Rent payments - Landlord Forum thread 345139

Rent payments by Fred on May 23, 2016 @20:19

I have my 2 rental tenants pay rent into separate bank accounts. I was wondering after reading on this site, if there is a reason not to collect rent that way. Thus far I haven't had a problem. Why might it be better to use the receipt packet where the tenant mails the rent to me, as suggested on here?

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Re: Rent payments by Garry (Iowa) on May 23, 2016 @22:05	[ Reply ]

Whatever you are doing now, just keep doing it. There is no reason to change unless something goes wrong with your collections. And then its going to be an individual tenant that has some kind of problem, not nessesarily the way you do your collections. (if it aint broke, don't fix it)

Re: Rent payments by AnonymousFL on May 24, 2016 @04:15	[ Reply ]

If you only have 2 rentals, there really isn't any reason to have two bank accounts if you own both properties completely. Even the most basic accounting setup can be used to track charges and credits. Heck a simple ledger on an excel sheet could do it in a pinch. I think the question to ask is "would changing the system save you time over the long run"?

Re: Rent payments