Hello all. Thanks in advance for any answers to my question. My father recently purchased a condo to have as a rental property. I assisted him with screening potential tenants, providing the lease, etc, but he handled everything else - collecting and depositing rent checks, paying expenses, etc. In the future he may want me to get more involved with all aspects of the management. My question is, how do I go about accepting rent checks and depositing them on his behalf? And paying for expenses? I would like to make this as pain-free as possible for my Dad, so he can just sit back and relax, but I’m not sure how to do everything since nothing is in my name. Does anyone have any experience with this? Thanks.
As far as the tenant is concerned, they would just have to know you’re the manager. If your father is doing everything in his own name, it would probably be easiest for him to tell the tenants or write a letter stating you’re handling the day to day issues with the property. Anyone can deposit money into the bank account. The tenant could deposit it or you could deposit it. Just write “For Deposit Only” on the back of the check. The check should be written to your father (or his business name if applicable). As far as writing checks, you would just have to be authorized by the bank to write checks from that acct so he would need to add you on there. None of this is difficult or time consuming. Your father just has to take a couple steps to get you set up and then things will be fine.