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Inheriting Tenants? You Need THIS Agreement

You’re buying a property and want to know how to raise rents. But, you’ve got inherited tenants. What now? Can you go ahead and start raising rent immediately? Not so fast. Before making any rash decisions, you might want to implement tenant estoppel agreements. These legally binding documents will help you and your tenants get on the same page. And Ashley and Tony are here to break them down! In this edition of Rookie Reply, we talk about the best practices when inheriting tenants. We also touch on LLCs, umbrella insurance, high-limit liability policies, and other ways to protect yourself. For those who are looking to buy a new home, we discuss working with a realtor versus doing the legwork yourself. We also get into loans, how soon you should get pre-approved, and how to vet hard money lenders. Finally, we talk about property managers. What are their fees, what do they bring to the table, and when do you absolutely need one? If you want Ashley and Tony to answer a real estate question, you can post in the Real Estate Rookie Facebook Group! Or, call us at the Rookie Request Line (1-888-5-ROOKIE). ~~~~ Join BiggerPockets for FREE: https://www.biggerpockets.com/signup?... ~~~~ Join the Real Estate Rookie Facebook Group:   / realestaterookie   ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find a Hard Money Lender in Your Area: Lenders: https://www.biggerpockets.com/real-es... Forums: https://www.biggerpockets.com/forums?... ~~~~ The Right Way to Raise Your Tenants’ Rent: https://www.biggerpockets.com/blog/re... ~~~~ Reduce Your Risk, Use An Estoppel Agreement (Free Form Included): https://www.biggerpockets.com/blog/20... ~~~~ Connect with Ashley and Tony on BiggerPockets: Ashley: https://www.biggerpockets.com/users/e... Tony: https://www.biggerpockets.com/users/t... ~~~~ Shoot Ashley and Tony a Question on Instagram! @wealthfromrentals or   / wealthfromrentals   @tonyjrobinson or   / tonyjrobinson   Episode #274 Show notes at: https://www.biggerpockets.com/blog/ro... 00:00 Intro 01:49 When to Hire a Property Manager 10:25 Raising Rent During a Tenant's Lease 14:53 Do You Need a Realtor? 18:46 Finding and Vetting a Hard Money Lender 25:21 When Should You Get Pre-Approved for a Loan? 28:26 LLCs vs. Umbrella Insurance 34:27 Ask Your Question!