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0Looking to buy a rental property? First, you’ll need to decide between a single-family home and a small multifamily property. Which makes more money? And which is the better long-term investment? We’re breaking it all down in today’s episode!
Welcome to another Rookie Reply! You’ve just received good and bad news. The good news? Your tenant gave you a heads up that rent will be late this month. The bad news? Rent will be late this month! What should you do—try to work with your otherwise-great tenant or enforce the terms of your lease agreement? We get into late fees, landlord-tenant laws, and even a solution that will help you keep the peace and get your rent on time!
Next, what type of rental property should you buy? A single-family home or a small multifamily property, like a duplex? We weigh the pros and cons of each so you make the right choice. Forming a real estate investing partnership? You could test the waters by flipping a house or using the BRRRR method (buy, rehab, rent, refinance, repeat), but one option might be better than the other!
Looking to invest? Need answers? Ask your question here!
In This Episode We Cover
The pros and cons of single-family rentals and small multifamily properties
Which type of rental property is the best investment for YOU
What to do when you’ve got a late-paying (or non-paying) tenant
When to “work with” a tenant and when to enforce the lease agreement
The best investing strategy when forming a new real estate partnership
And So Much More!
Check out more resources from this show on BiggerPockets.com and www.biggerpockets.com.
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