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Real Estate Rookie

431: Rookie Reply: Build Your Portfolio OR Pay Off Debt & Tenant Conflict 101

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 12 July 2024

⏱️ 39 minutes

🧾️ Download transcript

Summary

Buying a house is a HUGE decision, whether you’re an experienced investor or a first-time homebuyer. The last thing you want is to get in over your head with a property you can’t afford. In this Rookie Reply, Ashley and Tony are going help one of our listeners crunch the numbers and point them in the right direction! Dealing with tenants can be difficult, especially as a new landlord. What should you do when your tenant wants to make repairs or changes to their unit? How should you react when a tenant wrongly accuses you of something? The truth is that landlord-tenant relationships are tricky to navigate, but in today’s episode, we’ll lay out a game plan for managing conflict. Finally, we’ll discuss an issue you might encounter with your short-term rentals. When should you cancel an Airbnb reservation and issue a refund to your guest? Stick around to find out! 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 Whether you should buy a house before paying off debt How to determine whether you can actually afford a property before you buy How to negotiate rental property repairs with your tenants When you should cancel an Airbnb stay (and refund your guest!) The BEST strategies for managing conflict with your tenants And So Much More! (00:00) Intro (00:56) Negotiating Repairs with Tenants (06:49) I’m Being Accused of Theft!? (13:10) Can I Afford This House? (20:10) Canceling an Airbnb Stay (32:11) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-431 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 a real estate rookie episode 431.

0:04.0

Let's get your questions answered today.

0:07.0

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

0:11.0

And welcome to the Real Estate Ricky Podcast

0:13.6

where every week, three times a week,

0:15.5

we're bringing you the inspiration, motivation,

0:17.5

and stories you need to hear to kick start your investing

0:19.9

journey.

0:20.6

And today, we're diving into the Bigger Pockets forums to get your questions answered.

0:26.0

Now guys, the forums is one of the absolute best places for you to quickly get all of your real estate investing questions answered by tons of experts.

0:34.0

So today we're going to discuss should you let your tenant fix up your property, is a $400,000 duplex

0:39.3

too much for a $90,000 salary, how do I manage my short-term

0:42.8

until bookings with a hurricane coming?

0:44.6

And what happens when my tenant accuses me of stealing?

0:47.6

So let's jump into the first question.

0:49.2

Tony, do you want to choose a question

0:51.5

from the managing your property discussions and the

0:54.9

bigger pockets forums. Let's look there. Yeah, so I actually got one here from

0:58.4

Albert Johnson and it says one of my tenants wants to add new flooring throughout the unit.

1:04.4

We recently had new flooring installed about a year and a half ago but the tenant is saying

1:08.4

that sections of the floor are popping up and stuff is getting stuck between them. The tenant wants to add new

1:14.4

flooring and then they'll take it out of their rent payment. How do you usually

...

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