Can you please recommend automated rent collection options. I only have 2 properties and Chase ACH fees are ridiculous. Paypal is also high percentage. Receiving postal checks and deposits is too much trouble.
I bank with Wells Fargo and ACH is always free.
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It might be smart to set up a separate bank account for each rental. Then your tenants can do direct deposit and you can cancel the account if they don’t pay and you have to evict…
I only have one bank account. All my tenants deposit into the same account. I don’t think I have the means to deal with multiple bank accounts…
The problem is if one tenant is playing games and does not pay rent on time.If you try to evict he can deposit less that full rent and screw up the eviction
You mean you can’t tell apart who deposited what? I think you only run into that problem if you have like a hundred tenants. I don’t have that many tenants so I’m still doing good 
That isn’t the problem.If they deposit when you don’t want them too it can screw up the eviction…The bank will accept money even if told not too, if the tenant uses Zelle
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Oh I see, well I haven’t run into that problem yet… I’ll deal with that when it comes.
I pay my property mgmt 8% fee a month and he’s the best at it. No one contract commission. 8% when rented no other fees. He’s diamond certified too
I ended usuing cozy.co. It’s free of charge. There are lot of services. I liked this one the best.
Thanks all!
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Remember to be careful using these services. With my last new tenant, we asked the tenant to simply send a dollar first so that she is comfortable and correct on the account information used.
Be careful with auto payments can screw up eviction when needed. During the eviction process you need a way to reject any payment
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I use cozy and it has an option to refuse late/partial payment.
Some people in the review complained about delay of deposit but in my case, rent payment has been deposited to my bank account on the first day of the month exactly so far.
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