Episode Transcript
[00:00:02] This is Short Term Rental Management, the show that is all about short term rental property management with your host, yours truly, Luke Carl.
[00:00:16] Short Term Rental Management. Luke Carl, World's greatest landlord.
[00:00:21] Gone from broke to not broke in my life. And it's been awesome. Loved every second of it. Most of it is due to waking up early, but many more factors involved. But today we're going to talk about some things that need to happen when you go from being broke to not broke, from poor to rich. I know we're not supposed to use these terms, but they're. What else are you going to call it? I mean, that's what it is, what it is, right? You're either broke or you're not.
[00:00:49] And I've been broke before and it's fine. It's so it's actually pretty easy. It's a lot easier to be broke in a lot of ways, but also in many ways it is more difficult. There's, you know, more stress in some capacities far as like not being able to pay your bills and not being able to get things that you want. And I'll be honest with you, I do think to a certain extent we're either born to be broke or we're born to be rich or somewhere in the middle. Obviously there's plenty of gray areas in the middle.
[00:01:19] I do feel like looking back on my life at a young age that there was something missing and I just had to go figure out what that was.
[00:01:30] And I went out there and I did it and I worked my ass off and I continue the mission, which is to provide folks with a great place to have a vacation with their family.
[00:01:41] Because I do, I do occasionally see this anti landlord stuff on Facebook and TikTok, et cetera. And I'm just like, do you people not like to go on vacation?
[00:01:53] And when you go on vacation, do you only want to go on vacation to a home that you own?
[00:01:58] Because to be honest with you, a lot of times it's easier to go into a rental.
[00:02:03] So don't give me that anti landlord crap.
[00:02:07] It's a wonderful thing for folks to go on vacation, rent a house and take their family and create memories.
[00:02:13] It's fantastic.
[00:02:16] We all want to be doing that. It's, you know, it's a, it's a something. Yeah, you got to make time for it once a year.
[00:02:21] But anyway, I do feel that at, you know, at a young age, I knew something was missing. I wanted more out of life. I wanted success.
[00:02:33] And what does success mean? Hell, I don't know. You can be very successful and not have any money.
[00:02:39] I think really success just means you're happy. Happiness is where success comes from.
[00:02:48] But if you're happy grinding it out and working hard and making dough, that's cool too.
[00:02:57] So I'm going to give you a couple of tips and or tricks that I've learned along the way.
[00:03:05] All right? So number one is don't use your mom's soap. And if you're a regular listener of my program, you've heard me say this before, but it's totally true, you know, whatever.
[00:03:21] And again, mom, I love you. But if I think what I mean by that is, is if you were broke before, whatever you were doing, don't do it anymore, okay? Don't use your mom's soap, whatever soap you were using as a child. Let's move on and get some big boy soap. Go to the fancy soap store. I love going to the fancy soap store.
[00:03:42] Buff City. It's one of my favorites. I think they're out of Tennessee, but I go to the one in Starkville, Mississippi because we visit there often to see the family. Avery's mom is there. She may or may not use that soap. I don't know. But it's just a funny way of putting know things. And if, if you grew up broke, do things differently because if you want to stay broke, keep doing them the same way. It's really as simple as that.
[00:04:13] You know, I talk a lot about tipping and some people may say, I think most people may say, wow, you, you must be rich, you tip a lot. And I'm here to tell you it's 100% the other way around.
[00:04:27] I'm doing well in life because I tip a lot.
[00:04:30] Putting that out in the universe, every dollar you put out is going to come back to you times three.
[00:04:37] One dollar goes out, three come back in. If you're keeping your eyes open and you're paying attention and you're being nice and you're progressing in life and you're waking up early.
[00:04:48] Are you looking for a change?
[00:04:51] Well, the short term shop is hiring realtors you live in or want to move to one Best vacation markets in the United States.
[00:05:03] We want you to join the team.
[00:05:06] We are a small family owned business but we are one of the biggest real estate teams in the world.
[00:05:13] We are looking for new team members.
[00:05:17] Please contact us at theshortermshop.com careers theshortermshop.com care careers here's another one for you.
[00:05:29] Tip on how to not be broke.
[00:05:33] Stop picking up your friends from the airport.
[00:05:36] It's stupid. It's a complete waste of everyone's time.
[00:05:41] It's a double waste of your time because you got to go there and back, and then if they leave, you got to do it again.
[00:05:48] Stop that. You're not even going to save any money. It would be cheaper for you to pay for their damn Uber than it would be for you to drive there and back. Not only the gas and all the maintenance and miles on your car. Forget about all that nonsense. I'm talking about the time you could have spent crushing it, waiting for your friend to come to your house or family member, whatever it is.
[00:06:10] And I get it, you know, you want to pick them up, you want to be cordial, but we're living in 2025. Push a button on your phone, get them picked up by somebody that actually is a good driver, and you can continue to crush it for another hour and a half. Again, airport to my house is over an hour, so that's two hours plus for me to go pick somebody up from the airport.
[00:06:32] I'm not gonna do it. And if you're coming to my house and you get all butt hurt that I don't pick you up from the airport, shame on you. Let me crush it so that when you actually get to my house, we can have some fun with the money I made while I was crushing it rather than drive. In other words, let me put it this way. Do you want to be an Uber driver or do you want to crush it?
[00:06:53] Am I saying that Uber drivers can't crush it?
[00:06:56] You know, hey, man, when Avery was in grad school and we were first starting out, I drove her car Uber while she was at school. I would drive my piece of junk truck to her campus at Belmont in Nashville, pick up her car because my car wasn't nice enough for Uber, and I would drive while she was in class, and then when she got out of class, I give her her car back and we both drive home.
[00:07:18] Because I was hustling, baby. I was side hustling. But I'm not that guy anymore, so I'm not picking your ass up at the airport.
[00:07:27] That dude got out of it. I got out of that hole, and I'm not going back.
[00:07:33] So stop picking your friends up at the airport. It's stupid.
[00:07:37] Obviously, that one's a little ridiculous. There are some exceptions to that one where maybe you're going somewhere in that direction and it's just more convenient to go get them and you're excited and that kind of thing or whatever.
[00:07:50] Here's another one, tip number three on how to not be a broke person driving four hours to get the best deal on a used car.
[00:08:05] So, you know, and this is the way I was raised, Sorry, dad.
[00:08:11] You find the best deal on the planet. Of course. Honestly, if I'm being honest with everybody here and my dad teaching me how to buy cars, the Internet didn't exist when I was buying my first car. So we just went to the local dealerships and that's all you could do, you know, but today you have the Internet and you have literally every car that's for sale in the United States right there at your fingertips. And you can find the, the best deal on the exact make and model you are looking for. And you can travel to go because it's going to be far away.
[00:08:42] And you can drive four hours to go get that thing and save 1500 bucks or 3000 bucks over the local version of that exact same car. You can do that.
[00:08:52] And I've done that before because I was taught to go get the best deal. The best. You know, like red Foreman on that 70s show. That's exactly how it was. You know, you're trying to get the best deal, period. Or Al Bundy on, you know, Married with Children.
[00:09:14] But anyway, you go on your phone, you want several apps on your phone, tell you the exact best priced vehicle that you're looking for in the make and model. And it's, let's say it's four hours from your house.
[00:09:26] I've done this before. I have.
[00:09:30] And guess what happened? I got that thing home and it had problems. This happened a couple times to me. I've seen it happen to family members that did the same thing. They went out and got the best deal, drove four states to go get that thing, took somebody with them so that they could drive the other car back.
[00:09:51] Then you get back in a couple months later, you realize why it was the cheapest one in the country.
[00:09:56] Because it's junk.
[00:09:59] So again, stop wasting your time to save 1500 bucks, get the best deal at the local place. I don't even go to the local place. I have them deliver it. I find the car online, I say, here you go, send them the dough. They bring me the car, drop it off in the driveway, off I go.
[00:10:16] Speaking of, I got problems with my car.
[00:10:19] I take, I call the tow truck and have them take it to the place. Now again, I live in a small town that's far from everything. It's going to be an hour, maybe more to get me to a Dealership.
[00:10:32] So I call the tow truck and they charge me, what, 150 bucks to take it to the dealer or the. To the wherever. Now if it's a little job, I just take it to the guy down around the corner. That's no problem, but.
[00:10:46] Or my dent guy. My dent guy's like an hour and 20 minutes away, so I can have it towed over there for 175 bucks, or I can spend all day basically wrapping another family member in another vehicle to follow behind me to bring me back home. It's nonsense.
[00:11:04] You really gotta think about how you're spending your time.
[00:11:13] If what you're doing is not making you money, don't do it.
[00:11:19] Don't do it. All right, so three quick tips today on how to stop being broke.
[00:11:26] Because it really is. You start tipping and you be. Next thing you know, you're really moving in the direction of a wealthy person by not tipping. This is a ridiculous example. Some people just don't like to tip. I get that.
[00:11:41] But put it out there. Spend the money on something that's going to make your life easier and better, and next thing you know, you've made three times as much elsewhere.
[00:11:52] Okay, so three tips today on how to not be broke.
[00:11:57] But I am going to talk a little bit about short term. Okay. Oh, let me bring it back. Let me bring it back. Completely changing the subject. I do want to talk to you. A little quick tip here for making your short terms a little easier and better.
[00:12:08] I want to talk about your appliance spreadsheet. This came up for me today. This morning, actually.
[00:12:18] Make sure that you're keeping. And you may have heard me mention this before, maybe you're brand new and I love you. Thank you for being here. Please leave us a five star on this podcast.
[00:12:31] We would really appreciate it. I am almost 300 reviews. Wow.
[00:12:38] Anyway, keep a spreadsheet of the age of the appliances and the functions of your home. Water heaters, H Vacs, roof, etc. That stuff will come back up. I own something like 320 water heaters. Every one of them's on a spreadsheet.
[00:12:55] All right, there's probably a few that are not on there.
[00:12:58] Usually when they're not on there, which is rare, we assume they're very old.
[00:13:03] But you can find this information on your inspection report. In most cases, might not say the exact year, but it usually will have a serial number or a picture of a serial number. And you can find the year that it was made based on the serial number. Just do some googling it's very easy to figure out another tip. If your water heater is more than eight years old, in a short term, get rid of it. Replace it.
[00:13:25] If your H Vac is more than 9 or 10 years old, replace will cause problems. It will be a pain in the ass. Now, if the home's already up and running, okay, maybe you wait till it dies.
[00:13:37] If you got a new house going, H vac, 10 years old. Bye, bye. I don't care if it works, get rid of it. You do yourself a favor. All right? Little short term management tip for you today.
[00:13:47] While we also talk about how to not be broke. All right? So get out there, stop being a broke ass. Start thinking differently. Don't use your mom's soap. Luke Carl, Short term Rental management.
[00:13:58] I got a quote for you.
[00:14:02] And the quote is from a buddy of mine. I just talked to him earlier, just met him recently. But the quote is, like a dog stuck in a squirrel park.
[00:14:13] So if you're running around chasing after squirrels and just, you know, running hard and trying to get that damn thing, I like that, man. Like a dog stuck in a squirrel park. Don't overthink it. I love you.
