Sign Pennsylvania Banking Rental Application Secure

Industry sign banking pennsylvania rental application secure

hey guys my brand-new books coming out for bigger packets calm called raising private capital it releases on July 26 but you can pre-order it now at the link below check it out handling tenants security deposits what has happened you too thank you for watching winter show Monday today's question comes from I don't know what your name is because you didn't put it an email but that's okay you but you sent your question to help me out to our group comm and I'm talking to you my friend man or woman that sent this question with no name on it but that's okay sorry I'll answer it anyway so your question is hey I'm a big fan our YouTube channel a frank huge value that's awesome but to sign a lease with some tenants in New Jersey they're gonna pay me month and a half security deposit my question is what are the rules that I is the landlord am responsible for am i required it will put up a separate escrow account to keep the deposit in should that grow interest in the tenants name okay so that what first of all you're in New Jersey so you can get a month and a half security deposit the first thing around security deposits are and this goes to your viewers not just my friend that wrote this in you guys need to check to see what the state laws are on how much in security deposit you can't ask for I know in New Jersey you can get a month and a half a month and a half's right in Pennsylvania we get one month's security and then we get one month in for the last month's rent you can get one month secure deposit and you can get another deposit to be held for the last month's retsu social security and last month's rent you can get and hold an escrow right other states have different rules some states have no limit on how much you can ask for and secured a deposit and commercial there is no limit so this is only applies to residential real estate if you have a commercial storefront or an office space or whatever you got there are no rules around how much you can ask for in in commercial and secure deposits unregulated space you can ask for whatever you want on the residential side there are laws so check you can check on bigger pockets you can check on other I just on the on the state's website and whatnot they'll tell you typically on how much you can ask for that's number one now my unknown friend my anonymous sender that I had sent the Zen asked about what are the rules what are you responsible for so first and foremost what you don't want to do is what many don't do what a lot of brand-new landlords will do is they'll take that security deposit money and go and put it in their pocket don't do that because number one - gets the law number two you can get fined really heavy in New Jersey it's two times the secure deposit has a fine and then they reimburse by the security deposit on top of that okay so you don't want to you don't want to mess around with secure deposits do the right thing that's not your money as well as a landlord that is the tenants money that they're putting up to be held in an escrow account for you to draw down on if they damage the property or if they owe you rent when they move out but that is the fact it is not your money for them to be giving that to you even though that's made out to you even though it's been given to you it's being it's given to you as a escrow as collateral for you to take if they damage the property that's it okay so you are supposed to put that money in a account now it can be an interest-bearing account in the tenants name as my friend here is asking if you do that you need some more paperwork probably - w9 whatever bank you put that money with is gonna ask you for whatever they need you might like for are the bank's we used to deal with did we want to copy the tenants driver's licenses of bw9 from the tenant I think that was it but but anyway we use property management companies - manager stuff now so they get what they get you can you can do that with the tenants money and hold it in an interest-bearing account or you can pull all security deposits into a full into a bank account that's got all your tenant secured deposits in it it just is not going to be interesting the tenants are kinda gained interest on the money you can do whatever you can do one of those two options you should also check with a real-estate lawyer because I am NOT a lawyer but check with your annoyed check with your attorney in your local state to ask them what the rules are around it just a you gotta say that just to cover myself here but but that's the way we used to we did it we've done interest-bearing accounts and we've done we've had property manager just pull all the money together both are beneficial but again don't be touching the money it's not yours since the tenants that's that so I hope that helps my anonymous friend here and you guys have real estate questions you want to send them and include your name on key people shout out so throw your name in there and where you're from and I can give you guys a shout out on the air when I get answer your questions so that's it CIN MT to help me at the roaster group comm that has helped me at the roser group combo answer your questions right here on the YouTube channel for you everybody else to watch them learn from Thank You anonymous friend and thank you guys for watching have a great profitable week [Music]