[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.
[00:00:15] Short Term Rental Management. Long hair, Lou Carl, no shave. November going pretty well for me. Although I don't know when this is going to come out. It's that funky time of year. I got a little bit of a funk going on. I don't know what it is. Apologize for the weird voice today, but life is good. Life is good. We're gonna talk about landlording and property management, rental real estate. That's what we do here. Short term rental management, of course we do specialize in the vacation rental space, overnight rentals as opposed to long term rentals, which we love those too. We do. We love them. I'm going old school today with my Guns n Roses shirt. I got a pile of mail a mile high on my desk. Sorry for the clutter. But life is good. And today we're going to talk about being an entrepreneur and more so a serial entrepreneur. What happens when you're one of these folks that gets stuck in the entrepreneur funnel vortex, if you will, and you just can't get out of it? Well, I'm going to, I'm here to help you with that. Today on short Term Rental management with cash flow. Carl, are you afraid of saturation? Well, join Short Term Shop plus and let the saturated be afraid of you.
[00:01:30] Become the best in the business@sts/.com. All right, so first things first, we're going to talk about quitting your job. This is something that comes up a lot around here. And just being an entrepreneur in general, which really short term rental is a great gateway drug into that space. It's a great way to kind of get your feet wet in running your own business and not working for somebody else. The vast majority of people are not really cut out to be entrepreneurs. 16% of American citizens between the age of 18 and 64 are entrepreneurs. And from there you got to break it down into different sectors of whatever that word even means. Right. Are you a, are you a, a small business owner? Are you self employed? Are you a, a large business owner? Kiyosaki would determine the definition of a business owner as 100 employees or more. That's a lot. But according to Cash Flow Quadrant and the goat, the greatest all time figurehead in the world of Real Estate, Mr. Robert Kiyosaki. He says that you got to have 100 employees to be a, a business owner in the cash flow quadrant.
[00:02:47] So you know, a small business owner would be somebody that is a Typical entrepreneur in most cases. And then you have self employed, which is a whole nother thing, but it's exactly the same, right? So 1099 is what we're talking about in general. Somebody that doesn't have a W2, doesn't work for the man, et cetera. But most people are not cut out to do this, okay? And it's. It's one of those things where if you feel like you want to do it, you just got to jump in. You got to have the guts to get involved, quit your job, jump without a parachute. That's my advice. As a guy that's been an entrepreneur my whole life, you. If you listen to the program, you probably heard me say, I've never had a job yet. I work 10 times harder than anybody. You know, I mean, that's just part of. Part of the name of the game. You. You. The hardest part of this whole thing is holding yourself accountable, waking up on time, getting tasks done on time, having a schedule, having a calendar, having a task management system, etc. It's very difficult to do for most people, so they are better off working for somebody that can tell them what to do. Otherwise known as an employee in the cash flow quadrant. Which, by the way, if you're. I've already mentioned that twice, if you're not familiar, that is a book. It's Robert Kiyosaki's second book, and it is, in my opinion, the greatest business book of all time. Unless we're talking small business, then the greatest business small business book of all time is the E. Myth. Both of those books, by the way, I guarantee, are back here on this library somewhere. I'd see three copies of Rich dad right there, some rock and roll books back there as well. But we won't talk about that too much today. If you're ready to be an entrepreneur, just jump in. Don't be a wimp. Let's go. You just gotta let it rip. Shoot first, aim later. You gotta believe in yourself. My best piece of advice for somebody wanting to work for themselves is you just have to believe in yourself. Believe in yourself and you'll do just fine. And that's not to say that you can't work for somebody else and believe in yourself, because there is a giant benefit, a lot of giant benefits for working for somebody else. I'm not saying you shouldn't keep your day job. In most cases, 95% of the time, I'm telling you you should keep your day job. But when it comes to the world of vacation rentals, Rental real estate in general, really, but especially vacation rentals. This is where you can really start to dip your toe in the waters of entrepreneurship. Being self employed, it is the gateway drug to entrepreneurship. We've seen many people quit their job by getting into this space. Now that's a dangerous way to put it. I don't think that you're going to get into this space and have enough money to quit your job. But I think what it really. More. More. So what happens is that you get into this space and you realize, oh, I can make a living outside of a W2, I can make a run for it on my own. And then you quit your job and you find other ways in other avenues of being self employed and being an entrepreneur to make a good living. Being a property manager would be number one. A lot of folks that listen to my show don't realize that they are a third priority property manager in the making. So you get vacation rental, real estate, you buy a house or two, and then you realize, oh man, I can do this. I can be an entrepreneur, I can run a business. And then you get, you know, you quit your job, you move on to some other aspect of entrepreneur, but then you still hopefully keep those properties in the background. I do see occasionally where people make a mistake where they get into this. They realize they can be an entrepreneur, they get full steam ahead and then they end up selling the houses because they're trying to make a go of it and they need the money or the equity that they've made over the years with these properties to start a new venture or something like that. I do think that's a mistake. You got to keep your real estate. Okay, I'm a buy and hold guy. It is my opinion that the longer you hold real estate, the better your life will be. I've sold a few things over the years because I needed to. Every now and then you do need to dump some properties because they stink, not functioning the way you wanted them to. They're in a bad neighborhood or worse neighborhood than you thought it was. Or the neighborhood got worse that I've had that happen too, where decent neighborhood turned into a bad neighborhood, you know, and you just got to get out. Sometimes you got to take a loss on a property, which was pretty common in the 22 to 24 era. 2022 to 24 era. People that bought in 2021 and tried to sell in 22 and 2324 are taking a loss. It's sad, it stinks. It's happened to me. But what I don't want you to do is get into this and then say, oh, I'm, I'm grasping at straws here. I'm trying to make this work. Let me sell my properties and see if I can make something keep going here with whatever I'm doing with this, with this other side hustle. When, when, when, when that's the case, my opinion, reality is you probably should go back to getting a job. You know, you got to keep these properties. Okay? So that is basically the definition of somebody who tried it, got a little taste of some success maybe because of the COVID era and failed. And now they're grassman and straws selling properties, trying to get something going. But in reality, they're probably going to go back to work. There's nothing wrong with that either.
[00:07:38] Fear not. Saturation.
[00:07:40] When you are the cream of the crop, you will rise to the top.
[00:07:46] Come learn from me. The best in the business voted 19 time world's greatest landlord. Luke cash flow
[email protected] where you will learn to be the best in your field and the world's greatest landlord.
[00:08:06] We are teaching all the best practices in the world of vacation rentals and we would love for you to join
[email protected] now what I want to talk about is a serial entrepreneur. This is what this is really the focus of my podcast today is it's a dangerous thing. And it's dangerous because most people that are serial entrepreneurs don't know that's what they are. And it is a very fine line because the people that are at the top of the heap of this being a, you know, a business owner, a startup, an entrepreneur, et cetera. The whole goal is to start a business, sell it, start another business, sell it for more, start another business, sell it for more than the other one. You know, you just scale up in the business building. A lot of people seem to do that, you know, they want to do that, which there's a lot of great resources out there for doing that as well. There's a great podcast called How I Built this which talks about people building companies and selling them in most cases. And, and most of the time they're doing it just specifically to sell the company. That's the whole reason they started the company, was to sell it, you know, but the problem is if you're a small scale serial entrepreneur, you can get yourself in a little trouble where you're just bouncing around. This is my new thing. This is my new thing. This is my new thing. And I think that's a lot of times we get people that come into this business and they're afraid of that. They're afraid that, oh man, this is, you know, I'm scared that this is just a new, a new shiny object for me and, and maybe I should just stay with my day job. So there is a fine line there between not having the guts to get in and going too far with it to the point where you don't even realize the fact that you're just entrepreneur hopping, just business hopping. Oh, this week it's the multi level marketing. This week it's the Airbnb. Next week it's going to be a women's counseling group that I'm a coach for. And then the next week after that it's Beachbody. And the next week after that it's you, whatever. Any number of different. I'm a Pilates coach, you know, that kind of thing. Not to poo poo any of that, but the goal is to stick with something, okay? Now that's where rental real estate comes in handy. And the secret to rental real estate is forgetting that you have it. Okay? So use rental real estate as the kind of the gateway drug to get you into entrepreneurship and realize that, yes, I can run a business. All the while maybe keeping your day job, which I would always recommend. That I always keep. Recommend. Keep that damn day job, dude. Do, do it. Keep it. Did I mention I'm a little under the weather? I hate it. Hate not feeling 100%, but the show must go on. And I, I, I do appreciate you tuning in today and hanging with me anyway, but it is a fine line. You know, I see folks that they get in, they do it for two years, they move on to what's next, and they just, they don't hold themselves accountable. Now, with rental real estate, you have no reason to do that. Just hold the property, put your systems in place so that you don't have to think about it too much. Other than obviously pricing, which is always number one in vacation rental real estate is keeping your prices right and set it and forget it and move on. Then you can move on to whatever your next entrepreneurial event is going to be. But you do, you gotta be careful. At a certain point, you have to have enough guts to stick with something. And a lot of it, again, we talk about this a lot is identity. You're trying to find an identity for yourself. I'm, I'm an Airbnb host. Okay, that's boring. I'm not doing that. Great at it. Let me Move on to the next, to my next thing. And I'm victim of it as well. You know, a rock and roll, perfect example. It's a, it's an identity thing. When I was a kid, I gravitated toward rock and roll because I liked it, for one thing. And I got to dress cool, cool rock shirts and had, I could grow my hair long and I could have a motorcycle and it was an identity. And here I am, 45 years old, still sticking with it because I feel comfortable, I do. And that's a wonderful thing to find an identity that you feel comfortable with. And at a certain point you just have to look around and say, man, I have been identity hopping for how long now with all these different serial entrepreneurial moves and it's time for me to stick with something. So if you're nervous about getting into rental real estate because you think it's a fad and you're going to get sick of it, I'm here to tell you, stop worrying about that. Don't worry about that. Matter of fact, it's okay to get sick of it. Get sick of it to the point where you don't want to deal with it anymore and maybe you stop buying for a while, but you keep them and you forget about them and you just let them run in the background like they're no big deal. That's when you're going to have success. It's when you jump in like you're, you know, you're selling Avon one week and then you're selling Mary Kay the next week, and then you're pushing a house on Airbnb the next week. That's when you're going to have a problem.
[00:12:43] At a certain point when you're in this type of lifestyle, you have to stick with something. Okay, so the good news is you can stick with these vacation rental houses and still jump around to the other aspects of self employed and unserial entrepreneurialism. It's such a weird word to pronounce over and over again, isn't it? Job hopping, if you will. So if you're nervous, oh my goodness, what if I don't like it? Who cares? Who cares if you don't like it? It's a wonderful thing to be stuck with. Real estate has and always will shine when you set it and forget it. Forget that you own it. Time goes by, the price will double in the period of however many, you know, 20 years, not to mention the debt pay down. I can't believe I have to sit here and pitch real estate to you, the value of real estate is absolutely, it's, you can't even quantify it. It's incredible. If you just hold it and forget it. Okay, now again, it's a difficult thing because people that are entrepreneur hoppers, the job hoppers, the serial entrepreneur, they don't know they're doing it. You know, one, you know, there's somebody in your life that does this. You've got a cousin or a college buddy or whatever that has just never stuck with a gig. And that's okay, you know, as long as they're happy and they're moving around. Hopefully they're making, you know, moving up the ladder as opposed to down. But what I'm saying is, is if you get into this, if you get into rental real estate and you end up out of it in two years, that's just pathetic. It's, you need to plan to keep this thing for the duration, even if you're still hopping from gig to gig on the side. You know, oh, I'm an Uber driver this week and next week I'm going to do Tupperware, whatever. I don't think that's a thing anymore. But you get my point. Now if you're an Uber driver and you can afford rental real estate, more power to you. Although I will say, when I first started and I had a day job and we were young and wifey was in grad school, at night, I drove Uber. I ain't, I'm not afraid to admit that I did. I drove Lyft and I had to use her car because my car was too big of a piece of junk. They wouldn't let, they wouldn't give me a lift permit or whatever it was. So I would drive to her school after work, leave my truck, which is a piece of junk, take her car, drive Uber and Lyft at night while she was in school, and then I go meet her at school and we trade cars again and go home, which was a 30 minute drive because we wanted to live out in the country to save money. And we did all that to save pennies, to buy real estate so that we could have a better life when I'm old and gray, which is right now with this nasty cold or whatever the hell I've got. All right, so what have we learned today? We've learned that most people that are jumping around from gig to gig don't realize they're doing it. And we've learned that if you're going to jump into this gig, which is vacation rental real estate, you Damn well better plan and not jump out of it. Guys, we sell houses for a living. I don't want that to be a secret. I don't. I am not a real estate agent, okay? Not a licensed real estate agent, but the short term shop sells houses for a living. It is in my best interest for you to decide you want to sell your vacation rental, and yet I'm sitting here preaching to you for 20 minutes that you damn well better plan on not selling that damn house. Hello. Does that tell you anything about how awesome I think this is for you and your life? Get in, buy something and hold it. Feel free to jump around doing whatever other crap you're doing in your day, in your daytime, and you know, to make money. Because again, guys, I hate to tell you, you don't buy real estate to buy more real estate with it. You don't. I mean, yes, it can be done. We did it. But it was so difficult. The average Joe's never going to be able to handle that. You, you, you have the jobs in the and the W2s and the 1099s to collect the money to go buy the real estate and then you forget about it. You just hold it, adjust your prices, come to short term shop. Plus, let me teach you how to do everything and optimize and get your gross rents up and you forget about the house.
[00:16:46] All right? So being a serial entrepreneur is not a good thing. If you are one and you're listening to this, you probably don't even realize that I'm talking to you. If you know somebody in your life that is one, you really can't talk them off that ledge. They're just going to job hop their whole lives. But if you're worried about getting into rental real estate, Airbnb, vacation rental real estate, because you think it's going to be a fad in your life and you're going to get sick of it. You need to knock that off right now. It's okay to get sick of it. You're going to get sick of it. I'm going to tell you right now. You're going to get sick of these people complaining. But you get a thick skin and you get to the point where you don't even care anymore. Put your systems in place. You have standard operating procedures for anything that's happened more than four times and you forget about it. I'll teach you all that in short term. Shop plus. I'd love to. We're running special on it right now through the end of the year. I'm not. It's not a sales pitch. I just want to help you. Maybe it is a sales pitch. Everything's a sales pitch, right? But you buy a house, you forget about it, you move on. If you're worried about being wishy washy on it, knock that off right now. Just jump in before 10 years. 10 years flies by like this.
[00:17:48] Boom, it's gone. And you're gonna wish you had that house for 10 years. With the debt pay down for 10 years. That's one third of the loan paid by somebody else's money. Other people's money, baby. Because other people's money is a lot more attractive to me than my own money. I like other people. I'd like to get other people's money and keep the money I've got and let it grow. All right, long hair. Lou Carl the shaman is short term with a damn nasty cold, but a cool rock and roll shirt on today. I hope you enjoyed the program. I love you. I will be back next Tuesday, hopefully with a little more energy and a better, less scratchy voice. Don't overthink it.
