Aren’t you worried about getting held up by someone if you’re carrying a large amount of cash? Especially if it’s an apartment building and the other tenants know you’re there to collect rents?
You can always tell the tenants that you want a MONEY ORDER made out to your name. It’s good as cash, and not audit trail (just saying).
However, I have a 8 unit complex that tenants pay cash. First off, you will never get EVERY Tenant to pay on the same day. That’s just the way it is for cash paying folks. Also, I assume this is not the BEST part of town you are dealing with as well. However, I live in TX and I carry a gun on a holster that is VISIBLE when I go collecting the rent. Of course, in TX it can be concealed but I want them to SEE MY GUN.
Is it worth the trouble in these areas?? Heck yeah!! The profit is awesome and it’s not like the renters are animals, they are for the “most part” hard working folks. It’s the elements around them…
I also wear a (concealed) handgun any time I’m working. I collect a large portion of my rents in cash, which is the way I prefer to receive it. Money orders can be stopped, just like a check. Cash is king. I’m not worried about being held up. Is a criminal willing to fight for my money - I AM!
Mike
What about the topic of fake cash? Do you guys use those markers that check for the correct paper and ink? I’m assuming you guys write out receipts for the tenants that pay cash.
Yes, I check all cash with a counterfeit pen.
Mike
I’m a newbie–I don’t own anything yet. I’m willing to try something one step up from the war zone (i.e. bad area but not completely surrounded by projects) if I can get good cash flow. Come to think of it, since I’m in Florida it would be easy to get/carry a handgun if I absolutely needed it. I’m not anti-gun, but I really have no experience with them, except for firing my friends 357 Magnum many years ago.