April 22, 2025

Smarter Short-Term Rentals with Avery Carl

Smarter Short-Term Rentals with Avery Carl
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Boston area real estate investor, Jesus Jimenez joins Luis as they discuss the intricacies of the short-term rental (STR) business with Avery Carl, a recognized expert in the field and the founder of The Short-Term Shop. Avery shares her path from a long-term rental investor to building a portfolio of over 250 units, including short-term and long-term rentals. Avery offers insights into optimizing STR profitability, navigating regulatory frameworks, and the importance of leveraging platforms like Airbnb and VRBO while setting up efficient property management systems. This episode also explores the evolving landscape of STRs, the emerging trend of boutique hotels, and valuable life hacks for managing a real estate business. Avery also talks about her books, 'Short-Term Rental, Long-Term Wealth' and 'Smarter Short-Term Rentals,' providing listeners with both beginner and advanced tips for succeeding in the STR market.

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Host Information:

Luis Hernandez: Facebook, Instagram, LinkedIn, Twitter

email: thewayfindershow@gmail.com

We want to give a huge shout out to our friend, Jast Collum at 756 Productions, for creating our intro and outro music. This guy is a beast.

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Willow Ash Roofing - Roofing...

WEBVTT

00:00:00.000 --> 00:00:05.370
And still to this day, 250 doors later, every dollar that we make on real estate investments.

00:00:05.370 --> 00:00:09.689
So every dollar that cashflow goes back into buying more real estate.

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We don't live on our investment income, which I think is the biggest mistake that people make in their first two or three deals.

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Welcome to the Wayfinder Show with Louis Hernandez, where guests discuss the why and how of making changes that led them down a more authentic path or allow them to level up in some areas of their life.

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Our goal is to dig deep and provide not only knowledge, but actionable advice to help you get from where you are to where you want to be.

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Come join us and find a way to your dream life.

00:01:01.433 --> 00:01:09.474
We've been lifelong friends, but you're here because we have a guest coming up that is of interest to you and your business, right?

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Yeah.

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No, abs.

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Absolutely.

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Yeah I'm really, excited to meet Avery and to get to to speak with her and why?

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And I can't even, just'cause I think the knowledge and the experience that she has, right?

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So I think this is an opportunity to chat with someone, who's normally not in my circle.

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It's not in my space, right?

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I know she does a lot of, a lot of podcasts, a lot of interviews, and she speaks at a lot of conferences.

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But I'm assuming that even in those spaces, it's difficult to have a one-on-one, right?

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Everyone is fighting for her attention.

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So today, right?

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We actually have that opportunity.

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So I think that's super awesome.

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And just, and why is she important to you?

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Because she's doing what I wanna do.

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She's doing it in the real estate space from a STR perspective, right?

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It's something that I started to do a year and a half, two years ago.

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I have my feet wet.

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I'm transitioning some of my long-term properties to STR.

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But there's still a lot for me left to learn, right?

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I don't think you ever finished learning.

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And she's been in the STR space for a very long time.

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And I wanna say that when you think of short term rentals and Airbnbs and you think of the experts.

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Avery call comes up all the time.

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She says the top of the list.

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She, absolutely is.

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So from my perspective, it's really I wanna learn what are some of the tips and tricks?

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What are some of the insights?

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How do you maximize profit profitability?

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How do you minimize vacancies expenses?

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Those are some of the things that can make and break your business.

00:03:10.764 --> 00:03:14.963
When you're talking about str it's very different than long term.

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So yeah.

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So I'm excited to see what she has to share.

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Yeah.

00:03:19.493 --> 00:03:28.373
And what, what gems, or takeaways I can get and and then try to incorporate those into my business.

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Yeah.

00:03:29.334 --> 00:03:32.693
And Jesus, you have, tell us a little bit about your, business though.

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How, like where are your str where, how many you have?

00:03:36.413 --> 00:03:36.623
Yeah.

00:03:36.998 --> 00:03:37.359
All that.

00:03:37.359 --> 00:03:39.218
Actually, lemme even take it a little bit back.

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Let me dumb this down a little bit more.

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I know you, you are also building a big following yourself and Correct that following is very niche specific.

00:03:47.679 --> 00:03:50.558
So they all know what an STR is, but my followers don't.

00:03:50.709 --> 00:03:52.868
The people listening to the Wayfinder show may or may not.

00:03:52.868 --> 00:03:59.019
So just for, I may back it up a little bit and just say define things.

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STR is a short term rental.

00:04:01.389 --> 00:04:04.598
Some people just call the most common platform is Airbnb.

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Correct.

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So a lot of people just call them Airbnbs.

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But STR is short term.

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And, it's usually less than 28 days.

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So when we think of, when we talk about st, everyone thinks Airbnb, just like you mentioned, and it's usually less than 28 day stays.

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Then there's this new category or what I consider a new category called midterm rentals, MTRs.

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And this is usually 29, 30 days to about six months.

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In my business it is a lot of travel nurses digital nomads contractors that are coming into an area to work for one month plus.

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So those are the folks that fall into that MTR space.

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There's other avatars that do, but for my business those are the primary people that, I engage in and that I host.

00:05:01.819 --> 00:05:05.358
As far as my portfolio, so I started off with long-term.

00:05:06.199 --> 00:05:14.718
So our first unit was our first building multi-family residential and commercial all in one.

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So the residential piece working with the tenants, working with the property, making sure that everything is kept up well and trying to mitigate issues as soon as possible.

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I had to learn that.

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That, that was on the residential side the commercial space is something completely different.

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If you think they're both the same, that is not the case.

00:05:40.408 --> 00:05:45.749
I made a lot of errors on the commercial side just with the leases themselves.

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I, there are so many things that that I've learned now, but, it's just kinda Yeah.

00:05:52.829 --> 00:05:53.968
Kind of part of that journey.

00:05:55.639 --> 00:05:57.978
That's where the majority of my experience is.

00:05:58.038 --> 00:06:03.408
It's in residential multifamilies and then some of the commercial space.

00:06:04.189 --> 00:06:08.959
I have a few multifamily buildings majority in Boston.

00:06:09.499 --> 00:06:11.538
I have, I do have one in Attleborough.

00:06:11.569 --> 00:06:13.488
I know we were talking about that the other day.

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It's the next town over is Rhode Island where you grew up.

00:06:17.238 --> 00:06:17.269
Okay.

00:06:17.718 --> 00:06:20.269
So I do have one in your area.

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And then the other, properties are here in the Boston area.

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Yeah.

00:06:25.699 --> 00:06:27.348
Why did you switch to short-term rental?

00:06:28.348 --> 00:06:29.848
I listened to a lot of podcasts.

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I listened to a lot of YouTube interviews and I had a lot of friends, local friends that were doing Airbnbs, and they kept telling me, Jesus, you have to look at this.

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You have to check it out.

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You have to give this a try.

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And I think sometimes it always seems like the grass is greener no matter what someone tells you, it always that sounds like too much work.

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I don't know.

00:06:55.709 --> 00:07:01.108
And I hesitated and then one time I found a good opportunity to test it out.

00:07:01.619 --> 00:07:07.139
I had a finished basement in one of my multi-families and I was like, you know what?

00:07:07.139 --> 00:07:07.499
I'm.

00:07:08.009 --> 00:07:12.418
Let me try this Airbnb thing in this space, right?

00:07:12.418 --> 00:07:14.879
I'm not losing anything per se.

00:07:16.019 --> 00:07:20.548
Invested some money renovated the space, then we furnished it.

00:07:21.149 --> 00:07:22.829
Again, I'm putting money in.

00:07:23.488 --> 00:07:25.499
I haven't even applied for the permit.

00:07:26.819 --> 00:07:28.319
So it was like, it's scary.

00:07:28.528 --> 00:07:32.608
Oh, we're doing this or we're doing this but I went all in.

00:07:32.788 --> 00:07:34.408
I wouldn't advise folks to do that.

00:07:34.978 --> 00:07:35.999
But I went all in.

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Luckily things worked out and, four months, five months in this little basement apartment or studio was making almost as much as one of my regular three bedroom apartments.

00:07:53.139 --> 00:07:56.619
And now, again to put things in perspective, it is season.

00:07:57.488 --> 00:08:05.949
So in six months I was able to see why people were so all in to Airbnb.

00:08:06.158 --> 00:08:11.798
I was able to see when they talk about, oh, you can get up to three times the amount of regular rent I.

00:08:12.684 --> 00:08:19.584
I saw that I received the 10 99 from Airbnb at the end of the year, and I think that's when it really hits you.

00:08:19.584 --> 00:08:24.713
Like when you see all the numbers together, you're like, holy crap, we made how much?

00:08:25.713 --> 00:08:28.144
Like that's that light bulb moment.

00:08:28.894 --> 00:08:35.104
And obviously you have expenses, you have utilities, you have these different things that, that still come into play.

00:08:35.104 --> 00:08:40.653
But that was an eyeopener for me and I was like, okay, yeah, there may be an opportunity here.

00:08:41.854 --> 00:08:42.484
All right.

00:08:43.323 --> 00:08:44.073
Hi Avery.

00:08:44.399 --> 00:08:45.599
Hey, how are you?

00:08:45.808 --> 00:08:48.928
Okay, so Avery, we're trying something different with you.

00:08:48.928 --> 00:08:49.798
I hope you don't mind.

00:08:50.129 --> 00:08:51.658
We already started recording.

00:08:51.658 --> 00:08:53.908
We have a special guest host on Okay, cool.

00:08:53.908 --> 00:08:54.928
Who's a big fan of yours.

00:08:55.663 --> 00:08:55.953
Okay.

00:08:56.489 --> 00:08:57.028
Surprise.

00:08:57.533 --> 00:08:58.474
I'm awesome.

00:08:58.583 --> 00:08:58.953
Love it.

00:09:00.328 --> 00:09:05.038
Yeah, we, we, started doing something on the Wayfinder Show.

00:09:05.219 --> 00:09:10.979
I have a newsletter that comes out and on there I have all the guests who are coming up who are scheduled, and yours was on there.

00:09:10.979 --> 00:09:13.109
And Jesus is a friend of mine from.

00:09:13.528 --> 00:09:14.399
Back in college.

00:09:14.399 --> 00:09:16.019
We've been friends for 30 years now.

00:09:16.019 --> 00:09:19.739
And and he's been doing the short term rental thing in Boston recently.

00:09:20.158 --> 00:09:26.938
So once you get into that somehow we, we find you you're, always, you start looking for who's doing it right.

00:09:26.938 --> 00:09:28.109
And your name always comes up.

00:09:28.109 --> 00:09:30.778
So he's I wanna be down for that episode.

00:09:30.778 --> 00:09:32.129
So I thanks.

00:09:32.158 --> 00:09:35.219
I had to bribe, I had to bribe Louis to be on the show today.

00:09:35.244 --> 00:09:35.533
Yeah.

00:09:37.499 --> 00:09:38.068
Yeah.

00:09:38.399 --> 00:09:38.759
Thank you.

00:09:39.269 --> 00:09:41.489
And luckily, the check didn't even bounce, man.

00:09:41.489 --> 00:09:42.418
It cashed real smooth.

00:09:42.418 --> 00:09:43.078
You know why?

00:09:43.379 --> 00:09:45.958
Because of your short term rental business, so that's good.

00:09:46.958 --> 00:09:47.198
Yeah.

00:09:47.528 --> 00:09:48.038
Oh, that's awesome.

00:09:48.578 --> 00:09:51.614
Avery, if you don't mind me introducing you, I wrote a Yeah, sure.

00:09:51.729 --> 00:09:53.499
A little bit here about you.

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You're the you're the founder and CEO of the short term shop the nation's top real estate brokerage specializing in short-term rental investment properties.

00:10:04.328 --> 00:10:15.129
As an investor herself, Avery built a portfolio of 240 plus stores leveraging short-term rentals to a scale into larger, to scale into larger investments.

00:10:15.788 --> 00:10:16.418
You've written the book.

00:10:17.203 --> 00:10:30.464
On short term rentals called Short-Term Rental, Long-Term Wealth, and you've been featured in Forbes, business Insider, wall Street Journal, and other publications for your expertise in helping clients build wealth through short term rentals.

00:10:30.734 --> 00:10:31.783
So yeah, Avery.

00:10:31.783 --> 00:10:33.344
Carl, welcome to the Wayfinder Show.

00:10:33.614 --> 00:10:35.798
Yeah, thank you for having me.

00:10:37.004 --> 00:10:37.754
Oh, what a welcome.

00:10:38.653 --> 00:10:39.854
Yeah, thank you for coming on.

00:10:39.854 --> 00:10:40.543
It is exciting.

00:10:42.494 --> 00:10:48.224
C we start where we usually do which is just let people know a little bit about your journey.

00:10:48.224 --> 00:10:53.144
How'd you get into this mess of short term rent rentals and where's it gone?

00:10:53.923 --> 00:10:55.964
This mess of real estate investing.

00:10:56.384 --> 00:10:56.808
Sure, yeah.

00:10:56.813 --> 00:10:56.864
Yeah.

00:10:58.783 --> 00:11:02.203
I bought my first rental property.

00:11:02.203 --> 00:11:05.083
It was a long term rental because.

00:11:05.744 --> 00:11:09.644
My husband and I had saved up like$10,000.

00:11:09.644 --> 00:11:10.874
We'd just gotten married.

00:11:10.874 --> 00:11:21.974
I had what I thought was my dream job, working in the music business in Nashville, gotten my master's degree all to make$37,000 a year because the music business, it sounds very sexy.

00:11:21.974 --> 00:11:24.433
And because of that, people will do it for no money.

00:11:24.433 --> 00:11:31.423
Just to say they were in a room with some stupid country music singer last night and so there's always somebody who will do it for less.

00:11:31.514 --> 00:11:33.793
So anyway, I was making nothing.

00:11:33.793 --> 00:11:38.984
Had a little bit of money saved up and I wa I was super into personal finance at the time.

00:11:39.163 --> 00:11:42.073
It still am in a lot of ways, but not the way that I was.

00:11:42.344 --> 00:11:49.634
And I was reading all the Dave Ramsey books and trying to make sure we got off to the right start in our marriage financially and.

00:11:50.698 --> 00:11:51.808
What can we do with this money?

00:11:51.808 --> 00:11:57.924
So it's not just like sitting in the bank and said, let's go to a financial planner and have somebody tell us what to do.

00:11:58.589 --> 00:12:02.489
And so we went to an Edward Jones office.

00:12:02.489 --> 00:12:06.599
This lady, I can't even remember her name, but thank God she did this.

00:12:07.798 --> 00:12:15.629
We went in there and told her a little bit about us, what we wanted to do, and she basically told us we didn't have enough money for her to bother us.

00:12:16.104 --> 00:12:16.484
Oh my gosh.

00:12:18.089 --> 00:12:19.168
Oh, great.

00:12:19.318 --> 00:12:20.009
Okay.

00:12:20.339 --> 00:12:21.509
So we left.

00:12:21.568 --> 00:12:25.589
And on the way home we were thinking, we were talking like what do we do?

00:12:25.589 --> 00:12:30.448
There's gotta be something we can do with this to make it grow rather than just let it sit.

00:12:30.899 --> 00:12:35.038
And our realtor who we had just moved.

00:12:35.653 --> 00:12:38.864
From New York City to Nashville about a year and a half earlier.

00:12:39.193 --> 00:12:44.053
And she had really been trying to get us to buy in this super hip, fast, appreciating area of Nashville.

00:12:44.053 --> 00:12:46.364
She kept harping on like how fast it's appreciating.

00:12:46.754 --> 00:12:48.403
And we were like, eh, no.

00:12:48.403 --> 00:12:50.053
We're moving from Brooklyn to Tennessee.

00:12:50.053 --> 00:12:51.014
We're done with neighbors.

00:12:51.014 --> 00:12:55.244
We had two neighbors, first floor, Steve and second floor, Steve and our like brownstone that we lived in.

00:12:55.244 --> 00:12:57.673
It was like, we don't want any more of that.

00:12:58.004 --> 00:13:00.943
So we said, we wanna be out in the country.

00:13:00.943 --> 00:13:01.658
And she said, okay.

00:13:02.803 --> 00:13:04.874
So we bought something out in the country and never thought about it again.

00:13:05.354 --> 00:13:11.443
And, but I thought about after on the way home from being told that we were too broke to bother with that.

00:13:11.683 --> 00:13:13.453
What if we saved up a little bit more?

00:13:13.484 --> 00:13:16.394
'cause at the time, houses in Nashville were like a hundred thousand dollars.

00:13:16.874 --> 00:13:23.024
And what if we saved up a little bit more and bought one of those, put a renter in it so we're not paying the bills on it.

00:13:23.024 --> 00:13:25.994
And then in 25 years, whenever we decide to have.

00:13:26.624 --> 00:13:39.734
Kids and they grow up and need to go to college, then we'll be able to just sell it, pay for their college outta that appreciation, and we'll be these great financial geniuses that didn't have to pay out of our own income and savings.

00:13:40.214 --> 00:13:40.844
And so we did it.

00:13:40.844 --> 00:13:41.443
We just went and bought one.

00:13:41.443 --> 00:13:41.594
Nice.

00:13:43.048 --> 00:13:45.224
Yeah, we had to save up a little bit more.

00:13:45.224 --> 00:13:50.144
Another 5,000 ish because you can put 15% down on an investment property.

00:13:50.144 --> 00:13:51.793
A lot of people don't realize that.

00:13:52.153 --> 00:13:55.573
And bought one without researching, without anything.

00:13:55.573 --> 00:14:01.994
This is 2013 and there were like, there were no YouTube channels, no gurus really.

00:14:02.173 --> 00:14:12.673
There were probably a few, but so we bought one and the mortgage on that was 650, 640$7 a month, and we were able to rent it out for 1550.

00:14:12.673 --> 00:14:14.114
So almost a thousand dollars.

00:14:14.114 --> 00:14:16.139
That's not bad at all, which, yeah.

00:14:16.168 --> 00:14:16.458
Yeah.

00:14:17.158 --> 00:14:20.323
Not bad for not knowing what you're doing on a long-term rental.

00:14:21.058 --> 00:14:28.168
And coincidentally it's about how much I was making at my dream job after all the deductions and stuff on my paycheck a month.

00:14:28.528 --> 00:14:38.609
So we thought, man, this house is making as much money as me and I'm going to work all day and it's doing it I could be doing whatever while that's happening.

00:14:39.028 --> 00:14:40.859
So we said we need more of these.

00:14:40.859 --> 00:14:41.188
What?

00:14:41.188 --> 00:14:46.019
And then we started listening to like the BiggerPockets podcast, which was about it.

00:14:46.019 --> 00:14:50.609
Back then there was really just the BiggerPockets podcast and learning about real estate investing.

00:14:50.609 --> 00:14:53.369
We didn't even know it was called Real Estate Investing when we bought that first one.

00:14:53.369 --> 00:14:55.019
Most people do that the other way around.

00:14:55.649 --> 00:14:57.479
They research and then they buy something.

00:14:58.828 --> 00:15:06.479
So anyway, we saved up a little more and we thought what can we buy that's gonna make us the most amount of money the fastest so that we can buy more?

00:15:06.719 --> 00:15:08.548
And the goal was not to quit my job.

00:15:08.548 --> 00:15:09.899
The goal was not to get rich.

00:15:09.899 --> 00:15:10.739
The goal was to buy more.

00:15:10.798 --> 00:15:11.129
We need.

00:15:11.818 --> 00:15:12.239
More.

00:15:12.778 --> 00:15:17.129
And so we landed on short-term rentals, but we knew we didn't wanna do it in Nashville.

00:15:17.129 --> 00:15:18.869
Nashville's very anti short-term rental.

00:15:18.869 --> 00:15:21.839
We could not afford to be told that we couldn't do it.

00:15:23.369 --> 00:15:29.489
So we'd just been on vacation to the Smokey Mountains in Pigeon Forge, four hours east of Nashville.

00:15:29.489 --> 00:15:30.958
We'd stayed in a rental cabin.

00:15:30.958 --> 00:15:34.019
All our friends had stayed in different rental cabins and somebody owned those cabins.

00:15:34.229 --> 00:15:35.399
Those are short-term rentals.

00:15:35.548 --> 00:15:38.609
Okay, let's do that in a place where it's like the normal thing to do.

00:15:38.849 --> 00:15:46.019
So we like scraped all the pennies outta the bottom of my purse and in between the car seats and made a down payment on one of those.

00:15:46.318 --> 00:15:54.568
And again, there were no, people on Instagram with yellow subtitles telling you the five biggest mistakes that short-term rental owners make.

00:15:54.899 --> 00:15:59.609
And so we just figured out how to manage it ourselves remotely from four hours away.

00:16:00.028 --> 00:16:04.198
One thing led to another, scaled that to about five over the next 18 months.

00:16:04.198 --> 00:16:06.058
Started throwing some long-term rentals in there.

00:16:06.658 --> 00:16:07.469
Started my company.

00:16:08.068 --> 00:16:10.438
The short term shop about four years later.

00:16:10.438 --> 00:16:17.729
So we bought that first short term in 2015, started the short term shop, or what would eventually become a short-term shop in 2017.

00:16:18.149 --> 00:16:24.208
'cause there weren't really any agents in the space who could answer our basic questions like, how much should this make?

00:16:24.208 --> 00:16:26.938
Or is this a better rental on this side of town or that side of town?

00:16:26.969 --> 00:16:27.629
What rents better?

00:16:27.928 --> 00:16:29.249
Nobody knew those things.

00:16:29.249 --> 00:16:31.528
So I just started as a single agent.

00:16:31.708 --> 00:16:39.958
We had friends and I wasn't really even gonna become a real estate agent, but friends would say, oh, you're making how much on that cabin in the Smokies.

00:16:39.958 --> 00:16:40.739
Help me buy one.

00:16:40.739 --> 00:16:41.818
Teach me how to do that.

00:16:42.208 --> 00:16:45.193
And then it just grew to friends of friends and then people that we didn't know.

00:16:45.193 --> 00:16:50.458
And then people were saying, Hey, is there somebody like you that I can talk to in Dustin, Florida?

00:16:50.999 --> 00:16:54.958
And I'm like not that I know of, but let's put a me there.

00:16:54.958 --> 00:16:57.778
And then the short term shop was born, and so now we've got.

00:16:58.514 --> 00:17:01.484
2020 offices, 60 agents.

00:17:01.484 --> 00:17:04.723
We've helped over 5,000 investors buy and sell short-term rentals.

00:17:05.894 --> 00:17:09.703
Sold over a little over 3 billion in short-term rentals since about 2019.

00:17:10.703 --> 00:17:14.124
And then I've grown my personal portfolio to about 250 doors.

00:17:14.124 --> 00:17:15.173
Eight of those are shortterm.

00:17:15.173 --> 00:17:18.203
The rest are more traditional, long terms and, multifamily.

00:17:18.294 --> 00:17:19.074
So that's it.

00:17:20.449 --> 00:17:20.450
Yeah.

00:17:21.773 --> 00:17:22.523
That's impressive.

00:17:23.544 --> 00:17:24.713
I got a quick question for you.

00:17:24.713 --> 00:17:32.513
So when you were doing the so you get into the first STR and then you just begin to, buy more in the Smokey Mountains area.

00:17:33.534 --> 00:17:38.604
Are you looking at, okay, what's the threshold or what's the number before you buy the next one?

00:17:39.114 --> 00:17:44.423
How are you figuring out when, to buy that, that next STR?

00:17:45.953 --> 00:17:50.753
So for us, back then, it was as soon as we had a big enough down payment.

00:17:51.054 --> 00:17:53.933
As soon as we had the down payment, we were buying another one.

00:17:54.564 --> 00:17:56.183
And also we were a lot younger.

00:17:56.183 --> 00:18:02.913
We didn't have kids, so we could afford to operate that way in a way that we would not operate today.

00:18:04.804 --> 00:18:11.433
But every dollar, and still to this day, 250 doors later, every dollar that we make on real estate investments.

00:18:11.433 --> 00:18:15.634
So every dollar that cashflow goes back into buying more real estate.

00:18:15.634 --> 00:18:15.723
Yes.

00:18:15.784 --> 00:18:22.054
We don't live on our investment income, which I think is the biggest mistake that people make in their first two or three deals.

00:18:22.969 --> 00:18:24.259
Yeah, no, that makes a lot of sense.

00:18:24.729 --> 00:18:25.019
Yeah.

00:18:25.489 --> 00:18:25.778
Yeah.

00:18:26.673 --> 00:18:30.723
How have you seen the STR world evolved since then?

00:18:31.233 --> 00:18:33.423
You started by looking into Smoky Mountains Oh my goodness.

00:18:33.423 --> 00:18:36.064
Over now and yeah.

00:18:36.933 --> 00:18:37.173
Yeah.

00:18:38.044 --> 00:18:39.273
So it's evolved.

00:18:39.634 --> 00:18:40.294
Quite a bit.

00:18:40.294 --> 00:18:49.624
So when I started in 2015 I wish we knew then what we know now with the, what the prices of real estate were back then.

00:18:49.624 --> 00:18:54.423
And, I would've bought a thousand before 2020 hit.

00:18:55.384 --> 00:19:03.243
So I think that there, there was like a perfect storm of popularity of the short-term rental asset class starting in 2020.

00:19:04.983 --> 00:19:13.233
The vacation rental, which is what I invest in, I like to separate that out from the larger short-term rental asset class.

00:19:13.233 --> 00:19:14.554
I only do vacation rentals.

00:19:14.554 --> 00:19:25.263
So in vacation markets where it's been the normal thing for people to go rent a cabin or a beach house or a condo, lake house, forever, decades, my grandmother's been coming down here to Dustin, Florida and renting a place since the thirties.

00:19:25.413 --> 00:19:25.473
Wow.

00:19:26.554 --> 00:19:29.044
I like areas that have that longevity of the asset class.

00:19:29.044 --> 00:19:39.693
So it's not a new asset class at all, but when Airbnb came along, it democratized it and made it an asset class where you could actually cashflow.

00:19:39.693 --> 00:19:46.263
Whereas before you were beholden to all the local property management companies, they were charging 40% of your gross.

00:19:46.263 --> 00:19:47.074
'cause what are you gonna do?

00:19:47.134 --> 00:19:50.943
You have no other option except rent it with them or not rent it at all.

00:19:51.273 --> 00:19:58.653
And Airbnb changed that and actually made it a viable as like investible asset class and not just a toy, like a boat.

00:19:59.044 --> 00:20:03.483
So that kind of started catching on, I would say in 2016.

00:20:03.874 --> 00:20:08.044
Then you get up to COVID in 2020 and it exploded.

00:20:08.344 --> 00:20:12.963
All real estate exploded in 2020 with a 2% interest rates.

00:20:13.173 --> 00:20:14.584
My chihuahua could have bought.

00:20:15.348 --> 00:20:18.108
Real estate then, like everybody was buying real estate.

00:20:18.108 --> 00:20:19.999
A lot of people, it shouldn't have been buying real estate.

00:20:20.269 --> 00:20:30.798
So we saw a big influx in inventory of short-term rentals because everybody bought one'cause They'd say, oh my God, the payment on a beach house is gonna be what I can handle.

00:20:30.798 --> 00:20:31.068
That.

00:20:31.219 --> 00:20:36.229
That's, and it's something that people, everybody's always wanted a vacation home.

00:20:36.229 --> 00:20:37.068
I don't care who you are.

00:20:37.429 --> 00:20:42.469
Yeah, Everybody has not always said, you know what, I'd really like to have a 32 unit apartment complex in Omaha, Nebraska.

00:20:42.469 --> 00:20:43.969
But they have said, Hey, I'd like to have a beach house.

00:20:43.969 --> 00:20:44.898
I'd like to have a mountain house.

00:20:45.199 --> 00:20:50.689
So that coolness, like the, that thing that everybody's always wanted became attainable.

00:20:50.689 --> 00:20:53.179
And then Airbnb, oh, let me just slap it on Airbnb.

00:20:53.179 --> 00:20:56.058
That thing's coming up that's, gaining steam.

00:20:56.058 --> 00:20:56.749
It's in the news.

00:20:57.108 --> 00:21:08.179
So all these people that didn't need to be buying properties that were not treating'em like a business, had the ability to buy properties and did not treat them like a business because they wanted these.

00:21:09.784 --> 00:21:10.804
Sexy assets.

00:21:10.804 --> 00:21:16.564
So what happened was a lot of people got their asses handed to'em in 20 21, 22.

00:21:16.564 --> 00:21:19.324
They called it the Airbnb bust, which it was not a bust.

00:21:19.324 --> 00:21:20.284
And I'll explain why here in a minute.

00:21:20.584 --> 00:21:26.554
But, since 2022, the supply influx has cooled off.

00:21:26.554 --> 00:21:28.173
The tides gone back out on that.

00:21:28.173 --> 00:21:33.753
A lot of the markets that they were calling saturated because they had a lot of supply, are no long.

00:21:33.784 --> 00:21:41.493
They're back on the list of best places to invest because that supply has shrunk and demand has always been there.

00:21:41.673 --> 00:21:46.294
But supply just went way over here for a minute, but it's come back down to reality now.

00:21:47.523 --> 00:21:54.334
Those markets that have that heavy tourism, decades long proven tourism like your Joshua Tree.

00:21:55.038 --> 00:22:11.028
Orlando Destin, Florida, the Smokies, all those places now that supply has shrunk, have really bumped back up to being not quite, not fully recovered, but definitely like we're a very stabilized asset class, which is good that needed to happen.

00:22:11.509 --> 00:22:15.378
So we're stabilized just like apartment buildings, just like single family long-term.

00:22:16.909 --> 00:22:26.298
One thing though that back to the Airbnb bus thing that I wanna highlight is yes, between 2021 and 2023 short-term rental incomes, rents went down.

00:22:26.598 --> 00:22:32.838
But what people didn't realize is that most people have not owned prior to 2020.

00:22:32.838 --> 00:22:35.898
So they were only looking at, okay man, I made all this money in 2020.

00:22:36.199 --> 00:22:40.249
It went down, actually bumped back up some, it increased in 2024.

00:22:40.489 --> 00:22:43.368
So we saw a little bit of a bounce there.

00:22:43.368 --> 00:22:47.778
But when you're only looking from 2020 to 2024, you're like, oh, damn, it's an bus.

00:22:48.048 --> 00:22:50.659
But if you back that y axis.

00:22:51.903 --> 00:22:53.463
Up, I guess it's a y-axis.

00:22:54.034 --> 00:22:55.203
I barely know statistics.

00:22:55.384 --> 00:23:02.614
That other line on the left hand side up to 2015, it is a very steady trending upwards.

00:23:02.614 --> 00:23:06.844
Like it, it's not a bust from 2020 to 24, it's more of a blip.

00:23:06.844 --> 00:23:21.394
So to give you like a real life anecdote, properties that we were happy to make 45,000 a year on in 2015 that we still own, they went up to I think 85,000 was the most we ever made on'em in 2022.

00:23:21.394 --> 00:23:21.634
Oh wow.

00:23:22.054 --> 00:23:26.493
But we're still in the high seventies, so that's not a bus.

00:23:26.493 --> 00:23:26.884
Guys.

00:23:27.544 --> 00:23:29.763
You just gotta back it up and look at the bigger picture.

00:23:30.993 --> 00:23:38.703
So is this sort of, if you got in early and you understood what the numbers should be instead of the blip, but if.

00:23:39.868 --> 00:23:45.334
If you're being conservative with, okay, you know what, this is how much I expect to make per year on Airbnb.

00:23:45.604 --> 00:24:02.403
If you were conservative on those numbers, then you probably would've been okay throughout the duration where, hey, if it's going higher than then that's good, but, you're not relying on this high amount maybe to, pay for the mortgage or, to pay for some of the expenses.

00:24:02.584 --> 00:24:05.884
Do you think that would've been something to take into consideration?

00:24:07.713 --> 00:24:21.243
Yeah, so I think there were a lot of people didn't run numbers conservatively enough, but really what the biggest mistake that I saw people make was thinking, okay, I've bought a really nice house in a great market.

00:24:21.798 --> 00:24:22.338
I'm done.

00:24:22.338 --> 00:24:23.479
It's gonna make money.

00:24:23.538 --> 00:24:24.648
I don't have to do anything else.

00:24:25.038 --> 00:24:26.868
But it is a business that you do have.

00:24:26.868 --> 00:24:28.189
It's not a hard business to run.

00:24:28.308 --> 00:24:28.999
It's easy.

00:24:29.058 --> 00:24:37.969
You can do it from the bed or the bar or the gym or wherever you wanna be, but it is you do have to set your systems up and you have to manage well.

00:24:37.969 --> 00:24:48.318
So I think most people makes, there we're either in that camp or the, FOMO camp of, okay, it's 2021, there's a hundred offers on every single thing.

00:24:48.499 --> 00:24:52.249
So I'm gonna maybe scoot a little bit further away from the attraction.

00:24:52.578 --> 00:24:58.098
Maybe they bought something a little bit weird, a little too far away, not the typical aesthetic for the market.

00:24:58.098 --> 00:25:01.038
So like in mountain markets, people typically want cabins.

00:25:01.128 --> 00:25:05.538
If you go buy a brick ranch home,'cause it was easier to get,'cause there weren't as many offers.

00:25:05.898 --> 00:25:09.618
It's not gonna rent as well as the more popular styles of properties.

00:25:09.618 --> 00:25:10.878
So it was a number of things.

00:25:11.808 --> 00:25:11.838
Okay.

00:25:11.838 --> 00:25:12.828
No, that makes a lot of sense.

00:25:13.878 --> 00:25:14.058
Yeah.

00:25:14.328 --> 00:25:15.049
What do you use for.

00:25:16.653 --> 00:25:25.864
I, imagine you have really good systems for criteria developing what, is the criteria for your property in terms of numbers, ratios all that.

00:25:26.074 --> 00:25:29.913
You already mentioned you like vacation spots, but what about the numbers?

00:25:30.394 --> 00:25:43.743
Yeah, so for me, the numbers, I wanna see a property that can get to not, that is doing, that can get to a 15% cash on cash return.

00:25:43.743 --> 00:25:44.973
Used to be 20%.

00:25:45.034 --> 00:25:51.634
Those days are gone, but 15%, like really well, that, that's a really good number.

00:25:51.634 --> 00:25:54.124
Now I'm not looking for properties that are sitting there.

00:25:54.469 --> 00:25:55.519
Doing that now.

00:25:55.548 --> 00:26:05.598
'cause you're not gonna find that on the MLS I'm looking for properties where the opportunity is there to push them at the price that I'm able to get'em for up above that 15% mark.

00:26:05.598 --> 00:26:12.499
So whether that's I have the most luck, honestly, with properties where the listing agents took bad pictures and nobody looked at'em.

00:26:12.679 --> 00:26:15.618
Nobody went to look at It's always the best person because they look like crap on the internet.

00:26:16.618 --> 00:26:16.679
Yeah.

00:26:16.739 --> 00:26:18.413
Or they are they, yeah, I've had two.

00:26:19.078 --> 00:26:20.608
They listed something wrong.

00:26:20.608 --> 00:26:20.609
Yeah.

00:26:20.609 --> 00:26:21.134
I've had some bigger deals that way.

00:26:21.163 --> 00:26:21.453
Yeah.

00:26:21.844 --> 00:26:22.614
I've seen, yeah.

00:26:22.614 --> 00:26:23.818
Or yeah, they listed something wrong.

00:26:23.969 --> 00:26:24.358
Yeah.

00:26:25.048 --> 00:26:25.199
Yeah.

00:26:25.888 --> 00:26:39.999
I'd argue that's the number one strategy for every real estate investment is just look on the ML mls for really bad pictures, dark pictures, overpriced, yeah, But people will be like I don't, that's not I, want a nicer beach house than that.

00:26:39.999 --> 00:26:41.618
And this one doesn't look that nice.

00:26:41.618 --> 00:26:45.189
So they kinda let their personal preferences get involved with it.

00:26:45.189 --> 00:26:47.348
'cause Agains not the apartment building in Omaha.

00:26:47.348 --> 00:26:48.338
It's my beach house.

00:26:50.288 --> 00:26:56.838
There's a little bit of that too, but ugliest property in the best location, worst picture, highest days on market.

00:26:57.138 --> 00:26:58.459
Overpriced, low balling.

00:26:58.459 --> 00:27:04.608
I just got a deal new Orleans for$60,000 off a 700,000 purchase price.

00:27:05.989 --> 00:27:10.729
Just because it had been on market for a while and offered low and they said no at first.

00:27:10.729 --> 00:27:14.959
And then we said, okay there's this other one that we're looking at too.

00:27:15.288 --> 00:27:16.969
And yeah, it's very similarly priced.

00:27:17.479 --> 00:27:20.719
Whoever will give us the best deal is who we're gonna go with.

00:27:21.078 --> 00:27:26.989
And this seller was, had been living there, and she was moving away and she was finally like, okay, fine.

00:27:27.169 --> 00:27:27.949
Yeah, I'll just do it.

00:27:27.953 --> 00:27:28.213
Yeah.

00:27:29.594 --> 00:27:30.213
She gave up.

00:27:31.249 --> 00:27:31.939
Yeah, she did.

00:27:32.959 --> 00:27:40.638
Avery, I'm curious you so is valuation not as important as long as you're getting that 15% cash on cash?

00:27:41.523 --> 00:27:51.663
Because you, like you mentioned this one at 60,000 off of 700 like if you're still gonna get, would you pay the 700 if you're still gonna get the 15% cash on cash?

00:27:51.679 --> 00:27:51.969
Yeah.

00:27:51.989 --> 00:27:52.368
Oh yeah.

00:27:52.713 --> 00:27:52.923
Yeah.

00:27:52.923 --> 00:27:58.653
So that does, so valu, the basis is not as important as your potential cash on cash, is that right?

00:28:00.423 --> 00:28:02.614
There's no real rules of thumb anymore.

00:28:02.614 --> 00:28:09.753
I know everybody's got one, and I don't really subscribe to anyone's because there's nothing that works across the board.

00:28:09.753 --> 00:28:14.314
There's no rule of thumb that works all the time for everybody's situation.

00:28:14.314 --> 00:28:31.534
So if at the end of the day, the end of the year, the amount of cash that you're gonna have left over is worth the amount of money that you have to put down and the effort and the time it takes you to manage this thing, if that's worth it to you, then it's a good deal.

00:28:32.534 --> 00:28:32.773
Yeah.

00:28:32.983 --> 00:28:37.703
When you're looking at the Airbnbs, 15% cash on cash return.

00:28:37.973 --> 00:28:43.193
Is it primarily with the owner managing the Airbnb?

00:28:43.854 --> 00:28:54.144
Do you ever look at, hey, we're gonna put a co-host to manage this and adding that expense and seeing if, you get the 15% cash on cash?

00:28:55.403 --> 00:28:57.534
So here's, what I do.

00:28:57.534 --> 00:29:00.114
I use VAs, we train our own VAs okay.

00:29:01.284 --> 00:29:04.554
To, help us manage because at the end of the day, it's significantly cheaper.

00:29:05.554 --> 00:29:06.784
To illustrate that.

00:29:06.784 --> 00:29:21.273
So we've got eight properties, eight short terms, and if I was gonna pay a co-host or a property manager 20%, which is pretty standard, I'd have paid somebody$250,000 last year to do a$50,000 a year tops.

00:29:21.784 --> 00:29:22.294
Job.

00:29:22.923 --> 00:29:25.114
So it just stops making sense.

00:29:25.114 --> 00:29:25.173
Yeah.

00:29:25.294 --> 00:29:26.284
After a while.

00:29:27.304 --> 00:29:31.894
So for me, I prefer the VA route, which is what we teach you in the new book.

00:29:32.074 --> 00:29:32.223
Nice.

00:29:33.223 --> 00:29:41.144
Is how to set up your systems and how to train VAs, how to set up your standard operating procedure.

00:29:42.239 --> 00:29:56.144
It's not all about VAs, but there's a lot of systems, processes, operations in there to help you optimize so that again, you're not having to outsource a quarter of a million dollars for a one person admin task.

00:29:57.913 --> 00:29:58.483
Makes sense.

00:29:59.534 --> 00:30:04.513
Any, since we're talking about the book I read short Term Rental, Long-Term Wealth.

00:30:04.943 --> 00:30:05.534
I, heard it.

00:30:05.534 --> 00:30:08.233
I'm all about audio books at the gym or something.

00:30:09.614 --> 00:30:18.584
What I really liked about the book some of the tips that you share i, like that you provided hey, these are some of the applications, these are some of the tools that I use.

00:30:19.094 --> 00:30:24.374
And I thought that it was a pretty straightforward blue blueprint.

00:30:24.943 --> 00:30:29.233
If you say if you're wanna start out, you're hearing a lot about Airbnbs.

00:30:29.653 --> 00:30:34.844
It was pretty straightforward as far as these are the things that you need to do.

00:30:36.074 --> 00:30:45.433
With the new book, smarter Short-Term Rentals, how is that different or what can some of the readers expect as compared to the previous book?

00:30:46.064 --> 00:30:47.324
Yeah, that's a great question.

00:30:47.324 --> 00:30:50.534
So the first book, Short-Term Rental, Long-Term Wealth, was, I.

00:30:51.223 --> 00:30:52.753
More of a primer.

00:30:52.784 --> 00:30:56.084
Okay, this is how to, this is how to choose a market.

00:30:56.084 --> 00:31:04.723
These are the different types of markets, these are the types of properties, how to choose a property, how to analyze how to finance, just the whole investment structure.

00:31:04.723 --> 00:31:12.163
And this one builds on a few concepts from that book in terms of things that have changed about financing since that one was written in 2020.

00:31:13.183 --> 00:31:19.124
But really it's more on the business side of optimizing your short term.

00:31:19.124 --> 00:31:26.413
Basically taking whatever property you may already have and making that better may through your own management.

00:31:26.683 --> 00:31:34.064
So it's really for new or experienced investors, whereas the previous ones really like for new investors.

00:31:34.513 --> 00:31:34.574
Okay.

00:31:34.574 --> 00:31:34.844
Gotcha.

00:31:34.933 --> 00:31:35.834
That's, I'm excited.

00:31:36.834 --> 00:31:45.624
How do you I'm curious how do you go and find your cleaning, maintenance, your boots on the ground for a market that you don't live in?

00:31:46.624 --> 00:31:46.894
Yeah.

00:31:46.894 --> 00:31:47.104
That.

00:31:48.588 --> 00:31:49.368
That's a great question.

00:31:50.028 --> 00:32:04.038
So I, that's why I like very tried and true vacation towns because it's gonna be very easy to find those types of people because there's, the industry of vacation rentals is so established in those types of markets.

00:32:04.189 --> 00:32:18.618
So it's gonna be a lot easier to plug your business in, Destin Florida than in Columbus, Mississippi, because short-term rentals, vacation rentals have been such a big piece of the economy in Destin for the last century.

00:32:18.798 --> 00:32:24.288
And in Columbus you're gonna get people who may be coming to visit the military base.

00:32:24.288 --> 00:32:29.838
You're gonna have to find a cleaner who probably cleans primary homes that you're gonna have to teach'em how to turn a vacation rental.

00:32:29.838 --> 00:32:33.679
It's a different process and it's just DA different thing.

00:32:33.679 --> 00:32:41.568
So for me, I prefer the big well traveled vacation towns because it's so much easier to find those vendors that you need.

00:32:41.568 --> 00:32:42.949
There's a huge infrastructure of'em.

00:32:43.054 --> 00:32:43.114
Yeah.

00:32:44.659 --> 00:32:46.144
Yeah, That makes a lot of sense.

00:32:46.203 --> 00:32:46.473
Thanks.

00:32:47.943 --> 00:32:48.273
Yeah.

00:32:49.273 --> 00:32:54.854
So let's say you've helped someone buy an STR the listing is live.

00:32:55.814 --> 00:32:59.834
How do you help them maximize the profit or, minimize the vacancy?

00:33:00.344 --> 00:33:06.584
And I guess the question that I'm really getting to as, is it primarily Airbnb that you rely on?

00:33:06.943 --> 00:33:13.423
Are there other sites or OTAs that, that you use or what does that look like?

00:33:14.423 --> 00:33:30.354
Yeah, So we put all of our buyer clients through a free course for our buyers that we call Management Monday, and nine times outta 10, if you are following a US based real estate investor, short-term rental, influencer on.

00:33:30.953 --> 00:33:37.673
Instagram or TikTok, they started with buying their first property with the short term shop and coming through Management Monday.

00:33:38.693 --> 00:33:44.753
So we teach people how to set up their listings on Airbnb, vrbo.

00:33:45.953 --> 00:33:54.953
You do wanna have a direct booking site, not because you're gonna get so many direct bookings, but because you need to have that in order to integrate with Google Vacation Rentals, which Google Vacation Rentals.

00:33:55.703 --> 00:34:01.013
They're, they've entered the space, but they're sitting there we don't know if they're gonna hit the gas on it or throw it away yet.

00:34:02.304 --> 00:34:05.933
Something that you wanna make sure you're set up for if possible.

00:34:07.074 --> 00:34:09.563
We teach people how to use, oops, sorry.

00:34:09.563 --> 00:34:11.634
The property management softwares that you'll need.

00:34:11.634 --> 00:34:17.483
So there's a number of different property management software systems that are like really great and easy to use.

00:34:17.483 --> 00:34:20.423
We use Hospitable another good one's Host Away.

00:34:20.423 --> 00:34:21.864
There's one called Hostfully.

00:34:22.403 --> 00:34:23.423
There's one called Owner Res.

00:34:23.423 --> 00:34:24.773
They're all really great.

00:34:25.958 --> 00:34:27.818
Owner Res is probably the most comprehensive.

00:34:27.818 --> 00:34:29.259
It's also the hardest to use.

00:34:29.829 --> 00:34:31.088
Gotta have a pricing tool.

00:34:31.088 --> 00:34:41.679
So Price Labs or Wheelhouse or Beyond pricing, all great options that helps to optimize your pricing on your calendar to make sure you're getting booked for the highest amount possible.

00:34:42.369 --> 00:34:50.829
We also get everybody set up with a list of vetted vendors, cleaners, handymen, HVAC techs, roofers everybody you're probably gonna need at some point.

00:34:51.068 --> 00:35:00.039
We get everybody set up with those and and we just make sure that everyone under base has a basic understanding of how to use all of those things.

00:35:01.599 --> 00:35:03.668
Learning to how to price your property.

00:35:03.668 --> 00:35:07.599
So even though you're using Price Labs, you still have to go in there and check.

00:35:07.599 --> 00:35:08.829
It's not a set it and forget it.

00:35:08.829 --> 00:35:13.449
You kinda have to we look at our pricing every day and we say, oh, you know what, we're five weeks out.

00:35:13.449 --> 00:35:14.708
We're not seeing bookings.

00:35:14.858 --> 00:35:20.318
Even though Price Labs has set the price, I think we need to drop it a little bit to, to try and get some masks in the seats.

00:35:20.349 --> 00:35:21.518
So definitely just.

00:35:22.193 --> 00:35:24.443
Teaching you how to use all the software.

00:35:24.443 --> 00:35:27.143
So you need a property management software, a pricing tool.

00:35:27.563 --> 00:35:33.054
You gotta have Airbnb, vrbo, and a direct booking website to start off.

00:35:34.523 --> 00:35:34.554
Okay.

00:35:34.554 --> 00:35:38.963
Are you ever doing So I'm playing around with some like price labs, right?

00:35:38.963 --> 00:35:40.853
Started to, play around with it.

00:35:42.173 --> 00:35:43.164
It's powerful.

00:35:44.393 --> 00:35:47.364
I found that it wasn't that straightforward.

00:35:47.364 --> 00:35:55.733
Like I really had to sit down and go through some of the tutorials just to figure out how to do some things and how to get the most outta the the application.

00:35:56.963 --> 00:36:01.134
But I guess in terms of optimizing your listing.

00:36:02.333 --> 00:36:15.833
Is there such a thing as like SEO optimization for VRBO or for Airbnb or getting granular and trying to see, okay, how does my listing rank on some of these sites?

00:36:15.833 --> 00:36:17.784
Or is it more really pricing?

00:36:17.994 --> 00:36:21.773
Is pricing really that thing that you have to master?

00:36:22.014 --> 00:36:23.333
Yeah, so that's a great question.

00:36:23.603 --> 00:36:28.583
In terms of your listings, so there are SEO tricks that you want to use.

00:36:28.583 --> 00:36:33.324
You wanna make sure you're using keywords that are important to the guests who are coming to stay.

00:36:33.324 --> 00:36:43.253
So you wanna make sure in your listing also in just the, how it looks, that it's not just a big, long black paragraph that people are not gonna read.

00:36:43.554 --> 00:36:46.494
You want it to be bullet points with some space in between.

00:36:46.494 --> 00:36:49.884
So with ver the very pertinent information that they'll need.

00:36:49.884 --> 00:36:51.353
So if it's a three bedroom, but a.

00:36:51.429 --> 00:36:54.489
It has two beds in every room.

00:36:54.489 --> 00:36:56.528
So has six beds.

00:36:56.829 --> 00:36:56.889
Yeah.

00:36:57.068 --> 00:37:00.099
Then you wanna say six beds right, up top.

00:37:01.028 --> 00:37:05.168
Anything important that they need to know, like how close it is to the main attractions.

00:37:05.588 --> 00:37:07.028
Does it have amenities?

00:37:07.028 --> 00:37:10.329
Just the things that will, would make somebody wanna book it.

00:37:10.329 --> 00:37:12.159
You need it to be right there.

00:37:12.909 --> 00:37:17.798
Also you wanna have amazing photos back, let me back up before I get to photos.

00:37:18.668 --> 00:37:23.858
In your listing a lot of people get real caught up in wanting to make it a cool story.

00:37:24.068 --> 00:37:25.568
Is it a dark and stormy night?

00:37:25.568 --> 00:37:29.498
And welcome to grandma's beautiful cabin and a luxurious blah, blah, blah.

00:37:29.498 --> 00:37:30.789
Wait, it's none of that.

00:37:30.818 --> 00:37:33.608
None of those words matter to a guest.

00:37:33.608 --> 00:37:35.829
What matters is okay, can I fit my whole family there?

00:37:35.829 --> 00:37:36.639
Are we gonna be comfortable?

00:37:37.494 --> 00:37:38.454
What are the amenities?

00:37:38.454 --> 00:37:39.204
What do we have to do?

00:37:39.204 --> 00:37:40.253
How's the location?

00:37:40.583 --> 00:37:43.284
So stop with the flowery stories.

00:37:43.284 --> 00:37:43.884
Nobody cares.

00:37:45.054 --> 00:37:48.443
Same thing with your headline.

00:37:48.534 --> 00:37:50.483
So everybody names their properties.

00:37:50.483 --> 00:37:53.664
Like I name my properties mainly a, it's fun.

00:37:53.693 --> 00:37:53.934
Okay?

00:37:53.934 --> 00:37:57.563
It's fun to name your properties where it says like it to have a name.

00:37:58.134 --> 00:38:04.704
When you're looking at a spreadsheet and you've got 10 of these, it's a lot easier to remember okay, this one's bark at the moon.

00:38:04.704 --> 00:38:07.103
This one is Misty mountain hop.

00:38:07.103 --> 00:38:08.603
So we know what we're looking at, right?

00:38:09.143 --> 00:38:18.623
But what a lot of people do is in the headline, which is the most important piece of real estate on your listing, because people are gonna see that whether they click into your listing or not.

00:38:19.284 --> 00:38:25.313
A lot of people put the name of their property in the headline, which you're wasting a lot of really important real estate.

00:38:25.974 --> 00:38:30.143
If you've got a ski property that ski in, ski out, forget we're not calling it.

00:38:30.849 --> 00:38:34.449
Avery's Alpine getaway in the top, we are putting, it's ski in, ski out.

00:38:35.318 --> 00:38:37.688
Click on this if you're looking for a ski in, ski out.

00:38:38.768 --> 00:38:42.878
So make sure that you're properly utilizing the real estate in your headline.

00:38:42.878 --> 00:38:45.009
Also, you have to have amazing photos.

00:38:45.009 --> 00:38:47.018
Your iPhone is not good enough.

00:38:47.259 --> 00:38:49.809
Everybody says the iPhone has the blah, blah, blah, blah, blah, blah.

00:38:50.409 --> 00:38:53.798
New camera, but you are not a photographer.

00:38:53.798 --> 00:38:54.759
It doesn't matter.

00:38:55.028 --> 00:38:56.768
You can give me a paintbrush.

00:38:56.768 --> 00:38:57.849
I am not.

00:38:57.853 --> 00:38:59.153
Yeah, yeah.

00:38:59.153 --> 00:39:00.688
I was gonna say Picasso, but, yeah.

00:39:01.914 --> 00:39:02.123
Yeah.

00:39:02.123 --> 00:39:05.003
Not whoever you got, you have to get professional photos.

00:39:06.023 --> 00:39:06.233
Yeah.

00:39:06.293 --> 00:39:06.653
Awesome.

00:39:08.153 --> 00:39:14.934
I'm wondering I've heard recently a lot about boutique hotels, like people are using that for Airbnb.

00:39:15.018 --> 00:39:17.273
Do you, what's your thoughts around that?

00:39:18.864 --> 00:39:19.284
Yes.

00:39:20.184 --> 00:39:21.893
Boutique hotels, very logical.

00:39:23.364 --> 00:39:24.954
Next step to scaling.

00:39:24.954 --> 00:39:42.623
If you want to get into the commercial side of short-term rentals, it does seem to be a little more work for the same amount of money in terms of how much you're spending, how much you're having to spend on it, and having a bunch of little rooms instead of one, one unit.

00:39:42.679 --> 00:39:52.164
But the plus side is that commercial real estate is appraised based on the income approach, whereas residential is valued based on sold comps.

00:39:52.164 --> 00:40:02.043
So if you've got a short term rental single family that when you bought it, it was not a rental, it was making$0 and you made it make a hundred thousand dollars a year and you go to sell it.

00:40:03.423 --> 00:40:08.224
It's still valued based on the sold properties around it that may or may not be rentals.

00:40:08.253 --> 00:40:22.503
It's still the same value, whether it makes$0 or a hundred thousand dollars, whereas a motel or hotel, if you buy one of those and take it from buy it at it's making 50,000, first year you get it up to a hundred thousand you've increased the value of the property.

00:40:22.503 --> 00:40:27.003
If you go to sell it now, it's worth more because you have made it worth more because it makes more money.

00:40:27.003 --> 00:40:31.023
So commercial real estate is valued differently.

00:40:31.023 --> 00:40:42.664
So if that is a world that you wanna get into, you can get into a pretty good position of adding equity easier to properties.

00:40:42.963 --> 00:40:46.143
But it's also harder to finance, harder to do.

00:40:46.143 --> 00:40:47.643
You need actual staff.

00:40:47.643 --> 00:40:50.313
It's more difficult than you with a single family.

00:40:50.313 --> 00:40:53.103
Short term rental, you just hire a handyman, a cleaner, you're good, you're done.

00:40:54.483 --> 00:40:58.563
But with hotels, you have to have a staff.

00:40:59.688 --> 00:41:00.978
But they're both, cool.

00:41:01.128 --> 00:41:16.188
I've never bought a boutique hotel, but it's not that I wouldn't, it's just that I am set in my ways of, I've got my short-term rentals, I've got my single family long-terms, I got my apartments and in the markets that we buy in and we just pick those off.

00:41:16.188 --> 00:41:21.318
It's, see, feels so hard to learn a new asset class in a new market at this point.

00:41:21.318 --> 00:41:26.128
So we just haven't You stick to your markets too, or you expand?

00:41:26.759 --> 00:41:28.108
For now, yeah.

00:41:29.728 --> 00:41:38.188
Yeah, for now I, it's just easier since now, since we have so many to just add to the systems that we already have now, when we started.

00:41:39.188 --> 00:41:44.648
We did five in the Smokies, then we shot down to Destin at Destin 30 a Cape, sandblast.

00:41:44.679 --> 00:41:46.869
So those are all th three different markets.

00:41:46.898 --> 00:41:48.639
'cause we've got different cleaners for each of them.

00:41:49.869 --> 00:41:56.318
But now with as many as we have, like ease and adding to the existing systems is a little bit better.

00:41:56.318 --> 00:42:00.969
But we, what a lot of people do is they just buy short-term rentals where they want a vacation.

00:42:02.889 --> 00:42:03.634
They'll buy Makes sense.

00:42:03.938 --> 00:42:05.228
It's why I started the short-term shop.

00:42:05.228 --> 00:42:05.289
Yeah.

00:42:05.289 --> 00:42:07.539
They buy mountain property with me and say, okay, I wanna buy a beach one.

00:42:07.539 --> 00:42:08.679
Who do I buy with at the beach?

00:42:09.068 --> 00:42:11.048
And they buy where they wanna go.

00:42:11.048 --> 00:42:12.338
So that's a strategy too.

00:42:12.699 --> 00:42:14.768
Yeah, that makes sense.

00:42:14.829 --> 00:42:17.108
You're on vacation, you're doing a little bit of work.

00:42:17.108 --> 00:42:21.608
You can probably write it off or something you're killing two birds with one stone.

00:42:22.659 --> 00:42:22.838
Yeah.

00:42:23.838 --> 00:42:33.978
I guess just to pivot a little bit so I know you're known as, I guess I'm gonna say the STR person or the STR expert, the short term shop.

00:42:35.389 --> 00:42:43.309
But when I look at social media in the presence it's like you're the expert social media influencer right?

00:42:43.458 --> 00:42:44.568
In, the SDR space.

00:42:46.278 --> 00:42:50.088
So I guess, how did you get started with that?

00:42:50.628 --> 00:43:00.528
How important is it for you and anything you can share a around that, social media in this Instagram Oh, yeah.

00:43:00.619 --> 00:43:01.518
And things like that.

00:43:01.818 --> 00:43:03.018
Oh, I hate social media.

00:43:03.018 --> 00:43:03.528
I hate it.

00:43:03.528 --> 00:43:08.719
And I, wouldn't even take a selfie until 22 because I thought it was douchey.

00:43:10.009 --> 00:43:19.858
Really, as time has gone on, like you can't be a small business owner without having a good social media presence and not just to like.

00:43:20.548 --> 00:43:22.378
Hey, buy tires at Bob's tires.

00:43:22.378 --> 00:43:23.009
Thanks for coming.

00:43:23.219 --> 00:43:24.509
Let me post something once a week.

00:43:24.539 --> 00:43:24.599
Yeah.

00:43:24.628 --> 00:43:30.688
Like you have to have a real presence and be building a relationship with your audience.

00:43:30.958 --> 00:43:39.628
So for me I don't think, we don't really get, any clients or leads from social media, but it helps to have a big presence.

00:43:39.628 --> 00:43:46.829
So when we do, when people do come across us, they, and they go to look us up, they see this big presence and go, okay, they're legit.

00:43:47.789 --> 00:43:49.648
So I yeah.

00:43:50.518 --> 00:43:51.478
Hate doing social media.

00:43:51.478 --> 00:43:56.398
I hate, there's nothing I hate more than standing right here and taking videos, saying things.

00:43:57.179 --> 00:43:57.958
But it has to be done.

00:43:58.199 --> 00:44:00.898
That's, just small business ownership these days.

00:44:00.898 --> 00:44:05.818
So it, it is what it is, but I'm a, reluctant influencer.

00:44:06.809 --> 00:44:07.259
Nice.

00:44:07.259 --> 00:44:07.588
Nice.

00:44:07.588 --> 00:44:08.039
That's good.

00:44:08.219 --> 00:44:11.128
It probably makes you a good influencer then.

00:44:12.478 --> 00:44:12.688
Tough.

00:44:13.139 --> 00:44:23.309
It's just what I, yeah, I'm getting into that space and I have a channel where I'm just sharing real estate tips and information and just things that I've picked up along the way.

00:44:24.659 --> 00:44:30.239
And it just seems like there's so much information out there.

00:44:30.628 --> 00:44:31.739
It's, overwhelming.

00:44:32.608 --> 00:44:42.778
But then I come across information that is, is not correct, or it just seems like it's out there just to catch views instead of really providing some value.

00:44:43.829 --> 00:44:45.628
And that's what I struggle with.

00:44:45.628 --> 00:44:56.559
It's just how do you create content that's helpful, and, cut some of that noise and, try to get people to actually see it because there's just so much out there.

00:44:58.119 --> 00:44:59.528
Yeah, there's a lot of noise.

00:44:59.768 --> 00:45:00.278
A lot of noise.

00:45:01.809 --> 00:45:01.989
Yeah.

00:45:01.989 --> 00:45:01.989
Yeah.

00:45:02.989 --> 00:45:05.541
If I could take it back to the short term rental.

00:45:06.500 --> 00:45:13.010
I was just curious to know where you see, since you've been in it for a while and seeing this evolution where you see it going from here.

00:45:13.340 --> 00:45:23.010
How will it be changing, how, where, the growth opportunities are, yeah, that's a great question.

00:45:23.010 --> 00:45:28.500
So I see more metro markets imposing anti short-term rental regulations.

00:45:28.500 --> 00:45:41.369
And they should like I if I lived in Dallas or Houston and my income was not dependent on short-term rentals and short term rentals were a new thing in my neighborhood, I wouldn't want'em there either.

00:45:41.429 --> 00:45:53.190
And a lot of the hotels hotels in big cities have a lot of influence and I think that a lot of the metro areas are gonna start.

00:45:53.309 --> 00:45:58.980
I don't know if they'll all outright ban them, but definitely limit them, which will commodify a.

00:46:00.150 --> 00:46:16.019
Properties in those markets that are in the zones that allow them, but b commodify vacation rental real estate, so beach and mountain real estate even more to where, hey, this is really the only type of real estate you can buy where you can do the vacation rental strategy.

00:46:17.019 --> 00:46:20.510
I, see the, I, see the regulations being imposed.

00:46:20.510 --> 00:46:24.769
I'm in Colorado and there's a lot of regulations being imposed in our mountain towns as well.

00:46:25.250 --> 00:46:37.699
Do you yeah, these are historically vacation towns, so yeah, that's because the, so the big conglomerates that own the ski slopes and everything, they own all the hotels there.

00:46:37.699 --> 00:46:38.480
They, those.

00:46:38.840 --> 00:46:43.190
Those are the biggest employers in those towns and they don't want short-term rentals'cause they want you to rent with them.

00:46:43.309 --> 00:46:44.570
They wanna own the short-term rentals.

00:46:45.110 --> 00:46:50.119
So it's the same thing as like the hotel lobbyists in the more metro type areas.

00:46:50.150 --> 00:47:02.389
'cause I love to own a cabin in Breckenridge or somewhere like that, but those big conglomerates that own the ski resorts, they just, it won't have, won't let it ha won't let it happen.

00:47:04.340 --> 00:47:04.519
Yeah.

00:47:04.519 --> 00:47:06.650
And their fees are outrageous.

00:47:06.650 --> 00:47:14.242
I was managing a few actually, in, in Vail, and, their fees were 50%, which I Oh, wow.

00:47:14.242 --> 00:47:14.809
Yeah, it was incredible.

00:47:15.110 --> 00:47:15.409
Yeah.

00:47:15.409 --> 00:47:15.411
Yeah.

00:47:16.099 --> 00:47:16.369
Wow.

00:47:17.369 --> 00:47:18.599
How do you get ahead of that?

00:47:18.809 --> 00:47:23.280
We're just, we're talking about some of the regulations and the different cities.

00:47:23.280 --> 00:47:32.159
How do you keep a pulse on what's going on in your market or market you're thinking of entering, just to see how things are, shifting or, maybe shifting.

00:47:32.699 --> 00:47:35.610
Yeah, just keep an eye on the city council meetings for sure.

00:47:35.610 --> 00:47:36.269
Definitely.

00:47:36.599 --> 00:47:44.250
Give the city, if you're inside city limits or county, if you're outside, city limits, a call here and there just to check on what's coming down the pipe.

00:47:46.019 --> 00:47:50.429
I would never recommend buying somewhere without, like before you eat.

00:47:51.210 --> 00:47:54.690
Even get a loan pre-approval before you call a real estate agent call.

00:47:54.690 --> 00:47:56.369
Don't take the Internet's word for it.

00:47:56.369 --> 00:47:56.429
Yeah.

00:47:56.429 --> 00:47:58.530
And don't take your, don't take your realtor's word for it.

00:47:58.800 --> 00:47:59.820
Call ev.

00:47:59.909 --> 00:48:01.889
This goes for everything, not just regulations.

00:48:02.280 --> 00:48:13.050
Call the hear from the horse's mouth exactly what the situation is and what they see coming and make your decisions accordingly.

00:48:13.050 --> 00:48:13.710
Yeah, that makes sense.

00:48:14.150 --> 00:48:23.920
I think the the city here, the city of Boston, they probably know me by first name now just because again, there's a lot of regulations.

00:48:23.920 --> 00:48:38.469
There were things that, that were there and in one year they just came in and interpreted the things differently and they became more strict, even though they didn't make an amendment to the rules.

00:48:38.469 --> 00:48:42.400
But things just changed and shifted overnight that affected the business.

00:48:43.179 --> 00:48:45.340
So yeah, so I, I agree 100%.

00:48:45.519 --> 00:48:46.000
I, think.

00:48:47.034 --> 00:48:51.684
The phone I call, I ask, try to push nicely and just see how things go.

00:48:52.164 --> 00:48:52.494
Yep.

00:48:53.965 --> 00:48:54.114
Yeah.

00:48:54.114 --> 00:49:05.005
That's all we can do, what about I'm curious for people who wanna try this with their own home you hear a lot about just tiptoe into this world.

00:49:05.875 --> 00:49:16.855
You hear folks who maybe convert a basement or a garage or an a DU of some sort, like any tips for such people and do you recommend it?

00:49:17.184 --> 00:49:18.505
Is that a good way to get started?

00:49:20.125 --> 00:49:24.144
Yeah, so if you're trying to get started it's very similar to a house hack.

00:49:24.175 --> 00:49:29.965
So if you're trying to get started and you really just, your biggest expense is usually your primary home mortgage.

00:49:29.965 --> 00:49:39.445
So anything you can do to offset that, whether it's having long-term roommates or maybe you've got a space that you can turn into a short-term rental to give them their own private space.

00:49:40.445 --> 00:49:46.264
Whatever you need to do to get yourself started to get that money saved up for a down payment, do it.

00:49:46.954 --> 00:49:51.425
My husband drove Uber, like my husband was, had a, real job.

00:49:51.695 --> 00:49:57.784
He was or still is part-time, but back then he was full-time a classic rock DJ on Sirius xm.

00:49:57.815 --> 00:50:08.135
He was on 12 hours a day and he would get done with that, get in the car and go Uber and people would recognize him and say, oh, aren't you the guy from the radio?

00:50:08.135 --> 00:50:09.965
It'd be so embarrassing, oh wow.

00:50:09.965 --> 00:50:14.315
They like, I look like I'm destitute driving Uber he didn't care.

00:50:15.034 --> 00:50:17.855
We gotta have this extra money so that we can go invest.

00:50:17.855 --> 00:50:24.844
And then now, seven or eight years later, it's, a fun story to tell, but back then it sucked.

00:50:25.324 --> 00:50:27.994
And you have to do sucky things to, to get where you wanna be.

00:50:28.250 --> 00:50:29.449
yeah Yeah.

00:50:29.809 --> 00:50:30.889
There's the good and the bads.

00:50:30.980 --> 00:50:31.340
That's right.

00:50:32.340 --> 00:50:33.559
I, have a question for you.

00:50:35.090 --> 00:50:42.230
Conferences, so actually this, I'm learning from Louis Louis always invited me to conferences, network, meet with other people.

00:50:42.829 --> 00:50:46.550
Last year I did a horrible job at, so this year I'm being more intentional.

00:50:47.550 --> 00:50:58.289
So I guess with conferences, you speak at a lot of conferences, a lot of the real estate BiggerPockets the midterm summit Midterm Rental Summit.

00:50:58.289 --> 00:50:59.639
So you're everywhere.

00:51:00.599 --> 00:51:09.630
But I guess for you, are there any conferences that you attend to get motivated, keep growing, or to get additional education?

00:51:09.630 --> 00:51:14.369
Is there anything like that For Avery call as a attendee.

00:51:14.909 --> 00:51:20.849
So I really like the BiggerPockets conference because it's multiple types of real estate.

00:51:20.849 --> 00:51:27.030
So there's usually something there that I haven't heard of or that I wanna learn more about that I can sit in on.

00:51:27.690 --> 00:51:29.400
I try to limit my travel.

00:51:29.429 --> 00:51:30.690
We've got two little kids.

00:51:30.690 --> 00:51:32.699
They're four and almost said two and four.

00:51:32.699 --> 00:51:33.389
That was years ago.

00:51:33.389 --> 00:51:34.260
They're four and six.

00:51:34.679 --> 00:51:43.469
And so I, since I speak at so many, have not really been able to get out and go to any, just to learn, just'cause I don't like to be away from the kids.

00:51:44.010 --> 00:51:44.820
That time will come.

00:51:44.820 --> 00:51:47.039
But BiggerPockets conference for me.

00:51:47.039 --> 00:51:47.460
Is it?

00:51:49.380 --> 00:51:50.099
Yeah, that's a good one.

00:51:50.460 --> 00:51:50.789
Nice.

00:51:50.789 --> 00:51:51.119
Okay.

00:51:51.125 --> 00:51:51.510
All right.

00:51:51.840 --> 00:51:55.079
I'm trying to make it out there, so hopefully, I'll see you in person.

00:51:55.079 --> 00:51:55.230
Yeah.

00:51:55.230 --> 00:51:58.380
It's in Vegas this year at either the midterm or the BiggerPockets.

00:51:58.380 --> 00:51:58.650
Yeah.

00:52:00.105 --> 00:52:00.344
Great.

00:52:02.295 --> 00:52:06.764
Avery, we like to end off with these four regular questions we ask of all our guests.

00:52:06.764 --> 00:52:09.554
We call'em our world famous Wayfinder four.

00:52:09.764 --> 00:52:10.514
Are you ready?

00:52:11.474 --> 00:52:11.894
Yeah.

00:52:12.585 --> 00:52:12.764
All right.

00:52:12.764 --> 00:52:16.724
The first one is can you share with us a hack that you use just like a life hack?

00:52:17.724 --> 00:52:26.335
This is gonna sound very trite and like a broken record, but, waking up early 4:00 AM every day.

00:52:26.335 --> 00:52:29.304
My husband and I both not on the same floor of the house.

00:52:29.784 --> 00:52:32.755
I don't want him coming up to my level of the house and talking to me.

00:52:32.755 --> 00:52:34.135
I'm not waking up early to talk to you.

00:52:34.135 --> 00:52:35.605
I'm waking up early to get work done.

00:52:36.655 --> 00:52:40.375
We both wake up at four, work from four to six.

00:52:40.375 --> 00:52:42.324
He actually, he runs a lot of marathons.

00:52:42.324 --> 00:52:46.344
He's crazy, but so he runs, he'll work for an hour and then go run.

00:52:46.824 --> 00:52:48.954
And then kids wake up at six and we get the day going then.

00:52:48.954 --> 00:52:52.614
But really, you just get a lot of those things that will pile up on you.

00:52:52.614 --> 00:52:53.364
Finished.

00:52:53.710 --> 00:53:00.340
Early in the morning when there's nobody else awake, pinging you for things or calling you or emailing you or, no, there's no fires to put out.

00:53:00.699 --> 00:53:05.920
So that's probably the, and I just think better first thing in the morning.

00:53:06.280 --> 00:53:07.929
So that's my biggest hack.

00:53:07.929 --> 00:53:12.369
That, and I quit drinking six years ago and that's been like a game changer too.

00:53:12.400 --> 00:53:14.110
'cause you're, you sleep so much better.

00:53:14.110 --> 00:53:17.650
You wake up, you're, I was to the point where, I guess it just happens when you get old.

00:53:17.829 --> 00:53:21.400
I'd have one glass of wine after work and in the morning I'm like, what is this headache?

00:53:21.400 --> 00:53:22.239
Why am I foggy?

00:53:22.900 --> 00:53:23.110
Yeah.

00:53:23.199 --> 00:53:23.590
Yeah.

00:53:24.820 --> 00:53:29.980
Quitting drinking like made a huge difference too, just with sleep and hydration and anxiety.

00:53:29.980 --> 00:53:33.340
I had terrible anxiety, so getting rid of that cut it.

00:53:33.340 --> 00:53:34.059
That makes sense.

00:53:34.150 --> 00:53:36.190
It's also you save a lot of money.

00:53:36.190 --> 00:53:36.699
I, I.

00:53:38.094 --> 00:53:41.574
At least I find myself when I'm doing dry January or something like that.

00:53:41.574 --> 00:53:44.815
It's you spend a lot, these things are, it's expensive.

00:53:46.375 --> 00:53:46.434
Yeah.

00:53:46.434 --> 00:53:46.644
Yes, it is.

00:53:48.065 --> 00:53:48.985
I'll, do the second one.

00:53:48.985 --> 00:53:56.065
So your favorite something, I don't know if it's a book song or tell us about your, favorite something.

00:53:56.065 --> 00:54:02.190
I guess my favorite something my favorite band, our family's favorite band kiss.

00:54:02.909 --> 00:54:05.699
My husband and I have seen them, I don't know a ton of times.

00:54:05.760 --> 00:54:09.989
We've got all the we've got tons of KISS memorabilia in the house.

00:54:09.989 --> 00:54:13.440
In our old house we had a kiss room that had kiss murals on every wall.

00:54:13.440 --> 00:54:19.440
We took the kids to see Kiss' final show at Madison Square Garden in December of 2023.

00:54:19.710 --> 00:54:20.639
It was awesome.

00:54:21.119 --> 00:54:25.139
So we love rock and roll around here, but KISS is a family tradition at this point.

00:54:26.280 --> 00:54:26.699
That's cool.

00:54:26.699 --> 00:54:34.110
Taking the kids to a, band or whatever that you like, grew up and love and with and love is the best feeling, isn't it?

00:54:34.769 --> 00:54:35.159
Oh yeah.

00:54:35.159 --> 00:54:39.210
Listen, my kids have quite a list of band.

00:54:39.239 --> 00:54:48.750
They've seen the Rolling Stones, they've seen AC DC, they've seen Judas Priest, iron Maiden, like any classic rock and metal.

00:54:48.750 --> 00:54:49.255
They've seen elt.

00:54:49.409 --> 00:54:50.489
No, I haven't seen El no.

00:54:50.519 --> 00:54:53.789
They've seen Billy Joel so, many great ones.

00:54:53.789 --> 00:54:55.739
The Eagles legends.

00:54:56.739 --> 00:55:00.579
Yeah Give us a piece of advice for your younger self.

00:55:02.394 --> 00:55:05.724
For my younger self, you couldn't tell me anything when I was younger.

00:55:06.085 --> 00:55:15.295
But for people who might be younger than me at this point, I mean I, the biggest thing for me is I just wish I would've started earlier and everybody acts like, oh, you can't start now.

00:55:15.295 --> 00:55:16.105
You can't start now.

00:55:16.105 --> 00:55:21.204
And everybody's always gonna say that no matter when now is yesterday is always gonna have been the best time.

00:55:22.284 --> 00:55:24.054
But the second best time is today.

00:55:24.085 --> 00:55:28.315
And I do think the way the real estate market is right now, it's dead guys.

00:55:28.344 --> 00:55:28.945
It is dead.

00:55:28.945 --> 00:55:41.125
Like I said, if you were home sold 2023 and 2024, then in the last 65 years, and when I started investing in 2013, everybody was like, no you, had to invest in 2009 and 2010 right after the crash.

00:55:41.125 --> 00:55:42.025
Now it doesn't make sense.

00:55:42.295 --> 00:55:51.864
I truly do think people will in 10 years, maybe even five years, look at 20, 23 and 24 as damn, I wish I would've bought then as another 2008.

00:55:51.894 --> 00:55:53.605
Yeah, like we didn't see the big price drop.

00:55:53.875 --> 00:55:57.594
But I think that people are gonna look at this and go, man, I should have bought then.

00:55:58.594 --> 00:55:59.135
I'm with you there.

00:55:59.855 --> 00:56:00.454
I agree.

00:56:00.574 --> 00:56:00.875
Yeah.

00:56:02.255 --> 00:56:05.855
Choice between a big opportunity or a limited belief.

00:56:06.855 --> 00:56:07.304
Okay.

00:56:07.965 --> 00:56:10.094
A limiting belief that I have.

00:56:10.125 --> 00:56:10.394
Yeah.

00:56:10.695 --> 00:56:11.175
Yes.

00:56:13.125 --> 00:56:15.255
Or wait, what's, what does a big opportunity mean?

00:56:15.554 --> 00:56:19.094
So really it's anything how, does that resonate with you?

00:56:19.094 --> 00:56:29.235
Pick one of those two and, chat about it what maybe a big opportunity that you see out there, or limited beliefs you have and how you overcome it kind of thing.

00:56:29.235 --> 00:56:29.264
Okay.

00:56:31.184 --> 00:56:40.545
I think a big limiting belief that everybody has when they start investing in real estate is that they don't have enough money or that they can't, that, that they don't have enough money, they don't have enough knowledge and.

00:56:41.625 --> 00:56:46.394
It really, you will find a way to do the things that you prioritize.

00:56:46.724 --> 00:56:50.474
I regularly get people commenting on my social media you're crazy.

00:56:50.864 --> 00:56:53.355
You can't, we can't even save for a bag of chips today.

00:56:54.614 --> 00:56:55.635
Get an extra job.

00:56:56.835 --> 00:56:58.155
Nobody wants to hear that.

00:56:58.425 --> 00:56:59.414
Maybe cut.

00:56:59.864 --> 00:57:04.244
If I had to cut out my bar tab when I was 21, I would've saved a lot of money.

00:57:05.244 --> 00:57:10.025
I, know you, it sounds so I sound like such an old man like boomer.

00:57:10.655 --> 00:57:22.295
You can't save your way to wealth, but you can, if you want to prioritize bringing in an extra income so that you can just get to that down payment to get started, you can do that.

00:57:22.414 --> 00:57:24.724
Anybody can do that, but people don't wanna hear that.

00:57:24.789 --> 00:57:25.079
Yeah.

00:57:25.505 --> 00:57:26.465
Yeah, totally.

00:57:26.764 --> 00:57:28.324
And you know what real estate I.

00:57:29.510 --> 00:57:34.639
One of the other things, a deal, and you can find the money for a deal even if you don't have any.

00:57:35.690 --> 00:57:35.840
Yeah.

00:57:36.230 --> 00:57:37.219
I can't tell you.

00:57:37.429 --> 00:57:47.420
Jesus was saying how we go, I go to a conference that was just what went in Las Vegas two weeks ago, and we're all there a bunch of old brokers sharing deals of all different sorts are from around the country.

00:57:47.690 --> 00:57:53.150
Half the people who were there were just there with money to give to people to invest.

00:57:53.420 --> 00:57:54.110
You know what I'm saying?

00:57:54.110 --> 00:58:00.019
To so not having money is not an excuse to get in into real estate.

00:58:00.170 --> 00:58:02.420
You don't get to keep as much of the pie.

00:58:02.525 --> 00:58:04.579
But you still get a piece of it, and that's better than nothing.

00:58:06.380 --> 00:58:06.619
Yeah.

00:58:07.219 --> 00:58:10.369
I like to think that if you set the intention right, so if you.

00:58:10.880 --> 00:58:12.469
You wanna buy a home, okay?

00:58:12.469 --> 00:58:13.820
You don't have the down payment yet.

00:58:13.820 --> 00:58:17.329
But if you set the intention of, okay how can I get the money?

00:58:17.329 --> 00:58:18.289
How can I do it?

00:58:18.289 --> 00:58:23.030
Now you're opening it up and sometimes money will come to you, right?

00:58:23.750 --> 00:58:25.610
You, wouldn't even be able to make it up.

00:58:25.610 --> 00:58:30.079
But one way, one how, some way, somehow it'll, come to you.

00:58:30.079 --> 00:58:31.099
You can figure it out.

00:58:31.099 --> 00:58:34.460
You can get another job or you can do something to make it happen.

00:58:35.030 --> 00:58:41.869
But you have to begin with just, Hey the intention of this is what I'm gonna do, and we'll figure it out along the way.

00:58:42.985 --> 00:58:43.034
Totally.

00:58:43.130 --> 00:58:46.550
I think if you just shut yourself down at the beginning then, that's it.

00:58:46.730 --> 00:58:47.900
As soon it's not gonna happen.

00:58:48.260 --> 00:58:48.559
Yeah.

00:58:49.699 --> 00:58:49.969
Yeah.

00:58:50.960 --> 00:58:53.059
Avery, thank you so much for being on the show.

00:58:53.059 --> 00:58:59.539
If people wanna know a little bit more about you, maybe get your books, where can they do that?

00:58:59.539 --> 00:58:59.599
I.

00:59:01.159 --> 00:59:07.880
So best place to go is our website, the shortterm shop.com, or you can follow the Shortterm shop on Instagram.

00:59:07.880 --> 00:59:09.139
It's at the short-term shop.

00:59:09.139 --> 00:59:12.409
If you wanna follow me personally, I'm at the Avery Carl.

00:59:12.889 --> 00:59:15.170
You can pick up the book, both of the books.

00:59:15.860 --> 00:59:21.800
Probably the best deal is gonna be on the BiggerPockets Bookstore, so it's biggerpockets.com/smarter str.

00:59:22.070 --> 00:59:25.219
You can get'em in Amazon, or on Amazon, sorry, or wherever books are sold.

00:59:25.219 --> 00:59:27.800
You can walk into Barnes and Noble and pick one up, which is pretty cool.

00:59:27.800 --> 00:59:27.860
Yeah.

00:59:29.210 --> 00:59:33.289
Yeah, anywhere books are sold, but website, Instagram, find us there.

00:59:34.250 --> 00:59:34.579
Awesome.

00:59:35.690 --> 00:59:37.309
Thank you so much for your time, Avery.

00:59:38.269 --> 00:59:45.650
This is also, like you said, we surprised you at the beginning, but Jesus has been a special guest cohost here.

00:59:45.650 --> 00:59:48.679
So if people want to connect with you, Jesus, where can they do that?

00:59:49.880 --> 00:59:51.590
Instagram, it's not a fancy name.

00:59:51.590 --> 00:59:53.630
I'm working, out all the pieces.

00:59:54.199 --> 00:59:56.900
It's just, Hey, j 6, 6 1.

00:59:57.320 --> 00:59:57.889
So it's.

00:59:58.280 --> 00:59:58.789
Simple.

00:59:59.539 --> 01:00:03.619
So like Jesus, J G hey.

01:00:03.710 --> 01:00:08.840
J-E-S-U-S-J 6, 6 1 6, 6 1.

01:00:09.079 --> 01:00:09.500
Excellent.

01:00:10.309 --> 01:00:10.429
Yeah.

01:00:10.460 --> 01:00:11.539
Oh thank you guys.

01:00:11.539 --> 01:00:12.559
It's been a lot of fun.

01:00:13.159 --> 01:00:13.820
Thank you so much.

01:00:13.820 --> 01:00:14.179
Thank you.

01:00:14.570 --> 01:00:14.989
Yes.

01:00:19.822 --> 01:00:21.592
We hope you've enjoyed the Wayfinder Show.

01:00:21.652 --> 01:00:25.913
If you've got value from this episode, please take a few seconds to leave us a five star rating and review.

01:00:26.213 --> 01:00:30.472
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01:00:31.163 --> 01:00:32.422
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