3 Things That Will Kill Your Rental Property Cash Flow (Rookie Reply)
Floods, evictions, and bad property managers on ONE rental property?! These are the kinds of things that spook rookies out of real estate investing altogether. Fortunately, many of these issues are avoidable, and today, we’ll equip you with some property-saving advice that could help you prevent a major blunder! Welcome back to another Rookie Reply! While scouring the BiggerPockets Forums this week, we stumbled on a full-blown horror story that involves several problems with the same property. Tony and guest co-host Noah Bacon have encountered similar issues throughout their investing journeys, and in this episode, they’re going to break them down and show you how to handle them. You’ll learn why you should think twice before passing up on a sewer scope, how to adjust your tenant screening process and avoid evictions, and how to effectively manage your property managers! Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!
Show Notes
Floods, evictions, and bad property managers on ONE rental property?! These are the kinds of things that spook rookies out of real estate investing altogether. Fortunately, many of these issues are avoidable, and today, we’ll equip you with some property-saving advice that could help you prevent a major blunder!
Welcome back to another Rookie Reply! While scouring the BiggerPockets Forums this week, we stumbled on a full-blown horror story that involves several problems with the same property. Tony and guest co-host Noah Bacon have encountered similar issues throughout their investing journeys, and in this episode, they’re going to break them down and show you how to handle them. You’ll learn why you should think twice before passing up on a sewer scope, how to adjust your tenant screening process and avoid evictions, and how to effectively manage your property managers!
Looking to invest? Need answers? Ask your question on the BiggerPockets Forums!
In This Episode We Cover:
Why home inspection packages aren’t just another sales scam to ignore
Why doing your due diligence upfront could stop you from buying a “problem” property
How to save thousands in eviction costs with a “cash for keys” offer
Why you need to create strict tenant screening requirements (and stick to them!)
The number one attribute to look for in a property management company
How much money a new investor should be keeping in reserves
And So Much More!
Links from the Show
Ashley's BiggerPockets Profile
Real Estate Rookie Facebook Group
Get Free Property Management Software for Landlords with Hemlane
Buy “The Book on Managing Rental Properties”
See Tony and Noah at BPCON2024 in Cancun!
Skipping That Home Inspection? These Horror Stories Will Make You Think Again
(00:00) Intro
(01:00) $30K Sewage Repairs!
(07:34) HUGE Eviction Costs
(20:14) Property Management Woes
(27:53) Advice for New Investors
(30:53) Post Your Question!
Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-466
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