Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 16 years ago on . Most recent reply

User Stats

369
Posts
82
Votes
Ingrid Nagy
  • Property Manager
  • Passaic, NJ
82
Votes |
369
Posts

I'm not accepting cash anymore

Ingrid Nagy
  • Property Manager
  • Passaic, NJ
Posted

This is now 3 times I have accepted cash for either security deposit or rent and have gotten burned. I'm sticking to money orders!!! $300 in counterfeit bills - the bank took it - photocopied it so I could have a copy and told me to go back to the tenant. Well of court the tenant says "the bank gave me the bills when I cashed my paycheck so its not my fault".

Most Popular Reply

User Stats

956
Posts
214
Votes
Josh Green
  • Financial Advisor
  • Tampa Area, FL
214
Votes |
956
Posts
Josh Green
  • Financial Advisor
  • Tampa Area, FL
Replied

jon is correct, MOs can be easily forged as well.

i would get a pen. they work well. the bank that took the bills is required to send them to the secret service.

to be honest, it would be VERY, VERY difficult to prosecute. there is really not a way to prove (legally) who gave you the bills.

even mike seperating the bills would not protect him. billions of $$$ of currency exchange hands, there is no way to prove that those are the bills they gave u.

as is with a check, the person that deposits can be held responsible. even if being held 'responsible' means justnot getting credit for the funds.

if u really want to be safe, get a mobile blacklight currency detector. they work wonders!

the LAST thing i would do is not accept cash. u are far more likely to get a fake MO or rubber check than counterfeit cash. while u may have more recourse with the check/MO, there is more risk of not getting paid.

Loading replies...

1 2