332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 21 October 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

First rental property? Security deposits, credit checks, and home renovations can seem DAUNTING when it’s your first real estate rodeo. How much do you charge, which tenant do you select, and will refreshing the grout allow you to double your passive income? These are just some of the questions you’ll have before you collect your first rent check. But don’t worry about answering them yourselves; we have the experts to help! Welcome to this week’s Rookie Reply! If you’re just starting your real estate investing journey, this is the place to be! Ashley and Tony go through some VERY common questions, such as what to do if your tenant terminates their lease early, how much to charge for security deposits, and how to run your first credit/background check. For those who are a bit more experienced in the investing game, we also chat about HELOCs, rental renovations (and if they’re worth the cost), and moving properties into an LLC. If you want Ashley and Tony to answer a real estate question, you can submit a question here, 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 What to do when your tenant leaves in the middle of their lease Using a HELOC to buy a new home and what happens when you move Security and pet deposits, plus how much you can charge for each Best tenant screening and background check software for rookie landlords Moving properties into an LLC and whether you REALLY need an attorney to do so Rental renovations and when your upgrade ISN’T worth the cost And So Much More! Check the full show notes here: https://www.biggerpockets.com/blog/rookie-332 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 estate rookie episode 332.
0:04.7	How much should I charge for a security deposit?
0:08.3	The first thing that you need to do
0:11.3	is know what you are it will actually tell you what your state laws are.
0:25.5	Does this only cover damages for the security deposit?
0:30.3	So that's what you would put into your lease agreement and one thing I highly recommend is putting into the lease agreement what somebody will be charged.
0:38.6	So actually itemizing like here is your checklist of things of how we want the apartment to come back from us.
0:45.7	My name is Ashley Kerr and I'm here with my co-host Tony Robinson.
0:49.7	And welcome to the Real Estate Rookie Podcast where every week, twice a week or bring you the inspiration, motivation and stories you need to hear to kick start your investing journey.
0:58.0	And today we've got a rookie reply, which means we're taking questions from our rookie audience and I say today's
1:04.4	episode is a little Ashley heavy because we're talking a lot about tenants and
1:07.4	long-term rentals we talk a little bit about LLC structures and he locks but
1:12.0	lots of good information we're going to get into for you
1:13.8	today.
1:14.8	Yeah, we also talk about what attorney you should use from which state when you're dealing
1:20.0	with deeding properties, transferring title, or, or you know creating your LLC and
1:25.2	putting your properties under the LLC. So lots of great questions today. If you
1:30.6	have a question that hasn't been answered yet and you want answered please go to
1:34.1	BiggerPuggets.com slash reply.
1:37.0	All right now I want to give a shot to someone by the username of De La Rogue.
1:41.4	This person says exposure to realistic real estate. The show is great for people like me who work a full-time job but wants to learn more about investing. Real estate investing seemed overwhelming at first, but Ashley and Tony,
1:53.0	listening to them every single week, helped me get comfortable with all the terms
	...

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