“Hey, Mr. Landlord. Can I pay my rent in cash?”
Do you ever get this question from your tenants?
(Many landlords do. And many landlords cringe when they hear it…)
It’s only natural to cringe. Nobody likes to carry large wads of cash around. Why not?
- Because you don’t feel safe walking around with a lot of cash on you.
- Because if you lose it, it’s gone forever.
- Because it’s very easy to start spending it before you deposit it.
- Because it’s harder to keep track of for taxes than normal checks.
- Because you might have to write out receipts for your tenants, instead of tenants just using checks.
So to fix these problems, many property managers will simply outlaw cash payments. They will tell the tenant verbally, or in writing through the lease (or the rules for the building etc.) that rent payments will…
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.