Real Estate Rookie

How to Manage Your First or Next Rental (and Save Thousands of Dollars)

Jan 29, 2025

Managing rental properties made easy! Discover the key steps to take before purchasing your first rental. Learn about crucial lease agreements and how to handle tenant maintenance requests without the hassle. Streamline communication with essential software and avoid common landlord headaches. Get tips on managing security deposits and conducting effective inspections. Plus, hear a heartfelt story about overcoming struggles in your real estate journey. Success is just a few strategies away!

48:20

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Quick takeaways

Thorough preparation before purchasing a rental property, including verifying lease terms and documenting unit details, ensures smoother management and cost savings.

Implementing property management software and a structured lease agreement significantly streamlines tenant communication and clarifies responsibilities, reducing the likelihood of conflicts.

Deep dives

Preparing for Property Purchase

Effective preparation before closing on a long-term rental property can lead to significant cost savings and smoother management. If there are tenants already occupying the property, it is essential to send an estoppel agreement to verify the terms outlined by the seller, ensuring that the information regarding the lease is accurate. For properties that are vacant, the future landlord should compile a unit information sheet, documenting crucial aspects such as square footage, appliance details, and any maintenance information that may be needed by contractors or property managers. These initial steps create a solid foundation for successful property management and tenant relations.

Intro

2min

Navigating Property Management and Leasing Essentials for Rookie Investors

4min

Navigating Lease Agreements

7min

Navigating Lease Non-Renewal and Tenant Communication Challenges

4min

Streamlining Long-Term Rental Management Through Effective Communication

4min

Effective Tenant Management: Setting Expectations and Streamlining Processes

5min

Managing Rental Damage Disputes

4min

Essential Software Tools for Managing Rental Properties

3min

Optimizing Rental Management Tools and Services

2min

10.

Streamlining Property Management Tools

13min

Managing rental properties doesn’t have to be hard. You can do it without the midnight tenant phone calls, “lost” rent checks, and other common landlord headaches. Looking to buy your first or next rental property? Today, we’re giving a masterclass on how to manage a rental property, even if you’re a real estate rookie with zero experience in investing. Ready to start?

Here’s what we’re breaking down in this episode: What to do before you buy, getting your lease agreement together, handling maintenance requests and repairs, move-ins and move-outs, security deposits, and more! What software do we use to streamline all the tenant communication so we don’t deal with a dozen phone calls a day? How do we handle tenant complaints and damages to the property without having our hair fall out (Tony optionally shaves his head!)? We’re giving you complete lists of every app and software we use so you can manage with ease, too!

Also, why did Ashley publicly weep in a courthouse early in her real estate career? She shares one key tip to save you time, money, and tears!

In This Episode We Cover:

What you should do BEFORE you buy your first/next rental to make your life much easier

Lease agreements 101 and the crucial additions that most landlords miss

How Ashley handles all her tenant maintenance requests without picking up a single phone call

What you MUST have a tenant fill out when moving into your property (this will save you a TON of money)

Every rental property software Ashley uses to manage her long-term rentals

What you should NEVER do during an eviction filing (Ashley’s BIG mistake)

And So Much More!

Links from the Show

Ashley's BiggerPockets Profile

Tony's BiggerPokckets Profile