[Sell My House Fast Day](https://www.offermarket.us/blog/sell-my-house-fast-day) and [We Buy Houses Day](https://www.offermarket.us/blog/we-buy-houses-day) happens every day at OfferMarket.

 

If you need to sell your house fast in Baltimore, we want to be your trusted home sale platform. Let's meet Jessica, a seller who received multiple competitive offers for her house in the Parkside neighborhood of Baltimore City from OfferMarket's buyer network.

 

Jessica's [house was in poor condition](https://www.offermarket.us/listings/4329-Roberton-Ave-Baltimore-MD-21206-USA) and she needed to sell fast. Before reaching out to OfferMarket, a local Realtor offered her $59,500 in an off-market transaction and she was hesitant to accept the offer.

 

Jessica had a feeling she could get more for her property, but the last thing she wanted to do was spend time and money conducting repairs. Jessica didn't know how much her property was worth so wondered if it would be possible to receive multiple offers from buyers she could rely on to close quickly without inspection concessions and contingencies.

 

While researching other options, Jessica found our [Sell My House Fast Baltimore, MD](https://www.offermarket.us/sell-my-house-fast/baltimore-md) overview and she decided to give our no obligation [Get Offers](https://www.offermarket.us/sell) service a shot.

 

## Here are the stats from Jessica's campaign:

 

- **Lockbox showings:** 11 qualified buyers (photo ID, proof of funds)
- **Offers received:** 5
- **Winning offer:** $75,000, hard money, AS IS, close in 16 days
- **Seller savings:** $11,500

 

Every seller has a story to tell, read our [Google Reviews](https://www.google.com/search?q=offermarket) to see if selling your house fast with OfferMarket is right for you.

 

## Sell My House Fast: Get Offers with OfferMarket 👇

Every seller has a Sell My House Fast story to tell. Meet Jessica, who saved $11,500 by selling with OfferMarket.

large_5-Star Reviews - OfferMarket Seller Stories - Blog.jpg

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small_5-Star Reviews - OfferMarket Seller Stories - Blog.jpg

thumbnail_5-Star Reviews - OfferMarket Seller Stories - Blog.jpg

5-Star Reviews - OfferMarket Seller Stories - Blog.jpg

Sell My House Fast Success Story Jessica Baltimore, MD  - OfferMarket Blog

Sell My House Fast Success Story: Jessica From Baltimore, MD

![josh-wilburne-rdJXlCdRVaQ-unsplash.jpeg](https://www.offermarket.us/uploads/josh_wilburne_rd_J_Xl_Cd_R_Va_Q_unsplash_b160c43f11.jpeg)

If you own rental property, collecting rent every month from your tenants is a top priority. The traditional rent collection method has always been to send a rent check. From a tenant’s perspective, writing a personal check once a month is straightforward. However, if you are a landlord trying to eke out a living from a few rental units, processing rent checks is a clumsy, time-consuming process. Accepting rent payments by check can also severely impact your cash flow. 

 

But surely, there must be better ways of running a successful rental business than collecting rent checks. After all, most consumers use the internet for banking and shopping online. Also, digital wallets like PayPal, Venmo, and Zelle are popular for splitting bills or making electronic payments. There is also a growing trend among professional landlords to use mobile payment apps specifically designed for rent collection. 

 

Are you a landlord looking to save time and make rent collection more straightforward? Do you want to find out about ways to collect rent better suited to the modern renter in a digital age? If so, please continue reading to find solutions to your greatest pain point — collecting rent on time. 

 

## Why Look for Alternatives to Rent Checks

 

Let’s face it — it takes a lot of your precious time to process a rent check. Did you know that it can take up to seven days from when a tenant writes and mails the check until the cash is available in your bank account? Would you not prefer to get rental money in your bank account in a matter of hours rather than days? 

 

Here is a typical timeframe of how long it takes to process a tenant’s rent check. First, the tenant writes and mails the check. This usually takes up to three days to arrive unless there is a longer wait due to postal delays. After receiving the check, you must drive to the bank, stand in line, and deposit the check. Then you must wait for one to three business days for the check to clear. 

 

Additionally, since October 2021, many landlords may have to wait even longer for checks to arrive. [CBS News reported](https://www.cbsnews.com/news/mail-delivery-slower-usps-october-1/) that changes in the United States Postal Service would result in four out of ten first-class mail items having slower delivery times. In some cases, this means your tenants may incur late fees because their personal check was late.

 

Here’s a list of compelling reasons to avoid collecting rental payments by check:

 

- Checks can bounce
- Rent checks can get lost in the post 
- Paper check payments put you at risk of identity theft
- You must manually record rent payments, meaning that it’s easy to make mistakes

 

## The Challenge of Using Rent Check Alternatives

 

One of the biggest challenges [successful rental property owners face](https://www.offermarket.us/blog) when switching to rent check alternatives is convincing their tenants. After all, sending a check is straightforward for tenants. It’s landlords that are burdened with the hassle of processing paper checks

 

Surprisingly, paying rent by check and cash still seems the most popular method. For example, the [Federal Reserve Bank of Boston](https://www.bostonfed.org/publications/research-data-report/2016/how-do-people-pay-rent.aspx) reported that 42 percent of renters still mail a monthly rent check. In addition, a surprising 22 percent of landlords continue to accept cash payments. The study found that a meager 8 percent of tenants paid rent using an electronic method.

 

## The Best Alternatives to Collecting Rent by Paper Check

 

As a property owner running a profitable business, you must be in control of rent payments. This means that you can specify acceptable ways for your tenant to pay rent. In most states, you must provide at least two methods of payment. 

 

Using a mobile payment app is the best alternative to a paper check. Not only is it convenient for you as a landlord, but your tenants are probably already using one to make online payments. Also, you have an electronic “paper trail,” which is more secure than keeping paper documents. However, some digital wallets or “peer-to-peer” payment methods are better than others for rent collection. 

 

Here are the pros and cons of some popular payment apps, including some designed specifically for landlords. 

 

## PayPal — Rent Check Alternative

 

PayPal is one of the most well-known digital wallets, and many landlords use this as a rent check alternative. Tenants can pay rent directly into a landlord’s bank account, or you can request a rent payment. 

 

However, [PayPal is a poor option](https://blog.rentdrop.io/alternatives-to-paypal-for-collecting-rent-online) for collecting rent because there is no payment protection. Additionally, you can’t block partial payments. And PayPal can sometimes freeze a tenant’s accounts if they suspect any questionable activity. Finally, PayPal has monthly fees for using a business account.

 

## Zelle for Rent Payments

 

Zelle is a popular mobile application that lets users quickly transfer funds. A benefit is that the money appears directly in your bank account if you sign up to Zelle. And there are no transaction fees. 

 

But there are cons to using Zelle for collecting rent. For example, it’s possible for a tenant to pay someone else accidentally instead of the intended recipient. And it’s hard to resolve disputes if you use this service. In addition, like PayPal, the lack of payment blocking and purchase protection means that Zelle is not great for online rent payments. 

 

## Buildium — Property Management App

 

Buildium is a property management app popular with many landlords. The app streamlines rent collection, sends reminders, calculates late fees, lists vacancies, and allows tenants to request maintenance visits. It is also possible for landlords to post vacant properties on sites such as Zillow and Trulia. Landlords can also accept payments, send out invoices, and process security deposits.

 

One thing to consider with Buildium is that it’s expensive. So, if you only manage a few rental units, it’s not a cost-effect alternative to rent checks. In addition, for some users, the plethora of features makes it challenging to use. 

 

## Rentdrop — Mobile Rent Collection App

 

[Rentdrop](https://www.rentdrop.io/) is a straightforward rent collection app, allowing landlords and tenants to collect rent online for free. Rentdrop has some handy features for landlords like scheduling automatic payments, processing security deposits, tracking rent payments, and sending rent reminders. In addition, the convenient app allows roommates to split the rent, and landlords can also offer tenants flexible rent payments. 

 

Rentdrop lacks some of the features of expensive property management apps. But the service is free for landlords and tenants to use and is an excellent alternative to collecting rent checks. 

 

## PayRent — Property Management Software

 

PayRent is a mobile application that helps landlords manage their properties. Landlords can use the app in place of rent checks. The app makes it easy to track a tenant’s rental payment history. Also, tenants can pay rent using either a debit card, credit card, or checking account with an e-check. 

 

However, there are some drawbacks to using PayRent. For example, you must pay transaction fees, which can cost up to $50 per month to use.

 

## Alternatives to Rent Checks — A Takeaway

 

Sending a paper check is fast becoming a part of history. So if you run a successful business, there are many reasons to stop accepting rent checks and convince your tenants to use an alternative method. Not only are digital payments more secure, but they will also save you time and money and help free up valuable resources.

We are all used to paying our rent using cash or check, but this its 2022 and technology has moved forward and made rent payments much much easier and streamlined

Rent Check Alternatives — 5 Superior Ways to Collect Rent

**Last updated:** February 6, 2024

 

## What is a Certificate of Good Standing?

 

A Certificate of Good Standing is a document issued by the state in which your business is formed which certifies, as of the date issued, that your business has submitted all required documents, fees and filings.

 

When you obtain a Certificate of Good Standing, it means your business is duly formed and authorized to do business in the state, and that it is in compliance with certain statutory requirements. It essentially confirms that the entity is in good standing with the state authorities.

 

A Certificate of Good Standing is commonly required for business transactions such as obtaining financing, entering into contracts, or expanding operations to other states. Commercial, business purpose lenders who provide loans to business entities (typically LLC or corporation) will commonly require this document in as a standard underwriting guideline. It is required in order to obtain a [DSCR loan](https://www.offermarket.us/blog/dscr-loan) or [fix and flip loan](https://www.offermarket.us/blog/fix-and-flip-loans) from OfferMarket. 

 

All states provide this certificate upon request and satisfaction of requirements to be in good standing. A common source of confusion is the name that each state uses -- *Certificate of Good Standing*, *Certificate of Existence*, *Certificate of Status*, and *Certificate of Fact* are used among different states.

 

Depending on the state, the cost and timeline to receive your Certificate of Good Standing will vary.

 

| **State** 	| **Abbreviation** 	| **Official Document Name** 	| **Cost** 	| **Website** 	|
|---	|---	|---	|---	|---	|
| Alabama 	| AL 	| Certificate of Existence 	| $25 	| [Alabama Secretary of State](https://www.alabamainteractive.org/sos_eCertificate/welcome.action) 	|
| Alaska 	| AK 	| Certificate of Compliance 	| $10 	| [Alaska Division of Corporations, Business & Professional Licensing](https://www.commerce.alaska.gov/web/cbpl/) 	|
| Arizona 	| AZ 	| Certificate of Good Standing 	| $45 	| [Arizona Corporation Commission](https://ecorp.azcc.gov/) 	|
| Arkansas 	| AR 	| Certificate of Good Standing 	| $25 	| [Arkansas Secretary of State](https://www.sos.arkansas.gov/corps/) 	|
| California 	| CA 	| Certificate of Good Standing 	| $5 	| [California Secretary of State](https://www.sos.ca.gov/) 	|
| Colorado 	| CO 	| Certificate of Good Standing 	| $10 	| [Colorado Secretary of State](https://www.sos.state.co.us/) 	|
| Connecticut 	| CT 	| Certificate of Legal Existence 	| $50 	| [Connecticut Secretary of the State](https://portal.ct.gov/sots) 	|
| Delaware 	| DE 	| Certificate of Good Standing 	| $50 	| [Delaware Division of Corporations](https://corp.delaware.gov/) 	|
| Florida 	| FL 	| Certificate of Status 	| $8.75 	| [Florida Department of State](https://dos.myflorida.com/sunbiz/) 	|
| Georgia 	| GA 	| Certificate of Existence 	| $10 	| [Georgia Secretary of State](https://ecorp.sos.ga.gov/) 	|
| Hawaii 	| HI 	| Certificate of Good Standing 	| $7.50 	| [Hawaii Business Express](https://portal.ehawaii.gov/business/) 	|
| Idaho 	| ID 	| Certificate of Good Standing 	| $10 	| [Idaho Secretary of State](https://sos.idaho.gov/) 	|
| Illinois 	| IL 	| Certificate of Good Standing 	| $50 	| [Illinois Secretary of State](https://www.cyberdriveillinois.com/) 	|
| Indiana 	| IN 	| Certificate of Existence 	| $10 	| [Indiana Secretary of State](https://www.in.gov/sos/business/index.htm) 	|
| Iowa 	| IA 	| Certificate of Status 	| $5 	| [Iowa Secretary of State](https://sos.iowa.gov/) 	|
| Kansas 	| KS 	| Certificate of Good Standing 	| $15 	| [Kansas Secretary of State](https://www.sos.ks.gov/) 	|
| Kentucky 	| KY 	| Certificate of Existence 	| $10 	| [Kentucky Secretary of State](https://www.sos.ky.gov/) 	|
| Louisiana 	| LA 	| Certificate of Good Standing 	| $30 	| [Louisiana Secretary of State](https://www.sos.la.gov/) 	|
| Maine 	| ME 	| Certificate of Good Standing 	| $30 	| [Maine Bureau of Corporations, Elections & Commissions](https://www.maine.gov/sos/cec/) 	|
| Maryland 	| MD 	| Certificate of Status 	| $20 	| [Maryland Department of Assessments and Taxation](https://egov.maryland.gov/businessexpress) 	|
| Massachusetts 	| MA 	| Certificate of Good Standing 	| $15 	| [Massachusetts Secretary of the Commonwealth](https://www.sec.state.ma.us/cor/) 	|
| Michigan 	| MI 	| Certificate of Good Standing 	| $10 	| [Michigan Department of Licensing and Regulatory Affairs](https://www.michigan.gov/lara) 	|
| Minnesota 	| MN 	| Certificate of Good Standing 	| $50 	| [Minnesota Secretary of State](https://www.sos.state.mn.us/) 	|
| Mississippi 	| MS 	| Certificate of Good Standing 	| $27 	| [Mississippi Secretary of State](https://www.sos.ms.gov/) 	|
| Missouri 	| MO 	| Certificate of Good Standing 	| $10 	| [Missouri Secretary of State](https://www.sos.mo.gov/) 	|
| Montana 	| MT 	| Certificate of Good Standing 	| $10 	| [Montana Secretary of State](https://sosmt.gov/) 	|
| Nebraska 	| NE 	| Certificate of Good Standing 	| $10 	| [Nebraska Secretary of State](https://sos.nebraska.gov/) 	|
| Nevada 	| NV 	| Certificate of Good Standing 	| $50 	| [Nevada Secretary of State](https://www.nvsos.gov/) 	|
| New Hampshire 	| NH 	| Certificate of Good Standing 	| $25 	| [New Hampshire Secretary of State](https://sos.nh.gov/) 	|
| New Jersey 	| NJ 	| Certificate of Good Standing 	| $25 	| [New Jersey Division of Revenue and Enterprise Services](https://www.nj.gov/treasury/revenue/) 	|
| New Mexico 	| NM 	| Certificate of Good Standing 	| $25 	| [New Mexico Secretary of State](https://www.sos.state.nm.us/) 	|
| New York 	| NY 	| Certificate of Good Standing 	| $25 	| [New York Department of State](https://www.dos.ny.gov/) 	|
| North Carolina 	| NC 	| Certificate of Existence 	| $10 	| [North Carolina Secretary of State](https://www.sosnc.gov/) 	|
| North Dakota 	| ND 	| Certificate of Good Standing 	| $10 	| [North Dakota Secretary of State](https://sos.nd.gov/) 	|
| Ohio 	| OH 	| Certificate of Good Standing 	| $5 	| [Ohio Secretary of State](https://www.sos.state.oh.us/) 	|
| Oklahoma 	| OK 	| Certificate of Existence 	| $20 	| [Oklahoma Secretary of State](https://www.sos.ok.gov/) 	|
| Oregon 	| OR 	| Certificate of Good Standing 	| $10 	| [Oregon Secretary of State](https://sos.oregon.gov/) 	|
| Pennsylvania 	| PA 	| Certificate of Status 	| $30 	| [Pennsylvania Department of State](https://www.dos.pa.gov/) 	|
| Rhode Island 	| RI 	| Certificate of Good Standing 	| $50 	| [Rhode Island Secretary of State](https://www.sos.ri.gov/) 	|
| South Carolina 	| SC 	| Certificate of Existence 	| $10 	| [South Carolina Secretary of State](https://www.sos.sc.gov/) 	|
| South Dakota 	| SD 	| Certificate of Good Standing 	| $20 	| [South Dakota Secretary of State](https://sdsos.gov/) 	|
| Tennessee 	| TN 	| Certificate of Existence 	| $20 	| [Tennessee Secretary of State](https://sos.tn.gov/) 	|
| Texas 	| TX 	| Certificate of Good Standing 	| $5 	| [Texas Secretary of State](https://www.sos.texas.gov/) 	|
| Utah 	| UT 	| Certificate of Good Standing 	| $12 	| [Utah Division of Corporations and Commercial Code](https://corporations.utah.gov/) 	|
| Vermont 	| VT 	| Certificate of Good Standing 	| $25 	| [Vermont Secretary of State](https://sos.vermont.gov/) 	|
| Virginia 	| VA 	| Certificate of Fact of Existence 	| $10 	| [Virginia State Corporation Commission](https://cis.scc.virginia.gov/) 	|
| Washington 	| WA 	| Certificate of Existence 	| $20 	| [Washington Secretary of State](https://www.sos.wa.gov/) 	|
| West Virginia 	| WV 	| Certificate of Good Standing 	| $10 	| [West Virginia Secretary of State](https://business.wv.gov/Pages/default.aspx) 	|
| Wisconsin 	| WI 	| Certificate of Status 	| $10 	| [Wisconsin Department of Financial Institutions](https://www.wdfi.org/) 	|
| Wyoming 	| WY 	| Certificate of Good Standing 	| $5 	| [Wyoming Secretary of State](https://sos.wyo.gov/) 	|
| Washington, D.C. 	| DC 	| Certificate of Good Standing 	| $55 	| [District of Columbia Department of Consumer and Regulatory Affairs](https://dcra.dc.gov/) 	|

 

## Certificate of Existence

 

Several states refer to their certificate of good standing as a "Certificate of Existence".

 

## Certificate of Fact

 

Texas is one of the only states that calls their certificate of good standing a "Certificate of Fact".

 

## Certificate of Status

 

Several states, including Maryland, refer to their certificate of good standing as a "Certificate of Status".

A Certificate of Good Standing is a document provided by the state in which your business is formed that certifies your business is not delinquent on any taxes, fees or filings.

large_Certificate of Good Standing.png

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Certificate of Good Standing

Grow your real estate investing business with the most competitive DSCR loan product. OfferMarket also provides DSCR rental loans, bridge loans, hard money, fix & flip, rehab, ground up construction loans.

DSCR Loan Information - March 2024 

### What does PMI stand for?

 

PMI stands for private mortgage insurance and is charged to homeowners when less than 20% down payment is used. PMI "drops off" when the homeowner has a loan-to-value ratio ([LTV](https://www.offermarket.us/real-estate-glossary/ltv)) of 80% or less. LTV as it relates to automatic PMI removal is calculated based on the [purchase price](https://www.offermarket.us/real-estate-glossary/purchase-price), not the current market value.

 

### Can I drop PMI if my house appreciates?

 

If you performed a renovation that increased the value of your house, or the value of houses in your neighborhood has increased to a point where you believe you have an LTV of 80% or less based on current market value, then you can contact your mortgage servicer and request PMI removal.

 

Many people buy houses with a low percent down payment (i.e. 5% down), conduct a cost-effective [rehab](https://www.offermarket.us/real-estate-glossary/rehab) and then request PMI removal. Successfully removing PMI can reduce your monthly [PITI](https://www.offermarket.us/real-estate-glossary/piti) expense considerably.

PMI stands for private mortgage insurance and is charged to homeowners when less than 20% down payment is used. There's a lot more to learn about PMI at OfferMarket. 

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What is PMI in real estate?