I inherited some Promissory Notes when my parents died. My dad bought, flipped and owner-financed these properties to people who wouldn't be eligible for conventional financing. As bad as you may think their financial situations must be, I assure you, it's even worse. This has really been an eye-opener for me.
We anticipating moving several hours away when we retire in a couple of years. I'm trying to "my people" used to the idea of not dropping off their payment at our house. I discovered eRent
and actually have several using it. They like it, and I love it. I'm paying the $3 to encourage them to use it.
The problem is two Luddites, who both pay via Money Order each month. One of them doesn't even have a checking account because she thinks the bank will steal her money. I make the other one use Money Orders because they've given me so many bounced checks.
I'm toying with the idea of mailing them a bill each month, with a self-addressed stamped envelope. I'm concerned about the hassle & expense of them replacing a lost money order. Are they any other electronic options I'm missing for transferring $$$ without using the postal service? I'm thinking wire transfers are $10-$20 both ways, right?
DH suggested I give them a deposit slip each month and have them just make their payment as a deposit at our bank. That makes me nervous....