Andrew Lamb explains how to collect rent from residents at sober living homes. Many lack bank accounts due to addiction-related credit damage, so he recommends Schedule My Rent (about $2) to accept money orders alongside Cash App for direct deposits.
About $2 (speaker: "I think it's $2.")
Automating your collections and your financials. So there's a couple of tools we use for this. There is some embedded functionality inside of Sobriety Hub for this. But what we do most often for people who are paying out of pocket is we're either using Cash app or tool like Schedule My Rent, which is an online rent collection tool. Very affordable, very cheap. What I like about Cash app is you can just plug in your business account information and automatically deposit the cash out funds into your business account without having to pay any kind of additional fees, which is very nice. Schedule My Rent does cost a little bit of money. I think it's $2. Very little for the Landlo landlord, the or for you as the owner of the property, the residents, the sober living occupants are going to pay for the fees for doing whatever they need to do. But what's cool about it is in Silver Living you run into a lot of people who don't have bank accounts. And the reason for that is banks actually check your credit when you're opening a checking and savings account. So if you have poor credit, imagine being in addiction previously, what that does, the havoc it wreaks on your life and you have evictions, you have charge offs, judgments, all these different things, terrible credit. Many people are not able to establish a bank account again very quickly. And so, so it ends up being a very cash business and people are paying with money orders. They might get a check, cash it at Walmart, get a money order and then pay you. So that was happening to me a lot. What's cool about Scheduling My rent is it allows people to pay their monthly fees by money order.
