268: Rookie Reply: Seller Financing, Squatters, and Is Becoming an Agent Worth It?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 11 March 2023

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Does seller financing apply to down payments? What happens when you buy a rental with squatters who refuse to leave? And is getting your real estate license even worth it? The world of real estate investing isn’t always as cut and dried as it seems, but running a profitable portfolio doesn’t need to be a massive headache. In this Rookie Reply episode, we’ll go through the common pain points that rookie landlords are dealing with and shed light on some frequently asked questions only experienced investors (like Ashley and Tony) have the knowledge to answer. If you’ve ever wondered what a property survey is or if you should charge a cleaning fee to your tenants, stick around! This time, Ashley and Tony will answer when you do (and don’t) need a property survey on your latest rental property purchase. From there, they debate the pros and cons of getting your real estate license (becoming an agent) as a rookie investor. We also touch on the ever-fun topic of what to do when non-leased tenants won’t leave your property, how to seller finance a down payment, and whether or not charging a “cleaning fee” at move-in is a wise idea. 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 Is getting your real estate license worth it, and the ongoing cost of becoming an agent Property surveys explained and why knowing your rental’s boundaries can be crucial Inherited tenants, squatters, and how to evict tenants who don’t have a lease Seller financing a down payment and how to close on your property with $0 out of pocket Cleaning fees, inspection checklists, and everything your tenants need to keep your property in perfect shape And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Real Estate Rookie Podcast Airstream Real Estate Rookie Youtube Channel LandGlide OnX Hunt MLS Connect with Ashley and Tony: Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-268 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

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0:00.0	This is Real Estate Rookie episode 268.
0:04.8	I think a lot of rookies maybe make the wrong assumption that they need a license to be real estate investors
0:11.3	when the majority of real estate investors that I know don't have their license.
0:15.2	And instead, we hire someone who is an expert in that specific thing,
0:19.8	and we leverage their expertise because my agent and Joshua Tree, like him and his team,
0:24.5	I absolutely love them because they have the process of buying and selling real estate
0:28.8	down to a science. And like, if I forget to schedule my inspection, his transaction
0:33.1	coordinator is saying, hey, I'm going to schedule your inspection for you.
0:36.0	My name is Ashley Care, and I'm here with my co-host, Tony Robinson.
0:40.1	And welcome to the Real Estate Rookie podcast, where every week,
0:43.2	twice a week, we bring you the inspiration, motivation, and stories you need to hear to kick start
0:47.4	your investing journey. And as always, I want to start today's episode by shouting out
0:51.4	someone by the username of KSP75. KSP left to say five star review on Apple Podcast.
0:58.4	I own a multifamily home and my family lives in part of the house.
1:01.7	So I have some exposure to tenants, leases, etc. Real estate Rookie is fantastic to listen to
1:07.0	as it gives information, guidance, and confidence to move to the next level of real estate investing.
1:12.2	I plan to empower every episode, take notes, read, research, and be 100% ready with absolute
1:18.4	certainty to pounce on my next deal when the conditions are right. So KSP, I appreciate you,
1:22.9	and I love that you're going to have the information, guidance, and confidence to take that next
1:27.6	deal down. So Tony, what is new with you? I got a different color shirt on today. So I'm rocking
1:34.4	the, like, the maroon, I guess. I had to turn up the brightness of my phone because I still thought
1:41.2	it was black until the producer said something and I turned the brightest. I'm like, oh yeah,
	...

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