Can’t afford to buy a rental property due to your area’s high cost of living? At what point should you quit your W2 job and move elsewhere to realize your real estate investing dream? There are several factors at play here, but we tackle this exact scenario and much more in today’s Rookie Reply!
We also talk about partnerships and how to determine who should be responsible for capital, holding costs, and other expenses when flipping houses. Are you inhering tenants? There’s an important agreement you must have in place when taking over the property. Could one of your residents be subleasing your unit without your permission? You’ll learn how to navigate this situation when it comes to light, as well as what to do when a tenant violates your lease agreement. Want to avoid troublesome tenants altogether? Stick around until the end to hear how Ashley finds the best tenants in town!
If you want Ashley and Tony to answer a real estate question, you can submit a question here, post in the Real Estate Rookie Facebook Group, or call us at the Rookie Request Line (1-888-5-ROOKIE).
In This Episode We Cover:
When you should consider moving (and quitting your job!) for real estate
How to evict a subtenant who is illegally occupying your unit
The agreement you MUST have in place when inheriting tenants
How to determine who provides the capital in an investing partnership
What you should do when a tenant violates your lease agreement
How to attract the BEST tenants for your rental properties
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Enroll in the Real Estate Rookie Bootcamp Today
Become a BiggerPockets Pro Member for Lease Agreements in Your State
Rookie Reply: How to Structure a Real Estate Partnership
How to Find Your Perfect First Rental Property (Even in an Expensive Area)
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-392
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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233: $1.1M in Real Estate at 21 WITHOUT a W2, Tax Return, or Degree! w/Logan Kohn
232: Double Your Cash Flow Overnight (In ANY Market) with Medium-Term Rentals w/Sarah Weaver and Zeona McIntyre
231: Semi-Retired at 30 Thanks to One Year’s Worth of Real Estate Investing w/Jessie Dillion
230: Rookie Reply: The 1% Rule, Turnkey Rentals, and Escrow Accounts Explained w/Zach Lemaster
229: Cashing In On Overlooked Off-Market Deals & Overcoming Analysis Paralysis w/Ryan John
228: Rookie Reply: How to Beat Cash Buyers, Tenant Brawls, and Appraisal Tips
227: The Vice-Principal Who Built a 9-Unit Rental Portfolio on The Weekends w/Mackenzie Grate
226: Rookie Reply: Financing Your First Rental, Leases, and High Interest Rates
225: Tiny Homes, Huge Profits: $6,000 a Month from 1 Property! w/Josiah Hein
224: It’s Not All About Cash Flow: 4 Ways Real Estate Makes You Rich w/Dave Meyer and J Scott
223: Play the Game or Get Played: Using Paternal Instincts to Close on 17 Units w/Nick Troutman
222: Rookie Reply: The One Mistake That Almost Got My House Foreclosed
221: From Corporate Cog to 10-Unit Landlord in Just 2 Years! w/Brandon Rush
220: Rookie Reply: How to Buy Rentals Once You’ve Run Out of Cash
219: 3 Rentals Right Out of College as a Young Dad and First-Time Landlord w/Hunter Lewis
218: The One Move That Helped Me 2x My Rental Property Portfolio
217: 16 Units in 3 States as a BiggerPockets Power Couple Working Full-Time w/Evan and Katie Miller
216: What Makes Rookies Into Millionaires? Quitting What You Hate! w/Pat Hiban and Tim Rhode
215: How to Become a Real Estate Millionaire (NO Experience Necessary) w/Dave Meyer
214: Rookie Reply: How to Build Your Dream Short-Term Rental Team
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