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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183: Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
182: Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
181: 9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
180: Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
179: From Freak to Financially Independent & Beating the Average Joe to $1M
178: Rookie Reply: Why Real Estate Debt Isn’t So Scary
177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
176: Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
175: Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
174: Rookie Reply: How to Structure a Real Estate Partnership
173: $1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
172: Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
171: The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
169: From Flight Nurse to Financially Fruitful Landlord with 7 Units (in 2 Years!) w/Stacey Stegenga
168: Rookie Reply: How Much Cash Flow Do You Need to Quit Your W2? w/Daryl Clinch
167: 7 Doors in 11 Months While Investing Out-of-State w/ Hashim Ismail
166: Finding Contractors, Renovation Red Flags, and Estimating Rehab Costs (Part 2) w/ James Dainard
165: A Step-by-Step Guide to Estimating Rehab Costs w/ Master Flipper & Investor James Dainard (Part 1)
164: Rookie Reply: How Do I Escape My 9-5 with Real Estate Investing?
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