Real Estate Rookie

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

Sep 27, 2024

Dion McNeeley, a self-proclaimed 'lazy investor', shares his ingenious strategies for reducing tenant turnover and ensuring long-term occupancy. He reveals the ‘binder strategy’ that encourages tenants to request rent increases while keeping their satisfaction high. Discover the crucial agreement needed when inheriting tenants and the balance between retaining tenants versus letting them go. Dion’s insights empower investors to become hands-off while still maximizing their rental income, making property management simpler and more effective.

43:43

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Episode guests

Dion McNeeley

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Episode notes

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Quick takeaways

Implementing the 'binder strategy' encourages tenants to request rent increases, fostering a cooperative landlord-tenant relationship that promotes long-term occupancy.

Understanding existing leases and tenant rights is crucial for investors, as honoring these agreements can prevent potential pitfalls and ensure smoother transitions.

Deep dives

Importance of Tenant Occupied Properties

Purchasing properties with existing tenants can offer significant advantages, primarily ensuring immediate cash flow and avoiding vacancies. Investors may find that properties with tenants already in place often provide lower purchase prices since the rental agreements usually tie the property to below market rates. This approach also eliminates the need for extensive renovations, as basic utilities are typically maintained while tenants reside there. By understanding the terms of existing leases beforehand, buyers can plan their financial strategies more effectively without being caught off guard by unexpected repairs or tenant turnover.

Intro

2min

Strategic Property Considerations for Long-Term Tenancy

3min

Navigating Tenant-Occupied Property Purchases

9min

Effective Tenant Communication Strategies

20min

Enhancing Tenant Experience and Logistics Considerations

2min

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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