Episode 031 - STRR - All about STRs & Why Now is the Perfect Time to Invest in Them

In this episode, you get to learn a little more about Michelle and her background in investing: how she got started and who her mentors were and are.  She also explains exactly what it is about Short Term Rentals that she likes and why you might want to look into STRs for an investment yourself.  Also, Michelle will explain why now is a great time to invest in STRs. 

 

Plus, contest details are inside this episode!  Enter to win BIG!!  Go and Grow! 

 

 

Transcript of this Episode:

 

Hi, this is Michelle, the master of money mindset, and you are listening to BNB dash boss podcast.

And in today's podcast, we're going to give you a recycled short-term rental revenue. Yes, it's Friday. And so on. Fridays are repeats and Mondays are our fresh episodes. So stay tuned till Monday to get our fresh episode. But today we're going to talk all about STR short-term rentals and why now is the perfect time to invest in them.

Stay tuned. Our show today is brought to you by audible. Audible is where you get your audio books online and get a 30 day trial into the audible membership for free. By going to audible trial.com forward slash S T R revenue that's audible trial.com forward slash S T R revenue. You'll get your first audio book for free and 30 days into the audible membership just for trying us out.

You'll love audible. Right [email protected]. You can find our $7 courses available for you to try out, find out how to cohost, how to do rental arbitrage, or how to invest in real estate. We're all three, by going to B and b-boss.com and clicking on our store. And you'll find our $7 courses right there. Try us out.

You'll love it. You'll love it, those courses. And they're only there for a limited time. So do it. Also, don't forget our contest. We've got our contest running right now, and every week we're picking a winner. And everyone's names are going to be put into a drawing at the end for a final prize of an Amazon Dodd with a little clock on it.

And your guests will love that. There'll be able to walk right in, ask Alexa to connect to their account, and there'll be able to play their favorite music, ask for the weather or whatever else they want to ask Alexa to do pretty darn awesome. And I would really greatly appreciate. You going to iTunes and leaving me a five star review.

I appreciate it. So please do take a picture of it. Send it over to me at Michelle at BNB dash boss. Let me know that you did, and we'll enter you in those drawings. I'm going to talk about. Why you should think about investing in a short-term rental and why I created this podcast in order to teach you to do that.

But anyways, I wanted to give you a little bit of my unique backstory, how I got started in investing, where I came from, why I invested in real estate and why I turned to short-term rentals at this particular moment in time. Back in the day I worked for a company called rich dad seminars, and it was owned by Susie Daphnis and Peter Johnston.

And Peter is still my mentor and I adore him and Susie as well. They been together for many, many years, and Susie owns her business, which is an amazing company that helps female entrepreneurs all over the world. She started. Just doing it with the Australian women's business network, it's morphed into her business, which is now worldwide.

So she's got some great information for women business owners out there, especially if you're getting started. It's a great place to go. If you're in the middle, it doesn't matter. What level of business mind you have go there and find out more about their business there. But when I was working for rich dad at the time I began.

Dolf DeRoose was actually teaching for rich dad, the real estate portion and dull. If you've ever seen him, he was very famous for buying houses. That was his strategy. And he bought a house a day for an entire year, one time. I mean, it was amazing, but you can imagine when you buy houses or basically in those days, this is before the crash.

Properties constantly went up in value. I mean, it didn't, it didn't seem as if they were ever going to go down. Everything always seemed to be just going up and the world was great and wonderful and new. And so. I fell in love with the idea of cashflow. I started picking up rental properties, especially over by my house and in the communities over there near the universities and the colleges and hospitals.

I stuck with those types of properties and I rented them out and I became the owner in my little group of friends. They would call me the cashflow queen because. I had an amazing knack for picking up properties and creating a large amount of cashflow out of these properties. And back in those days, you have to remember too, that we were investing in properties when the interest rates were really high.

I mean, some of the interest rates on our properties were 10 and 12%. And I know that seems like a crazy amount of interest, the bank and trust that they paid on CDs and things. Those were really high. You could walk into a bank and get a CD 10%. And it wasn't a big deal because they interest rates were high.

They just work. And so we cash flowed on properties like that easily. Other people like who are starting out now going, gosh, I don't know how people did that. It was easy. We learned in that forum. And so it literally was a process that didn't seem hard at all to us. So anyways, we picked up a bunch of properties.

Not all of them were winners. We did have a few big losers, but we always had more wins than losses. And I'll talk about investing. It made me. Cause if you think about investing, when you invest in anything, it's a risk and you're going to have wins and you're going to have losses. But you always want to invest in a way that you have more exits, you know, more strategies, way to get out of things in case things go awry, which is.

Why we like short-term rentals the way that we do them now, and now I'll go heavily into that later, but we knew the crash was coming. After several years, we had a bunch of different authors on, and they were all experts in properties and real estate and different commodities and trends. And. Just, you know, they knew what was going on with the economy.

And we had had a bunch of really amazing experts and authors onstage, and sometimes we would have interviews with them, with all the clients around and we would learn about what was coming up. We knew the crash was coming and everybody around us knew the crash was coming. It was kind of funny because.

We could pick up a newspaper back then. And I remember the Arizona Republic having some kind of headline that said there is no real estate bubble, blah, blah, blah. Things are great. You know, my husband said it down on the table, like see, but we knew that something big was coming and Kiyosaki. I was really blessed to be in that group because he warned us all.

He taught us to invest and taught us to take those chances. But at the same time, he said, you know, you really have to watch what's going on around you because everything changes and what everybody does is not what you want to do. And you can see that in anything, when you look at Warren buffet and the things that he said, the books that he's written, Mary buffet had written a book about Buffa tology I think was Mary.

When you see a large group of people doing something you most likely should not do, do what they're doing, never, ever follow those big herds of people because the majority of people do everything wrong. There's just a small amount of people or a small amount of groups of people doing something outside of what everybody else is doing.

And they're the ones who are usually making the money. So when you see everybody else selling, that's probably a time you should be buying. And when you see a everybody else buying that's when you should be selling. And that's what was going on. I remember when kiss hockey said, you know what? This crash is getting close.

I mean, obviously nobody knew the day that the real estate crash was going to occur, but we knew it was getting close. And so he told us all. If you can't cashflow your properties for half the income, it's time to dump them. And so I started selling all my rental properties and it was at the top of the market.

We would put something up for sale and the day that it went on the market, you would have. Seriously, like a half dozen offers on something. And almost all of those offers would always take the properties above the asking price. And to us, it was kind of crazy because we knew. What the rental incomes were in those areas.

And we knew that people could not possibly cashflow those properties for the prices that they were picking them up for. And especially the prices that they were paying to the mortgage companies with interest rates were like, okay, for instance, know that you had a three-two property. And the rates around that area were 1100, 1200 a month.

And they were picking up the properties and we knew that they were going to be paying out 11 or $1,200 a month in their expenses. So if the rents were that high, there was no way they could possibly cashflow those properties, but people were doing it anyway. You have to kind of think of it just like when you buy a stock, there's always somebody buying stocks and always somebody selling stocks.

You don't know the reasoning for buying or selling. But even when you buy a stock at an incredibly high price, or you're selling it for an incredibly high price, somebody is out there buying it and you're like, why would they buy that for this much money? You never really have to think about it. There's somebody who's doing it.

Just know that they're out there. So it's like, okay, these people were out there and they were buying our properties and we were selling them and selling them fast. So when the crash came. We were extremely now a lot of people would say, well, you were really lucky. Well, it's mostly education. It's mostly watching what's going on, watching the trends, keeping an eye on things, and then just paying attention and taking action on it.

It's the people who become emotionally attached to things that have the hardest time letting go of them or making the hard decisions. Those weren't hard decisions because I, it had the friends. And the foresight in all the education that I had around me to make the decision to sell. And that's why we didn't lose a ton of money when other people did, because we knew what was coming.

We sold nearly everything. And those experts, those same experts who warned us back in those days about this big real estate crash. I read them to this day and they've called other market changes. And right now they are calling for a warning against another huge adjustment. And that's because. The American dollar is so weak and most people don't believe that and they don't see any evidence of it because our markets are really, really well manipulated right now.

Golden, silver should be worth way more than they are, but they've been manipulating them and keeping them low. And I have a friend, Mike, who's written several books on gold and silver, and we'll have him on the show later and he can explain to you how they can do that. But what happens is usually, and in the past, when the dollar was strong, then golden, silver stay low.

And so when the dollar is weaker than golden, silver shoot up high, and this is just a for instance, okay. But right now, If they keep those prices low, what it does is it creates a belief system in others that, oh, our dollar must be really strong, but it's not, we've been borrowing money at an alarming rate for so long.

And we owe so much money to other countries like China, that our dollar it's inevitable that it's going to have an adjustment, if not completely crash. And you don't have to be scared about things like that because it's happened in other countries several times. I mean, there's always adjustments. We call it an adjustment.

What it does, just that knowledge of knowing something's going to happen. It gives you kind of a heads up, right. So, you know, something's coming so you can get yourself ready and you can prepare for it. So with the housing market, when I started reading about this new adjustment that was coming, I was like, wow.

You know, I don't want to be holding a bunch of properties that are going to lose their value. Now that's not necessarily true in all markets. Okay. Let me explain that a little bit, because home values don't really matter when you're cashflowing a property. Now, obviously as long as you don't sell it, and it's the same with the stock, as long as you don't sell it, you're not going to lose any money if you own it.

Right. But you want to make sure that it's cash flowing always. So let's say for instance, I'm going to give you a little bit of background here. Let's say for instance, you bought a house and the house is worth a hundred thousand dollars and. You were renting out the house and cash flowing a few hundred dollars on that house every single month with a rent.

If you took the rent, that was the income coming in and you deducted all your expenses from it, you know, the mortgage and insurances and taxes and maintenance and all those, you know, everything, the depreciation of all the things that are inside of it. And you still had a cashflow. That's great. That's what every rental property is, should be right.

But the value of that house, let's say it climbed, climbed, climbed it to 150,000. Most people, they were playing with that equity. So that $50,000, they would see that value as money. And it's really not real unless you're balling against it. So some people and most people, most investors we would take and we would.

Take that $50,000 reinvest that into another property and then buy more properties, more properties, more properties, and you'd have the value of these properties, the mortgages maxed out on these properties. But what would happen when the value fell like during a crash? So let's say that property value went down to 80,000.

Would that make a difference to you? Not really. Not unless you sold the property as long as. Your rents stayed the same. Now, if you've got a fixed mortgage, which you should always have when you have rental properties, if you have a fixed mortgage and the rental rates stay the same, which historically, during many adjustments, they have stayed the same, right?

You shouldn't be bad at all you, because you know, maybe your insurance might go up a little or your taxes or something, but for the most part, that income is going to save the same and the expenses are going to stay the same, even though the value of the property is different. It's not really going to matter unless you sell the property.

So you wouldn't have to worry. But during the last adjustment, during the last crash, That actually affected rents in Arizona, more so than it had in years. And we saw entire neighborhoods where the rental values went way, way down. So not only did the value of the property go down, but the rents went down.

So imagine then in that same scenario, you had this property and it was totally maxed out. And then the value dropped again. But the rental income dropped as well. That means you couldn't pay the mortgage on that property, right. Because your rent was now lower than the expenses going out. So you had a negative.

And then if you had to sell it, you'd be in the hole, which is also the reason why a lot of people lost their houses. The majority of people lost their houses because they treated their home like an asset. And your home is not an asset. If you've read any of Robert Kiyosaki's books, you realize that your home is not an asset assets, put money in your pocket.

Liabilities, take money out. Your home is one of the biggest liabilities that you have. It's never putting money in your pocket unless you've got something on the side, that's bringing money in right here in lies the background of all of that, knowing what we went through last time and knowing that there's now an adjustment headed our way again or more than likely it is now.

Even if there isn't, you always want to have massive exit strategies, right? You don't want to panic and go, the sky is falling. The sky is falling, then it. You know, you just don't know, but you want to be prepared for any scenario. And so I believe because of all the information I have reading and keeping up with trends that there is another adjustment headed our way and it will occur within the next few years.

So I don't want to own a bunch of properties that may or may not lose their value that may or may not lose their income potential. Right. But what I found was. That there were a lot of properties, especially the rental properties that we had already had in Florida that were short-term rentals. So what I found was just took a look at the evidence that there was around me, right?

My short-term rentals made a lot more money than my long-term rentals did. So whatever my expenses were for a property, the amount of money that I was making every month on those properties. It was a much larger amount, a much larger percentage with a short-term rental and the property is we're being taken care of much easily maintained, and actually even improving their value you as compared to the other properties.

I always had a lot more money going in to fix up a long-term rental than I did my short term rentals and just simply maintaining those. So I really liked short term rentals for that reason. And then when I started thinking about what was coming, the potential future and another real estate adjustment, I thought to myself, okay, where would I like to be?

I mean, it was just, it was just an easy decision to make. Where on this scale would you like to be? And I wanted to be more liquid and I didn't want to have a bunch of properties that I was hoping hope is good when somebody has cancer. Hope is good when somebody's sick. Hope is good when somebody is away fighting overseas or something, hope, definitely has a place in our life.

And if you're a person of faith, but hope has no place in investing, you really don't want to have hope as one of your variables. You know, you really want to know that this is the way most likely something is going to work out. So as a person of faith, I mean, I love having hope and I'm not going to buy something or invest in something and hope the price goes up.

It's just not the kind of person I am. So what I did was I just took the analytical road and started thinking about what prices I wanted to pay for properties. What the value of those properties would be. If something were to occur, like all the experts say. And so I decided I was going to sell the majority of my properties and I began selling them.

When you have rental properties, let's say you have this huge portfolio of properties and they're bringing an income in and you start to sell them. What happens to your monthly income? Yeah, it goes down, right? You're like, oh shoot, I'm the selling these properties. Which means though that my monthly income is going down because my cashflow is going down because I no longer.

On those properties. So I need to buy more properties, but I don't want to buy, what should I do? So what I started doing was I started doing more short-term rentals with the properties that I did own. And then when I ran out of those properties actually started renting properties from my friends who had rental properties.

They were long-term rental properties. And I said, Hey, I know you have this property. That's empty. Let me take it off your hands. I'm going to pay you a hundred dollars more a month than you would be renting it out for. And I'm going to turn it into a short-term rental. So we're going to add an addendum.

It worked out perfectly, and we were able to duplicate that you just duplicate it over and over again. So now I've taken all my properties that I kept, the ones that I wanted to keep. And turn them into short term rentals. And then I took my friend's properties and I started renting from them and turning them into short term rentals.

And then I ran out of their properties, my property. So what did I have to do next? I had to go find other landlords who are renting their properties out, who I can turn their properties into short-term rentals. Okay. So let's get comfortable and start thinking about this. When you go to a landlord and you see let's use a property that I'm sitting in today is a three, two in the middle of Orlando.

And so the monthly rent on this property is about 1500 a month. But if you take that 1500 a month and you pay the landlord, the $1,500 to rent it out for the month, and he's got that income coming in, but you take it and you rent it out for 300 a night. Or two 50 a night, even you're making much more money than the rent is costing you, do you see?

So that money is now going into your pocket. These properties cashflow a tremendous amount of money as compared to others. Now, here in lies, the danger of doing this. What if the market gets saturated, I'm in Orlando right now. And, oh my gosh. I mean, there are literally right now for tonight, I could go on Airbnb and there are hundreds, if not thousands of properties in this area that are available to rent tonight, like yeah, because okay.

Is super saturated here. So those are the dangers. You could get into an area where there are so many rental properties that you're competing with each other, and there's just no way to market yourself or engage your name out there unless it's with repeat customers, but even then even repeat customers when it comes to saving money.

If the properties are very similar, they're not going to stay with you. If they can save money and go with somebody else. So it's a different type of. You know, when people aren't living there and they're just staying there, they're more likely to make those little decisions that could sway them one way or another, because it's not a lifetime thing.

It's not really going to impact them more than a week or two. So you have to weigh the pros and cons of everything you do as with any investing. Right. So, what does this mean for you? You want to invest? No, that no one has ever really saved their way to retirement. They can save to a nice retirement, you know, by putting money away every month and everything, but I didn't want to retire nicely.

I wanted to retire with the lifestyle that I have today. I love being able to travel. Like I do. I'm here at my rental property. Every year at this time, I'm in Orlando doing the Halloween horror nights and the food and wine festival. And I stay with my family for over a month. I take off work for over a month and I plan it that way every single year, not to mention the trip, I just took to Temecula with spreads or the trip I took to Hawaii.

A few months ago, I owned a travel agency at one time. So. I'd love to travel. I love to go places and do things. I love to be with my friends and my family. So I didn't want to give up the lifestyle. Like I don't want to retire and be in my sixties and have to sit on a porch and keep a budget. I want to have more than enough money and I want to have money that I can enjoy.

So I didn't want to retire poor. And if you don't want to retire poor. Or, you know, live under your means by all means. I mean, I love and respect Dave Ramsey and everything, but come on seriously, who wants to live on that budget all the time? I'm not the kind of person who's going to walk into a grocery store and not buy my favorite hummus because I'm going to save a dollar buying the cheaper brand I want to live right now.

I mean, I could get hit by a bus tomorrow. And I don't want to spend my days scrimping and saving every little sense so that I can live like no one else tomorrow. I want to live like no one else, every freaking day. That's who I am. I want to. I want to live that lifestyle all the time. And in order to do that, I've decided that I am willing to take more risks and not just put money in a bank account and be willing to earn the few percentage points that I get in a bank.

But I'm going to take that and I'm going to invest in other things. I believe that if you're listening to this podcast, that's the kind of person you are too. I mean, obviously we don't want to make unwise decisions. We want to make educated decisions in what we invest in. And we want to have many, many exit strategies.

So we're never stuck. We never want to be in emotionally attached to a specific investments so that we make an emotional decision that would be wrong, but we want to make money and we want to use it to help ourselves and help our family and help our community and give to others. I mean, there's some really great charities out there that I love to give to.

And. I think it's really important that I'm able to do that now while I'm alive, because who knows. Nobody knows, you know, I've lost both my parents now. Well, actually three of my parents, no, most people only have two, but I lost my real dad. I lost my mom and my stepdad. And what that taught me is that life is really short.

It's really short. You have no idea what's going to happen. You have no idea when things are going to happen. So I'm not a person who obviously I'm going to plan for the future, but I'm not all about the future. I'm about living today too. And I'm assuming that you're kind of the person either who wants to plan for the future, but who also wants to live a great life now.

And I believe that short term rentals give us that opportunity to do that. To be a wise investor and make good decisions, educated decisions. But also be able to live a nice, comfortable lifestyle so that we don't have to worry about being able to buy a car that we'd like, not just a car that makes fiscal sense.

I have a Prius, so I don't know. I'm not one to talk. I've had to Beamer and I've had the, you know, Mercedes and stuff and the very expensive insurances and. Pair bills that go with them. And so I traded my Beamer in for a Prius B and this is the second one I've owned actually own two of them now, and I've paid cash for them and I loved them.

But the thing is. I know that it makes me happy to be able to drive and save a lot of money. I love that. I love the way my Prius drives. I love the repair bells I get, because they're so low. So like, you need to be able to live the life that you want. Not that makes other people happy or impresses other people, but the one that makes you happy.

So if it makes you happy to be frugal, be frugal where you want to be frugal. If it makes you happy to go buy a purse or another pair of shoes, as long as you're not putting yourself into debt or your family in harm's way, it's you, it's your life, man. You get to do what you want to do, and I'm not going to judge you for how many times you've gotten your nails done or your hair done, or your, the shoes in your closet, because that makes you happy.

And life is about being happy and making others happy. That's kind of where I stand. And what else does it mean to you? It means. Yeah. You know that there are risks involved every time you invest, but you can always make an educated decision in what you do. Right. This is the safest way that I found to create cashflow without having the risk of losing all that equity in a rental property.

In case that scenario that all these experts are talking about does occur. What if the dollar does crash? What if there is a major adjustment? Again, I don't want to be stuck holding the ball. I'm making those decisions for me and myself in a way that's going to put my family in the least amount of risk possible.

And also to remember all these real estate things, actually at any kind of investment, anything that you see that is making money now. Anything that you can go, gosh, I wish I got into that at this time. Those are all trends, trends. They begin and they end. So even this Airbnb business that's growing right now, this is a trend and it will end who knows what?

Right? Because once everybody starts doing it, those markets are going to get saturated. Like I said, just like Orlando here. And there's a lot of people who can't market their property or who aren't decorating it in such a way or taking the right kind of pictures or whatever they're doing. They're going to fail.

And lose a lot of money. So there are people who are doing short-term rentals now, and they're doing it wrong and they're losing a lot of money. And guess what? That market is not going to stay as strong as it is now, because eventually there's going to be more people with properties out there than there are people renting them.

And that's, that's just the way it goes. Those things, they top out the people who are losing money, uh, fall away. Right. And then there's an adjustment period that happens. And then a new market or the new trend will appear. Maybe people that will be switching houses because there's that too. There are people who do the HomeAway and they switch houses.

I mean, who knows what the next trend is in real estate? Nobody really does, but it's a trend. And so eventually it's going to end. It won't be around forever, but what you want to do. Is you want to ride that wave, right? Because they don't last forever. You know, that you can make money right now doing it, always.

One of those things that you see with any kind of investment, when you see a lot of people getting into it, especially your friends or other people, and they're making money at it. The people that sit in him and ha like, um, I don't know, maybe not now, maybe next week. Um, oh, a month later. Oh, you know, like, look at Bitcoins.

How many of you had friends who got into Bitcoin early? Raise your hand. Yeah. I had friends who got into that stuff and I was not going to do it. There was no way. It was way too risky. I did an article about it, all the risk and rewards, and I thought, okay, here's what we decided after all the investigations and all the reading that we did.

We're like, you know what? It would be an awesome thing to accept as a merchant, but I would not hold money in it because it was too risky. And then right after we did that, boom. It just crashed. Right. And tons of people lost money in it. It's definitely was a, because I wrote that article, it was just going to happen.

But the thing is, there's an adjustment. There is when you see a lot of people getting into something, boom, that's when there's going to be an adjustment, but when there's a few people getting into it and you're hemming at Heine, Take the action on it. I mean, don't take massive action. Don't sell your house, mortgage your home and put all the money in one basket.

You never do that, but I don't see anything wrong with taking a thousand dollars and investing it in something and going, let's see if this works, you know, let's watch it and see, because you know, when you see a market like the Airbnb business right now, You can look statistically and see how many houses across the United States have been starting to list their homes in Airbnb.

And that number is just growing and growing and growing, right? So that is a trend. And if you're going to hop on, do you want to hop on sooner rather than later? Sooner? Always, always. But when you see any, you know, you watch that market and if you see any kind of adjustment happening, boom, you bail, you Belfast.

I mean, you don't bail all the way out. I never sold all of my property because I knew that there were going to be some that probably held their value or that some that were going to be cashflowing regardless. Right. You always want to make sure that you have all the exits covered. You want to make sure that you're protected.

And so anyways, that's a little bit of my background in how I got involved in short-term rentals and why I decided that they were no something that I wanted to teach other people to do. I saw all these people out there and they were doing it wrong. There's ways to do it wrong and you'll be losing money.

And I don't want people losing money. And this was also a great opportunity too, because when I was. Ghost riding. And when I was investing in doing all the things that I did, that I was making money for, I always wanted to have some type of course or something that was going to teach other people how to invest in real estate.

Right. But guess what? I was always fearful of being responsible for somebody doing it wrong and losing money, because there are so many ways to lose money in real estate. So I was fearful that I would teach somebody how to invest. They would do it wrong and they would lose a lot of money. And that somehow, I don't know, chromatically it would be, you know, on me and I didn't want to be responsible for that, but now the opposite has kind of happened.

Now. I see people who are doing it wrong and teaching other people how to do it wrong. And I'm, chromatically inclined to help people do it the right way. And I said, you know what? This is something I'm passionate about. This is something I know a lot about. This is something I make money with. I can help others do it too, and I can show them the right way to do it.

And so that's why I decided to start this podcast. That's why I do the courses that I do. That's why I have the prosperity process. That's why I write the articles that I do, because I want people to know what's really going on because this is your money. I want you to be empowered and I want you to be able to help people.

You know, some of the biggest blessings in my life occurred when my parents were sick, both my mom, my real dad, they both passed away from cancer. And when they were sick, I was able to help them and nothing feels better than helping people and nothing feels better than helping the people that you love.

You know what I mean? So, and not just with medicines. Yeah. I was able to do that, but like, I remember my mom and my dad going on a cruise and my husband and I had got them that vacation and the pictures that I got afterwards and just. You know, their faces and stuff. When you put yourself out there and you take those risks and you make money and you begin to help other people, you impact their lives.

That is so rewarding. It really is. And I think that everybody needs to experience that because once you experience it, it's probably like the best drug in the world is helping people and seeing the positive changes that you can make in other people's lives. I want you to think about doing a short-term rental.

If you haven't, I'm going to have some challenges set up in the next episodes that are going to help you take those first few steps to learn how to get your first short-term rental. Get that whether they say notch on your belt, right. And get it started and get some money flowing in and then teach you how to duplicate it and put you in a place where you can do the same thing, where you can help other people where you can live a lifestyle.

Now. Just like, you always wanted to live, that you don't have to make any kind of excuses or any kind of sacrifices you can live the life that you dreamed of. Because honestly, there's no reason you can't, you are the one who sets those boundaries and those limitations in your own mind. So let's get past them, right?

So why now? Well, right now the market is extremely strong with short term rentals and it is almost all over the United States and it's growing every single day and is growing in areas that you wouldn't even expect to, to grow. Right. There are properties, people renting out properties. In little cities or little towns and people are literally making a lot of money doing that.

Now, obviously there are towns like Orlando that are very high touristy towns, where the market is extremely saturated and it's much more difficult to do a short-term rental. Property in a touristy place. I know that most people think that it wouldn't, and that's why they lose a lot of money because they go, oh, I live in Las Vegas or Orlando, or pick a touristy town.

And they get started. If they get started wrong, they're just going to lose money. They are literally going to be just debris, but if they get started the right way, they could still make money. And if they get started on the outskirts, like, you know, if you had a rental property in Henderson, you could probably make even more money.

And there's going to be different reasons why, but the thing is you need to be knowledgeable. You need to know what's going on. You need to know what the trends are. You needing to know what's working, what's not working, why it's working, why it's not working. There's a lot of information that you need to know.

And it still, if you think about it, short-term rentals. I know they've been around for a long time cause we've been doing them for a long time, but they're relatively new when it comes to things like Airbnb, it's still a newer trend and it's still. Unsaturated in a lot of areas. So there's still a lot of room for growth before it explodes.

This is the time to get on that wave. This is the time to start paddling out and hop on the wave and start writing it. Market trends. Remember they don't last forever. So why would you wait? You wait too long and everybody is going to be on it. And then it's really saturated. And then it starts not working for everybody.

And then it's harder and harder. So that's why you want to get on now. You really, really got to learn to make those moves. When, when you have the inclination to buy something or do something when it comes to investing, go with your gut. If your gut is telling you, oh, I really want to do this, but I'm scared.

Well, obviously everybody's scared. Obviously the first time we do anything, we're going to be scared. That's the time to jump because you can't let that fear hold you back. Fear false evidence appearing real, right? If nobody does anything, not out of fear, the first time you do something that's always fearful.

And then the more often you do it, it gets less and less. But you know, there's a lot of things that fear never goes away. But you just got to learn to embrace it and go with it. And we're going to teach you all the best ways to do it and teach you all the downfalls. And when you're educated about something, then you can make much better decisions.

You can make a more educated decision about how and what you invest in. And then, you know, it's got amazing returns. Short-term rentals have amazing returns. They're even better than the properties that I hold that I buy and hold, you know? So I like them, obviously you're taxed a little bit differently and there are a few more expenses in there.

Little trickier. It depends if you're just learning this and you have never done other stuff, you'll never even think it's tricky. It's kind of like us investing when the interest rates were 12% and people go, how did you do that? What was the only way to do it? Because that's how the interest rates were.

What do you mean. How did we do it? It was the only way there was no other way. So this'll be the way for you when you first get into investing. If it's the only thing you've ever invested in, because you'll never know how to do it wrong, if you only learn the right way. So that's kind of cool. So why short-term rentals?

Well, the market, the market says, okay, well, you know, all the real estate prices are growing and growing, growing. So if you're picking up properties right now, You're picking them up more and more expensive every day. And you're probably making less and less cashflow, right? Because the rents don't grow nearly as fast as the prices of the mortgages are growing.

So you're going to make a lot more money and create a lot more cashflow with a short-term rental. What's really cool. Is the income on a short-term rental is just much better, you know, where you're making 50 to a hundred dollars on multi-units, you know, per unit or. You're making several hundred dollars on a home.

This way you can make literally thousands of dollars on each of your rental properties. I think it's just a much better, much safer way. It's easy to get in an easy to get out. You always want to have several exit strategies in any type of investment if the market does crash or even if it doesn't, you want to have a way to get out if you need to get out, because there might be some reason that you need to get cash quickly, and this is the best way.

You'll be able to be in and out quickly and easily. And it's a win-win scenario too. It helps out, like I said, I was renting some of the properties I rent or from my friends, my friends are making more money, me renting from them and I'm taking better care of their properties than they are with the other.

Renters that they had with the long-term renters. So it's a win-win scenario. It's helping everybody out. So this is a great place to be. This is exactly where you want to be. And obviously if you're listening, There's something driving you to do this, and I'm really encouraging you to stay with us and stay tuned, go to our website and learn more about short-term rentals.

There that's home to our blogs and all kinds of information in there. That you can learn how to handle your money, just smart articles. And, you know, just really educate yourself about things because you're in charge of everything you do, you are responsible for everything you do and believe it or not, you are where you are right now because of the decisions that you've made.

And once you're ready to grow up and take responsibility and say, yep, I'm here because somehow some way I chose to be, I am a victim to no one. And you take that power back from everyone else. You start to create a life for yourself. That is beyond words. It's like no other. And I think you're ready to do that because you're listening to this podcast, something drew you here, and I'm really glad you're here.

I'm really grateful for you listening. I hope that you hit the subscribe button, leave a comment, ask questions. So if you have any questions, post them on our Facebook, either in the comments area, I would actually post them in the private messages so that we can see them. And we're made aware of them.

We're going to answer any questions you have. It doesn't matter what it is. And if it's a private question that you want to answer just to you. Just please send it in there and just say, Hey, can you privately message me now? I might bring it up and not use your name or something because a lot of times when you have a question, it's a question that other people have too.

It might be something that we, you know, we, we try to address later with everyone else, but never be embarrassed about a question that you have. And we're here to answer your questions. I want to answer everyone's question. Because I want you guys to feel confident in a business that you're starting for yourself and for your family.

And I really want to empower you. I want you to be super successful and really happy, you know, a year from now kind of look back and go, wow, I can't believe I started just a year ago and look at the lifestyle I've created. And I think you could do that. I don't think you can. I know you can. So like subscribe, tell your friends about our podcast.

We're just getting started and I'm super excited. I'm really grateful for all the comments, the likes, the shares, the subscribers I've got subscribers. That's so cool. I'm loving that. So if you're a subscriber, thank you. Thank you. Thank you for signing up. That was so cool. When I saw that we had subscribers, I was like, this is awesome, but if there's anything I can do for you, please let me know.

Put it in the Facebook messenger and send it out to us. We'd love to answer your questions and get to you. Hey, thanks for listening to the repeat of short-term rental revenues podcast. All about STRs and Walid now is the perfect time to invest in them. I want to remind you that we have a fresh episode dropping on Mondays.

Please tune in and listen to us then. You can subscribe and like us. And if you leave us a five star review right now, remember we've got a contest going on. So please, please post your five star review on iTunes or wherever you listen. Take a picture of it. Send it to [email protected]. And we'll enter you in the drawing for a t-shirt.

We've had two weekly winners so far. And we are going to be putting everyone's name into the big contest for the echo dot. So thanks again. I really appreciate you taking the time and we'll talk to you on Monday. Have a great day. God bless you. Go and grow.