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Updated almost 6 years ago on . Most recent reply

User Stats

70
Posts
31
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Virginia Jones
  • Rental Property Investor
  • Pulaski, VA
31
Votes |
70
Posts

Tenant paying rent with cash - issue or not?

Virginia Jones
  • Rental Property Investor
  • Pulaski, VA
Posted

For about two years now, one of our tenants has been paying for rent in cash. I am almost certain nothing illegal is being done to obtain this cash - they are in a band and receive tips for that and his wife is a waitress and gets tips. He works at the same place as my husband so no extra effort is being made to go to the house and retrieve the rent. 

I've always heard not to accept cash but we are having no issues over it. Is there something I'm missing and at what point would I need to insist they use a different method? 

Most Popular Reply

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1,344
Posts
1,419
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Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
1,419
Votes |
1,344
Posts
Sylvia B.
  • Rental Property Investor
  • Douglas County, MO
Replied

I can't believe how many of you are afraid of cash! Ridiculous! 

Count it, give the tenant a receipt, and be thankful it can't bounce or be subject to a chargeback. If you are worried about counterfeits, get a counterfeit detection pen and use it. Sheesh!

And yes, Roger, I would accept gold coins if they were offered. Or silver.

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