top of page

ep. 22 // 17x CASHFLOW: Airbnb vs. Long Term Rentals



Today we are breaking down this infographics shared on my instagram, and comparing the difference between Airbnb (short term rentals) verses Long Term Rentals...



LINKS MENTIONED:


FULL EPISODE TRANSCRIPT:

0:16

Welcome to the more podcast. My name is Erica Daily and along with my co host, Dr. Raf, we are going to expand your mind when it comes to the pursuit of wealth and freedom. On this podcast, we're going to share stories, ideas, and examples from our real life -in order to help you make more money and have more freedom, so you have even more time to do what you love. Speaking of which, let's jump right into today's episode.


0:44

Holy cow, you guys, this is my first ever podcast episode with my fiance Raphael. How does it feel? I am so excited. You know, we have so many amazing conversations about topic just like the one today behind closed doors. And I think it's finally time that we share it with the world. Yeah, you guys all know, I love sharing things. So I think this is gonna be really fun. And like he said, usually when I'm actually having these conversations, it's with him. And then I bring it back to you guys by myself. So I think this is just going to be a lot more fun. And don't worry, guys, I get to be the voice of reason. And make sure I keep Erica's feet on the ground while her head will go up in the clouds. So as you can dream up these amazing ideas for different tack for different content and topics. But all this stuff gets to be shared with you guys starting now. Yeah, very excited. So what are we talking about today, we're talking about the idea of short term versus long term rentals. So we have done a lot of things in our life. But one thing we've done as of late is get more and more into the world of real estate. We've been dabbling for a few years now. And one of the biggest questions we always get is Hey, why you guys like short term rentals so much Airbnb example is versus long term rentals. Yeah. And by the way, you guys, you're gonna hear us probably switching back and forth between the term short term rental and Airbnb. So just to clarify for any of you guys that maybe don't know the difference. Airbnb is a form of short term rental, it's really just the platform that we use to run our short term rental. But the rbo, or any type of vacation rental house is a short term rental. So if you do hear us using those words, interchangeably, I just want to make sure that you're not getting confused. It's like Yahoo and Google, right, both search engines, but we all say Google, so Airbnb, it's a car, Google. Exactly. Alright, you guys, I quickly want to run through what we're going to talk about today. So you kind of see the direction that we're going in. So the very first thing we're going to do is we're actually going to look at an example with actual numbers, because for me, I feel like numbers make everything a lot more clear, then we're going to break them down and compare them in each different scenario. And then we're gonna go over the pros and cons of each because there are pros and cons to each different method. And if you guys are a visual person, like myself, I actually already made an infographic that goes along with this that is on my Instagram. So I'm going to go ahead and link that in the show notes for you guys to refer to, because especially when you're looking at numbers, I just feel like it's easy to see them side by side. So make sure to head on over there to see that. Yeah, guys numbers paints such a strong picture as to what's really happening. And to help you guys follow along, make sure you grab this visual off Erica's Instagram account. What is your Instagram account for people who don't yet know, it's at Erica Marie daily. And again, it'll be linked in the show notes, you guys can just click on over there. And then I also want to preface this, that this is just for educational purposes. There's obviously others numbers associated with this, for example, property taxes. However, property taxes are different in every state. So I don't want to throw people off with that. And that number is going to be the same for each scenario. So if you own the same home, whether you're doing Airbnb, or long term rental, you're paying the same in property taxes. So the real numbers that we're going to be focused on is just down payment, sorry, purchase price down payment, and then the cost differences between the two. So only really the numbers that are different in the two scenarios. So let's jump right in. And by the way, we're going to be using rough numbers from our home that we own in Indio, California and do Airbnb out of so for this home. Again, we're purchasing the same home for both scenario so the purchase price was $350,000. The downpayment of 20% is $70,000. So both those numbers are the same whether you're doing Airbnb, or long term rental. Now the first thing that's going to be different between the two is obviously for Airbnb, you need to furnish the place. And so for the investment in this example, we put that it would cost $10,000 to furnish it for Airbnb. And obviously for a long term rental, your investment in furniture is zero. And just so you guys know when we're furnishing an Airbnb or a short term rental property, we're not buying the nicest things. We're buying things that look really good that serve a purpose.


5:00

To help the guests have an incredible experience, but we're not breaking breaking breaking the bank, when it comes to that kind of thing. We are talking about trying to ball on the budget when it comes to how our furnishings look, but not breaking the bank while we do it. Okay, and the next number we're going to look at is the monthly revenue. And I'm going to talk revenue first, because that's going to come in first, and then we're going to take out expenses, to see what our profit is every month in each example. So the revenue for Airbnb is $10,000 a month. And then the revenue for long term rental is $2,000 a month. Now, I want to pause there for a second because I do think those numbers are pretty big, right. And for someone who's never done any type of short term rental, maybe they've been investing in real estate for a while they have a lot of long term rentals really have no idea what this whole rental game is all about in the first place. But here's something like $10,000 per month. And I think that's huge. It's astronomical, it's crazy, there's no way that could possibly be happening. But when we look at our properties, we have two properties. We bring in over $10,000 per month and each property. Those are very conservative numbers from what we've done so far. So I think when people hear the $10,000 per month in revenue, they think that's crazy. And reality, that's a very, very, very achievable number, when you know what what you're doing when it comes to short term rentals. Absolutely. And you know, last month we did 30,000 from just two properties. So you know, you split that in half, that's 15,000 per property. And that's not unheard of for our properties. I think something else to point out which if you guys have seen my masterclass, shameless plug, um, you probably saw that when I very first started doing Airbnb, I had no idea what I was doing. And I was way undervaluing what I could have charged and you know, the revenue lost without knowing how much I could charge was a big number. So I think it's important to see what the actual numbers could be even if they seem super far out there. I think a teaser for a future episode, which we should definitely put this together in the last two months, you guys but two properties, we've done over $50,000 in profit over 30,000. So I think that's a future episode waiting to happen for people who like what we're doing right now. Yeah, totally. Okay, back to the numbers. Now I want to talk about expenses. So the first two expenses are going to be the same for each scenario, which is your mortgage payment. And in this example, we put the mortgage payment at 14 $100. The second one is your insurance, which we put at $200. And then when you get to Airbnb, you obviously have to provide Wi Fi utilities. So for Wi Fi, we put $60 for Airbnb, and for long term rental, that's zero because your tenants are gonna be paying for that themselves. And then for utilities, we put $200 for Airbnb and zero for long term rental. Again, your tenants are generally paying their utilities. And then for cleaning fees. That's something that obviously you're not cleaning your long term rental, we charge on average, about $150 per cleaning fee. And so I put 12 $100 in here, as like an average number for one property that we are paying our cleaning team. And then the very last thing that I put on here, as an example is just supplies, so things like toilet, paper towels, all those things that you need. For an Airbnb that's a little bit different than long term rental, we put $150 a month, and again, zero for long term rental. So obviously, there's some more expenses that you pay within Airbnb. But as you guys will see, the payoff is so so worth it. So let's actually look at that cash flow. So the monthly profit for the Airbnb example, with all those extra expenses is $6,890. Now the monthly profit of the long term rental is only $400. Because you know, you're bringing in 2000, you're paying your mortgage, you're paying your insurance, and you have $400 left over. And you guys Well, I'm not here to balk at 400 bucks a month in cash flow, it's four bucks in your pocket doing whatever you want to do with it. If you look at that, compared to the $6,090 there is a clear winner in cash flow from long term versus short term rentals. Absolutely. And when you look at the annual profit, it gets even crazier. So let's look at those numbers. So the annual profit of the Airbnb is $82,680. Which by the way, you had the $10,000 that you invested in year one, which I'm not calculating, but for year one, it would obviously be 72,680. And then every year after that would be 82,680 on average. Now for your long term rental, your annual profit is 4800. Won't won't want. Not really that's also really good. I mean, you have an asset. There's a lot of other benefits. But when you're looking at cash flow, Airbnb is absolutely the clear winner here. A two and a half $1,000 a year. That's life changing Erica, I say that because it really is we've seen


10:00

first hand effects of having a couple of these ourselves on top of what we already do for our businesses. But that kind of money can change your life. If you're a mom and you want to stay at home with your kids that cannot provide for a family. If you're entrepreneur you want to supplement your income with this kind of stuff that can change the game too. So whoever you are, I doubt it that you're out there listening saying yeah, I'm good. I don't need an extra $80,000 this year. I'm good as I am. Yeah, totally. It's funny because I always say like, in my masterclass, like Russell Brunson has his clickfunnels thing. And it's like, you're just one funnel away. And I'm like, You're one Airbnb away from just like a financial blessing for your family. And I think that's why I'm passionate about it. Because if everyone just had one, Airbnb bringing in that much money, like, That's amazing. If you guys saw her eyes light up right now, this is her Miss America moment, it's how she would change and save the world. But that is the reality, you guys, you do this, now you have freedom to do what you want to do. I think right now, in our country, the two biggest challenges people face are their health and their finances. This can't solve the health aspect, but it can solve the finance aspect. And it can pay for a really good what's the lady I see? natural path, my chiropractor, chiropractor. Okay, the next number we want to look at is called cap rate, which is actually short for capitalization rate. Let me give you guys the actual definition. Because I'm gonna butcher this capitalization rate is the estimated percentage rate of return that a property will produce on the owners investment. And so how you calculate that is by dividing the annual net operating income by the cost of the piece of the property, this formula is really important to determine the percentage of return that an investment can hope to realize when they are looking at an investment property. So in English, which that was great air, plain English, essentially, it's a rate of return you're looking for, also known as your APR annual percentage rate. So it's how much money you get back each year based off of your initial investment, or in this, in this case, the initial cost of the property. So on the little graphic, if you guys have pulled up in front of you, the purchase price of $350,000, the annual profit was $82,680, that gives you a cap that gives you a cap rate of 23.6%. Or another way of saying that is in just over four years, you'll make back as much as the actual purchase price cost. But we'll get to his idea in a second. It gets even better than that. Because usually have these properties amortize over a 15 or 30 year mortgage, which gives you so much more cash flow and allows you to pay down that debt slowly, at a pretty good interest rate in general, too. Yeah. And that number that he just gave you was for Airbnb, by the way, which is way higher than what's considered a good cap rate in terms of a typical investment property. In general, eight to 12% is considered a good cap rate. So 23.6 is like blowing it out of the water. And to give you the cap rate of that same property that we've been using in the example, with our long term rental example. It's 1.4%. So huge difference. Yeah, the higher the cap rate, the better the investment in general. Now think of it like this. Erica, if you had $100,000 and I said, Hey, can I borrow that for a year? And then when a year was over, I paid you back? $123,000? Would you be happy? I'd be stoked. Okay. Now, if the same scenario happened with a long term rental, as Erica, can I borrow $100,000. And after a year, I'll pay you back. $101,000 would you be excited? I mean, I'd be a little excited, but not no way you can put your money in a much better use if you use it in a smart way a 1.4% return after a year is not what you guys should be looking for. And if you guys are, please, please, please email us call us DMS we need to help you right away because you need to have a much bigger return than 1.4%. Like Erica said, you're shooting for 812 percent return. That's how the stock markets work. That's how investments work. That's how real estate works. But if you can find something that gives you a higher rate of return than that, let's say a short term rental, you got to jump on that as fast as possible. Yeah. Well, I think it's funny, because when you first asked me that, I was like, Hey, I would be excited for an extra 1000 which I think most people that currently have long term rentals. They're not like in a bad situation. But then they hear our numbers and they're like, holy cow. I didn't know what I was missing out on. People don't think it's possible. Yeah. I mean, if you talk to a lot of landlords, they think that what we say is complete BS. They're like, there's no way you're making that much money. And they hear that we are like, Wow, well, that's great for you. But there's no way I could do it. And the reality is, anyone can do it with the right steps. Yeah. And I think our next episode, we're going to actually dive deep into our real numbers, because obviously these ones we're giving you guys just averages and round numbers as an example. But those are the numbers and now I really want to look at the pros and cons of owning a rental property in general. And then the differences between short term rentals and long term rentals. So do you want


15:00

To jump in and talk about the pros of rental Yeah, I think simply said pretty much any Pro, except for some some nuanced details of investing in real estate can be applied to both long term and short term rentals. So the vehicle we're looking at is investing in real estate. And then the way we drive the car is long term or short term. So if you look at it, when you're investing in real estate, you're putting a percentage down, usually 20% down for an investment property, and then you're leveraging debt or a loan to buy the asset. So you're able to buy a much more expensive asset without having all the money. It's kind of a cool little hack per se, when it comes to acquiring more valuable assets, while putting less of your own money into it. And then on top of that, when you are paying that mortgage, every single month, you're building an equity here, you're paying down not only the interest, but also the principal. And the coolest part is that if you guys do this, right, you're not the one who's actually paying down the mortgage and the interest. You're the people who stay in your house and your rental are the ones who are paying that down. So they're building the equity for you. So it's a win win on your side, and they get housing. So the wind on their side, too. I quickly want to interject, because we've heard a lot of talk lately about Dave Ramsey. And I think there is a big misunderstanding about debt and whether it's good or whether it's bad. And I think it's important to maybe point out that there is good debt versus bad debt. And generally, you know, the rule of thumb that we've been told is kind of like seven to 8%. Right? Yeah, I mean, I think that's a rule of thumb. Never strong and fast, always be true rule. I think when you think about this idea, there's two concepts, two schools of thought there's the Dave Ramsey, become debt free, don't get in debt, pay off all debts and live as close to debt free as you can. And then there's the Robert Kiyosaki, the Rich Dad Poor Dad philosophy of how can I use debt or leverage debt to help me build and grow at a much faster rate? I think for the people who have done their research and dug into it, who are financially literate, who have learned a lot about debt. Debt can be a phenomenal tool. But it can also be a very dangerous weapon when not used correctly. So when it comes to debt, I think you have to know what you're doing. And it's not just a rate of return or a percent of interest, that's good or bad. I mean, if I'm, if I have an interest rate of 3%, but my investment only returning 2%. That's a terrible debt to take on. But if my interest rate is 19%, yet, I'm making back 40%. It's a great investment. So it's all relative to what their investment can return, based off the interest or the debt percent you're taking out? Absolutely. I think another point to make to that would also be what you're actually, quote, unquote, investing in like, going and buying a new wardrobe might not be the best investment, it's not going to have any ROI. Yeah. What's your return on that? You're me emotionally, it'd be lovely. But I won't do what that won't serve you in the future? Absolutely. Okay, I'll let you get back to the rental pros. So on top of leveraging debt, and having someone pay down your mortgage and build you equity, then what I love about rental properties is that it produces cash flow, that puts money in your pocket without you having to trade your time for money. Look, guys, I love what I do. And I work very hard in my chiropractic practice, but I'm always trading my time for money. Not that I can't keep doing it or shouldn't keep doing it. But it's a different mindset when you have something that's paying you on a monthly basis, and you're not just trading your time. So the cashflow aspect, if for nothing else, is going to free your mind up to what possible what's possible in the future when it comes to investing in more things to. And then on top of that, you have this third aspect of wealth building, which I love. It's the idea of appreciation. And you can't bank on appreciation over a short period of time, but you can count on it for the long haul. So not only are you paying down a mortgage, you're putting cash in your pocket, you're acquiring an asset that's worth more than the money you put into it yourself. But if done right over time, the value of the property is growing is going up too. So you may have bought a property for 100,000 bucks 10 years ago, and now it's worth 200,000 or more. Or if you live in San Diego, or Southern California, with the way COVID hit and how crazy the housing market has been. We've seen huge increases in the value of property over the last year. And then the last thing I think is a huge benefit that's underutilized, that we're just now getting into that we're just now trying to find out and dive into is the idea of all the tax benefits that real estate can provide. Not just for the interest write offs and things like that, but for the appreciation of parts of your house of appliances of things that you place like water heaters of stoves of refrigerators, you can depreciate things over a period of time, and actually write that off on your taxes and if you do it right you


20:00

actually don't twist what I'm saying. But if you do it right, you can actually not pay a ton in taxes, because you're depreciating a lot of the stuff that you bought. And you're reinvesting the money that you do have into more properties to grow that wealth going forward to. Yeah, those are all great points. And then, of course, there's some extra bonuses to str, which is short term rental. And the first one is obviously, as you guys saw, the cash flow is so much higher when you're doing a short term rental versus a long term rental. Another thing that I even point out to my students and b&b school, is one of the benefits if you are pitching maybe a landlord that the house is getting cleaned multiple times a month. So the house is staying in really, really good shape. The next thing is that there's less wear and tear on appliances, which is great, because you got to think when somebody is going on vacation, they're generally going out to eat. I mean, if you're a foodie like we are, we are definitely going out to eat, we're hardly using the appliances, versus maybe a long term renter who's eating dinner at home, every meal at home, and they're using those appliances. So it's definitely less wear and tear on appliances, which is great. And then number four, which is one that I feel like has been really prevalent this last year because of COVID is that with short term rentals, as long as you don't pass 28 days, at least in California, your tenants don't have rights, so you can't have squatter rights, you don't have to evict them, so you're never worrying about them not paying, and then having to go through that whole legal process. So with that being said, I mean, I think if you guys can follow along and hear this and see what we're putting down this graphic. And as you guys can see, the pros far outweigh the cons, but it can't all these sunshine and rainbows, right, there has to be some type of con for short term rentals, the negatives that I want to make sure we cover too because there are some things that are more challenging when you have a short term rental versus a long term rental. Number one, that initial investment is larger. With long term renter, you're actually showing the apartment or the house or the property. Without any furnishings, right? Empty, they come and look at it, they sign a lease, they go in there and all the furnishings are on them, all the utilities are on them over the Airbnb, you're doing all that yourself. So that means the money to actually fund the furnishings and things like that has to come from somewhere. And that somewhere is from you. Another con is more time spent managing now you can usually hire a property manager for a long term rental if you're not in the same area. Or if you are in the same area, you can do it yourself. And it doesn't take that much time. You're barely spending time with him on a monthly basis. And if you add up all the time over the year, it's probably not that much. Now for a long term rental though you are marketing that property and trying to find a renter in there every time you have a turnover or changeover. But with Airbnb, people often think there's so much more time being invested to managing the guests and responding to questions on a daily or even weekly basis. The rally is Yeah, there is more time being spent doing that. But if you ask Erica, it's not that much more. Yeah, I mean, that's definitely like, as Raph would say, my secret sauce and something that I do


23:19

almost selfishly because I'm like, why work harder when I don't have to. So I always go for automation and systems. And what I teach people is literally with our two properties, on average, I'm spending less than an hour a week running them. And what's crazy, I mean, you add that up, that's four hours a month. And let's see, I'm looking at our whiteboard last month, we profited like over $20,000 and I worked for hours on average. So it's crazy. I mean, yes, it's a little bit more time and it takes more time initially setting up those automations so that I'm not working a ton of time going forward. But again, you're looking at the payoff, I will gladly work a little bit more for a lot more money. So I just did some quick math in my head and thankfully that was two months ago that happened but your your hourly rate back in July is about 5000 bucks an hour. Now you guys that's we had tons and tons of setup time before that and things like that, but the actual month is about 5000 bucks in our last month wasn't anywhere near that it's only about 4000 per hour. So you know, let's let's yeah poopoo on that right. But the last con i want to talk about last negative to short term rentals to Airbnb is the idea of more regulations and I do want to touch on this here for a second you guys depending on where you are. There can be different regulations on short term rentals where our houses out in the desert and in deal it's established rental market, short term rental market people have been going on for years for Coachella and stagecoach, which that's a whole nother podcast to you guys would never believe that the the nightly rate we got the weekend rate we got for each of the Coachella weekend and the stagecoach weekend when we dropped that


25:00

Hi guys, so you guys, it will blow your mind, I guarantee it because it blows mine. But out there in the desert, there's something called transient occupancy tax. So we call it a short term or a hotel tax almost, it's a higher tax rate that people have to pay that you have to pay to the city for having a short term rentals. Now the cool part is that Airbnb will actually remediate that tax for you. So they ended up charging the guests more to cover that tax. And they send that tax directly to the city. So you never have to deal with it yourself. It's reported on a quarterly basis but you report zero because already been applied to the city for from you by Airbnb. So there are more regulations when it comes to taxes. And some places that do not have long term vacation rental markets established may be changing their regulations in the future. So always make sure you know what's going on in your area when it comes to short term rentals and what could be coming down the pipeline if things are possibly going to change. Yeah, and on that note real quick, because I kind of am the one that manages that part is Airbnb is the only platform that is set up to remit that for you to the city. So if you're doing bookings yourself, if you're using VR, vo or other platforms, they don't all do that for you. So that is a little bit more work on your part. And so just another reason why I'm a huge Airbnb advocate, and Ambassador browner that There you go. I think we should be fair, though. I mean, would it be fair if we talked about the good and the bad of short term rentals. And we only talk about the good of long term because there is some bad to long term rentals, too. So I think one of the big things we can look at over this last year and a half, especially here in San Diego, here in Southern California, or California in general, is that there has been an eviction moratorium, which means if you are a long term renter in California, and you cannot pay or choose to not pay your rental cost each month, the landlord cannot evict you.


26:58

Let me say that one more time, if you choose to not pay, either because you can't pay or you just say you can't pay your rent every month over the last really year, you have not been allowed to be evicted, which means that puts a huge hardship on the landlords. You guys, I don't know if you realize this, but a lot of landlords don't have a million or even a bajillion dollars in the bank. They're not rich, right? They're using leverage or being smart, they're growing their wealth. But if someone's not paying their rent, guest, you still have to pay the mortgage. Yeah, the homeowner. And if you only have one or two properties, that puts you in a huge bind to where you may even default on your mortgage, therefore losing your property. So a big, big, big negative to long term rentals, which is a new thing, really, in this new world that we're in is his idea of the eviction moratorium, which I absolutely hate. So that's a huge negative on the side of long term rentals. Absolutely.


27:57

Also, less cash flow, you guys Simply put, you make less like I don't want you to, I'm not going to tell you how to do your job or what job to do. But if someone said, Hey, I'll pay you more for doing the same job. And you said, No, I'm okay. That's your decision. But majority of Americans or people in this world are gonna say, hey, I want to make more money. So if you look at it from strictly a cash flow perspective, you are making, gosh, what is that over 16 times more income more dollars in your pocket more money to do as you wish with, with a short term rental versus long term rental?


28:30

Oh, and the other thing that I'll mention as cons of long term is just tenant horror stories. I mean, sure, you can have a bad Airbnb guest. And we've had maybe one or two and you know, maybe it takes a few extra hours to clean things. They broke a bed, whatever. But the damage that they can do in a short term period of time, let's say less than 28 days, maybe a week is a lot less than what horror stories that I've heard from tenants who have been living there for one year to year, especially because as a landlord with a long term rental, you're not checking in every month to be like, hey, just want to make sure you know, you're keeping up with the property. And I mean, I know plenty of people that have long term rentals, and they're like, who I got some horror stories for you. So crazy things. I mean, I've even heard of people saying that, like they remodel the kitchen, and they did it horrible. It's like they did not approve that. And now you're having to pick up that mess and completely remodel a remodel of a kitchen that you didn't expect. So there's tons of things that can happen over a year or however long a long term renters there that you have no idea about. Well, here's this funny this idea. The story just came to my mind when I was in college. Yes is a while ago at Central Michigan University. Me and four other guys lived in an apartment complex. And we had a five bedroom townhouse. And it got pretty rowdy to the point in time where people punched holes in walls and did dumb things and broke stuff, but they never did anything about it until we moved out. We moved out we took care of our own stuff. Well, one guys never took care of us.


30:00

thing. In years later, we're getting called for collections for the damage he did. That's a long term process, flip the script to short term rentals. We have a house on a golf course. And we had a couple of guys stay out there for a golf weekend. And if any of you golf, you know, a round with the boys can get a little bit rowdy, which it probably did. We have some cameras that showed some funny stuff. But one of the guys had a bit too much to drink and punched a hole in the wall. Well guess what, that didn't take a year to fix. It wasn't three years of collections and phone calls. They told us what happened. We had someone out there to fix it that day. And by the time they checked us at 10am, before the next guest checked in at 4pm. That hole was patched and fixed and it was no longer a problem. So when you look at the long term versus short term, people have more accountability, they actually tend to treat things better and be a bit more responsible when you look at short term rentals. And I might add it was also paid for by the guest before the next guest checked in. Because the great thing about Airbnb as well is number one, they messaged us, which was really nice, the guests actually told us and they felt bad, because obviously as soon as our cleaners get there, they're gonna see it. But even if they didn't, and we found it we could send a picture to Airbnb will either pay you back from your insurance policy that they have, or they'll get the money from the guests. So that's another cool benefit to doing short term rentals through Airbnb. While there can be a pretty compelling argument for short term versus long term. Now if you guys have any more questions, make sure you reach out I mean, send us a message. I'm not even sure how these podcast things work. But dm Erica, she will get back to you at some point in time. And that can help you guys hopefully answer any further questions you have. But I have to tell you guys, I have been in the world of entrepreneurship for quite a while now I have a couple different businesses. And I have not seen anything return returns like this in a long time to such minimal effort once you're past a setup. So if I can encourage anyone who's on the fence between long term and short term rentals, make that jump take that leap, do short term rentals. I guarantee you will not regret this. Yeah. And I would say if you guys have not had a chance to watch my free masterclass, I do a two hour like intensive class where I'm talking about all of our numbers. And then I'm actually sharing with you guys how I manage it, what systems I use how we were actually able to acquire our first property without even owning it using something called rental arbitrage. I talked about how much it costs to actually get it started, and how quickly you can recoup your investment and then begin the profit, which generally is around three months, which is crazy. So if you guys are curious, pop on over there. I'll put the link for that as well in the show notes. And we'll see you guys next time.


32:45

Thank you so much for listening. If you liked what you heard, it goes a long way if you could take just 30 seconds and leave us a five star review. And if you have friends who also want more out of life, make sure to share this podcast with them. And don't forget to follow along on social media to see what we are currently up to. I'm probably renovating a house as we speak on my stories and sharing that with you guys. And until next time, keep striving for more

24 views

Comments


bottom of page