Generally, Article 12-A of the Real Property Law provides that anyone who, on behalf of another and for a fee, 1) negotiates a sale, exchange or rental of real property, 2) collects rent, or 3) negotiates a commercial loan secured by a mortgage must be licensed as a real estate broker.

They many never participate in the actual closing and they could have already collected their fee.John Corey

Collect money!!

Collect money!!

Never collected a dime the first year, but stuck with it.The properties are out there and not on the MLS.

But after reading a lot here and reading rich dad poor dad recently I have seen the light that true wealth is collecting those income producing assests.

and basically the money they get from the tennants each month will pay for the mortgage itself.So, are you saying that the rent I collect each month will be the same as the mortgage payment?

It is best that you don't do it if you plan on screwing them, by collecting rent and not paying the mortgage.

I am doing this because my parents are in retirement and I want to take care of them.In other words from January to June, I collect rent from my renter.

A bank is in the business of lending money and collecting savings from people with surplus cash.They are not in the business of brokering real estate.