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Real Estate Rookie

392: Rookie Reply: Should I Move (and Quit My Job!) to Invest in Real Estate?

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 12 April 2024

⏱️ 41 minutes

🧾️ Download transcript

Summary

Can’t afford to buy a rental property due to your area’s high cost of living? At what point should you quit your W2 job and move elsewhere to realize your real estate investing dream? There are several factors at play here, but we tackle this exact scenario and much more in today’s Rookie Reply! We also talk about partnerships and how to determine who should be responsible for capital, holding costs, and other expenses when flipping houses. Are you inhering tenants? There’s an important agreement you must have in place when taking over the property. Could one of your residents be subleasing your unit without your permission? You’ll learn how to navigate this situation when it comes to light, as well as what to do when a tenant violates your lease agreement. Want to avoid troublesome tenants altogether? Stick around until the end to hear how Ashley finds the best tenants in town! 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 When you should consider moving (and quitting your job!) for real estate How to evict a subtenant who is illegally occupying your unit The agreement you MUST have in place when inheriting tenants How to determine who provides the capital in an investing partnership What you should do when a tenant violates your lease agreement How to attract the BEST tenants for your rental properties And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-392 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 392.

0:04.4

Quit your job or move to invest.

0:07.2

Tenants subleasing without permission

0:09.6

is vinyl plank installed above or under the carpet.

0:13.2

My name is Ashley Kerr and I'm here with Tony J Robinson.

0:17.6

And welcome to the Real State Ricky Podcast where every week, three times a week

0:21.1

we bring you the inspiration, motivation, and stories you need to hear to

0:24.2

kick out your investing journey. And today, we got a lot of good real estate working questions

0:28.2

for you. We're going to talk about a physical altercation over a sublet property

0:34.2

that led to maybe a potential eviction.

0:36.8

We're going to talk about inheriting tenants.

0:38.3

How do you handle that?

0:39.3

You need to sign a new lease.

0:40.7

Do you inherit the existing lease?

0:41.9

What do you do?

0:43.2

We'll talk about how to find good tenants,

0:44.7

maybe if the traditional methods aren't working.

0:47.1

But first, we're going to get into a question

0:49.4

about moving to support your real estate investing portfolio.

0:52.8

All right, so our first question up today

0:54.8

comes from an investor in San Francisco.

0:57.8

This question says, hey there, I need your thoughts.

...

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