Rookie Reply: How to Screen Tenants for Free & When to Cash-Out Refinance

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 9 August 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Screening tenants is a necessary but expensive part of real estate investing. In some cases, property managers charge as much as one month’s rent to place a tenant. What if there was a way to build a pool of high-quality tenants for free? In this episode, you’ll learn how to screen your own tenants (fairly and legally) and keep more of your cash flow! Welcome back to another Rookie Reply! After showing you how to create your own backlog of potential tenants, we dive into house hacking—the rookie-friendly investing strategy that helps pay for your mortgage—and a creative way to squeeze even more monthly income from your property. Cash-out refinancing is a popular way to access your home equity and reinvest it. But is this a good idea with today’s high interest rates? Ashley and Tony will crunch the numbers and help you make the right decision. Finally, we discuss the ins and outs of eviction day and what you need to know before the sheriff arrives at your property. Looking to invest? Need answers? Ask your question on the BiggerPockets Forums! In This Episode We Cover: How to build a pool of high-quality tenants for your rental property (for free!) Mastering the tenant screening process without a property manager Creative ways to maximize your cash flow with the house hacking strategy When to do a cash-out refinance and roll your home equity into a new deal What you NEED to know before evicting a tenant from your property And So Much More! Links from the Show Become a BiggerPockets PRO Member and Get RentRedi for $1 Join BiggerPockets for FREE Buy “The Book on Managing Rental Properties” Property Manager Finder See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode 6: The Ultimate Beginner’s Guide to Tenant Screening with Lucas Hall (00:00) Intro (00:54) Building Your Tenant Pool (13:36) House Hacking from Your Garage?! (20:13) Should I Do a Cash-Out Refi? (25:58) Evicting a Tenant (35:14) Send Us Your Question! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-442 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	Today we're going to get your questions answered.
0:03.0	I'm Ashley Kerr and I'm here with Tony J Robinson.
0:07.0	And welcome to the Real Estate Rookie podcast where every week, three times a week
0:11.5	we bring you the inspiration, motivation, and stories you need to hear to
0:15.4	kick start your investing journey. And today we're going back into the BiggerPockus forums to get your questions answered.
0:21.1	Now guys, the forums is the best place to go and post your questions and get responses from real estate investing experts.
0:27.8	And today we're going to discuss how can you build a pool of potential tenants for free?
0:32.3	What to do when a sheriff comes to evict your tenant,
0:35.3	whether or not you can live in your garage and rent out your house, and would you cash out refinance,
0:40.8	or should you cash out refinance in this current market.
0:43.8	Okay, so Tony, I want to start off in just general
0:46.9	landlording discussions.
0:49.9	So let's go to the forums on Big on bigger pockets.com into that one.
0:54.6	I've got one from Bexot here and here here's this question he says I've been finding
1:00.5	tenants through Facebook marketplace and I've been lucky so far but my
1:04.8	plan is to buy more properties and manage them myself. So the question is how do I find
1:09.7	and screen these tenants more professionally without having to pay anyone?
1:14.7	That's a good question.
1:16.5	Yeah, I guess, and you know, maybe I'm off base here, but I think the first thing that jumps
1:20.4	out to me is, why would you not want to pay someone right like if we're
1:26.7	if we're signing a lease that's you know whatever 12 24 36 months and you got
1:32.1	someone going into your property, I feel like it would make sense
	...

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