Being a landlord is one of the most stable ways to earn residual income over time. The initial investment is where you can face some difficulties. But when you secure a good mortgage, you can make great money, even if you are paying it off each month.
Rent Collection Frustrations
Part of the hassle of being a landlord is having to collect rent from all your tenants. While it is not a huge issue for landlords who have one or two small buildings, it can become tiresome when you have many investment properties.
The old way of collecting rent involved having checks or money orders mailed to your address or given to you in person. While it is still possible to use this method, it is cumbersome, as you have to submit those checks to your bank to have them deposited into your account.
Online Rent Acceptance
Most landlords now use rent collection services in Orlando, FL to get the job done. It is possible to set up an online portal where you can have your renters create an account, add their bank account details, and then submit payments each month.
It is an easier process both for the renter and the landlord, as they only have to click a few buttons to send the rent. Your collection process is also simple, as you can have the money forwarded to your bank account on a specific date each month.
There is an added level of security using this method. Not only do both parties have a clear record of the payments they have sent or received, but you no longer have to worry about checks bouncing or money orders being forged.
The process of collecting rent from tenants each month is tiresome, which is why using rent collection services to allow renters to pay rent online is the way to go.