274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 1 April 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down! In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one? 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 When it’s time to hire a property management company versus doing the work yourself Inheriting tenants, raising rent, and why you MUST use estoppel agreements How to close on an investment property without a realtor Finding and vetting hard money lenders in your area Why you should get pre-approved for a loan sooner rather than later in your investing journey The costs and benefits of creating an LLC versus umbrella insurance And So Much More! Links from the Show Find an Investor-Friendly Real Estate Agent Real Estate Rookie Facebook Group Join BiggerPockets for FREE BiggerPockets Forums Find a Hard Money Lender in Your Area Reduce Your Risk, Use An Estoppel Agreement (Free Form Included) 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-274 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real State Rookie episode 274.
0:04.3	You can always ask or maybe offer something too.
0:08.5	So you could go to the tenant if you really want to increase the run,
0:12.0	but also maybe you're going to rehab their whole kitchen and remodel it for them.
0:16.7	It's go to them and if they agree to the increased price to get their kitchen remodeled,
0:22.7	then you can go ahead and have them sign that you both are breaking that lease agreement.
0:27.2	You both are signing a new lease agreement with that increased rent.
0:30.4	My name is Ashley Care and I'm here with my co-host, Tony Robinson.
0:34.2	And welcome to the Real State Rookie podcast where every week,
0:37.2	twice a week we give you the inspiration, motivation and stories you need to hear to kick start
0:41.4	your investing journey. And I want to start today's episode by shouting out someone by the
0:44.9	username of Naftali B and Naftali said, great show. Thank you Ashley and Tony.
0:49.7	I really enjoy listening to the Rookie podcast. You guys provide so many great tips and insights
0:54.1	and provide a true path for Rookie to start investing in real estate. Keep those episodes coming.
0:59.6	So for those of you that are listening that are part of the Rookie audience,
1:02.0	if you haven't yet left us an honest rating and review,
1:04.4	it would mean the world to us. If you took a few moments to do that,
1:07.1	the more reviews we get, more folks we can help and help them.
1:09.9	Folks is what we love doing here and that right Ashley.
1:12.3	Yes, yes. So today we have a great Rookie reply episode.
1:17.0	Don't forget you can leave us a question in the Real State Rookie Facebook group and we may
1:22.5	answer it on the show for you today. So we talk about an Estoppel Agreement,
	...

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