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

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.

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Independent Landlord’s Survival Guide in the Post-pandemic World

By Meng Chen August 27, 2021Features, Landlords

To survive in the post-pandemic world as an independent landlord, we really have to stay focused on our long-term strategy, adopt a more modern approach process to make daily operation more frictionless, and be cooperative and flexible when it comes to facing challenging situations with tenants. In the end, being a good landlord is not just about "maintaining good cash flow", but also about having happy "customers" (tenants) for your business.

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3 Things to Do Before Filing for Eviction

By Meng Chen August 26, 2021Landlords

One very important thing to keep in mind is that while landlords and property managers do have the right to evict a tenant for nonpayment, such a "nuclear" option should be used with discretion as it disproportionally and adversely affects the tenants. So, consider these three options before filing an eviction to rid of a nonpaying tenant.

Stocks vs. Real Estate, and Why I Chose Real Estate

By Meng Chen August 25, 2021Investors, Landlords

To compare them apples-to-apples, we really need to look at the Sharpe ratio, which is used to help investors understand the return of an investment compared to its risk. An investment with a higher Sharpe is preferred over one with a lower Sharpe ratio; it means under the same risk level higher Sharpe ratio investment is going to yield a higher excess return or to get the same excess return with lower risk.