Automatic rent collection

rent collection, but I do have my tenants direct deposit their rents into my account. Also, with the most recent technology of person to person, my newest tenants pay me that way! I just give them my email address, then they set up their account for person to person, and I get the money deposited into my account after accepting it. Very EASY and LOVE not having to share my account number!

Both options are free.

rentmatic.com for autopayment. Easy to set up for both ends. Lots of features.

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Matt,
I have added in MY rental contracts I get a credit card # so,if rents are not recieved by the 1st of the month, I start charging the credit card and I don't care when THEY pay the credit card,but, I just got PAID.

I agree with Bill,in regards to rentmatic....easy.

Tammy-zion properties has a way that works as well.

So decide what works for you and go with it.

REMEMBER to screen your tenants and get a good deposit.

I learn something new everyday! Thanks for all of the posts - you are helping this newbie.

Lori

Thank you for help and tips... The other question I have is... What happens when they call in and challenge the charge.

as far as my solution they cannot challenge the charge as they sign a paper giving authorization. An ACH transaction is different than a credit/debit transaction. Never had that problem.

Here's another site you might want to check out Matt: erentpayment.com - I use them regularly. Best of luck.

-Charles

What is the website of the person to person?

Thanks for the good info.

Another option though can be relatively 'expensive' to get into, which once I get my REI career started to the point that I can pay cash for properties around me I'll probably do this option myself for automatic rent payments.

Basically, since I'll have a website (company name still undetermined, i'm no good with names), I'll program it myself (that's where the bulk of my experience is, in web design and development) and I'll purchase a credit card processor such as authorize.net and have a renter-administration panel on the website so they login and it'll show them all their rental information as well as a current bill (if any) and allow them to pay via CC or e-check over SSL.

Though I won't ignore the people who may not want to do that and want to pay via check/money order (I won't accept cash payments, too hard to track)...

Basically, doing this you'll be creating your own automatic rent collection system and only have to pay for the hosting (you can get a reseller account from some companies for as low as $15.00 a month and host as many websites as you want and have space for), the domain name itself, and of course the transaction fees for the authorize.net account and the monthly/yearly fees for the SSL (do not attempt it without having SSL -- just saves you some headache)...

Anyway, that's what I'll be doing once I get this REI stuff going. Hope it puts some thoughts into your head as to some possible self-powered ideas.

-- Justin

Many banks have person to person. I personally LOVE this method now that I've had a chance to use it. I've even paid contractor in my out of state properties with it and have received several rent payments through it.

Most of the big banks and some credit unions have it. I have my business accounts at Chase. Where ever you hold your business accounts, check the banks website for 'person to person'. This is sure to catch on everywhere because there is no sharing of account information required.

Wow...i'd hate to rent a place from you....Some times people cant rather than dont because of personal reasons..but to just destroy their credit or "Steal" their money is ..well pretty lame

I will say I have some really great tenants. One of my long term tenants (been in my home since 2004) is having a go with the economy right now and both of them are out of work. I believe that what comes around, goes around. I have worked with them, but I feel it is the right thing to do. They will be paying me back to borrow money, and I've made a collateralized promissory note (on their car) for them as well, but if they've lived there all these years and have taken great care of my place, I can't just see putting them out. I will work with them until I can no longer.

But, sometimes being a landlord does present difficult situations. You have to run it like a business, but at the same time can't be a martyr. My tenants are a month behind, but they make sure to give me whatever they can each month. I have no doubt one day they will be employed again. Prior to this, they had never had a single late payment, so it really is important to me and my business that I know I am dealing with real people and real situations. I cannot leave someone hanging who has been so good to me an my property all these years, and so I chose to help them out. Maybe not the best BUSINESS decision, but I couldn't live with kicking them out on the street.

Its a tough situation as a human with a soft heart; wish that renter's insurance covered for stuff like this (tenant's being out of work). As a business, this just may not make any sense, however, I know that what comes around goes around, and that's how I chose to run my business.

With the credit card; what's to stop them from canceling the credit card? Nothing is fool proof.

I think your method is spot on. It's tough to be in this business and not try to help others.