How best get a renter's payment to me in the States?

[raghu813]

Hi,

I am in California. For the first time someone is renting our condo in PV.
Can anybody tell me the best way to get the renter's payment to me here in the States? Would it make sense for me to open a bank account in PV?
What other ways could I get the money here?

Mike

PS: I am not planning to return to PV until Oct.
Thanks for any tips.

[ellen]

Paypal or just by having them email the money to your account, which is very commonly done through the banks now. We have used this method and it's great. Your bank will help you set it up.

[raghu813]

I appreciate it. And it sounds easy.

Mike

[raghu813]

I appreciate it. And it sounds easy.

Mike

[raghu813]

I appreciate it. And it sounds easy.

Mike

[raghu813]

Are you sure you are having it e mailed?

Mike

[kcowan]

We let the renter decide. Mailing a cheque for half the amount to reserve the place is standard, then the balance 30 days before the rental starts. Checks are easy and cheap if the renter is in the US or Canada. If the renter can initiate email payments to you then let them. These do not work across the border. And many banks do not yet offer them.

For shorter timeframes and Mexican or other country renters, use Paypal. Remember that payments made outside the country are not exempt from the need to report your rental revenues to La Hacienda. It is the law.

[pat]

I have been renting our condo out for over 5 years now. It is very simple to have them send you a check. Like KC said, I have them mail me a check for 50% to reserve. Then they have to send another check for the balance before arrival. We have a property manager in PV that takes care of our guests there. I had been having my guests pay her the balance in US $ when they arrive to keep my account up in PV but am no longer doing that. For some reason our condo association wants only US $ for their maintenance fees and converting US dollars to pesos and then back to US $ is not cost efficient. So now I will collect the full amount here in the states from my guests. I am guessing that if I have Mexican guests I might have them pay in full to my property manager, because it is more difficult to mail things from Mexico (very unreliable). Most of our guests are US, Canandian, a few Brits and Mexicans. Good luck with your condo renting adventures. I really enjoy it. I get lots of good responses. Very seldom get complaints and it helps make the condo affordable for us. Very soon we will be spending our winters in PV in our condo instead of renting it. The dream is getting closer.