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During the lease signing, when you get to the part that says how much the monthly rent is, this is a good time to collect the money for the first month’s rent. If a tenant moves in in the middle of the month, I don’t prorate the amount they pay for that first month. For example, if the rent is $1,200 per month, and they move in on January 10, they will pay a full $1,200 for rent when they move in but only $800 on February 1. One final note on the rent, only accept rent in certified funds, such as a money order or a cashier’s check. 3 Ways for Tenants to Pay Rent As for rent payments in the future, I recommend not picking up the rent in person, because this will only train the tenant to expect you each month. Dwolla: Similar to PayPal, tenants can use Dwolla to pay rent directly from their checking account for free. Currently, payments are just $.50 each and we use this when the tenant’s bank doesn’t work with Dwolla. Many landlords have different techniques for collecting rent, so be sure to check out the BiggerPockets Forums for more suggestions and ideas from other experienced property owners. Ultimately, you may change or adapt your style as you learn more and grow, or as technology advances. How do you have your tenants pay rent?