Hybrid Property Management in Milwaukee: A Modern Approach to Real Estate Case Study

Hybrid Property Management in Milwaukee: A Modern Approach to Real Estate Case Study

By Meng Chen September 5, 2023Investors, Landlords, Product

The Milwaukee property market is not new to shifts and changes. As the demands of property owners evolve and technology creates fresh opportunities, there is a new approach to property management that's been gaining traction: the hybrid property management system. This article dives into a case study comparing the hybrid approach to both self-management and traditional property management, specifically within the Milwaukee market.

How to prescreen prospective tenants?

By Meng Chen January 17, 2023Landlords

Prescreening prospective tenants is essential to reduce your overall turnover time commitment while still getting the best tenant possible. A quick phone call or a short survey can quickly filter out prospects that are either not eligible or aren't a good fit (typically due to timing). So, in this article, we'll discuss the benefits of prescreening, how to do it properly, and certain things to watch out for.

black calculator near ballpoint pen on white printed paper

Landlord Accounting Basics – Basic Approach

By Meng Chen January 9, 2023Features, Landlords, Product

Managing rental properties is no different from running a small business, and it's crucial to get the bookkeeping and accounting processes right, especially for self-managing landlords. The minimum bookkeeping standards should meet the IRS bookkeeping requirements for compliance. In addition to being compliant, we should also setup our system in a way that's efficient for us to handle all the tedious accounting tasks.

crop businessman giving contract to woman to sign

Should I self-manage rental properties?

By Meng Chen January 3, 2023Investors, Landlords

If your goal is to stay passive and hands-free, using a property management service would be a reasonable choice. If your goal is to become financially independent and successful in the long run, self-managing rental properties are essential. In this article, we discuss the real value proposition of a property management service and how is applicable to you, as a landlord. So, you can make a better-informed decision on how to manage your rental properties.

adult frowned male writer working on typewriter at home

5 Most Common Landlord Mistakes

By Meng Chen December 27, 2022Investors, Landlords

For some, it may sound easy to be a landlord, just acquire a property, make necessary repairs and rent it out to tenants. As long as the rent covers the mortgage, tax, and insurance, you can make cash flow each month. However, the truth is that to successfully manage a rental portfolio, it takes more than doing the math right during the acquisition, it also requires you to be professional and have business thinking during the management process.

Why You Shouldn’t Use ROI for Comparing Real Estate Deals

By Meng Chen December 21, 2022Investors

It's common for small residential real estate investors, especially new investors, to compare deals in terms of ROI (return on investment) and talk to other investors about their cash-on-cash return. And often, ROI is indeed the sexy attractive number, 10%-20%, investors are going for in the end, but using it to compare deals and to make a purchase decision can lead to terrible outcomes. This article will dive into this common mistake for new investors and present a better way to understand any deal that comes to you.

5 Real Estate Accounting Tips Every Self-managing Investor Should Know

By Meng Chen December 3, 2022Features, Investors, Landlords, Product

The purpose of having a good bookkeeping system in place for your real estate business is not only for tax compliance but also for becoming better informed to make any important financial decision. When you know the exact status of your portfolio and the performance of each property at any time, you will be in a better position to make more strategic moves in your investment or personal life.

concentrated woman carrying stack of cardboard boxes for relocation

How to Verify Renter’s Income

By Meng Chen August 18, 2022Landlords, Tenants

The prospective tenant's ability to pay is one of the most important screening criteria for landlords in any turnover. Failure to make payment is the most common reason leading up to premature termination of the lease, and sometimes, eviction.

Prospective Tenant No Show? Here is How to Solve it

By Meng Chen September 30, 2021Features, Landlords, Product

As a new landlord who self-manages the properties, one of the first things I came across while turning over a vacant unit is the "prospective tenant no-show". Someone probably saw my listing on Zillow or Zumper, and casually send me a message saying that he/she is interested. Then, I, being a proactive landlord and eager to minimize vacancies, responded to the inquiry quickly. And, after few brief exchanges, I put down a showing time for 6pm tomorrow.

House Hacking: How to build a financial runway in your 20s and 30s

By Meng Chen September 20, 2021Landlords, Tenants

In response to rising inflation impacting the real estate landscape, house hacking emerges as a top strategy for young adults seeking affordable homeownership options. As housing prices soar, this method provides an unparalleled financial advantage, often surpassing the benefits of even the most significant salary increments. Drawing from personal experience, I can attest to the wealth-building potential of house hacking over several years.