Rookie Reply: Tenant Not Paying Rent? Here’s What to Do
Description
Tenant not paying rent? Debating whether a year-long, six-month, or month-to-month lease is best? Don’t know how to estimate rent for a new unit? On this week’s Rookie Reply, we’re tackling some of the most troublesome yet common questions that rookie real estate investors have. We’ll be going deep into property management, tenant screening, and what to do when a tenant stops paying. So fret not when investing; there’s always a way to make a win-win!
This time around, we’re joined by Alexandra Burnham, live for Phoenix! Alexandra is like many real estate investors, except for one big difference. Alexandra and her partner share over $750,000 of student debt! Talk about a hole in your pocket! But, instead of letting the naysayers convince her that she can’t invest with her debt, Alexandra has flipped the situation on its head, buying five rental properties and tackling her debt faster thanks to multiple income streams. Stick around for her full story and the phenomenal advice she gives to get your property locked up and leased!
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
Paying off massive student loans thanks to real estate investing
What to do when a tenant stops paying rent (and the options you have)
Whether or not to lower your rent price when a unit is sitting vacant
Why even high-earners MUST have a side-income stream to stop constant burnout
Six-month vs. month-to-month leases and why flexibility can be favorable for landlords
What is a healthy ROI (return on investment) for a short-term rental property?
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
Real Estate Rookie Facebook Group
BiggerPockets Lease Agreement Packages
Connect with Alexandra:
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-252
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