274: Rookie Reply: Inheriting Tenants, Getting Pre-Approved, and Raising Rent
Description
You’re buying a rental property and, in the process, inheriting tenants. What now? Can you go ahead and start raising rent? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down!
In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one?
If you want Ashley and Tony to answer a real estate question, you can 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 it’s time to hire a property management company versus doing the work yourself
Inheriting tenants, raising rent, and why you MUST use estoppel agreements
How to close on an investment property without a realtor
Finding and vetting hard money lenders in your area
Why you should get pre-approved for a loan sooner rather than later in your investing journey
The costs and benefits of creating an LLC versus umbrella insurance
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
Find a Hard Money Lender in Your Area
Reduce Your Risk, Use An Estoppel Agreement (Free Form Included)
Connect with Ashley and Tony:
Ashley's BiggerPockets Profile
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-274
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