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).
Ashley:
This is Real Estate Rookie, episode 274. You can always ask or maybe offer something too, so you could go to the tenant if you really want to increase the rent, but also maybe you’re going to rehab their whole kitchen and remodel it for them, is go to them and if they agree to the increased price to get their kitchen remodeled, then you can go ahead and have them sign that you both are breaking that lease agreement and you both are signing a new lease agreement with that increased rent. My name is Ashley Kehr and I’m here with my co-host, Tony Robinson.
Tony:
And welcome to the Real Estate Rookie Podcast where every week, twice a week, we give you the inspiration, motivation, and stories you need to hear to kickstart your investing journey. And I want to start today’s episode by shouting out someone by the username of NaftaliB and Naftali said, “Great show. Thank you,…