accepting rent payments in cash?

[Todd M.]

I imagine this one has been covered but searching the forums didn't help.

Looking for opinions on accepting rent payments in cash:

I'm probably being a bit paranoid, but it seems like an area that could manipulated by a devious tenant. No paper trail. A tenant could claim they paid xyz when the really paid zyx.

Thoughts? Suggestions?

Todd

[Michael Rossi]

I receive the vast majority of my rents IN CASH. Cash doesn't bounce and I don't have to wait several days to make sure it won't bounce. I do accept checks from my better tenants (never for the initial rent payment or security deposit). Did you know that a money order can be cancelled? They can!

I give every tenant that pays cash a receipt. I write the tenant's name on the top of the stack of money that I get from each tenant so that I know who gave me each bill. I check each bill with a counterfeit pen before making the deposit.

I have evicted dozens of tenants and have never had an issue. When we get to court, if they don't have a receipt, they didn't pay rent.

Finally, I carry a gun (all the time) and am serious about self-protection. It would be a serious mistake for some scumbag to attempt to rob me.

Mike