Decades ago it was a pretty difficult and tricky process to collect rental income from tenants. You had to go to the property (or multiple properties if you had them), sync up with the tenants, and collect the money. Then, you had to go to the bank and deposit the money from the tenants. Maybe you would have tenants mail you money in the mailbox, but even then you still had to go to the bank to make the deposit.
PHEW! I’m tired just writing about it.
But, here’s the deal, y’all. You don’t have to keep that dog and pony show running any longer. Things are much easier today when it comes to rental income. Let me tell you all about it.
Keep It Simple: Mailbox Money and Rental Income
I know that my mom just adores her mailbox money. She loves going to that mailbox and opening it to find the month’s checks from her tenants. But, I’m not my mom. She’s from a whole other generation.
I don’t know if I’m lazier than her…or if I’m smarter than her ::wink wink:: But, I am not going to walk to my mailbox to get money.
I want that money put directly into my account.
The most beautiful thing about today’s technology is that we do not have to go through all of the hoops that previous generations did. Today you can get your tenants to direct deposit their rent straight into your bank.
Not only does that mean you don’t need to go to the bank anymore to make a deposit, but you also don’t need to hunt down your tenants.
Can I get an amen?
Seriously, y’all, this is a true answer to prayer. It is no fun at all to do that every single month, but now you don’t have to. Tell your tenants that you want them to get their bank to transfer money into your account every month from their account. And voila! Instant inbox money. Cha-ching!
I also have had a tenant or two who works a job that pays in cash. They’ve asked me if they can pay me in cash, too. But, I answer no. While it might seem like I’m being mean, I am not.
This is a business boundary about what I am and am not willing to do for everyone, and since I am not willing to do that for everyone, I can’t make the exception.
It’s important to help your tenants learn to stand on their own two feet. Paying their rent is their responsibility, so they need to figure out the way to accomplish this goal. And your job is to receive your rental income from your tenants by whatever means you have determined is fair and reasonable today. Stay consistent.
Get the money deposited straight into your account and keep your life simple.