Rent in the form of cash what I need to know

[Allen McGlashing]

Hey guys so I just inherited a tenant from the property I had just purchased so he's on a fixed lease ending in December. Now I just had an hr conversation with him cause his rent wasn't in the mail so on his lease it says he is paying $325 a week instead of $1,300 a month which is ok I guess (if he pays), but he wants to give me cash each week I just want to know what I should do as in like give him a paper receipt just documenting. Also what would happen if he misses a week payment mid month can I send a 14-day notice or would it be void because I technically excepted partially payment?

[Nathan Gesner]

@Allen McGlashing in my eyes you are making a mistake by accepting weekly payments. If rent is due on the first but he pays in weekly installments, you won't actually have your month's rent until the final week of the month. Does your bank allow you to pay 3-4 weeks late without penalty? Your cell phone company? They don't allow negotiations mid-contract because that seldom works. 

You don't say how far behind he is, so I have to assume he's probably just a month or so behind. I would give him written notice that he is to be caught up and paying rent in full and on the day due according to his lease or he will suffer the consequences of late fees, eviction, or whatever else your lease and state law allows.

I would provide a written receipt for every payment. Here's a good receipt book:  CLICK HERE