best way to receive rent online

paypal?

account # and routing # for ACH?

i wouldn't want to give that information to a tenant unless you set up a separate account just to receive your rent payment.

why is that? routing # is all the same for each NYS bank (ex. NYS citi has the same routing # for all)

And all that info is on your checks anyway....

I'm with babsie, I would use paypal. If you want something more formal I'm sure it wouldn't cost more than a couple hundred bucks to have your attorney set up an attorney escrow account.

ali r.
{downtown broker}

I've done rent via paypal before and I would not recommend it. You can have two kinds of accounts in paypal, a business account and or a personal account. If you have a personal account, you can only withdraw up to $500 per month before incurring fees (which are like 2-3% or something). If you are a business account, you incur the fees not when you withdraw the money but when you get paid, and they are similar. Unless you're renting your place for $500 or less, I wouldn't recommend it because it's a pain. I suppose technically, you could open up a whole bunch of accounts and have the renter transfer $500 to each. However, each one has to be linked to a separate bank account, so this is definitely not a simple solution. I would open a different account at your normal bank just for this purpose and give the renter the routing # and account #.

Ok, apparently they have 3 types, personal, premier, and business.
https://www.paypal.com/us/cgi-bin/webscr?cmd=xpt/cps/general/PayPalAccountTypes-outside
And here's a page that explains the fees.
https://www.paypal.com/us/cgi-bin/webscr?cmd=_display-fees-outsideIt looks like maybe they got rid of the limit afterall, in which case I would definitely take back everything I said before and go with paypal. I distinctly remember it though, and I last transferred out about 2 months ago, so it would have to be a recent change.

There is nothing wrong with giving out your routing # and account #. your tenants and many of your payee provides their info through their checks. If you are really paranoid, set up another account.

Logged in and paypal has the $500 limit, if you are transferring to another bank acount. If you request a check, the fee is $1.50, but then you might as well get a check from the tenant. If you use a paypal debit card, it's also free. I would go the account#/routing# route.

I wonder how many foreign owners get screwed when they rent. Any stories anyone knows of?

what do you mean, not able to collect rent?
Foreign owner is still the same as domestic owner. I don't snoop into my tenants apt nor meet him on weekends.

yes not able to collect rent
needing to hire a lawyer and show up in court for either an eviction or to collect

Discount the rent & have tenant prepay 1 year up front; get 2mos sec dep