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daveg
Investor/Rehabber
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Automated rent deposits
Friday, October 19 2007 05:40 AM
I want to get my better paying tenants (thats: the ontime tenants) to start using automated debiting of their checking accounts to avoid the pitiful Post Office service I get. Not sure how it works though, could you explain how I would initiate that? At the tenants bank or mine? thx.
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Maureen
investor
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Re:Automated rent deposits
Monday, October 22 2007 08:41 AM
Dave:
Talk to your bank. They will be able to explain how you set up ACH drafts,
what the cost are (very minimal) and the paperwork you need to fill out (also pretty minimal). They will tell you the info you'll need to get from your tenants - and you'll need them to sign an agreement giving you permission to draft (specific amounts and dates should be outlined). The basic concept is that you set up a bank account online and you draft from your tenant's checking or savings account and that money goes directly into your account. They do not have access to any of your info. There are many benefits to collecting rent this way. Good luck.
Maureen Christine-Bazan
President, Andante Properties LLc
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