Cash Payments on Rentals

[John Dennis]

My wife and I just purchased our first small apartment complex purchase, 14 units, from an owner who was taking all cash payments from the tenants. Many of the tenants do not have bank accounts and I don't feel safe walking around the city with all of that cash in my pocket. I have asked for money orders addressed to our LLC for the time being but want to know if anyone has run into this situation in the past and how they handled it? I've considered having them drop it off somewhere but we don't have an office and I do not want the tenants delivering it to my home. Any new tenant we have signed up we require they pay via venmo but that doesn't help with the current cash payment issue.

Any suggestions would be appreciated.

Thanks,

John

[Paul Choi]

I don't accept cash but when you do, make sure you provide a receipts so that there is a paper trail.  I've been in situations where "I paid/didn't pay" things came up.