Can't Find Tenants? Do This! & How to Pay Off Your Rental Properties

Рет қаралды 14,508

Күн бұрын

Episode #969
Your rental properties are sitting vacant-what do you do? Do you sell or lower your rent price to spark some interest? Will reducing your rent open you up to bad tenants? We’re getting into exactly what you should do in this sticky landlording situation, and many others, in this episode of Seeing Greene. This time, we’re sharing wisdom on what to do when you can’t find tenants, how to invest with just $15,000 in 2024, which rental property mortgage to pay off first, and whether to keep or sell your newly renovated rental.
As usual, your real estate investing experts, David Greene and Rob Abasolo, are on the show to help answer any investing question you can think of. Our first video submission comes from a new investor who is completing his first BRRRR (buy, rehab, rent, refinance, repeat). With only $15,000 in the bank and a desire to build a real estate portfolio, what’s the BEST way to use such a small amount of cash? Next, a landlord with multiple rentals wants to know which mortgage to pay down first: her primary residence or her other rentals. An out-of-state investor with a vacant property struggles to find a tenant even after lowering his rent price. A medium-term rental owner with a burnt property asks whether to sell or re-rent the property after his insurance-paid renovations are completed.
Want to ask David and Rob a question? If so, submit your question here (www.biggerpockets.com/david?u...) so they can answer it on the next episode of Seeing Greene, or hop on the BiggerPockets forums and ask other investors their take!
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Show notes at: link.chtbl.com/BPRE
00:00 Intro
01:24 Build a Portfolio with $15K?
10:43 Which Mortgage to Pay Off First?
20:22 I Can’t Find Tenants!
30:00 Sell or Keep Renovated Rental?
35:30 Ask Us Your Question!

Пікірлер: 20

@calivalley9056 Ай бұрын

I pay off all my rental properties, I have open HELOCs for when a property pops up for purchase or need the cash for major fixes. I have almost worked it so that I will never need to go the bank for mortgage again, maybe two more rentals and I’m there.

@TheTrueHardcorefr3k 14 күн бұрын

Do you refinance the properties to pay off the helocs after and repeat?

@JustinPanariello Ай бұрын

The HELOC isn't amortized like a conventional loan so interest goes down as you pay it. I think she's thinking of Velocity banking.

@calivalley9056 Ай бұрын

Agreed, with month to month payoff. It works.

@bestreviewer2038 28 күн бұрын

Came here to say this.

@Thehharrison Ай бұрын

TX Homestead Exemptions take the value that your home would be taxed at less the current exemption amount. Last year (2023) was $40,000. This year (2024) I believe is $100,000.

@aardon2489 13 күн бұрын

The Snowball method doesn’t really apply here. Dave Ramsey would have told you to save and never have that mortgage. The Snowball Method is when you have a bunch of credit card debt on different cards and owe money on other things where they are in the thousands of dollars. There the mental benefit of having fewer debts as you go and they get paid off quicker as your is very beneficial and keeps you motivated.

@zacharyzero Ай бұрын

Hello. I live in San Diego, California. I have a rental property in Winchester, California about an hour and fifteen minutes away. I have a property manager. My previous tenants have vacated after 2 years and now it’s vacant. It’s been empty since the 31st of last month. Today is the 11th. Prop mgmt sent me photos of the house and walked through it around the 8th, more than a week after the tenants left, and they’re saying they can get someone out this next week to give me quotes for repairs I need after the tenants have left. I’m getting frustrated because it’s been almost two weeks and they haven’t started marketing it yet. It seems like they’re taking their sweet time. However, I’m obviously not a property manager. How long should it take to get this all done after a tenant leaves? Is the amount of time they are taking justifiable? Should I look for a new property manager? What’s a fair amount of time?

@Tkenny35 Ай бұрын

double edge sword. Depending on the damage, you shouldnt even market the place for rent yet because things need to be fixed before anyone moves in. Also, depends on what repairs need to be done and whos taking a look. If its minor, your manager is taking too long. If its major or multiple things that need to be addressed by different specialists its understandable. Id give your manager a call and say its been almost 2 weeks, what needs to be done so we can find a new tenant or if you're really annoyed give your manager a deadline

@markwegner6100 Ай бұрын

After two years it likely needs a paint job, possibly flooring, etc. Don't forget cleaning, re-keying the locks, making sure all the light bulbs work. I self-manage & refuse to buy anything more than 15 minutes away from my house so I can focus on needs & keep'er moving. Tic tock. PM doesn't love your place like you do.

@ericknutson9557 Ай бұрын

Hey @zacharyzero, this is a great question. I feel like they dropped the ball. I will bring it to David and Rob for some thoughts too! stay tuned

@jsanchez8165 Ай бұрын

Bruce out!!! I'll be BaacK!!! Thank you for sharing!!!

@slikio9965 Ай бұрын

So how long can you wait to pull out refi after brrr? 4 to 6 months?

@ericknutson9557 Ай бұрын

This is dependent on your lender! Some small local banks don't require a seasoning period while some fed backed do require 6 months. Do you have a lender yet? That would be step one to find out.