Property Cupid]

I collect my tenants' rent in person each month. This gives me the opportunity to check on my properties and their upkeep.

[KayAnn246]

I have a property manager. They received a direct deposit from the tenant then send me a direct deposit by the 10th of each month.

[chambersb]

Originally Posted by Chuckity

If you write a check, your account number AND routing number is on the bottom of your check.

It's not like it's a super secret number.

As far as I'm concerned, it's a non-issue.

True, good point.

[Merjolie8]

Originally Posted by chambersb

True, good point.

And, if you're still concerned, you can open an account just for receiving rents.

[SidewaysLS4]

Originally Posted by septuagenarian

I have my good friend Guido Maldonado collect all rents in person.

Gotta love that technique, eh? Nothing ever late

I have a biker buddy with a really crazed look in his eye and carrying a baseball bat make the rounds for me

[movingjulie]

Originally Posted by chambersb

Hi, I'm new to the landlord world. Hopefully my investment property will be available for rent within a month.

I'm curious... what would be the best way to collect monthly rent? Paper check/money order mailed in, or some type of draft either with a credit card or checking acct.

How do those drafting services work and how much do they cost?

Any help/advice is greatly appreciated!

I use Clear Now. Its an online acct. They register their name and acct info, and submit it. I enroll my info with clear now. They do the transaction. I have no access to their bank, nor them mine. It costs 14.95 a month. I have used it as a tenant and as a landlord.

[mricu]

I have a checking account for each of my properties at a major bank. Tenants go to the bank or transfer funds directly into my account for their unit.

I don't pay any additional fees from the banks, and I get instant emails when payments are made. Cut and dry, black and white as to when the payment was made. There is no lag between payment sent and payment received. Quick and simple.

[charolastra00]

My landlord picks up out checks from a workbench in the basement of our apartment on the 1st of every month. I'm not entirely comfortable with the arrangement since we share a basement with our hostile downstairs neighbors, but our landlord refuses to give us an address or PO box to deliver the checks to.