Today we’d like to introduce you to Wonkyung Lee.
Wonkyung, we appreciate you taking the time to share your story with us today. Where does your story begin?
I never intended to be a landlord, much less a property manager. I purchased my property in East Baltimore in 2016 to live and work there. When things didn’t quite work out the way I had hoped, after leaving it vacant for over a year, I attempted everything from selling it to renting it out. In the process, I learned how to manage the property through trial and error, and it was far from a neat and straight path. Not only was I lax with credit and background checks, but I also needed to learn how to protect my property from damages that could result in costly repairs and replacements. Over time, I learned the importance of a well-defined lease agreement and started using it to set the proper expectations between the residents and me. Something as simple as this took me a couple of years to figure out. I also take a proactive approach to managing my properties related to maintenance and resident care. Preventative measures significantly mitigate more severe problems from coming to the fore and, over the long run, helps me sleep at night knowing that the property is safe and that tenants are content.
I eventually realized that my role as a landlord was to ensure my tenants’ utmost comfort and safety. I ran with this, and everyone that stayed at my place since seemed to love it too. Many of my tenants come through referrals from former tenants who have recommended the stay to their friends, and thanks to this, I rarely have vacancies. In January and February alone, I had to turn down more than twenty requests for housing. I decided to expand through acquisition or property management because I didn’t want to keep saying no to people who wanted to stay with me. So, at the end of February, I launched Bird Nest LLC to accommodate more residents.
Can you talk to us a bit about the challenges and lessons you’ve learned along the way? Looking back, would you say it’s been easy or smooth in retrospect?
Transitioning from an accidental landlord to a full-blown property manager has complexities. It’s still too early for me to say, and there will be more rough patches along the way. Still, some of the immediate challenges have been prioritizing my time and funds to juggle all of the tasks needed to launch, ranging from modeling out a business plan, finding a lawyer to draft contracts and consult on the legality of my business model, pulling together a team of affiliate service providers, complying with Baltimore City regulations, marketing to both tenants and landlords, all the while reaching out to potential co-founders. Another significant obstacle has been obtaining funding, which is typical for startups. Securing cost-effective financing for a business with no revenue has become more challenging. Nevertheless, I remain resilient, taking it one day at a time, doing my best to stick to the basics, and drawing from my prior experiences.
We’ve been impressed with Bird Nest LLC, but for folks who might not be as familiar, what can you share with them about what you do and what sets you apart from others?
Bird Nest LLC is, first and foremost, a housing provider serving landlords and residents. We offer landlords a risk-sharing model that provides stable investment returns and a lower cap on expenses. Bird Nest is not your typical property management company, however. We view ourselves as partners, taking on more responsibilities and risks associated with property management. We manage end-to-end so the landlords don’t have to, and we process all of the covered maintenance requests at our expense. Annual maintenance inspections are covered in our services to identify and prevent minor issues from brewing into costly repairs. Preserving property value is important because when the property is taken care of, we can create a warm, safe, and inviting place where people want to live, which is our ultimate mission.
What do you think about happiness?
I always believed that my happiness was tied to accomplishment. Completion of tasks and recognition of work well-done trigger satisfaction, but it’s short-lived. Since quitting my day job three years ago, I realized that single events might trigger joy, but happiness is longer lasting and more fundamental to our understanding of this world and our place within it. Understanding that I am part of a much larger universe, and another’s success is also my success, allows me to let down my guard, spend less time counting my beans, and more time helping others to succeed and find peace. The greatest secret of all time is that not all good things need to be scarce, and abundance follows a generous heart.
Contact Info:
- Website: https://www.birdnest.homes/
Image Credits
Rediet Bayou
Jasmine Williams
Laxmi Athani
Freddy Guzman
