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 months 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 [email protected].
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