Could your rental property be occupied by bad tenants masquerading as good residents? After an incident that led to thousands in property damage, a complex insurance claim, and an eviction, today’s guest learned the importance of a watertight tenant screening process. And YOU can, too—without all the drama!
Welcome back to the Real Estate Rookie podcast! Chelsea Borden owns four duplexes in Buffalo, New York—an investing market with a low barrier to entry, where new investors can achieve the one-percent rule with relative ease. What Chelsea learned, however, is that it only takes one bad tenant to disrupt an otherwise-smooth long-term rental operation. In this episode, she shares how a family friend caused $11,000 in damage. By acting swiftly, Chelsea was ultimately able to evict the tenant, rehab the property, and place a new tenant.
Tune in as Chelsea shares her biggest lessons learned from this costly experience. You’ll learn the ins and outs of filing insurance claims, why you should require your tenants to carry renters insurance, and how to get the ball rolling when evicting a tenant. Chelsea also shares her best tips on home renovation projects, screening tenants, and homeowners insurance policies!
Ashley:
This is Real Estate rookie episode 385. Have you ever had a terrible tenant that has left you paranoid? My name is Ashley Care and welcome to the Rookie Podcast where every week, three times a week, we bring you the motivation, inspiration, and stories to get you started. If you have your own real estate horror story, share it with us at biggerpockets.com/reply. So today our guest is Chelsea Borden. She is a rookie investor out of Buffalo, New York with four duplexes, and today we are going to cover $11,000 in property damages, insurance scams, and a phone call in the middle of the night that all investors fear. Chelsea, welcome to the show.
Chelsea:
Thanks for having me. Been a long time listener of all the BiggerPockets shows and I was saying…