All Forum Posts by: Chris Bingham

I haven't signed up for a wix plan. I've done it all with their free templates so far.

After reading lots of posts on setting up a website, reading blogs, etc. I set out to build a website. I've put out a few free ones using Yola, and Synthasite back in the day...but I wanted something better than that. All of my research led me to understand that I could either build the website using code or use a drag and drop template. I chose the later. 

My understanding was also that I need to buy the domain, build the site, and pay for hosting. Maybe I'm going to learn something here, but I chose 3 different options for each of those. I bought a couple domains through namecheap.com, I've built a couple sites on Wix, and I bought hosting through 1&1. In my research, it seemed like each of these options were among the best options I could chose. The only thing I might have done differently would be to use WordPress instead of Wix (since I've heard so many people use WordPress), but after Brandon Turner showed us all how to set up the website on Wix I thought that would be sufficient. 

However, I'm now at an impass!! I can't seem to connect them all together....or hopefully I'm missing the spot where I can do that. I can't find a phone number for customer service on Wix...it directs me to a "live chat" section, but all I seem to find in there are FAQs with no option for a real live chat. Can anyone provide any direction to help me put these pieces together??!! I would be grateful for any help! Thank you!!!

What specific duties/assignments would you/did you give your first assistant regarding managing your rental properties? 

It means that you make the money by buying right, buying something that you are sure you can make money on. If you are a flipper and you buy a home at 90% ARV and try to sell it off for 95% of ARV then you are taking on a LOT of RISK!! The market could soften, this happens all the time. and your property that you estimated was worth 150K is now only worth 140K. The home is only worth what someone else will pay you for it...no matter what zillow or any appraiser tells you. SO, if you buy a home at 60% of ARV you have a LOT MORE WIGGLE ROOM if something goes sour. You might have been planning to make 20-30K on the deal and only get 5K, BUT you still make a profit BECAUSE you got paid when you bought it right! If you buy wrong you might not get that payday you were planning on....and as many have attested to on BP and elsewhere could even take a loss. SO, it is worth making sure that you know you will make money on the deal. DO your analysis back and forth, left and right. over and over and over. Then when there is really money on the table worth and you have satisfied your risk tolerance, jump in and go for it. Its a fun ride!

I have collected the signed lease, fees sheet, and the cashiers check for the deposit and first months rent. 

I do a background/credit check and I verify the employment with the employer verbally, but have not been collecting a copy of the pay stub or copy of taxes (if self employed...which I haven't rented to yet). 

Also, I have them list the Drivers License # on the application, but haven't been making a copy of this either. 

I want to start being tighter on collecting any documents that I should. What else do you ask the tenant to provide when they sign the lease?

you might have a guaranteed check coming in, but don't let your guard down. You'll need to vet the potential tenant just like you would any other tenant. They will be occupying your property and you will want someone in there who will take care of your home and not leave it in ruins when they move out. 

I'm not sure about California laws....some of it might depend on how the expiring lease was built....does it automatically revert to a Month to month lease after the expiration if nothing is signed? If not, I would personally go to the property and be there with the lease in hand. Talk to them face to face and don't leave the lease with them....allowing them to read it over at a later date and then sign it. I would expect the lease to be signed or explain that you will need to proceed with the eviction process. 

Trouble w/ cashing the check...if you cash it you will have a lot harder time evicting them since you have accepted payment for the current month. 

In the future, here is a plan you might consider using. 6-7 weeks before the lease expires send them a notice that the lease is expiring and they need to sign a new lease or give you notice they are moving at least 30 days before the expiration of the lease in order to allow you time to show the property to potential new tenants. 

Good luck! I hope it works out!

It doesn't matter. Just follow up. Each market is different and you will soon start tweaking your pieces to find out what drives the best response rate in your area.

Honestly, the hardest part is getting past your own fears that you don't know enough, that you might fail, that you need more time, that you haven't found that One thing that is missing, that you will be successful. 

I once read this quote and it has stuck with me...sometimes you just have to jump and build your wings on the way down. 

You can build the best car ever and it won't be worth squat...it will never fulfill its purpose (to move you from point A to point B) if you don't put the key in the ignition and start driving. 

If you are going with rental properties, start analyzing houses and making offers. Get one accepted and move forward.

If you want to wholesale houses, Then get out work like mad to find a house you can lock up for 60% ARV.

etc, etc. Take a step in the right direction. You will surprise yourself! And you Don't need to know every little thing. Once you own a property and are renting it out, you will discover new techniques and learn what things you need to improve on. And you will find questions to ask. Come back to BP and ask them...you can do it!

 I think a scanner such as ScanSnap might be my next investment. I really want to reduce my paper collection...and scanning one page at a time w/ my current scanner is way too cumbersome.