This month’s article: “Money”
- If you only have a few rentals, you may be able to keep track of your tenants rent payments in your head. But even if you only one, we would not recommend you rely on your memory. Always track each rental payment in writing. If your tenants pay by check, you can always let the cancelled check serve as the tenants receipt, but the best policy is to provide a receipt whenever possible, regardless of the method of payment. Make a copy of the check and keep the envelope that you received the check in. At a minimum, use an Excel spreadsheet to track rent payments.
- Set up a bank account where you set aside money for anticipated major capital improvements.
- You can save a lot of time by having your tenant’s mail their rent checks to you each month (vs. picking them up yourself). To increase your rent collections, provide your tenants in advance with prepaid, self-addressed envelopes so they just have to put the payment in the mail.
- Lastly, keep the tenant’s deposits in a Florida based bank account separate from all other funds. Why? It’s Florida Law.
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