Table of Contents
It is presented by the article Turbotenant,
There was a time when I felt that I’m fixing FareThe tenants near me were sending me money through Zele, as I was leaving a check like a bank branch, and a man assigned me an envelope filled with $ 20 at a gas station, as if we were doing a bad rendering Breaking bed,
When it was killed by me: I was running a real estate business, but I was collecting fare like someone selling concert tickets on Cragalist. And in real estate game, the way you collect money is as important as how you make it.
If you are a landlord or investor who is still relying on the Venmo, Cash app, zel, check, or cash, then to receive monthly payments, let’s have an honest conversation, because it is not just old. This is dangerous.
Confusion of control
DIY Rent Collection gives you the illusion of control – until a tenant reads you, “Hey, can I pay half and the rest on Friday?” Or claims “they certainly send it,” and you are staring at a bank balance that otherwise says.
Venmo can be great to divide dinner, and the zel can be convenient to send your friend gas money. However, they Was not designed To pay rent, legal accountability, or to conduct a professional business. There is no audit trail. No enforcement. No system.
And without a system, you have no business. You have a hobby that can be expensive when things are wrong.
Payment of strange fare I received
Over the years, I have received rent:
- An envelope tapped under a grill cover
- A cash app transfer that was 92 cents with pizza emoji in the memo line
- And once, a money order was delayed four days as the tenant’s “aunt forgot to mail it.”
And I am not even a property manager with hundreds of doors. I am a hand investor who has made a mistake to be very casual with just something, which should be very much No Informal.
Because what happens here when you live in wild vest to pay rent:
- When the tenants forget to pay, you are blamed.
- If things go sideways, you do not have any legal record of payment.
- When a payment was received or processed, you cannot prove.
- You consistently play the role of “Rent Cop” in your own business.
And let’s not forget that in some states, you Are legally necessary To provide rent receipt for each payment. This means that if you are collecting cash or allowing the zel to handle transfer, you can already be out of compliance.
Is here full StarsIf you are wondering if it is one of those “other people” problems. Spoiler: This is probably not.
Why it matters to investors
When you are the owner of a rental, you can get away from shocking. When you are the owner of five, you need a system in place. And when you own 20, you need automation.
However, how many properties you have, manually collecting fare is like cross-transcendent driving without GPS and is expected to have a map up-to-date in your glove box.
The fare is your revenue stream, and your Cash flow Life is – the thing that keeps the hostage worth paying and investment. So all of this is a risky transfer app or a risk on a tenant who forgets every fixed date? If you consider your rent to be like a business, collecting rent should feel like running payroll, not people below a poor sutcom like a loan collector.
What should you use instead
Where is he Turbotenant Comes in. It is the software designed for landlords, whether you have an entity or 100, and it automatically automatically that is usually stressful, strange or just plain annoying.
Here is what it does is that your Venmo does not have an account:
- Automated rent sends reminders so that you are not bad men
- Issue digital rent receipts, which Are legally necessary In some states
- Allow tenants to set autope, which means more time payment
- Custom adds late fees that cannot ignore tenants (how to ignore Auto late fee work,
- Tracks every payment, date and amount for you – no more guess
- Zero transfer fee or withdrawal limit
- Provides rent reporting, so tenants can only manufacture credit by paying time on time.
He is the last one very big. Because when tenants know that their time payments are helping in their credit score, they give priority on rent., Well, just about everything else.
So instead of constantly asking, “Have they paid so far?” You get to ask better questions, “How do I rebuild this month’s cash flow?”
it How do you protect your time
Every minute you remind someone to pay rent, a minute that you can spend your next deal, improve your existing portfolio or just spend a life.
Real estate investment is not just about acquiring assets. It is about using devices such as developing systems and turbotenants that let you keep your own property without its ownership. The fare collection is one of the first locations that investors should close.
So if you are still cashing the check in a bank or waiting for sketch zel transfer to hit your account, then it is time. Collect online rentAnd never look back.
Because you cannot score anarchy, but you can scale a system.
