Counterfeit rent money?

Discussion in 'Property Management' started by fullylucky, 15th Dec, 2015.

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  1. Arashi87

    Arashi87 Well-Known Member

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    Everyone is missing one point...

    He receives cash rents in hand (many fifties, many tenants)....how many properties? subdivision? And goes to the bank to deposit every now and then...maybe 70-80% of it? And then claim negative gearing perhaps?....

    Well back to the topic...there are risks in investing, and greater RISKS when you want to be a "cash cow" ...

    Please don't get offended, the above are all assumptions...maybe we should check on you instead ;) Joking :cool:
     
  2. larrylarry

    larrylarry Well-Known Member

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    Is the rent at market rate or above?
     
  3. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    You could implement a new rent paying rule going forward... tenants are welcome to pay cash if desired but may only do so by walking into your bank and depositing to your account. Or doing same at a cash machine. That way no counterfeit money gets thru.
     
  4. fullylucky

    fullylucky Well-Known Member

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    That's a good idea, it easy for one person to deposit cash into someone elses account if they don't have your cc?
     
  5. larrylarry

    larrylarry Well-Known Member

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    They need your account to be able to deposit money into it.
     
  6. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    I noticed last time I was at the Commonwealth Bank they were trying to shepherd people towards self service machines inside the bank to do their deposits. You could deposit to someone else's account by typing in their account number (no card required apparently). However there was no account name verification to protect against typing in the wrong account number. But the same is true at the counter now. The usual garbage about privacy laws. The only way to deposit to someone else's account in branch and be sure the money is going into the right account is to deposit a cheque (like in the 1800's) because the cheque has a recipient name and the teller person cannot deposit to the account if the name on cheque doesn't match the account name on screen. So if they agree to deposit the cheque it is as good as account name verification.
     
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  7. SerenityNow

    SerenityNow Well-Known Member

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    Agreed.
    The point being this:

    I have so many questions.
     
  8. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

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    Very true. If you wish to collect all your income in cash there is a risk some of it might be counterfeit. The amount of "loss" due to counterfeit is probably less than he'd have paid in tax if declaring the income so it's just a cost of doing business.

    Can't say it's wise to be collecting cash for all the rentals though. So many problems. Sooner or later the ATO will ask questions. It would look weird... why you are prepared to hang onto properties that are supposedly earning no money. Also it would be messy if one of these tenants decided to kick up a fuss about something through an official channel such as VCAT. ATO is gathering information from more sources these days. You'll get tripped up. They already know you own the property - it's registered in your name with the titles office.
     
  9. Jkat

    Jkat Well-Known Member

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    At the end of the day, fullylucky started a post. Many people found it entertaining and amusing. However, there was a lot of good advise offered about going to the police and documenting this appropriately/correctly.

    Fullylucky focused on the posts that were making light of/making fun of the situation rather than the ones that offered advise to go to the police. The way I am reading this, the police have still not been made aware of the situation and he continues to do his own investigations which appear to be highly racist/racial profiling. He also continues to get upset that people find this thread amusing.

    Either way, this is in an internet forum and as long as people stay respectful (even when making fun of topics) all is fair in internet forum posting. I would be interested in knowing the outcome, whether he got the police involved and what happened. I have also greatly enjoyed the entertainment factor, of what I consider to be, a ridiculous thread.
     
  10. Arashi87

    Arashi87 Well-Known Member

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    name is "fullylucky" ...guess luck will be on his side :D:D:D
     
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  11. skater

    skater Well-Known Member

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    Why is this thread 5 pages long? Just take it to the police & be done with it.
     
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  12. SerenityNow

    SerenityNow Well-Known Member

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    Racial profiling FTW

    (Clearly some of us - me included - are looking for all kinds of ways to waste time. I mean, mock bigotry and biases against tenants with ISIL-looking faces.)
     
  13. Perthguy

    Perthguy Well-Known Member

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    Sure can. My local ATM has cardless deposits and spits out a receipt as proof of deposit.
     
  14. skater

    skater Well-Known Member

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    Clearly! :p

    But seriously, Fullylucky, why on earth do you bother posting up stuff like this? Just take it to the police & get on with it.

    Or just take your terrorist tenant to task. Confront him about his terrorist & counterfeiting activities & report back to us.
     
  15. Perthguy

    Perthguy Well-Known Member

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    Why do the right thing when you can stir people up on social media?
     
  16. Perthguy

    Perthguy Well-Known Member

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    Option 1
    That would be the right thing to do.

    Option 2
    That would be entertaining.

    I vote Option 2. Slow day at work.
     
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  17. Wall Street

    Wall Street Well-Known Member

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    Don't say you weren't warned about the ISIL tenants.
     
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  18. SerenityNow

    SerenityNow Well-Known Member

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    Another vote for Option 2.

    But, pics or it didn't happen. Videos, preferably.

    I also recommend checking his suitcase. Could he have smuggled some kind of counterfeiting machinery into the country?
     
  19. Perthguy

    Perthguy Well-Known Member

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    This almost certainly warrants a full investigation. Covert surveillance, black light, stake out. All to be documented and posted back here and on youtube. :)
     
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  20. Scott No Mates

    Scott No Mates Well-Known Member

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    ACA? Today Tonight? Four Corners? & 60 Minutes