Landlord Quick Tip

Tip #28:  Show Me the Money!

 

Getting paid in cash has its upsides. 

 

Nowadays, getting paid at all is a blessing.  

 

But cash payments can cause a lot of problems.  Just ask the landlord whose ticked off tenant paid his last month’s rent in cash — all in change heaped into a wheelbarrow!

 

Was that illegal?  Well, technically not, according to the lease, which didn’t prohibit such a thing.

 

While most leases provide for the amount of rent as well as the due date, with today’s many options for payment, you may want to be specific as to how you want to be paid. 

 

You may wish to restrict payment to checks, money orders, or electronic payments.

 

This prevents you or your leasing staff from being targeted for theft, makes recordkeeping cleaner, and certainly saves the effort of hauling pounds of change to the bank.

 

 

How do you deal with cash payments?  Share your comments below.

 

See last week’s Landlord Quick Tip.

 

 

Do you have a quick tip to share with other landlords?  Please email our editor at kim@joinaaoa.org.

 

American Apartment Owners Association offers discounts on products and services for landlords related to your commercial housing investment, including real estate forms, tenant debt collection, tenant background checks, insurance and financing.

Find out more at www.joinaaoa.org. 

To subscribe to our blog, click here.

 

Filed under: AAOA Forum

This entry was posted on Monday, November 2nd, 2009 at 12:34 pm and is filed under AAOA Forum. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. Landlord Quick Tip | AAOA - American Apartment Owners Association said at November 9th, 2009 at 1:21 pm

   [...] and never accept other applicants who violate those same rules.   See last week’s Landlord Quick Tip.     Do you have a quick tip to share with other landlords?  Please email our editor [...]

Please tell us what you thought of this article. We value your opinion.