Never Accept Debit or Credit Cards for Rent Payments
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
Release Date: 05/16/2024
Filtering For Quality Self-Managed No Hassle Tenants
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, we explore the importance of implementing proper filters from the very first interaction with potential tenants. Join us as we dissect a real-life interaction with a prospective tenant, Jaylin, and uncover the red flags that signaled she wouldn't be a suitable tenant. Discover why having a stringent filtering process is crucial for saving time, money, and headaches down the road. We'll share practical tips on setting up your own filtering system to weed out unsuitable candidates and ensure you find the right residents for your properties. Links Mentioned in this Episode: ...
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Finally Figured Out How BnB Guests were Accessing Our Owner’s Closet
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, we reveal how guests were accessing our owner's closet and garage despite our best efforts to keep these areas off-limits. Discover how we maintain security with keyed deadbolts and electronic numeric keypads, and hear about our puzzling experience with guests repeatedly breaking into the garage. Learn from our mistake and get practical tips on securing your property, ensuring your off-limit areas remain truly private. Links Mentioned in this Episode: Connect with Jay:
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Making Tiny Shifts to Acquire Better Deals
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
Inspired by James Clear's "Atomic Habits," this episode dives into the importance of focusing on your current trajectory rather than immediate results. Join us as we recount a personal story about building a chevron-style outdoor table and how a tiny deviation in measurements can lead to significant misalignment over time. Learn how to make these tiny, impactful shifts and start building the future you desire, one small habit at a time. Links Mentioned in this Episode: Connect with Jay:
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End Virtual Assistant Turnover with Simple Science
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, we tackle the frustrating issue of VA turnover and how you can break the cycle using a bit of simple science—no degrees required! Hear about a real community member's experience and the solution that turned things around: hiring based on personality traits. Discover why highly neurotic individuals excel in admin roles and how the Big Five Personality Test can be your secret weapon in finding the perfect VA. Don’t miss this chance to transform your hiring strategy and achieve greater success with your VAs! Links Mentioned in this Episode: Connect with Jay:
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$18,856 in HVAC Replacement Costs in the last 6 Weeks
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, we dive into the critical importance of capital reserve accounts, highlighted by a recent $18,856 HVAC replacement expense. Learn how combining cash, lines of credit, and the cash value of a whole life insurance policy can safeguard your finances. We discuss the benefits of high-interest savings accounts, strategic use of credit lines, and leveraging life insurance policies. Learn some valuable tips to help you plan for those inevitable big expenses. Links Mentioned in this Episode: Connect with Jay:
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Proving Real Estate Agents are Useless Wastes of Money?
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, I address Glenn's comment and explain why real estate agents are far from useless. This discussion stems from a post I made in our community, where we focus on finding seller financing opportunities through off-market mailers, not the MLS. Glenn's comment inspired me to dive deeper into this topic. I'll outline the four types of real estate transactions in this episode and explain why most of our community's strategies don't always need their involvement. Links Mentioned in this Episode: Connect with Jay:
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7 Levels Deep to Find Out Why You Want to Build a Portfolio
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
In this episode, we delve into the importance of discovering your deeper "why" to fuel your investment journey, using the "7 Levels Deep" exercise to unearth your true motivation. This method involves continuously asking yourself why you invest in real estate until you reach that profound AHA moment. We discuss how a clear purpose, we also emphasize the role of community support, significantly boosts your chances of achieving your goals. If you've lost sight of your "why" or need a motivational boost, this episode is for you. Listen in to learn how to find and maintain your driving force in...
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Top 3 Problems Investing Parents are Struggling with Right Now
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
Hey busy parents and side hustlers! In this episode, we dive into the top challenges you face when growing your real estate portfolio, based on insights from almost 100 market research calls. Many of you struggle with finding cash-flowing deals, securing capital for down payments, and managing your time effectively. We discuss the impact of current market conditions, explore creative financing options, and share practical strategies to overcome these obstacles. If these challenges resonate with you, reach out (205-249-0248) to join our growing community and discover valuable tips and...
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Create a Legacy Video or Letter
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
Happy Monday! It’s time for our weekly challenge. This month, our community focus is on Legacy, a topic our members are passionate about. Today’s challenge is to create a Legacy letter or video for your children or future generations. Explain why you chose real estate investing to build a family legacy, share your hopes, advice on personal finances, and lessons learned. This can be a recurring activity. Record a video or audio if you prefer. Start documenting your legacy today—your future generations will thank you! Links Mentioned in this Episode: Connect with Jay:
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Our Tax Code is F’d Up
W2 Capitalist | For Married, Busy Parents Side Hustling in REI
Happy Friday, everyone! Today, I’m sharing a story about the chaos of our tax code and why it’s so frustrating. Despite having a CPA, I faced a bizarre situation with the IRS that highlights the inefficiencies and confusion within the system. Despite trying to pay what we owed, I kept getting no balance due on the IRS site for months. Then, out of the blue, I received a letter from the IRS, not demanding payment, but sending us a check for overpaying! Listen in to hear the full story and my thoughts on our convoluted tax system. Are you team April or team October when it comes to filing...
info_outlineHey busy parents! In today's episode, we're diving into why you shouldn't accept credit or debit card payments for rent. I'll share a painful lesson learned from my own experience and explain the potential pitfalls. We initially thought accepting card payments through Hemlane was a great idea for tenant convenience. However, we faced a major issue when a tenant disputed a payment, leading to a loss of three months' rent. I'll break down the risks involved and why we've switched exclusively to ACH transfers. If you've faced similar challenges or have insights on ACH transactions, I'd love to hear from you.
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