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
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439: Real Estate Bookkeeping: A Crash Course for Getting Your Financials in Check w/Sarah Bratcher
438: House Flipping 101: How to Find Deals, Vet Contractors, & Manage a Rehab w/Sean & Ann Wayne
437: Rookie Reply: What EVERY Rookie Must Learn Before Investing in Real Estate
436: “Snowballing” to 12 Doors in 4 Years & Replacing TWO Six-Figure Salaries w/Emily Love
435: Transforming a Risky First Rental Into a Profitable Property by Doing THIS w/Noreen & Derek Eddy
434: Rookie Reply: Buying Your NEXT Rental & How to Save a Fortune on Renovations
433: The Million-Dollar Real Estate Business YOU Can Start Today with Just $150 w/Brittany Hailey
432: From Losing Her Health, Home, & Marriage to Chasing Financial Freedom (5 Doors!)
431: Rookie Reply: Build Your Portfolio OR Pay Off Debt & Tenant Conflict 101
430: My Rental Burned Down! What I Wish I Knew Before It Happened w/Aaron Sallade
429: The Investing “Map” You NEED to Uncover Hot Markets, Neighborhoods, & Deals w/Ariel Herrera
428: Rookie Reply: How to Analyze Rentals for Cash Flow & Manage a Rehab Project
427: Is Rent-to-Own the Easiest and Most “Passive” Way to Scale Your Portfolio? w/Jenn & Joe Delle Fave
426: 6 Properties & Financially Free in Just 3 Years ($20K/Year from ONE Rental) w/Jayson Ewert
425: Rookie Reply: How to Pass Down Generational Wealth & Top Airbnb Amenities
424: 5 “Tactical” Tips to Boost Rents, Cash Flow, and Property Value w/Angel Garcia
423: Making $15K/Year & Living with His Mom to 5 Deals in 5 Years with LOW Money w/Todd Fullerlove Jr.
422: Rookie Reply: How to Invest with $100K & Managing Home Renovations
421: Turning a “Failed” Property Into a $7K/Month Rental by Doing THIS Instead w/Kayley George
420: From Pizza Delivery Driver to 11 Rental Units Using Savvy Seller Financing w/Greyden Piechnick
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