How to Manage Your First or Next Rental (and Save Thousands of Dollars)

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 29 January 2025

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Managing rental properties doesn’t have to be hard. You can do it without the midnight tenant phone calls, “lost” rent checks, and other common landlord headaches. Looking to buy your first or next rental property? Today, we’re giving a masterclass on how to manage a rental property, even if you’re a real estate rookie with zero experience in investing. Ready to start? Here’s what we’re breaking down in this episode: What to do before you buy, getting your lease agreement together, handling maintenance requests and repairs, move-ins and move-outs, security deposits, and more! What software do we use to streamline all the tenant communication so we don’t deal with a dozen phone calls a day? How do we handle tenant complaints and damages to the property without having our hair fall out (Tony optionally shaves his head!)? We’re giving you complete lists of every app and software we use so you can manage with ease, too! Also, why did Ashley publicly weep in a courthouse early in her real estate career? She shares one key tip to save you time, money, and tears! In This Episode We Cover: What you should do BEFORE you buy your first/next rental to make your life much easier Lease agreements 101 and the crucial additions that most landlords miss How Ashley handles all her tenant maintenance requests without picking up a single phone call What you MUST have a tenant fill out when moving into your property (this will save you a TON of money) Every rental property software Ashley uses to manage her long-term rentals What you should NEVER do during an eviction filing (Ashley’s BIG mistake) And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube BiggerPockets Resource Hub Lease Agreements by State Rookie Resource Hub RentRedi Stessa Sign Up for BiggerPockets Momentum 2025 to Supercharge Your Investing This Year Grab the Book “The Self-Managing Landlord” Property Manager Finder 9 Incredible Resources To Help You Self-Manage Your Rental Properties (00:00) Intro (00:28) BEFORE You Buy (07:40) Lease Agreements 101 (15:11) Maintenance, Repairs, Tenant Requests (20:17) Move Ins and Move Outs (26:39) Security Deposits (28:05) Best Rental Property Software Best Rental Property Software (33:49) Landlord-Tenant Laws (40:23) You’re Ready for Your First Rental! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-516 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	Hey, rookies. If you're looking to buy your first or next long-term rental property,
0:04.5	this episode could save you thousands of dollars and so many headaches.
0:08.6	Today is a mini masterclass in buying and managing your long-term rental.
0:13.6	If you've never considered that there are ways you could save yourself money before you even close,
0:18.1	you're going to want to listen to this entire episode.
0:31.2	I'm Ashley Care. And I'm Tony J. Robinson. Okay, so Tony, I thought we'd kind of start off with some things you can do before you actually close on your rental. So if you're listening
0:37.4	and you want to get started in real estate
0:40.3	investing and have a long-term rental, there's a lot of things you can do before you actually
0:45.1	close on your property. So, Tony, when you purchased, what was it, two long-term rentals you had
0:50.9	in Streetport, Louisiana? I still don't know what it is free for streetport.
0:56.3	And did they have tenants in place when you purchase them? They did not. Both of them were delivered
1:01.8	vacant. Okay. So that's easier to start with, I think, in a sense, because you can start fresh.
1:07.6	You can select who you want in your unit. But let's start on the reverse side.
1:11.9	If you do have tenants that are in place when you purchase a property, you want to send
1:17.2	out an estoppel agreement.
1:19.5	So Tony, you've become amazing at spelling this word estoppel.
1:24.0	But in a stopple agreement is where you're going to send this to the tenants with the owner's permission, of course, and it's going to ask them all the information that should be in their lease agreement.
1:35.0	But you want to verify with the tenant that what the seller or the landlord is saying is true.
1:40.5	So you're just going to get basic information that would be in the lease agreement.
1:44.2	And you can Google different, you know, estoppel agreement samples. Maybe we'll even upload one
1:50.2	into a rookie resource and do a YouTube video specifically on a stopover agreement. But that's something
1:55.8	you need to do if you're inheriting tenants when you purchase the property. Okay, so now let's say that you are purchasing a vacant property, whether you're going to
	...

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