Collecting Rent Payments Online

Collecting rent, writing receipts, updating tenant payment histories, and sending late payment notices are all time-consuming tasks. For property management companies and landlords, online rent payment solutions eliminate the need to manually collect rent payments and manage the related bookkeeping and paperwork. Electronic rent collection solutions provide a convenient, fast, and secure method for managing all these tasks, and more. Online rent payment solutions will save time and can significantly reduce the number of late payments.

With online rent payment solutions, apartment community websites can be customized to accept online payments from tenants and the funds are automatically deposited, thus eliminating the need to prepare checks for deposit and make a trip to the bank. Landlords and managers also have the option to select multiple bank accounts to manage deposits for different properties separately. Additionally, with seamless integration to landlord / property management software, tenant payment histories are immediately updated and available for review and landlords can monitor monthly rent collection activity in real-time.

Landlords can utilize features that include tenant information updates, property information updates, and tenant email notifications. Options include email notification of rent payment and late fee schedules, late payment notifications, policy updates, and the latest property and association updates. Landlords and property management companies can also list vacancies, accept applications online, and collect application fees and security deposits electronically.

With twenty-four hour access, tenants will appreciate the convenience of online rent payment. The process is secure, easy, and takes only minutes. There are several payment options available – debit cards, credit cards, or e-checks. In addition, tenants can choose to make one-time monthly payments or set up automatic payments using credit and debit cards. Tenants receive all transaction receipts via email, as well as other property management notifications. Tenants can also update their name and phone number information, view their payment history, and send maintenance requests.

Online rent payment solutions give landlords and property managers the peace of mind knowing rent collection is efficient, easy, and secure. Manual rent collection systems are time-consuming and, depending on the number of properties involved, can take two to three days every month. With online rent collection solutions, landlords and property managers are able to spend this time on other important tasks.

Getting started is easy. Simply fill out an application and once the landlord / property manager merchant account is activated, electronic rent collection can begin. For peace of mind, security and privacy are maintained at the highest levels, protecting stored or transmitted information at all times. Online rent collection solutions are affordable and available now.

Can a No-Money Down Rent to Own Work?

Are you curious about rent to own, but don’t have any money to put down? Wondering if a no-money down rent to own option can work for you?

It is a very important question and good for you for doing some research on the topic. You will need to understand the challenges that will come as a result of a no-money down rent to own. Hopefully this article will heighten awareness around some of the questions you need to ask to protect yourself if you are pursuing a no-money down rent to own.

Simply put, a no-money down rent to own is one where you do not have to put any money down in order to get into the program.

What are the implications?

1. More risk to the investor so they will offset their risks by charging you higher monthly rents (maybe even higher than market rents). I have seen situations where rents for a no money down rent to own were as high as $2000-2500 when the market rents in the same area were $1500 per month. This amount of $2000-2500 does not always account for any money being credited towards your down payment so be sure to ASK!

2. You will have to save up a greater portion of your down payment by yourself before the end of the rent to own program or risk not qualifying for a mortgage and consequently losing the property. Looking at this in terms of numbers, an average house price of $300,000 will require a 5% down (or $15,000). If you come into the rent to own with ZERO down, you will need to save up $15,000 over an average term of 3 years (for example) to qualify for that mortgage at the end of the term. That means saving $5,000 a year. If your rent to own allots, say, $200 a month towards your down payment, you would accumulate $7,200 over the three years. That means you would need to make up the balance, or $7,800 yourself. If you are unable to do this, you will not qualify for your mortgage and you will more than likely be asked to leave the house at the end of the rent to own term.

3. You will not build up any equity in the property (basically you are a renter (paying higher than market rents) with the hope that you can save up enough down payment and purchase the property at the end of the rent to own program. Equity is the amount of money you have invested in the property or earned on the value gain for the property. For example, if you put $10,000 down on a property, you automatically have $10,000 in equity in that property. If you put no money down, you have zero equity in the property.

4. In many cases (not all but many), you will be left to your own devices to improve your credit situation and save up a minimum 5% down payment. If you have received no support on your credit repair and your credit has not been repaired enough to qualify for 5% down, you may be required by the lender or bank to give 10%, 15% or 20% down (which you will likely not have since you were targeting saving 5% down payment). Looking back at the average price of house from the 2nd point ($300,000), if you were unable to improve your credit over the term of the rent to own program and needed 10% to get the mortgage, you would not be required to come up with $30,000 down, not the $15,000 from the previous example. If $15,000 sounds like a daunting task, imagine $30,000 or even more if 15% or 20% is needed.

So what does all this mean to you?

Do your DUE DILIGENCE!

Ask questions and be VERY sure you know all of the pitfalls that you can run into if you choose to enter into a no money down rent to own. As a start, ask questions like:

1. How much is the monthly payment going to be? (compare it against other rentals in the area)

2. How much of each monthly payment is going towards your down payment?

3. Do they provide credit support?

4. What happens at the end of the rent to own term if you cannot get a mortgage?

I am not saying a rent to own with no money down cannot succeed. I am just saying that the road to success is MUCH harder this way and requires a very different level of determination and discipline.

Secrets You Should Know About A Rent To Own Home Deal

So you are sick and tired of renting. You want to own your own home, but you do not have much of a down payment. No doubt you have heard of "the perfect solution" – rent to own. But is it really as perfect as everyone says – hardly. There are some secrets about rent to own properties that you need to know about. They are most overlooked aspects of a rent to own deal. So let us find out the truth about lease to own homes.

How Rent to Own Works

So this is how it works. You rent a house with the option to buy. You will have a lease that will typically last between 2 to 3 years. The seller will also expect you to put some sort of upfront down payment or option fee. This is usually 1 to 7 percent of the agreed upon purchase price. In addition to the rent, you will be paying what is called a Rent Premium or Rent Credit. This extra amounts put towards the purchase price of the house.

Let's see how a Salt Lake City, Utah rent to own would work out. As of January, 2017 the median rent for a 3 bedroom, 2 bath house in Salt Lake City is $ 1,500. Now the additional amount that you will pay towards the purchase is negotiable. Generally you should expect to pay 20 to 50% above the market rent. For the sake of argument, let's go with 25% which is about average. So you will pay $ 1,500 a month in rent and an additional $ 375 towards the purchase. If your lease lasts 3 years, you would have a rent credit in the amount of $ 13,500. Median home values ​​in Salt Lake City are $ 280,000. If you paid a 3% option fee of $ 8,400 and combined that with the rent credit, you would end up with a down payment of $ 21,900 or 7.8%. Not bad.

The Truth about Rent to Own Homes

Do you want to know the dirty little secret few buyers in your position realize? If you decide that you are unable or unwilling to buy the house at the end of the lease agreement, you forfeit ALL of the money you have paid. That includes the Rent Premium and the option fee. Gone. All of it. The seller keeps all the money and you get to call a moving van and start all over.

You would be surprised on how many times this happens. The buyer may run into some problems with the house and they want out. Money lost. The buyer may not be able to qualify for a mortgage. Money lost. Or, imagine that the seller fails to pay the mortgage and the property gets foreclosed on. Yikes! Money lost.

So, before you race to snap up the closest rent to own or lease option property, make sure you do your due diligence and have the house inspected. Start working with a lender in order to qualify for a mortgage and for goodness sake, make sure you absolutely love the house.

However, a calculated decision of renting to own a house has it own benefits as well.

Landlords: How to Determine the Rental Amount for Your Property

I want to introduce several resources where a real estate investor or property owner can determine what rent you can charge for your investment property. The three most popular websites available for this purpose are Zillow.com, Rentometer.com, and Craig's List .

Zillow is the most popular and respected so we will start there. Go to Zillow.com and put in the address of your property and then click "search". Click on the word "rent" or "Zestimate", both will give you rent estimates. The word Zestimate (rent estimate by Zillow) should pop up with the rental amount and the range Zillow thinks the property may rent for.

We know Zillow is not perfect. Zillow uses computer models and they are basing their rent Zestimate upon averages in the area that have similar characteristics of your property, ie square footage, similar number of beds, bathrooms, etc. Again, no computer model will be perfect but generally Zillow is accurate. You will need to be realistic about the property and observe its characteristics. If your house is a multi-unit building or if your house is somehow different than every other property in the neighborhood, the Zestimate may not be accurate.

The second site is rentometer.com . Once on the site you enter the property address. In this site they ask for how many bedrooms are in the property. You can also provide other information that could make the rent estimate more accurate. Once you have entered all information click "submit". The site will give you a similar analysis to Zillow and a range they think the rent may fall in.

Another good way to get comparable is Craig's List . Craig's List has had issues in the past involving scammers and fraud. But as far as determining rental amounts it is fairly accurate. On this site, you would perform a slightly different search. You would go on Craig's List for your area and go to "Apt / Houses" section and type in your town. Or, if it's a development, you might type in the development name. You then enter the number of bedrooms and / or bathrooms. At that point many house or apartments will appear in your search for rent. You then need to review them and see if any of them are similar and look like your property so that you are comparing apples to apples.

Keep in mind these are estimates and you will have to test the market to really know what your property can rent for per month. We do not recommend that you try to "go high" and figure you can negotiate down. This rarely works to in today environment. Generally, if you over price your property hoping to get more rent it will just get ignored and you will not get any traffic or potential renters.

I better strategy is to use the above resources to get a close estimate of your property will rent for and then price your property slightly lower. This should attract a lot more tariff and may be result in a quick move in versus over pricing and the property sitting vacant for weeks or months.

6 Tips to Help You Rent an Apartment

If you are looking for a cheap and beautiful apartment, you need to work on your deal-finding and negotiation skills. Before you go ahead and negotiate, make sure you know what you need. Given below are 6 tips that may help you rent the right apartment.

#1: Use an apartment locator

First of all, you need to consider a few important features before you look for an apartment in your area. You can check out an apartment locator as well. There are many websites that can serve this purpose. This tool can help you find the right place for you.

#2: Consider your needs

You want an apartment that can meet your needs, not those of your friend’s. Make sure the place is located in the type of neighborhood you like. It should have all of your desired features.

#3: Call a local Locator

You can also contact a local apartment locator for help. In the same way, you can also use a phone book.

It’s a good idea to make a call to at least 2 providers to ask about rental neighborhoods and communities. Make sure you let them know about the features you are after.

Since the locators work for commission, they will try their level best to find you the property you need.

#4: Call a Community

Make sure you pay a visit to the property before you make the decision. It’s even better if you make a call to ask for a quote. Once you are in the apartment, the agent may impress you with the features of the property. On the phone, you will just get numbers. What you need to do is compare the numbers you get with the figures you found online.

#5: Visit the apartment

Although virtual tours can help you make the final decision, you shouldn’t rely on them alone. You can find these tour videos on websites, and this can give you some idea of the features of the property. However, it’s important to keep in mind that visiting the house in person is a must. You just can’t rely 100% on the virtual tours. To get a better feel, you still need to walk around your neighborhood.

#6: Review the features

Make sure you review the features you want in the house. Actually, you should remove the features that are on the bottom of your priority list. This will help you have you choose from a broader list of properties that may have the features you want. You should make adjustments to your list based on the short list of features. Finally, you should make the renting decision after weighing the features and the price you are willing to pay.

The Takeaway

So, these are a few things that you should keep in mind when looking for an apartment to rent. Keep in mind that you will get what you pay for but keeping a few basic things in mind can go a long way.