DiscoverReal Estate Rookie413: Rookie Reply: How to Invest in Real Estate While Working 9-5
413: Rookie Reply: How to Invest in Real Estate While Working 9-5

413: Rookie Reply: How to Invest in Real Estate While Working 9-5

Update: 2024-05-311
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This episode of Real Estate Rookie tackles the common struggle of balancing a full-time job with real estate investing. Tony and Ashley offer advice on time management, emphasizing the importance of sacrifice and finding a community for support. They also delve into the legal aspects of inheriting tenants, explaining the significance of a "stop-all agreement" and a "lean prohibition notice." The episode concludes with a discussion about the purpose of surveys when purchasing a property and a real-life scenario involving a neighbor harassing tenants, prompting advice on how to handle such situations.

Outlines

00:00:00
Introduction

This Chapter introduces the Real Estate Rookie podcast and the episode's focus on balancing a full-time job with real estate investing, as well as navigating the legal aspects of inheriting tenants.

00:00:43
Rookie Reply: Juggling Work and Real Estate

This Chapter addresses a question from a solo woman warrior struggling to balance a full-time job and real estate investing. Tony and Ashley emphasize the importance of sacrifice, time management, and building a community for support.

00:01:03
Inheriting Tenants: Stop-All Agreements

This Chapter delves into the legal aspects of inheriting tenants, explaining the importance of a "stop-all agreement" to gather information from tenants and ensure a smooth transition of ownership.

00:01:33
Lean Prohibition Notice

This Chapter introduces the concept of a "lean prohibition notice" in Florida, which protects landlords from liability if tenants hire contractors without their knowledge and fail to pay.

00:02:00
Surveys and Neighbor Harassment

This Chapter discusses the purpose of surveys when purchasing a property, highlighting their importance in defining property lines and preventing disputes with neighbors. It also addresses a real-life scenario involving a neighbor harassing tenants, prompting advice on how to handle such situations.

Keywords

Real Estate Rookie
A podcast hosted by Ashley Care and Tony J. Robinson, providing inspiration, motivation, and stories for aspiring real estate investors.

Stop-All Agreement
A legal document used when inheriting tenants to gather information from them, including their contact details, rent payments, security deposit details, and any outstanding repairs.

Lean Prohibition Notice
A legal document added to lease agreements in Florida that protects landlords from liability if tenants hire contractors without their knowledge and fail to pay.

Survey
A professional measurement of a property's boundaries, including its size, shape, and location of buildings, fences, and other features. It helps define property lines and prevent disputes with neighbors.

Tenant Harassment
When a neighbor or other party engages in unwanted and disruptive behavior towards a tenant, potentially causing them to feel unsafe or uncomfortable in their home.

Airbnb
A popular online platform that allows homeowners to rent out their properties for short-term stays, offering a potential source of income for real estate investors.

Time Management
The process of organizing and prioritizing tasks to effectively use available time, a crucial skill for real estate investors juggling multiple responsibilities.

Community
A group of people with shared interests or goals, providing support, networking opportunities, and motivation for real estate investors.

RintReady
A tenant screening and proof of income verification service offered by BiggerPockets, providing landlords with confidence in their rental decisions.

Corporate Direct
A professional and affordable service that helps real estate investors form and maintain LLCs, protecting their assets and simplifying the legal process.

Q&A

  • How can I balance a full-time job with real estate investing?

    It requires sacrifice, time management, and building a community for support. You may need to give up some income initially to invest in your real estate education and find deals. Time management techniques like outsourcing tasks and prioritizing can help. Joining a real estate community can provide motivation and networking opportunities.

  • What is a stop-all agreement and why is it important?

    It's a legal document used when inheriting tenants to gather information from them, including their contact details, rent payments, security deposit details, and any outstanding repairs. It helps ensure a smooth transition of ownership and prevents potential disputes later on.

  • What is a lean prohibition notice and how does it protect landlords?

    It's a legal document added to lease agreements in Florida that protects landlords from liability if tenants hire contractors without their knowledge and fail to pay. It prevents contractors from filing liens against the property, ensuring the landlord isn't held responsible for unauthorized repairs.

  • Why is a survey important when purchasing a property?

    It defines the property's boundaries, including its size, shape, and location of buildings, fences, and other features. It helps prevent disputes with neighbors and ensures you're buying the exact property you think you are.

  • What can I do if my tenants are being harassed by neighbors?

    Try to understand the neighbor's motive and see if there's a solution. Consider building a fence to create more separation. If the harassment continues, document everything and consult with an attorney. In extreme cases, selling the property might be the best option.

  • What are some time management tips for busy real estate investors?

    Prioritize tasks, delegate or outsource where possible, and set realistic goals. Use tools like calendars and to-do lists to stay organized. Remember to take breaks and avoid burnout.

  • How can I find a supportive real estate community?

    Join online forums like BiggerPockets, attend local real estate meetups, and network with other investors. Consider attending conferences like BPCon to connect with like-minded individuals.

  • What are the benefits of using RintReady for tenant screening?

    It provides comprehensive tenant screening and proof of income verification, giving landlords confidence in their rental decisions. It helps reduce the risk of bad tenants and ensures financial stability.

  • Why is forming an LLC important for real estate investors?

    It protects your personal assets from liability in case of lawsuits or financial issues related to your rental properties. It also simplifies the legal process and provides tax benefits.

  • What are the advantages of using Steadily for landlord insurance?

    It offers fast, affordable, and convenient landlord insurance online, with next-day coverage available. It's tailored to the unique needs of landlords and provides excellent customer service.

Show Notes

If real estate investing was easy, everyone would be doing it! The truth is that, despite the financial freedom and flexibility it offers, investing is hard work. And it’s even more difficult if you’re working a full-time job or raising a family. But with good time management and a little sacrifice, you can do it!


Welcome back to another Rookie Reply! In today’s episode, we talk about the challenges of juggling a nine-to-five job and investing. We also discuss some of the most important documents you need when creating lease agreements or inheriting tenants. Are BAD neighbors causing headaches and scaring away your best tenants? We have several solutions to this problem—including one that will help you avoid the issue before you commit to buying a rental property: ordering a property survey and setting boundaries!


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

How YOU can make time for real estate investing while working nine-to-five

Three documents you need to be in place when inheriting tenants

How to deal with troublesome neighbors (while buying more rentals!)

Why you MUST include lien prohibition notices in your lease agreements

Why every investor should order a property survey before buying a rental property

And So Much More!


(00:00 ) Intro

(00:46 ) Making Time for Real Estate

(07:49 ) Inheriting Tenants 101

(12:51 ) Lien Prohibition Notices

(17:21 ) Dealing with BAD Neighbors

(26:15 ) Do You Need a Survey?

(31:58 ) Send Us Your Question!


Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-413

Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com 

Learn more about your ad choices. Visit megaphone.fm/adchoices

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413: Rookie Reply: How to Invest in Real Estate While Working 9-5

413: Rookie Reply: How to Invest in Real Estate While Working 9-5

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