385: How to Save Your Rental Property When “Good” Tenants Turn BAD w/Chelsea Borden

Real Estate Rookie

Could your rental property be occupied by bad tenants masquerading as good residents? After an incident that led to thousands in property damage, a complex insurance claim, and an eviction, today’s guest learned the importance of a watertight tenant screening process. And YOU can, too—without all the drama!

Welcome back to the Real Estate Rookie podcast! Chelsea Borden owns four duplexes in Buffalo, New York—an investing market with a low barrier to entry, where new investors can achieve the one-percent rule with relative ease. What Chelsea learned, however, is that it only takes one bad tenant to disrupt an otherwise-smooth long-term rental operation. In this episode, she shares how a family friend caused $11,000 in damage. By acting swiftly, Chelsea was ultimately able to evict the tenant, rehab the property, and place a new tenant.

Tune in as Chelsea shares her biggest lessons learned from this costly experience. You’ll learn the ins and outs of filing insurance claims, why you should require your tenants to carry renters insurance, and how to get the ball rolling when evicting a tenant. Chelsea also shares her best tips on home renovation projects, screening tenants, and homeowners insurance policies!

In This Episode We Cover:

How ONE bad tenant caused $11,000 in rental property damage

Why you MUST make renters insurance a requirement for tenants

How to start the process of evicting a tenant (and prevent delays!)

The many benefits of investing in the Buffalo, New York market

How to get high-quality tenants for your long-term rentals

The most important factor in any successful home renovation project

The insurance “pro tip” that could save you thousands of dollars

And So Much More!

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The REAL Cost of Bad Tenants and “Cheap” Contractors (Mistakes to Avoid!)

The $150K “Stolen” Rental Property and How to Avoid a Real Estate Scam

Making $115K From a Nightmare First Deal (Cops, Evictions, and Break-Ins!)

How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability

Check out more resources from this show on https://www.biggerpockets.com/blog/rookie-385

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