252: Rookie Reply: Tenant Not Paying Rent? Here’s What to Do w/Alexandra Burnham

Real Estate Rookie

BiggerPockets

How To, Education, Entrepreneurship, Investing, Business

4.7 • 1.8K Ratings

🗓️ 14 January 2023

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win! This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased! If you want Ashley and Tony to answer a real estate question, you can 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 Paying off massive student loans thanks to real estate investing What to do when a tenant stops paying rent (and the options you have) Whether or not to lower your rent price when a unit is sitting vacant Why even high-earners MUST have a side-income stream to stop constant burnout Six-month vs. month-to-month leases and why flexibility can be favorable for landlords What is a healthy ROI (return on investment) for a short-term rental property? And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Ashley's Instagram Tony's Instagram BiggerPockets Real Estate Rookie Facebook Group The Real Estate Podcast BiggerPockets Forums BiggerPockets Rent Estimator BiggerPockets Lease Agreement Packages Connect with Alexandra: Alexandra's Instagram Alexandra's Facebook Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is Real Estate Rookie episode 252.
0:04.6	Another thing you can do too, as the landlord,
0:07.1	is look into different kinds of funding for state funding,
0:12.5	county funding, for the tenants.
0:14.6	There are a lot of resources,
0:16.3	even small nonprofit organizations that will help people
0:20.3	who need help subsidize their rental income.
0:23.4	And especially since COVID and during COVID,
0:26.0	there was a lot of programs that were put out
0:29.2	that helped people get caught up on rent
0:32.4	that you could apply to as a tenant.
0:35.1	And even the landlord could apply on the tenants' behalf.
0:38.9	My name is Ashley Care,
0:40.5	and I am here with my co-host, Tony Robinson.
0:43.0	And welcome to the Real Estate Rookie podcast,
0:45.1	where every week, twice a week,
0:46.6	we bring you the inspiration, motivation, and stories.
0:49.1	You need to hear to kickstart your investing journey.
0:51.2	And today I want to shout out to him by the username
0:53.6	of AG Bula, 5252.
0:59.2	I'm going to call you Bula, all right?
1:00.6	But Bula left a five-star review and Apple podcast,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.