Tenants depositing their rent


#1

Hi All,

I remember reading a topic on this board by a park owner who lived out of state. He had his tenants deposit their rent money into a bank account(s).

By checking his bank account deposits online he could determine which renters had paid and when.

Does anyone know how to determine which renters made which deposits? Or does anyone have any suggestions for this type of set up?

Thanks,

Keith


#2

Suggest you check out Edison Micro Utilities. If I ever close escrow, I intend to have them do all the billing and depositing of checks. My understanding is that they will now collect the rent as well as the utilities and anything else you want put on the bill. The will put everything directly into your bank account and give you a summary of who paid, when and what for each month. They include a postage paid return envelope with their billing so the residents have no excuse for not returning their payment on time.

Rolf


#3

Gregg could probably coment on this more ,but I think he used that techinic of tennant deposits ,and made each renters payment different by say like 0.01 = 1 cent and could keep it seperated this way,

Iv never had to do this but it sounded like a good tracking method for long distant tennants.

Ricky


#4

Would in not be easier and cheaper to pick a resident and offer them a discount on their lot rent in exchange for them collecting rent from a drop box on their porch / keeping track of what is paid and making a deposit once per week?


#5

This still works for me on 2 Notes that are still paying from Texas. We finalized the sale of Park there so that stream of cash is no longer goin’ on! (Drat)

The two things I try never to do with Parks:

Allow Manager access to rent funds.

Wait for tenants to mail payment.

Number one is self explanatory

Number two is the voice of experience. Couldn’t find a stamp, envelope, mailed it ten days ago, dog ate my mail b4 i could post, or my favorite…the mail lady didn’t pick it up…for 2 weeks!!!

This still works for me both in Texas and Florida.

Greg


#6

Greg,

Sorry to here that your stream of cash dried up, that has to hurt.

I have read the post to the link you gave above; it sounds simple enough for a small park that only collects lot rent, and was a good “think outside of the box” solution to your problem. Good job.

Did you have a problem with tacking money (.01-.02-.03-etc) onto the rent on such short notice? Most residents I deal with would fight tooth and nail over even the smallest amounts such as these. Sounds like you have a great set of residents.

As for not trusting a Property Manager with up to a months worth of rent, I do wonder how you trust them with your property, it is worth much more I am sure. I am guessing that you must have picked a bad manager at one time or another. Bad choices are hard to forget about, however I guess you gained a valuable lesson from it.

And the excuses from residents do sound so familiar, but luckily in my case the residents have no excuses since there is a drop box and on-site office to make payments.

Greg Meade wrote:

http://www.mobilehomeuniversity.com/forum/read.php?f=1&i=800&t=800

This still works for me on 2 Notes that are still paying from Texas. We >finalized the sale of Park there so that stream of cash is no longer goin’ >on! (Drat)

The two things I try never to do with Parks:

Allow Manager access to rent funds.

Wait for tenants to mail payment.

Number one is self explanatory

Number two is the voice of experience. Couldn’t find a stamp, envelope, >mailed it ten days ago, dog ate my mail b4 i could post, or my >favorite…the mail lady didn’t pick it up…for 2 weeks!!!

This still works for me both in Texas and Florida.

Greg


#7

I have not had a lot of problems with managers. Exactly because I NEVER trust them with 5-6K cash each month!!!

Enough posters have shared their probs and I allowed them to pay my dues for me. There needs to be checks and balances in the revenue stream…ironically, the worst manager abuses I have heard of were done by family or close friends…and i find that mucho repugnant (have wanted to use that word in a sentence since my last Scrabble loss)LOL

Regards,

Greg


#8

We have implemented a program whereby we provide our tenants a deposit slip customized for them (you can either print them on your printer and have a company print them for you). The tenant would bring their rent payment and deposit slip to the bank and make they payment. We use Bank of America for our mobile home parks.

The deposit would register the payment and also the specific information that you have coded the deposit slip with. We look online and can see all payments made.

Corey