house-hacking

Why new real estate investor should consider house hacking

House hacking is a strategy in which an individual purchases a property and rents out a portion of it in order to offset their housing expenses. This can be done by purchasing a multi-unit property, such as a duplex or triplex, or by purchasing a single-family home and renting out rooms. The benefits of house hacking are numerous and can help individuals achieve financial stability and even wealth over time.
a couple looking at the document

How to prescreen prospective tenants?

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.
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Landlord Accounting Basics – Basic Approach

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.
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Should I self-manage rental properties?

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.