Real Estate Rookie

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

13 snips
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.
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ADVICE

Target Tenant-Friendly Properties

  • Consider the property's physical aspects, like side-by-side units and in-unit laundry.
  • Target properties that minimize tenant turnover, such as those with pet-friendly fenced yards.
ADVICE

Legal Obligations and Estoppel Agreements

  • Be aware of existing lease terms, as they are binding upon purchase.
  • Use an estoppel agreement to verify tenant information and compare it with the seller's claims.
ADVICE

Tenant Vetting and Transition

  • Use the first two months to vet tenants without immediately signing a new lease.
  • Focus on providing value and making repairs before discussing rent increases.
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