288: Rookie Reply: Tenant Red Flags and BEST Investor-Friendly Loans

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 20 May 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Want a better rental property loan? You’ve probably tried talking to banks, brokers, and residential lenders about growing your real estate portfolio, only for them to hit back with W2, income, and credit score requirements. Is there a loan that gets around these conditions for those that are hard to fund? What if you have a rock-solid real estate deal but no nine-to-five income to show to a bank? Well, there’s one type of funding you’ve probably never heard of, and real estate investors nationwide are starting to take advantage of it. We’re back with another Rookie Reply as Ashley and Tony embark on an emotional journey down eviction lane, discussing what to do when bad tenants stay in your property and how to ensure it never happens again. But that’s not all; Ashley and Tony bring their tenant red flags that ANY landlord should know about when interviewing potential renters. They’ll also touch on subject to, seller financing, and other creative ways to fund your real estate deal, plus why you should (or shouldn’t) buy a historic home. Finally, you’ll hear about the investor-only loan so many people are using to grow their portfolios even faster! 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 The one rental property loan that big-time investors are using to multiply their portfolios Evicting a tenant and how to recover rent payments that you’re owed Tenant screening tips and red flags you should look out for when interviewing tenants Creative financing and how seller financing and subject to deals create win-wins for buyers and sellers Buying in a historic district and the grants and tax advantages you may be entitled to for doing so 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 Real Estate Rookie Podcast 280 with Pace Morby Real Estate Rookie Podcast 538 with Katie Neason DSCR Loans: What Are They And How To Get The Best Terms The Ultimate Comprehensive List of Tenant Red Flags Book Mentioned in the Show: Wealth without Cash by Pace Morby Check the full show notes here: https://www.biggerpockets.com/blog/rookie-288 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 288 ash outside of credit score.
0:05.8	What other kind of factors do you typically look at when screening for long term tenants?
0:10.8	Yeah, let me give this disclaimer first.
0:13.2	Does that make sure you know what you can and cannot screen for with your state laws?
0:20.0	So I mean, every state has different rules on this as to what you can screen for.
0:24.0	Uh, so screening also cost money.
0:26.6	So you have to pay if you're doing a background check.
0:29.7	If to make sure, you know, no violent crimes have been committed.
0:33.5	If you have a multi-family unit, your tenants are not going to be wanting to live next to someone
0:40.2	who is convicted of murder, um, and just out of jail.
0:43.6	My name is Ashley Care, and I am here with my co-host, Tony Robinson.
0:47.5	And welcome to the Real State Rookie podcast where every week,
0:50.1	twice a week, we're bringing you the inspiration, motivation, and stories you need to hear to kick start
0:54.4	your investing journey. And like we're back with another Rookie Reply episode. We've got some great
0:58.7	questions today. We're going to talk about why Ashley's first eviction had her in tears.
1:03.6	And what you can learn from that process and make sure you don't end up the same way.
1:06.8	We're going to answer the questions, do evictions and bad credit scores always lead to bad tenants?
1:11.2	Or is there a silver lining in there somewhere?
1:13.6	And last, we're going to talk about what a DSCR loan product is and how you can use it to fuel
1:18.4	your funding for your real estate business.
1:20.2	You forgot to add in the part where a tenant leaves a note as to why she's leaving the unit that
1:25.4	will also lead to tears.
	...

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