Episode 155: Inheritance Hot Potato on Bullcast Podcast with Dr. Jen Salisbury
Summary
Don’t some people say don’t look a gift horse in the mouth? I agree, but when you receive that gift….how long do you keep it? I’ve been invited to join the Bullcast Podcast crew to talk about gifts you may not want. Specifically, real estate gifts, and how do you know what to do with it?
On today’s show, Cort Winsett and Cameron Spann – the geniuses over at Pickler Wealth Advisors – discuss things like how to know if you should sell the house you just inherited, or what about if you want to keep the house but you need to hire a property manager? If you’re a first time listener to the Bullcast Podcast, you’ll find their format SUPER fun: they start every episode with a entertainment list appropriate to the topic. Today’s list? Items in movies the characters may not want.
Join me on the Bullcast Podcast’s Episode 262: The Inheritance Hot Potato.
Listen to the full episode :
This Week’s Blog Post:
Navigating Inherited Real Estate
Hi friends! I’m Dr. Jen, and in this special episode of My Life as a Landlord, I guest starred on the Bull Cast podcast to explore a topic near and dear to many listeners: what happens when you inherit rental real estate? We didn’t hold back—we talked about how this kind of inheritance can feel more like a “hot potato” than a golden ticket, especially when you’re not sure what kind of landlord you want to be (or whether you want to be one at all). It was a lively, honest, and fun conversation about choices, responsibilities, and landlord identity.
Four Types of Landlord Identities
One of the things we broke down was how to define your landlord identity when you inherit property. I introduced four profiles: the reluctant heir (who doesn’t want the responsibility), the delegator (who hires out everything), the DIY investor (who self-manages, often without fully understanding what’s involved), and the strategic owner (who aligns the inheritance with long-term financial goals). Knowing which category you fall into helps avoid emotional decisions and financial stress. Real estate is a business, and clarity is key.
No Such Thing as Passive Income
We also had a great laugh—and agreement—on the myth of “passive income.” As I said during the episode, passive income only exists on your tax return. If your money is in something, whether real estate or stocks, you’re still giving it your time, energy, and attention. Managing rental property, especially if inherited, involves communication, decision-making, and coordination. Even delegators need to engage with property managers and advisors to make sure things are done right.
Screening, Systems, and Setting Expectations
Another major topic we tackled was tenant screening and why it’s vital to avoid impulsive or emotional placements. I shared my own track record—just eight evictions in 15 years—because I screen carefully and set the right expectations from the beginning. We talked about common mistakes new landlords make, like renting to anyone with a pulse, and the importance of knowing your local tenancy laws. I also explained why systems are crucial, especially for remote or strategic owners who want to scale sustainably.
Real Talk About Evictions and Support
We didn’t shy away from the hard stuff. Evictions are intimidating, especially for those who fear confrontation. But I emphasized how following a process, issuing proper warnings, and knowing the rules of your jurisdiction can make it manageable. Whether you're socially anxious or simply unsure, there are resources out there—and a whole community of real estate investors who are willing to help. Real estate isn’t for everyone, and that’s okay. But if you do decide to keep an inherited property, make sure you’re prepared and supported.
This episode was recorded in Memphis, Tennessee. Why? Because real estate takes you places. Where do you want real estate to take you?
Join me next week for Episode 156, where we dig into another rental scenario and answer your most awkward questions. I’ll see you there!