Collecting rent In Cash With a
Hello ive been reading that ITS NOT a good idea to collect rent in cash But i have 4 rentals including my house and they are all literally right next to my house so its convenient so the tenants just give me a call or knock on my door to pay in Cash But i ALSO write out a receipt My only concern is if im trying to get a LOAN will this written receipt renters book be proof of income? if not ill have to change it to other collection methods ideas Because i would like to get a loan and have proof thanks,
Most Popular Reply
- Real Estate Broker
- Cody, WY
- 41,509
- Votes |
- 28,242
- Posts
You can verify using receipts and bank deposits. It shouldn't be a problem.
The bigger issue is safety and the fact that your renters are coming to your door, which creates an opportunity for non-professional relationships to develop, a common problem with Landlords. I would find a way for tenants to pay the cash directly to the bank or to pay online. There are even systems available that let people pay cash at a 7/11 or other
- Nathan Gesner
