Strategic Property Considerations for Long-Term Tenancy

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The “Lazy” Landlord’s Guide to Finding (And Keeping) Tenants & Raising Rents

Real Estate Rookie

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CHAPTER

Strategic Property Considerations for Long-Term Tenancy

This chapter delves into essential factors that buyers should consider when investing in tenant-occupied properties, focusing on aligning property features with rental objectives. It underscores the advantages of amenities like pet-friendly policies to enhance tenant retention and optimize rental income.

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Finding, screening, and placing new tenants for your rental property is not only difficult—it’s expensive! Want to attract the best tenants in town and ensure that they stick around for the long haul? You won’t want to miss this episode!

Welcome back to the Real Estate Rookie podcast! As the self-proclaimed “lazy investor,” Dion McNeeley wants to have long-term tenants and as little turnover as possible. Today, he’s going to share the tips, tricks, and tactics he uses to keep tenants around for not just months or years but decades. The best part? He’s not doing anything the average investor can’t do. By implementing these same strategies, you can find high-quality residents and reduce turnover!

Of course, not every investor can devote twenty hours to their real estate business each week. Fortunately, Dion offers some portfolio-saving advice that will allow you to become a more hands-off investor. You’ll hear about a strategy that will have tenants asking YOU to raise rent, as well as a crucial document that could protect your investment when inheriting tenants. Finally, you’ll learn why retention isn’t always the best option and when to let a tenant go.

In This Episode We Cover:

How to ensure that your best tenants stay at your rental property long-term

How to get tenants to ask for a rent increase with the “binder strategy”

The agreement you MUST have in place when inheriting tenants

How to properly vet tenants before offering them a lease renewal

Retention versus turnover (and when it’s time to let a tenant go)

What you should know before raising rents on Section 8 tenants

And So Much More!

Links from the Show

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