I've used Zelle in the past and plan on using it again in the near future for rent payments. Is there a way to "shutdown" a number/tenant from paying you without setting up separate bank accounts?I'm no longer a regular LL but still own a professionally managed short term rental property. The property manager sends a bank to bank transfer. Fortunately we bank at the same bank and can't remember a problem once we were set up.
I recommend this approach or Zelle.
I want to underscore Sandtrap's recommendation to have a separate bank account for each unit. Not only is the accounting much easier but WHEN you have an eviction you want to be able to shut down the account immediately to prevent a tenant from partial paying you and screwing up the eviction process. You don't want your personal finances or other accounts to be affected by the shut down.
Good luck with your landlording adventure!
Statistics: Posted by SpartanBogle — Wed Jul 17, 2024 11:50 am — Replies 11 — Views 993