Re:Why Real Estate Tech Is So Attractive For Founders
by joshuaheard on Thursday January 16, 2014 @03:30PM
(#7072321)
I have six rental properties as a landlord and I use Bank of America small business accounts which have an email payment system using ACH. The tenant receives an automated email invoice and can pay the invoice by ACH with a few clicks after a one-time setup. I receive an email from the bank when they have paid. It's completely paperless. No other bank was offering this at the time I set it up a few years ago. It's been working great except for the few luddite tenants who can't seem to get the simple setup to work. For them, I have them send a check to a B of A PO box and the bank processes the check for me.
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Re:Why Real Estate Tech Is So Attractive For Founders
by mrfusion on Thursday January 16, 2014 @03:33PM
(#7072336)
That's interesting about the payment processing. Does BOFA charge a lot for this?
Do you think it could also work for a property management company collecting HOA fees from a few hundred homes?
Re:Why Real Estate Tech Is So Attractive For Founders
by joshuaheard on Thursday January 16, 2014 @07:54PM
(#7073595)
The cost is $15 per month for one account, but you can add other accounts for free if you keep a min bal of $3k. And you can manage all accounts on one page of their website. It can be used by any business, including an HOA.