316: Rookie Reply: Put THIS in Your Lease Agreement (So Tenants Don’t Break It!)
Description
Your tenant is breaking their landlord tenant lease agreement. What now? Do you go after the money or eat the loss? Depending on the amount, it may not even be worth the trouble. Either way, perhaps the more important question to ask is, “How can I prevent this from ever happening again?”
Welcome back to another Rookie Reply! Broken leases are a pain to deal with, but in this episode, Ashley and Tony offer up the “magic words” that could save you the headache. They also talk about partnerships and make the case for getting pre-approved separately. Rookie investors often feel like fish out of water when it comes to networking. Fortunately, our hosts have several helpful tips on how to bring real value to the table. They also go over property management fees and how to vet a property manager before hiring them. Finally, they discuss tax strategy versus tax preparation and why waiting until tax season to hire a CPA is the wrong move!
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:
What to do if a tenant breaks a lease (and the clause you MUST put in your lease agreement)
The best way to get pre-approved for a loan when you’re in a partnership
Two questions you MUST ask before hiring a CPA (certified public accountant)
Different types of fee structures to consider before hiring a property manager
Minimizing your taxes as much as possible as an investor
How to bring value as a rookie investor and build your network
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Submit Your Real Estate Rookie Question!
Grab Your Copy of “Real Estate Partnerships” Today
When It Comes to the Lease, Don’t Leave Any Wiggle Room
Follow Gaby and Ciara on Instagram
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-316
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