Legal Issues that Arise in Collecting Rent from Tenants
Landlord Advocacy: Legalities of the Residential Buy & Hold Business Model on Long Island.
The best ways to collect rent, I hear a lot about this. Usually, I just tell people whatever’s easiest. Whatever’s going to be the easiest way for the tenant to get the money to you, you do it, but then I get the question, “Well, what about if I have them directly deposited into my bank account?” I usually don’t recommend that because there are situations when you’re terminating a lease that you can’t accept rent, and if they put it into your bank account, they have an argument now that they paid you. If you want to have an arrangement like that, a better way is to do an ACH debit where, basically, you hit their bank account every month. That doesn’t always work because, a lot of times, they don’t have bank accounts, but whatever you could do to make it a passive investment. That’s the point of this whole thing.
I have a guy who’s got an apartment building just right outside my office, just down the block. He’s got a bunch of units out there, and he loves standing on the corner on the first of the month, and he waits for his tenants to come down and give him the rent money. He’s out there all day sometimes because he’ll wait for them to get home from work. He’s an old timer. This is the way he does it.
Above is the full video transcript of following video:
About the Presentation by Mr. James Clark
The above is a clip from a presentation that attorney, Jim Clark made to the East Coast Real Estate Investors Association (“ECREIA”) in March, 2019 entitled: “Landlord Advocacy: The Legalities of the Residential Buy & Hold Model on Long Island.”
Mr. Clark will be leading a follow-up discussion on these topics, and specifically how they’ve changed under the New York Housing Stability & Tenant Protection Act of 2019 at the monthly meeting of ECREIA at 6:30pm on September 25, 2017 at Domenico’s Restaurant at 3270-A Hempstead, Tpke, Levittown, NY 11756. To learn more about ECREIA, click here.
In this clip, Mr. Clark discussed the most common legal issues that arise in collecting rent from tenants.
To view the full presentation, click here.
During this presentation, Mr. Clark discusses solutions to some of the most common legal issues landlords face including:
- How to hold title to a rental property
- How do I know if it’s a good rental property?
- Marketing Strategies For Your Rental Property
- Applications and Tenant Background Checks
- Anti-Discrimination Laws Effecting Long Island Residential Rentals
- What About Lease Agreements
- How About Security Deposits
- Collecting Rent
- What To Do When a Tenant Doesn’t Pay
- The Landlord Mindset
East Coast Real Estate Investors Association is a member group of National REIA and conducts monthly educational and networking meetings for real estate investors. To learn more about ECREIA go to http://www.eastcoastreia.net.
For more information, or if you need help with a landlord-tenant or eviction matter, please contact us.