[00:00:02] Speaker A: 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] Speaker B: Welcome to the party. Short term rental management. I love you along here, Luke Carl, the reverend of real estate. Today we're going to talk about renting your house. A novel idea. Can you imagine? We're going to talk about this concept on short term rental management.
Renting your house on a show about managing a house. But all kidding aside, I do see a lot of times where folks, especially new folks, are saying, oh my goodness, this guest wants to do this, that the other, and I am afraid of that. I don't want them in this house. I'll give you some specific examples and we'll talk about whether you actually even want to rent this house or not on today's episode of short term rental management.
[00:00:53] Speaker A: This episode of the short term management show is brought to you by short term rental, long term wealth. This is the book in the STR space written by my lovely wife, Avery Carl. It has hundreds of reviews on Amazon, and it will teach you literally everything you need to know about str.
Short term rental, long term wealth, the book wherever books are sold.
[00:01:19] Speaker B: Do you want to rent your house? Everybody says, I want to rent my house, man. We'll make a couple of extra bucks. Passive income, which is b's, by the way, if you don't know that already. There ain't nothing passive about it, at least not the way I do it. Maybe for some folks, maybe you got enough money to just put like 50% down or pay cash for an apartment building and never think about it again. Then it's passive. Maybe sorta until something crazy happens. But I don't like it being passive, man. I want to. I want to be active. I like being active.
Keeps me busy. And it's my job, man. I'm a landlord. I got to make sure that this house is running smooth, sexy, up to speed, rocking and a rolling. But today's topic is, do you even want to rent this house?
Perfect example is the weed smoking. All right, this comes up all the time. Oh, my goodness. They smoked weed in my house. What am I going to do now? This is a bit of a weird example because this is only going to happen after they're already in there. So you've already rented it to them, you know, so it's not perfect example for today's topic, but I think you kind of get my hint right. And again, I'm probably the wrong guy to be having this conversation with because I've got long hair and a motorhead shirt on right? Now. That being said, I've always lived my life fairly clean and narrow.
Maybe I, maybe I'm, maybe not, but we're not going to talk about that. And I'll tell you right now, since I've had kids, totally straight and narrow. But, you know, I guess, again, you've heard me talk about this before, possibly where I own a bar in Manhattan, as in New York City at a young age. And it was. Was awesome. It was crazy. It's craziness. It's a hard life, that bar industry. But people are partying. That's the deal, man. People come to a bar to party, and the people are coming on vacation to party. Now, your term, your definition of party and mine are probably not the same thing. And we definitely want to make sure that we are renting to stand up individuals. See, it's a fine line between kind of keeping the riff raff out and actually renting your home. At some point you do just have to say, okay, screw it, just rent the damn house, you know? But I see it all the time, especially with new folks where they're nervous, they're, they're worried, oh, my goodness, they're gonna smoke weed in my house. Or oh, my goodness, they've smoked weed in my house. Who cares? Open a window and move on. It's not that big a deal. You go to any major city in America, everybody's smoking weed now. You go to New York City, Chicago, Vegas, everywhere you go, it smells like weed. Because it's legal. It's freaking legal. Now, it might not be legal where your rental is, I get that. And we certainly don't want to encourage people to do it in the home, but at a certain point, you just gotta say, screw it, get over it. You're renting a house. Let them do what they're gonna do. Now, again, we don't wanna make the neighbors mad or break any laws here. I'm not recommending we break any laws, but, man, can we get over it with the weed smoking? I'm just so sick of here. Oh, my goodness. It's like, dude, and I get it. You know, the average real estate investors, probably not the kind of person that's hanging out at a fish concert, but maybe you are. I don't know, there's probably a bunch of wealthy people at a fish concert. I'm not going to the fish concert. I will go to the Rolling Stones concert 100%. In fact, I'm going this summer, taking my kids, and they're probably going to smell some funky stuff and that's all right. You just raise them up right and make sure that they don't do it themselves. I'm not talking about parenting here. Or maybe I am, because sometimes landlording sure as hell feels like parenting. I actually have another podcast on that coming out soon, which is how landlording and parenting are the same damn thing.
I'm going to record that here in the near future, so I look forward to having you come join me for that one. Which, by the way, you can join me anytime at short term shop. I'm available. That's my job, to help people become better landlords, and I'm available. You give me a call. Anytime you got a problem with a guest, give me a call. If you're a short term shop client, call me. I'd love to have you. I've been on Airbnb since 2011, which, man, that's at this point a long time ago. But anyway, another, another good example is instant book. I see a lot of nervous nellies that come in and they, meaning they're new and they oh, I don't want to turn instant book on. What if I get somebody that's not good? What if they're bad people? I want to be able to talk to them before I book them in my house. I want to make sure that they're going to wipe the counter clean after they have their english muffin on the counter in the kitchen, please. Now here's the deal. You're new, you're nervous. I get it. I get it. Turn the instant book off. But you're going to turn it back on. You will, because it makes your life easier. And at a certain point you have to understand that you are in the business of renting this freaking house. Not, not renting it. Okay? I'm speaking about noobs a little bit on this podcast this morning, and I appreciate you for hanging on a glorious Tuesday morning or whenever you happen to be listening, but rent the damn house. Turn the instant book on. Yeah, make them upload a driver's license. There's no right or wrong answer with that stuff. Nwa. No wrong answer.
[00:06:16] Speaker A: Did you know there's actually a company that will help you find and purchase your first or next short term rental? The short term shop is the premier short term rental acquisition company.
They have a team of realtors with tons of experience and most of them actually own their own properties as well.
They are the best in the business.
[00:06:37] Speaker B: And would be happy to help you.
[00:06:38] Speaker A: With your next purchase. You can find
[email protected] brokered by exp, the shortterm shop.com.
[00:06:49] Speaker B: But what I need you to understand is let them in the door. I hear a lot of times where people are like, oh, my goodness, my door codes, my door locks. I gotta change my locks. I gotta change, blah, blah, blah, blah, blah. I'd rather have no door. No damn doorknob. Leave the door hanging wide open, man. Again, that's not legal. But my mission in life is to get people into the freaking home, not tell them no. Another thing with the age requirements, this is not, we're not doing the age thing today. We could get into it a little bit, but we'll do another podcast some other time on age requirements. But I see a lot of folks, oh, 25 and older. You got to be 37 years old to rent my home, which means you're never going to get any bookings, you know, I mean, what's with all these damn rules? It's like Tesla sign, sign, everywhere sign blocking out the scenery, breaking my mind. Do this, don't do that. Can't you read the sign? Five man electrical band. But, you know, at a certain point, you just got to give in. You got to just say, screw it. And I was like this in long term rental, too, back in the day when I was choosing, picking my own tenants. And I will say I was really freaking good at it, but I tried too hard. I was working too hard. I will say the vast majority of my tenants that I placed back in the day, all my long term units are still in there. I go walk my units and I'm like, oh, hey, I remember you. How you doing? And they remember me. Oh, what was your name again? Luke. Right? Well, yeah, that's me. Long hair Luke. Nice to me. I always tell him I'm a maintenance man because, number one, you don't ever want anybody to know you're the landlord. You don't any. Never, ever. Do you want your guests to know that you actually own the house or your tenants, especially now, it's a little different in vacation rentals, where they probably are going to maybe infer that you own the home, but we don't want to just come right out and say it. But, you know, in a situation like that where I'm going to walk my long term units, I would tell them I'm just. I'm with maintenance man. I work for the boss and works great for me because I got long hair and tattoos. Nobody's ever going to believe I'm the boss now. I don't drive my fanciest car to this occasion, either. I have in the past, and I always kick myself. And just because I. Freak accident where wifey had my truck or whatever, I prefer to drive my truck. You know, I got a work truck, right? So take that to work. I take it to work and go walk my units. But anyway, long story short, at a certain point, you got to understand, man, you are in the renting the house business. You got to just let it go. Let it go. Like Elsa. Elsa is the mascot of the short term rental management show. I was just at Disney World, took my kids, and we see the Elsa play over there at. Where the hell is that? At Hollywood studios. And Elsa comes out at the end. She's let it go, and it's awesome. And we all need a little bit more of that in us sometimes. You just gotta let it go, man. Who cares? Just let them rent the house again. Fine line. We don't want to have a damn kegger and pissing off the neighbors. Pardon my language. We don't want that. We do not want that. But I do see it go the other direction more often. At least it comes to my attention more often that people are going too far the other direction with the nervous now. Good for you. You're doing a great job keeping the riff raff out. I like that. But, oh, my goodness, they've smoked weed in my house. Well, when's the last time you got out of your house? Because everybody's smoking weed. Oh, my goodness. That's another one I see all the time where the. Where the cleaner says, they threw a party. They made a mess. They threw apart, especially for new hosts, by the way, this is a thing where a new host comes in and the cleaner says, oh, they threw a party. It's disgusting. We're going to need an extra $50. Squash that. That's the oldest trick in the book. Your cleaner's going to say, oh, we need an extra $50. And they're going to do that every other. Every other turn because you're a sucker. And they can get to the. Get the $50 out of you. Now, the truth is, is it was a half a case of. It was an 18 pack of Keystone light. Big freaking deal. Clean it up and move on. Of course they're gonna drink on vacation. Do we need to get into the other nasty shit they're doing in your house on vacation? Cause they're doing it literally. They are quite literally doing it in that house. What are you gonna say? No sex in my vacation house. Good luck renting that thing. So anyway, at a certain point, you just gotta say, screw it, and rent the house. I call it the Steve Miller method. The Steve Miller method? Take the money and run, baby. Just take the money and run. Now, run a clean organization. Don't make your neighbors mad. Do things legally, but take the money and run. Steve Miller, I love you. Short term rental management with Luke.
