BRRRR Legal Tip of the Week: Tenant Wants to Pay Rent in Cash | BRRRR Invest 2020

Are you facing a situation where a tenant wants to pay their rent in cash or in some form other than check or bank deposit ?

How can you address this in your lease agreement and use it as a benefit to drive additional cash flow?

Why is this important?

For many reasons, you want to avoid letting tenants pay their rent in cash.  I have listed a few of the big reasons below.  Watch the video to learn more!
1. Lenders need to see formal bank records to issue loans based on rental property income
2. Collecting cash is risky. There can be arguments about what was and what was not paid.
3. The time you have to spend meeting with tenants to arrange pickup.  Is this something you really want to do?  Treat your rentals like a business and ease your workload.
 
Excited about BRRRR investing and want to include this same language in your next lease agreement? Get a free trial and lifetime access to our Deal Analysis and Legal Solution to do more BRRRRs than ever before.  Learn more.

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