Do you accept Cash for Rent? - Best Way to Collect in MHP

[Reid Hanley]

I have a 22 pad MHP under contract and am doing my DD.  The seller's agent is telling me that the seller currently collects most all rent in form of cash that he stops by and collects each month.   I don't want to continue this for several reasons like safety, record keeping,...etc.  But there may be good reasons to allow it?   First of all there are many longer terms tenants in place that are used to paying this way.  What are you MHP owners doing in terms of collecting rents from large numbers of tenants?

Thanks BP! 

[Anthony Wick]

Nope. Never. I allow payment by checks or PayPal. I also have in  my lease that if I have to come collect the rent it's a $25 convenience fee. Why would you want to go collect rent via cash every month? You'd have to issue receipts to everybody for records purposes, and you are absolutely setting yourself up to be robbed if your routine is carrying around large amounts of cash on the 1st of every month.