Tenant wants security deposit refund in cash
I purchased my first house hack that was fully occupied at the beginning of April and provided a notice to vacate to one of the tenants to move out by May 31st.
He has let me know he found a place and would be out sooner, by this weekend. I’m happy he has found a place and the sooner move out date helps me as well get started on rehab and moving in.
The problem is he states he doesn’t have a bank account or a valid ID (due to COVID) and wanted me to bring cash. I said I could not do that and He agreed to accept a money order. I’m doing some googling and I’m not positive he’s going to be able to cash that any easier than a check.
Should I bring him cash? I made it clear I was not bringing cash because I didn’t feel safe creating that situation where he knows I’m showing up with cash, but I also want to make sure he can get his money to move on to his next place.
Does anyone have a good solution to this or a recommendation?
Most Popular Reply
Whoa...you're running a business - not a teller service. Whether the tenant has trouble cashing a check or not is none of your business. Respect him enough to stay out of his personal business and let him solve his own problems. You need to pay with a check to have a record of the payment; pay in cash - even with him signing a receipt - and that can be challenged all day long as it is not a standard operating practice in real estate.
Again, you're running a business and operating like one protects your investment, maximizes your return, and keeps crazy from getting crazier.