taking cash as 1st month rent

7 Replies

Is there any legal rule which prevents one from taking cash instead of check for rent...especially for 1st month rent.

No.  Just make sure to provide a receipt so that there's documentation for it.  I accept cash or money order for the first month's rent (and security deposit), but never a check.  After the first month, then they can start paying by check if they wish. 

Yea no law but as @Kyle J. mentioned make sure that you give them a receipt.  Im a huge proponent of paper trails.  In the worse case scenario if anything happens that results in legal problems, it'll always be easier to go through the process if you have proof.  This is not only to rents received but also maintenance and repairs done to your property. 

How does one provide a receipt? Is there an actual document or is a piece of yellow tablet paper with both signatures okay?

@Eddie Memphis , while something as simple as a note written on a piece of paper will suffice, I prefer buying a receipt book from an office supply store.  For a few dollars, you can get one that prints the receipt in duplicate so you have one too keep and one to give to the tenant.

A receipt book is the way to go! Grab one at office depot, office max or walmart. Also we never take personal checks as rent payment. We only except money order or certified check. We try to stay away from cash but will take cash if we have too!

Medium lead propeller logoStephen Akindona, SEA Realty | [email protected] | 901‑486‑6688 | http://searealtymemphis.com

Originally posted by @Eddie Memphis :

How does one provide a receipt? Is there an actual document or is a piece of yellow tablet paper with both signatures okay?

I use a receipt book (one for each property) that has carbon copies (one copy for me and one for the tenant). 

Cash is king. Provide a written receipt. I would take a check if there is enough lead time, because I have only placed people with good credit scores, stable jobs, and clean backgrounds anyway.