332: Rookie Reply: First Rental? Security Deposits, Credit Checks, & Evictions 101
Description
First rental property? Security deposits, credit checks, and home renovations can seem DAUNTING when it’s your first real estate rodeo. How much do you charge, which tenant do you select, and will refreshing the grout allow you to double your passive income? These are just some of the questions you’ll have before you collect your first rent check. But don’t worry about answering them yourselves; we have the experts to help!
Welcome to this week’s Rookie Reply! If you’re just starting your real estate investing journey, this is the place to be! Ashley and Tony go through some VERY common questions, such as what to do if your tenant terminates their lease early, how much to charge for security deposits, and how to run your first credit/background check. For those who are a bit more experienced in the investing game, we also chat about HELOCs, rental renovations (and if they’re worth the cost), and moving properties into an LLC.
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 when your tenant leaves in the middle of their lease
Using a HELOC to buy a new home and what happens when you move
Security and pet deposits, plus how much you can charge for each
Best tenant screening and background check software for rookie landlords
Moving properties into an LLC and whether you REALLY need an attorney to do so
Rental renovations and when your upgrade ISN’T worth the cost
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Ask Us Your Investing Question
Hear About Tyler Madden’s HELOC Investing
The Landlord’s Guide to Rental Property Security Deposits
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-332
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