Buying A Home
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If you own a rental property (part 2)
How do you collect rent?
Do your tenants mail you a check?
Do you have direct deposit set up?
I really prefer that my future tenant pay me electronically - have the funds transferred to my account each month. I don't know if this is possible and/or if a tenant would want to do this.
Re: If you own a rental property (part 2)
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The Googlesites Paint Bio
Thinking of doing cosmetic updates to a dated home? These were our costs.
Ours pay with check, but they could pay electronically if they wanted to.
We have a PO Box to collect rent checks. It's not a big deal to collect them once a month and deposit. I could also deposit them electronically via iPhone app. I claim mileage as an expense, for picking up the checks and taking them to the bank.
As long as I get the money by the due date, I don't care how it gets to me.
We offered the option...our first tenant did direct deposit and the current one mails the check certified. It's a PITA honestly and we are pretty sure we are going to require direct deposit next time around.
It's very easy to set up. Your bank can give you a form to have the tenant fill out.
Our first tenant did electronic payment. That was awesome. No trip to the bank required, so it saved time.
Our current tenant sends a check each month. Boo.
Mr. Sammy Dog