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Best Rent Payment App | Direct Deposit Rent to Landlord | Mentorship Monday - YouTube
Channel: Derosa Group
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How do I automate my rent payments? What is
happening YouTube? It's Matt Faircloth thank
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you for watching Mentorship Monday. Today's
question comes from Billy. Billy wants to
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know about putting tenants on auto-payment
services, something like Cozy or Clear Now.
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So here's the thing with the auto-payment
rent services. For those of you guys that
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don't know there are ways that you can...
Let's say maybe you have a car payment, maybe
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you have other payment services, even mortgages
and stuff like that work like this where they'll
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just go in and automatically draft money out
of your bank account. On a certain date at
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a certain time they're going to take this
much money and you can set your watch to it
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and they're going to just do that.
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Tenants can agree to services like that such
as Cozy and Clear Now that will just go and
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automatic withdraw the money at the tenants'
accounts. I believe AppFolio building and
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rent manager the platforms out there that
manage a lot of rental properties for people
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that handle in-house accounting and all that
can do those types of services as well. So
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I think it's great but there is a big asterisk,
there's a big but, the tenant has to agree
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to that. And I don't believe and again, we
landlord in several states and I'm not seeing
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this absolutely being allowed for a landlord
to mandate that a tenant has to agree for
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their rent to be automatically drawn out of
their account on a certain date, on a certain
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time.
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I've seen lots of landlords say that, "You
can pay me by a certain methods," none of
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which are cash, saying "You can pay me by
credit card. You can pay me by an e-check
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or ACH, same thing, or you can pay me through
my web portal online whatever it is. But you
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can't mail me the rent and you can't pay me
in cash." You can mandate those things but
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I don't believe that you can mandate that
a tenant pay you through an auto pay service
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meaning you're guaranteed to get the rent
on a certain day or it dings their account
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on a certain day. Because it could create
a circumstance where their account gets pulled
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upside down. There's a lot of laws protecting
tenants in this world, needfully rightfully
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so in that.
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So I don't believe that you can mandate those
things. I could be wrong and if I am put it
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in the comments. I love to talk to people.
I love to hear from you guys. But I've never
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seen it being allowed to be mandated that
you can draw those types of things but you
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can request it, you can recommend it. I believe
you can even offer a discount if the tenant
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signs up for Cozy or one of those types of
services that automatically pulls their run
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out of their account.
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I love electronic payments for tenants. I
mean let them pay any time when they want
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to pay between the first and the fifth they
can pay electronically. We got away from cash
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when we were managing all of our properties.
Now we use a property manager. They don't
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take cash either. Cash is, I mean for smaller
landlords it's great and you can boast have
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your ego going that you're running around
with all this cash in your car or your tenants
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bring you all this cash And you've got thousands
of bucks in cash lying around. But I can tell
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you number one cash is a liability. Number
two, you've got to just schlep it to the bank
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to take it there. The novelty of it wears
off over time I promise you.
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It's nice if you only have a couple of units
then you can have that kind of cash laying
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around. But once you get more than just a
few of those units having that kind of cash
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laying around becomes a burden. Like I said
the novelty wears off over time in that. Auto
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payments are great if your tenants agree to
do it. So, that's my thoughts on auto payments.
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Thank you, Billy. Thank you guys for watching.
[email protected] is where you guys want
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to send your questions. [email protected]
is where you want to send your real estate
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questions and I'll answer them right here
on the YouTube channel for you and everyone
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else to learn from. Thank you guys for watching
and have a great profitable week.
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