Could your rental property be occupied by bad tenants masquerading as good residents? After an incident that led to thousands in property damage, a complex insurance claim, and an eviction, today’s guest learned the importance of a watertight tenant screening process. And YOU can, too—without all the drama!
Welcome back to the Real Estate Rookie podcast! Chelsea Borden owns four duplexes in Buffalo, New York—an investing market with a low barrier to entry, where new investors can achieve the one-percent rule with relative ease. What Chelsea learned, however, is that it only takes one bad tenant to disrupt an otherwise-smooth long-term rental operation. In this episode, she shares how a family friend caused $11,000 in damage. By acting swiftly, Chelsea was ultimately able to evict the tenant, rehab the property, and place a new tenant.
Tune in as Chelsea shares her biggest lessons learned from this costly experience. You’ll learn the ins and outs of filing insurance claims, why you should require your tenants to carry renters insurance, and how to get the ball rolling when evicting a tenant. Chelsea also shares her best tips on home renovation projects, screening tenants, and homeowners insurance policies!
In This Episode We Cover:
How ONE bad tenant caused $11,000 in rental property damage
Why you MUST make renters insurance a requirement for tenants
How to start the process of evicting a tenant (and prevent delays!)
The many benefits of investing in the Buffalo, New York market
How to get high-quality tenants for your long-term rentals
The most important factor in any successful home renovation project
The insurance “pro tip” that could save you thousands of dollars
And So Much More!
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The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!)
The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam
Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!)
How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability
Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-385
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382: The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!) w/Dan Stowell
381: Making $7K/Month in PURE Cash Flow with Only 3 Rental Properties w/Bailey Kramer
380: Rookie Reply: How to Start Investing, Walking Away from Deals, & Co-hosting
379: How to Buy Your First or Next Rental Property in 90 Days (or Less!) w/Dave Meyer
378: Paying Off $100K in Debt with 3 Rentals Thanks to THIS Low-Money Strategy w/Dave Williams
377: Rookie Reply: Cash Flow vs. Appreciation, Using HELOCs, and Trashed Rentals
376: The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam w/Matt Drouin
375: Making $160K/Year From ONE “Rare” Property Thanks to Seller Financing w/Adam Howard
374: Rookie Reply: Screening Tenants, Using Hard Money, and Raising Rents
373: Wiping Out $130K of Debt in ONE Year With THIS “Steady” Real Estate Business w/Nicole Rutherford
372: $4K/Month and Financial Stability From Rentals After Losing His “Safe” Job w/Kevin and Julia Windheuser
371: Rookie Reply: Estimating Rehab Costs, Finding "Hard Money," & Tax Planning w/Natalie Kolodij
370: Making $140K/Year & Retiring His Wife in 18 Months with “Rental Arbitrage” w/Keron Bryce
369: Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio w/Dion McNeeley
368: Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies w/Natalie Kolodij
367: How to Buy a Hotel: Breaking Down Tony’s FIRST Commercial Real Estate Deal
366: The EASIEST Way to Get into Real Estate Investing With NO Money w/Amina Stevens
365: Rookie Reply: How to Analyze Deals Like a PRO (Use THESE Numbers & Tools)
364: Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!) w/Mitch Krotz
363: How to Start an Airbnb Business in a Brand New Market w/Melanie Wilmesher
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