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new landlord - How do your tenets pay you

1,753 Views | 21 Replies | Last: 1 yr ago by AgsMyDude
warrington
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Do they
send you a check,
direct deposit to your account,
venmo
zelle
CS78
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Mostly zelle. A couple venmo. Couple paypal. And still have one doing money orders.

I like zelle the most. No extra having to transfer to your account. Seems easiest to track also.
TMoney2007
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AG
Direct Deposit. Its super easy.
NoahAg
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Zelle
Let's go, Brandon!
warrington
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you give them your bank account number for direct deposit
schwack schwack
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AG
Our bank doesn't do zelle so our online payers (about half of our tenants) use apartmentsdotcom.

The problem with that online service is that it takes several days to get your money in your bank account - usually around 5 days. It's not a big deal for us, but if you have a mortgage payment to make or need it on the 1st, that might not be for you.

We have some tenants that write checks, a couple money order people and 1 that usually pays cash.
We have a 4-plex with a secure lobby and a coded entry. All of our non-online people get their own code & they drop payment in the lock box.
MWR Admin
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S
Venmo
MWR Admin
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S
and Zelle and personal check mailed
dubi
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AG
My rent house is next door so my 80yo tenant hands me a check.
Sooner Born
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I get three months worth of checks mailed to me once a quarter and mobile deposit them on the 4th of reach respective month.
CalvinG10
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AG
online and money orders

Free Landlord Software: Rental Listings, Tenant Screening and More | Avail
TMoney2007
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AG
warrington said:

you give them your bank account number for direct deposit
Yeah, I give them deposit routing information. Some banks can give them a deposit only ATM card as well.
jagvocate
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AG
When I had low income housing it was money orders mailed to me, postmark controlled date of payment.

Now I have property management on all but one. We use turbo tenant for it, and will be going to property management once the long term tenants move out. It's fine.
AgsMyDude
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AG
apartments.com since they acquired Cozi

you setup tenants and amount, due dates, late fees, etc.

tenants link bank accounts and it's all automated

then it transfers to your bank account a few days later
warrington
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AgsMyDude said:

apartments.com since they acquired Cozi

you setup tenants and amount, due dates, late fees, etc.

tenants link bank accounts and it's all automated

then it transfers to your bank account a few days later
is there alot of fees associated with this avenue
AgCPA95
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AG
warrington said:

AgsMyDude said:

apartments.com since they acquired Cozi

you setup tenants and amount, due dates, late fees, etc.

tenants link bank accounts and it's all automated

then it transfers to your bank account a few days later
is there alot of fees associated with this avenue

I've used Cozi and now apartments.com for years and there are $0 fees if you let keep the 2-3 day float as this poster describes. You can pay to get same or next day. This was typically a wash for me versus sitting down and going through, depositing and sometimes chasing down checks. Also nice to have a portal for the tenant with all lease docs, rules, contact information in one place.
Absolute
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AG
Using Turbotenant. Works as Dude described apartments.com. All automated. Happy with it. Only minor issue would be the 3 to 5 day delay on the deposit after tenant pays. Like having it automated and everything in one place. Used it for searching and everything else as well.
carl spacklers hat
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Cash
Check
Money Order
Cash App
People think I'm an idiot or something, because all I do is cut lawns for a living.
BMach
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AG
Apartments.com like mentioned above and direct deposit
AgsMyDude
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AG
warrington said:

AgsMyDude said:

apartments.com since they acquired Cozi

you setup tenants and amount, due dates, late fees, etc.

tenants link bank accounts and it's all automated

then it transfers to your bank account a few days later
is there alot of fees associated with this avenue



Zero fees and it's extremely easy
Ryan the Temp
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AG
FYI - in 2024 Venmo, PayPal, and CashApp will be required to report transactions totally more than $600 to the IRS and issue 1099s, so if you aren't reporting that income, you'll need to find a new method.
AgsMyDude
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AG
Ryan the Temp said:

FYI - in 2024 Venmo, PayPal, and CashApp will be required to report transactions totally more than $600 to the IRS and issue 1099s, so if you aren't reporting that income, you'll need to find a new method.


Fairly certain it's more than those 3. Apartment dot com would be included in that IIRC and many others.
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