#334 - How Grit, Trial and Error, and the Midwest Beat the Vacation Rental Hype - Yiwei Cheng

Joining us in this episode of Living Off Rentals is Yiwei Cheng, a short-term rental investor and the founder of Pink Cash Cow Property Management. Through plenty of trial and error, she built a portfolio and a successful property management company while proving that strong cash flow doesn't have to come from expensive vacation markets. Listen as Yiwei talks about finding profitable deals in the Midwest, managing short-term rentals, avoiding common investing mistakes, and why she believes the best opportunities are still ahead.  Enjoy the show! Key Takeaways: [00:00] Introducing Yiwei Cheng and her background [03:35] What more do people actually make money on real estate? [06:04] The first property she purchased [09:02] Her real estate experience during COVID [12:23] Replacing her corporate income through short-term rentals in 2022 [16:38] Choosing profitable properties over popular vacation destinations [23:50] What makes a perfect deal for Yiwei [32:04] How Yiwei finances her rental properties [35:24] DSCR loans explained [38:40] Yiwei on managing her team [46:10] Quality matters more than growing a large management company [51:19] Building systems to manage rental properties efficiently [55:20] Connect with Yiwei Cheng [56:16] Outro Guest Links: Website: https://www.pinkcashcow.com/  Instagram: https://www.instagram.com/yiweicheng1/  YouTube: https://www.youtube.com/@YiweiCheng1  Show Links: Living Off Rentals YouTube Channel – youtube.com/c/LivingOffRentals  Living Off Rentals YouTube Podcast Channel - youtube.com/c/LivingOffRentalsPodcast  Living Off Rentals Facebook Group – facebook.com/groups/livingoffrentals  Living Off Rentals Website – https://www.livingoffrentals.com/  Living Off Rentals Instagram – instagram.com/livingoffrentals  Living Off Rentals TikTok – tiktok.com/@livingoffrentals  Want to start investing in short-term rentals? Book a call to see if my STR Blueprint program is a good fit for you: livingoffrentals.com/call