The best way to accept rent

[Eli M.]

Dear BP family,

I am not a big landlord, so I don't have fancy and sophisticated management software. 

I was wondering, what is the best way to accept rent? How are you accepting rent? 

[Jim K.]

I accept rent through money orders, personal checks, PayPal, but my absolute favorite is CASH IN HAND. I love getting my money in cash. I carry around a two-copy receipt book wherever I go. Quite a number of my tenants either do not have bank accounts or never reliably have enough in their bank accounts to pay a check, so that's the only realistic way they can pay me.

I get it with the high-volume, $50/door crowd. You're busy people. You want that money straight into your bank account. You want easy-peasy accounting. And most of you are younger than me and don't have my personal history or predilections. Some of the very best memories of my youth were formed around cash transactions in years long past. Maybe they were of questionable morality, legality, and sanity, but they are mine.