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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47: 0 to 7 Deals in a Year Using Other People's Money with Andres Bernal
46: How an “I Don’t Want to Invest” Couple Became Successful Long-Distance Landlords with Annie and Trey Johnson
45: On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett
44: The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley
43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
42: Bed and Breakfast House Hacking with Lauren Keen Aumond
41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
40: Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
39: $500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis
38: Balancing a Career, Family, and Lots of Deals with Active Duty Service Member Adam Whitney
37: New Co-host Tony J Robinson: Scaling with Short-Term Rentals
36.5: Programming Note: Show News
36: Gym Employee on the Path to $2k/Month and "Living for Free" with Gary Janica
35: Doubling Cashflow by Renting out Rooms with Pharmacist Ryan Chaw
34: School Teacher Making $72,000 a Year in Cashflow with Amy Barber
33: A Marine (and his Mentor) Buy a BRRRR: Step-by-Step with Joe Roberts and Steve Rozenberg
32: Debt Free with 2 Rentals and Counting with 24-Year-Old ICU Nurse Prescott Williams
31: Partnering Up, Part 2: Two Real-World Case Studies with Amy Swayze and Chris Lawrence
30: How to Structure a Partnership, Part 1 with Felipe & Ashley
29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson
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