Owning rental property can allow you to generate a nice, regular passive income. But if you have to chase after your tenants every month in order to collect the rent, it can put undue pressure on your time and frustration level.
The good news is that there are ways to automate the rent collection process so that you can see ongoing, reliable cash flow being generated and deposited into your bank account, without having to make regular visits to your property(ies).
One way to do this is through an online payment processor like PayPal, Cash App, or Venmo. With these systems, you can send payment requests to tenants and they can send in the funds via an app that connects their bank account to yours.
Other payment systems like Zillow Rental Manager allows you to set tenants up on autopay either through ACH (a type of electronic bank-to-bank payment process), or via a debit or credit card. (A small fee will typically apply in this case – but it can still be well worth it, because of the time it will save you).
Another option for relieving you from having to collect rent – as well as the other landlord-related duties like marketing vacancies, screening potential renters, responding to emergencies, and taking care of the regular day-to-day maintenance issues – is to work with a property manager. You could attain other benefits, as well, depending on the management company you work with, such as receiving monthly financial statements that are prepared by an in-house CPA.
So, if you own residential rental homes or units in Orlando or the Central Florida locale, give us a call and we will provide you with more details on how we can help you to free up more of your time, while still profiting from your real estate investments.