[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.
Short term rental management. Showtime. Showtime. The reverend of real estate gonna preach it today. Gonna preach. It's gonna be awesome. Gonna talk about freedom. We're going to talk about cash flow. We're going to talk about awesome guests, great vacations, rental real estate. And today we're going to talk about what have you done for real estate lately? Everybody wants to know what real estate is going to do for me. What's it going to do for me? How can you change my life? But how are you changing real estate's life? That's what I want to know after a word from this week's sponsor.
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 and would be happy to help you with your next purchase. You can find them at the shorttermshop.com, brokered by exp.
The shorttermshop.com showtime short term rental management great to be here. Great to be here. The long hair extraordinaire. I'm grateful to be in your presence and I appreciate your time and effort to come. Hang on, strm today. I know you have a lot of options for your entertainment and education purposes.
[00:01:47] Speaker B: And means a lot to me that you came here on the old podcast, also YouTube. Wherever you absorb your content.
[00:01:58] Speaker A: I want to talk about rental real estate and why we do it.
[00:02:01] Speaker B: Freedom, freedom, freedom.
[00:02:04] Speaker A: And the downside of that, there is a danger. There is a danger in that because people are sitting at jobs that they don't like.
People are sitting at a job that.
[00:02:13] Speaker B: They hate and they start googling and.
[00:02:16] Speaker A: What they do is they google, I hate my job. How do I quit my job?
[00:02:19] Speaker B: And then passive income comes up and.
[00:02:23] Speaker A: Then real estate comes up and you start thinking to yourself, oh, all I have to do is buy real estate and I can quit my job.
[00:02:31] Speaker B: And to a small extent, there's nothing wrong with that.
[00:02:35] Speaker A: But on a greater scale, most people.
[00:02:38] Speaker B: Can'T handle the truth.
[00:02:40] Speaker A: And the truth is that you need millions of dollars to go out there and buy enough real estate for you to quit any kind of job. I don't care what kind of job you've got, especially if you're a doctor.
[00:02:47] Speaker B: A lawyer or a dentist.
[00:02:50] Speaker A: Even if you're working at wherever, a car wash, you're still going to need a whole lot of cash to create the life that you are trying to live.
Dare I say that the amount of.
[00:03:06] Speaker B: Effort you put in in life and.
[00:03:08] Speaker A: The money you get in return for that can then take and give you an equally awesome life in the form of freedom and financial freedom, and that.
[00:03:19] Speaker B: Is passive real estate, passive income. In other words, if you ain't got.
[00:03:25] Speaker A: The dough, you can't cash flow.
It's called investing for a reason.
It's called investing because you're taking your.
[00:03:35] Speaker B: Money and sending your money out there.
[00:03:39] Speaker A: Into the workforce, giving your money a job. My money needs to go make some.
[00:03:44] Speaker B: More money for me.
[00:03:46] Speaker A: But if you ain't got no money.
[00:03:50] Speaker B: That'S difficult to do. All right? Now, I'm not trying to squash your.
[00:03:56] Speaker A: Hopes and dreams, because those hopes and dreams are out there, and they are for real, okay? They're real.
[00:04:02] Speaker B: I did it.
[00:04:02] Speaker A: I didn't have anything. I had a regular job, not even six figures.
I've had various different careers now in my lifetime. I'm getting a little older.
[00:04:13] Speaker B: And when I just started in real.
[00:04:17] Speaker A: Estate, I had a good job.
[00:04:18] Speaker B: I had a good job. Loved it.
[00:04:20] Speaker A: I loved every second of it. I was one of the very few.
[00:04:23] Speaker B: People on the planet that didn't hate their job.
[00:04:26] Speaker A: Everybody hates their job. All right? So let's get over that. First of all, let's get over that. I need you to get over that right now. I hate my job.
[00:04:32] Speaker B: I hate my job. You're not special.
Everybody hates their job. Get over it. It's not that big a deal.
And quite frankly, if you've already got kids going to college, 401 ks, all.
[00:04:48] Speaker A: This other nonsense, it's probably too late. You can't be making these wild, life.
[00:04:53] Speaker B: Changing decisions when you've already established your life.
[00:05:00] Speaker A: You got to be patient and calm and go slow, and you need to do that anyway. Even when you're young, you can't be looking at real estate like, all I need is 72 houses and I can quit my job.
Where are you going to get the.
[00:05:10] Speaker B: Cash to do that?
You're going to run out of cash, all right?
[00:05:14] Speaker A: And there's ways around that.
[00:05:15] Speaker B: But I want you to be realistic.
[00:05:18] Speaker A: Yes, I've done it. I've done it. There's no playbook for what I've done. You want to hear the playbook is.
[00:05:23] Speaker B: Go work your ass off and learn.
[00:05:27] Speaker A: From every teeny, tiny little thing that.
[00:05:30] Speaker B: You do along the way.
[00:05:33] Speaker A: Questions after questions after question. Question more questions. Ask so many questions that people don't even want to answer your phone and.
[00:05:42] Speaker B: The phone call anymore.
All right? That's what I did.
[00:05:47] Speaker A: And when I was 32 years old, I bought my first piece of real estate.
[00:05:51] Speaker B: All right? 32 years old, didn't have the money. Scraped it together. Wifey and I worked our rear ends off, put. Put a down payment together.
Took us 18 months of living on nothing.
$25 a day.
[00:06:07] Speaker A: Do you have the guts to live on $25 a day? Do you even have the means to live on $25 a day? Now, again, this was eleven years ago.
[00:06:13] Speaker B: Times have changed a little bit. We did not have kids, but that's.
[00:06:18] Speaker A: How we did it. We scraped together 20 grand with regular jobs. Hers was, like, pretty humble job.
[00:06:27] Speaker B: Mine was also fairly humble, but we did it.
[00:06:33] Speaker A: And then the next thing you know, we got hooked. And there's nothing wrong with that. Be obsessed. Get shot out of a cannon. Make it happen.
[00:06:39] Speaker B: Don't take no for an answer. Go out there and get it. All right, but be realistic. Now, I'm 43 now, time has gone.
[00:06:51] Speaker A: By, and I look back and I.
[00:06:53] Speaker B: Say, man, look at the amazing things this thing called real estate has done for my life. Freedom is what we're talking about here, my friend.
Freedom is why you get involved.
We want to not have to go.
[00:07:11] Speaker A: To work and be worried about what.
[00:07:13] Speaker B: They'Re going to tell us to do that day.
I've been like that since day one. Rock and roll. That's what rock and roll gives you.
[00:07:22] Speaker A: Now, those of us who are rock and roll fans understand that we got to go listen to the man all day, do what he says, get paid, and then we can go home, pretend.
[00:07:30] Speaker B: Like we don't listen to the man by listening to rock and roll music.
And even not rock and roll, any kind of thing you do to escape, to find your little piece of freedom.
[00:07:44] Speaker A: And it's a difficult thing to swallow, right? It's a difficult thing, especially as time goes by and you're sitting there thinking to yourself, man, I should have tried harder. It's too late.
[00:07:52] Speaker B: It's never too late, first of all.
But as time goes by, if you're.
[00:07:58] Speaker A: Still sitting there doing the same thing you were doing when you were 25.
[00:08:00] Speaker B: It might be you're pushing it now.
[00:08:04] Speaker A: If you've done good and you've scraped.
[00:08:05] Speaker B: Together some nickels and quarters, and you've.
[00:08:08] Speaker A: Got some down payments, then you have got to deploy those, because it is the greatest thing on the planet. It's better than your 401K. Let me put it this way, my.
[00:08:16] Speaker B: Friends, you cannot sleep inside of a 401.
You cannot put insurance on stocks.
[00:08:27] Speaker A: You cannot remodel a bathroom and make.
[00:08:29] Speaker B: Your mutual fund worth more money. Rental.
[00:08:32] Speaker A: Real estate has more benefits than anything.
[00:08:35] Speaker B: On the planet, period.
[00:08:38] Speaker A: Getting back to basics, it's Robert Kiyosaki.
[00:08:41] Speaker B: It's right there.
[00:08:41] Speaker A: It's right there for all of us to read. You have got to brush up on this book.
It's in there, man. It's in the good purple book.
[00:08:48] Speaker B: It's in there.
[00:08:49] Speaker A: And you need to be a disciple.
[00:08:51] Speaker B: Listen to what he has to say. You're still playing around with that four.
[00:08:55] Speaker A: Hundred and one k. I mean, come on, man.
You do not have a financial education is what the problem is.
[00:09:02] Speaker B: Now, I get it. 401K.
[00:09:05] Speaker A: If you got a lot of dough flying in from different angles and stuff like that, who cares? Let the 401K fly.
[00:09:09] Speaker B: Why not? Why not?
But if you don't, you got to.
[00:09:14] Speaker A: Take some action and get your ass in gear and start making some money moves. And you better keep track of that.
[00:09:19] Speaker B: Money, too, because if you don't, it will disappear. You got to keep your mind on your money.
[00:09:24] Speaker A: Pay attention to it.
[00:09:26] Speaker B: Pay attention to it now.
What I don't like is what I hear constantly. I hear constantly, oh, the numbers don't work.
[00:09:41] Speaker A: This isn't a good time to buy. The interest rates are too high.
[00:09:48] Speaker B: Saturation, oversaturation.
[00:09:53] Speaker A: It goes on and on and on and on. Every single one of those comments is negative.
[00:09:57] Speaker B: It's a negative.
[00:10:00] Speaker A: And if I sat around eleven years ago and said, I can't do it because of this, I can't do it.
[00:10:05] Speaker B: Because of that, I would not be.
[00:10:07] Speaker A: Here preaching to you today about the.
[00:10:09] Speaker B: Freedom that I have found in life through real estate.
And it is my job to give back to you what I have learned.
It's my job. I have no choice. Comes from a book called the Go giver. The more books you read, the better.
[00:10:29] Speaker A: Your life will be.
[00:10:29] Speaker B: I can guarantee you that every dollar.
[00:10:33] Speaker A: That you put out into the universe.
[00:10:35] Speaker B: $3 will come back.
But you got to put it out there. And instead of sitting around saying, there's no money, the cash flow is dead.
[00:10:45] Speaker A: This, that and the other. Find a way to make it work.
[00:10:49] Speaker B: There are a fraction of the number.
[00:10:52] Speaker A: Of people looking to buy real estate today that there were two years ago. And two years ago, everybody on the planet was making six offers a week.
[00:11:02] Speaker B: What the hell is that?
I'm talking about Warren Buffett, who, by the way, still to this day, lives.
[00:11:11] Speaker A: Right down the street. From where I lived in college, Omaha, Nebraska. Go big red.
This episode of the short term show has been brought to you by your friendly short term shop real estate agent.
We are hyper local and totally dedicated to your success.
Whether you want to buy your next short term rental or sell the one you currently own, we would be honored to earn your business.
We are in all of the best vacation markets in America. Find
[email protected]. That's the shorttermshop.com brokered by exp.
[00:11:53] Speaker B: Be fearful when others are greedy, and be greedy when others are fearful.
This is the wealthiest man on the planet. One of this guy knows money.
[00:12:07] Speaker A: Inside, outside. He made it his mission in life to know money.
[00:12:13] Speaker B: You understand? And he's right.
[00:12:16] Speaker A: But we still do not listen to the principles.
[00:12:20] Speaker B: Be fearful when others are greedy.
Two years ago, we were all making offers. I'm guilty of it, too. I did the same thing. Those interest rates were hard to ignore.
But now the sellers have disappeared. The buyers, I should say, have disappeared.
Sellers are creeping back in because they're.
[00:12:42] Speaker A: Like, oh, wait a minute.
[00:12:43] Speaker B: You're telling me we missed the boat?
[00:12:45] Speaker A: Oh, let's give it one last try. And it is a weird market out there. I'm not going to lie. It's weird.
[00:12:50] Speaker B: I'm making offers. I made four offers last week, didn't get any of them.
But you know what?
[00:12:57] Speaker A: At the same time, at this point in my career, it's not that big.
[00:13:00] Speaker B: A deal for me. I've got enough units.
[00:13:03] Speaker A: I've found happiness. I've gone out there and found it. You understand?
[00:13:06] Speaker B: And it is my duty to relay.
[00:13:08] Speaker A: That information to you.
[00:13:10] Speaker B: It's out there.
You just got to bust your ass and go get it.
And now nobody's making offers.
[00:13:20] Speaker A: Everybody's scared. Oh, my goodness. There's no cash on cash. There's no returns. There's blah, blah, blah, this, that and the other. The numbers don't work. The interest rates are too high.
[00:13:27] Speaker B: All I hear is negative, negative, negative, negative, negative.
What I want to ask you if.
[00:13:36] Speaker A: That'S the way you're thinking about things.
[00:13:38] Speaker B: Right now, what have you done for real estate? What have you done for real estate when you're asking so much of it?
You understand?
Now let me back up just a little bit.
[00:13:53] Speaker A: When I first started buying rental real estate, it wasn't that long after 2008, especially in some of the markets I was buying in small little towns, they were kind of behind the times.
[00:14:03] Speaker B: And it was, quite frankly, just barely.
[00:14:07] Speaker A: Starting to pick back up from the.
[00:14:08] Speaker B: Big giant crash, which we're not going to have again, by the way.
I have no way to prove that, but I don't think so.
[00:14:18] Speaker A: And people were saying the same thing to me. You can't find cash flow in real estate. You can't make money in real estate. You can't do this, that. Blah, blah, the other 6789. Don't do that. You can't do that.
[00:14:30] Speaker B: And I did it anyway, damn it.
[00:14:33] Speaker A: Because that's what I do. You tell me no.
[00:14:35] Speaker B: I'm going to tell you yes three times over.
[00:14:40] Speaker A: Telling me no is the greatest thing.
[00:14:42] Speaker B: You can do for my life, because.
[00:14:44] Speaker A: I will go out there and I.
[00:14:45] Speaker B: Will get it, damn it.
[00:14:49] Speaker A: You don't tell me no.
[00:14:50] Speaker B: You don't tell me no.
[00:14:51] Speaker A: And that's the attitude you got to have. Somebody tells you no, it should make you mad, and you should go out.
[00:14:55] Speaker B: There and just crush it.
Crush it. Now back to what I was saying.
[00:15:02] Speaker A: There's no cash flow. The interest rates are too high. Negative, negative. What can you do for me?
[00:15:08] Speaker B: What can you do for me?
[00:15:09] Speaker A: The market's crashing, blah, blah, blah. Whatever it is.
[00:15:14] Speaker B: The numbers don't work. I have too much competition. Negative, negative.
[00:15:19] Speaker A: What can you do for me?
[00:15:20] Speaker B: What can you do for me?
[00:15:23] Speaker A: My attitude has never been such. I have always, from day one, said to myself, how can I make this.
[00:15:30] Speaker B: Property survive and thrive? How can I make this thing work?
[00:15:36] Speaker A: How can I crush it with this property? How can I make this property a fantastic place for somebody to move into and raise their kids?
A nice place, a nice home for them to come home after a hard.
[00:15:49] Speaker B: Day at work and soccer practice.
[00:15:53] Speaker A: And because of this, I've always had success, and things have come my way. You've got to give.
[00:16:00] Speaker B: You got to give.
[00:16:01] Speaker A: And what you're giving is a great place for somebody to live their life and go on vacation. If we're talking short term vacation home rental real estate, we're talking about having a nice place for these people to create memories.
[00:16:14] Speaker B: When's the last time you went above and beyond?
[00:16:16] Speaker A: When's the last time you did anything but be annoyed when a guest sent you a message?
[00:16:23] Speaker B: And I'm guilty of it. I am.
[00:16:24] Speaker A: I'm guilty of it. Back in the day, I would say two years into what I've been doing.
[00:16:29] Speaker B: Here with the vacation rental industry, I was grumpy, I was annoyed.
I was downtrodden.
And I said, do you have any.
[00:16:44] Speaker A: Idea what it took me to get this home and remodel this home and make it perfect for you?
[00:16:49] Speaker B: And you're not giving me what I need.
[00:16:53] Speaker A: You're not telling me my home is perfect.
[00:16:56] Speaker B: How dare you say this to me?
[00:16:59] Speaker A: My home is perfect, and I work my rear end off to get there.
[00:17:03] Speaker B: And I'm guilty of it.
And years go by.
[00:17:06] Speaker A: Time goes by, and that debt pay.
[00:17:08] Speaker B: Down every single day, that debt gets.
[00:17:12] Speaker A: Paid down by these wonderful people.
[00:17:16] Speaker B: And they deserve a wonderful place to come.
[00:17:22] Speaker A: Spend their hard earned money, whether it's a vacation home or a long term.
[00:17:26] Speaker B: Rental that they're raising their kids in.
[00:17:30] Speaker A: They deserve for you to try harder than everybody else. They deserve for you to have nicer.
[00:17:35] Speaker B: Plates, better countertops, better customer service, and, damn it, a better attitude.
[00:17:44] Speaker A: You got to go above and beyond.
[00:17:46] Speaker B: You've got to give, give, give.
[00:17:48] Speaker A: You've got to be a disciple of rental real estate. You've got to believe. You got to believe. You got to read that purple book.
[00:17:55] Speaker B: And you got to believe that what.
[00:17:57] Speaker A: You'Re doing is making a difference in.
[00:17:59] Speaker B: The universe, because it is.
I'm talking about a big picture here.
[00:18:06] Speaker A: I'm not talking about sales on a spreadsheet. I'm not talking about cash on cash return.
[00:18:11] Speaker B: And ego. It's ego.
[00:18:15] Speaker A: Oh, I did better than my neighbor did.
[00:18:17] Speaker B: Oh, I went on the short term.
[00:18:19] Speaker A: Rental client club, and I compared my numbers to everybody else, and I did better than them.
[00:18:24] Speaker B: That's great. But why?
Why did you do better? You did better because you were providing.
[00:18:32] Speaker A: A great place for these people to have a vacation. And if that's not what you were.
[00:18:36] Speaker B: Doing, it will not continue.
[00:18:38] Speaker A: It will go down next year.
[00:18:39] Speaker B: You got lucky.
If you wanted to continue and grow.
[00:18:45] Speaker A: And thrive year over year over year, your mission needs to remain constant.
[00:18:52] Speaker B: One of positivity.
You got to give back.
You have been given the gift of.
[00:19:02] Speaker A: What it takes to buy this piece.
[00:19:03] Speaker B: Of real estate, and it is up to you to do what's right and not blow it.
Show them a good time. Be nice to them.
Give them a place to sleep on a nice bed with a nice pillow. And in return, you may get a nice review.
[00:19:23] Speaker A: And over time, those reviews and the.
[00:19:26] Speaker B: Vibe you're putting into the universe will translate into more cash, guaranteed.
[00:19:36] Speaker A: So, what have you done for real estate?
[00:19:38] Speaker B: I ask, what have you done for real estate lately? You ask so much in return, but do you give?
Are you giving?
Are you giving to your property, or are you taking every single penny and shoving it into some bank account, put it back in the stock market, put.
[00:19:57] Speaker A: It back in another property.
[00:20:01] Speaker B: There's nothing wrong with that as long as the ratios are where they need to be, and the positivity and the love is being expelled into the universe.
[00:20:16] Speaker A: We can be a victim of the world we see, or we can choose to perceive difficult past experiences as a catalyst for change.
[00:20:28] Speaker B: What have you been through?
[00:20:30] Speaker A: What do you want to change about your future?
[00:20:36] Speaker B: Are you asking too much of rental real estate? Are you being greedy?
[00:20:41] Speaker A: Because over time.
[00:20:44] Speaker B: You'Re not going to get the outcome you're looking for.
You got to give back.
You got to give until you can't give anymore. And you got to educate yourself as time goes by.
[00:20:58] Speaker A: I'm now 43. I've got a giant chunk of properties I bought in those early days that are now ten years.
[00:21:06] Speaker B: One third of their total term of a 30 year note has been paid down, not one third of the leverage. Because obviously, when you get a new note, less is being paid down in the beginning than the end.
You get rewarded for the longer you are changing the world.
But I look back and I say, man, how in the heck has ten years gone by?
And in those ten years, my net worth has skyrocketed. I've made great changes in my life to be a better person, all because of the freedom that real estate has given me.
And I'm appreciative and I'm grateful, something.
[00:21:53] Speaker A: I don't even know if I knew.
[00:21:54] Speaker B: How to be in the early days.
Real estate has given me that.
[00:21:59] Speaker A: It's taught me how to be grateful.
[00:22:01] Speaker B: And humble, and I've been rewarded in the form of equity, and it is my job to give back in the form of awesome vacations in a badass house for people to create memories for their families.
[00:22:19] Speaker A: And I truly believe it's because of that.
[00:22:22] Speaker B: Because of all the giving and all.
[00:22:25] Speaker A: The believing and all the education and.
[00:22:28] Speaker B: All the reading and Kiyosaki, that, that's why I have been rewarded.
So the next time you're sitting there with a spreadsheet thinking, what can this do for me?
What can you do for me? Real estate.
Ask yourself what you can do for real estate, because that is going to make a difference in the world, and it will come back to you threefold.
[00:22:57] Speaker A: Appreciate the time letting me talk to you.
[00:22:59] Speaker B: Today.
[00:22:59] Speaker A: I'm going to give you a book recommendation that is very similar to the topic it's been brought up.
[00:23:04] Speaker B: Actually, I quoted it earlier.
[00:23:07] Speaker A: Gabrielle Bernstein book called the universe has your back.
[00:23:12] Speaker B: Really believe that.
[00:23:13] Speaker A: Read that book.
[00:23:13] Speaker B: You're going to dig it. Luke, the reverend preaching today, man, I appreciate you letting me preach because this thing called rental real estate has completely changed my life for the better, and.
[00:23:27] Speaker A: All I want to do is make.
[00:23:28] Speaker B: Sure that I'm giving back.
So thank you for your time, and as always, don't overthink. It's.
