Should I give a receipt to tenants when they pay their rent?

Question

Im a new landlord and I'm tryin to learn whats common and whats not. please give any other tips you may have in helping me be successful

Answer 1

Yes, an honest landlord will give receipts and keep a record of receipts. It will save you trouble down the line.

The biggest piece of advice I can give you, from being a landlord myself, is that I require the tenant to be present during the final inspection before move-in AND be present for the final inspection at move-out.

That way, there is NO argument as to what condition the place was left in. I do the move-out inspection when everything is 100% moved out and they are reading to turn over the keys.

I have it in my lease, that if they move out, leave the keys and opt not to have a face-to-face move-out inspection....then they agree to take my sole estimate on clean-up, repairs, etc. I actually have a complete separate form for this, and they also sign where they got a copy of it.

I got sick and tired of getting drug to court and taking pictures every time someone trashed my place and didn't get their deposit back, and claimed they didn't know how it got that way. They always lost those cases b/c I always came with pictures....but since I had that in my lease...the petty small claims suits stopped completely.

Answer 2

Yes I would. If you were a tenant and pay your rent, would you expect to receive a receipt. Here's an old saying "When in doubt fill it out".

Answer 3

For your records and your tenants you must always give receipts. You need to do your research for the state you live in to stay Clear of future problems. Being a landlord is not an easy job. Be prepared.

Answer 4

If they pay you in cash you are required by law to provide a receipt. If they pay you by check you are required to provide a receipt upon request. It's ALWAYS safest to provide a receipt regardless of the method of payment.

I've had a couple of scatter-brained landlords who lost checks that I had given them. They then tried to levy late fees claiming that I had never paid. On several occasions I had proof that the check had been paid but on the couple of times that it hadn't, the receipt was proof of payment on time and I was able to both avoid the late fee but dock the landlord the cost of the stop-payment order as well.

Always prepare a receipt, even if the tenant refuses it or says that they don't want one. It's proper bookkeeping practice anyway.

Answer 5

*Yes. EVERY time. Go to an office supply house-get a "ledger" or preferably a reciept book.
**It covers you in the long run, because you will have proof of the tenant that has or has not paid.
*Keep a LOG of repairs,etc that you do on a property to see profit/loss at the end of the year
**Keep your eyes open for dicontinued items at Lowes,etc-these you can get cheap, as well as 'mistake' paint. Its usually 5.00 a gallon. Just not the color another customer ordered. Paint,knobs,doors are great improvements if they are the right price.

Answer 6

I would just so you have a copy and they've got a copy. Also, in some states, paying rent can be a tax deduction for the rentee.

Answer 7

Yes, I do. I have a roomate in the condo I own. I always give her a recpt. And I write down the day she paid me. ( Late most times but that is other problem ) and that way she has record and I do too.
Good luck it is not easy.

Answer 8

Yes, you should at least offer, so the person can prove they paid you if they wish...I personally use my canceled check as a reciept, but that is my choice, my landlord always offers a reciept.

Answer 9

yes