The “Lazy” Landlord’s Guide to Finding (And Keeping) Tenants & Raising Rents

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 27 September 2024

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Finding, screening, and placing new tenants for your rental property is not only difficult—it’s expensive! Want to attract the best tenants in town and ensure that they stick around for the long haul? You won’t want to miss this episode! Welcome back to the Real Estate Rookie podcast! As the self-proclaimed “lazy investor,” Dion McNeeley wants to have long-term tenants and as little turnover as possible. Today, he’s going to share the tips, tricks, and tactics he uses to keep tenants around for not just months or years but decades. The best part? He’s not doing anything the average investor can’t do. By implementing these same strategies, you can find high-quality residents and reduce turnover! Of course, not every investor can devote twenty hours to their real estate business each week. Fortunately, Dion offers some portfolio-saving advice that will allow you to become a more hands-off investor. You’ll hear about a strategy that will have tenants asking YOU to raise rent, as well as a crucial document that could protect your investment when inheriting tenants. Finally, you’ll learn why retention isn’t always the best option and when to let a tenant go. In This Episode We Cover: How to ensure that your best tenants stay at your rental property long-term How to get tenants to ask for a rent increase with the “binder strategy” The agreement you MUST have in place when inheriting tenants How to properly vet tenants before offering them a lease renewal Retention versus turnover (and when it’s time to let a tenant go) What you should know before raising rents on Section 8 tenants 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 BiggerPockets Lease Agreements by State BiggerPockets Glossary Canva Get Free Property Management Software for Landlords with Hemlane Buy the Book “The Self-Managing Landlord” Property Manager Finder See Ashley and Tony at BPCON2024 in Cancun! Real Estate Rookie - Episode 369: Financial Freedom in 10 Years and $200K Cash Flow with a Small Portfolio w/Dion McNeeley Connect with Dion Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-463 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, a question we get all the time is how to best handle purchasing a tenant occupied property
0:06.9	to make sure the handover goes smoothly. Today we're going to give you a step-by-step guide
0:12.4	for this process and make sure your investment property is set up for success.
0:16.8	This is the Real Estate Rookie podcast. I'm Ashley Kerr and I'm here with Tony J Robinson.
0:22.6	And welcome to the podcast where every week, three times a week,
0:25.8	we bring you the inspiration, motivation, and stories
0:28.2	you need to hear to kick start your investing journey.
0:30.6	So guys, obviously it goes without saying that to help us with this how-to episode we had to bring it back on the podcast before. But we're so excited to have Dion on again.
0:44.0	So Dion, welcome back to the Ricky Podcast.
0:46.3	Oh, I appreciate the invite so much.
0:48.5	I actually watch you guys' content a lot.
0:50.6	I learned from a lot of the guests, learned from you guys and this is a topic I'm
0:54.3	super glad that you reached out for because some of the things that I do I do kind of
0:58.5	backwards to what is seems traditional an example would be most landlords want their leases to end in the winter.
1:04.5	Most landlords will want a vacant property. They want to buy a property that's vacant that they can set up
1:10.8	the way they want it to and get brand new fresh area market rents or be the top rental in the area.
1:16.0	I invested while working full time.
1:19.0	I was a single parent with three kids. They were younger when I started and I didn't have time for all of that so my goal was
1:24.7	to buy properties with tenants in place. I've done both I've purchased vacant and I've
1:28.4	purchased with the tenants living there and I much prefer the tenants living there. It's kind of where the binder strategy came from.
1:34.0	It was because you generally buy rents or below area average.
1:38.0	And so I have a pretty good system of when I buy a property
	...

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