Purchase the Short Term Rental guide here
***I am generally bearish on short term rentals however if you do decide to do this I suggest you educate yourself with the basic education or formal training out there. Had ex-engineer Al Williamson explain corporate rentals to me on podcast – I think his program is solid – Link Here
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Short term rentals have become all the rage. However, many investors are on the brink of getting burned. Cities all over Europe have initiated bylaws aimed at regulating and taxing short term rentals. In some cases they’ve been outlawed altogether. The latest city to implement rules is Toronto. There is a shortage of affordable rental housing in Toronto. Recently, they outlawed short term rentals of secondary dwellings. For example, if you have an in-law suite with a separate entrance, you’re not allowed to rent it short term. You can rent your primary residence, or a room in your home. When you do, you’ll pay an annual licensing fee, and a nightly tax. The new rules are too complex to cover in detail in this post. But the point is, you could end up on the wrong side of a new rule. And States are pissed they are not collecting revenue.
I’ve spoken with many investors who saw short term rentals as a lucrative market opportunity. They bought property assuming that the same market conditions would persist over the long term. They neglected the possibility of regulation, and they neglected the possibility of an oversupply depressing prices. The barrier to entry for short term rentals has been low historically. Neither of these assumptions are good if you’re making a highly leveraged purchase of an investment property. There are many property owners in Toronto who are staring financial difficulty in the face. The rules don’t take effect for 6 months, but the message is clear.
Cities want their hotel tax revenue.
Cities don’t want those big bad real estate investors to make too much money.
Cities don’t want rental inventory disappearing from the market.
Don’t make a highly leveraged 25 year financial commitment on the assumption that current market conditions will remain the same.
I stay away from things that the general public get into and it seems everyone wants to rent out an extra room or home. It will be a race to the bottom. I think you should stick to bread and butter class C and B rental property and stay away from these niches like student housing or military towns.
Here’s some more intro about the tricky tax situation:
Rented less than 15 days during the year with more than 14 days of personal use
For a vacation home in this category, the tax rules are really simple. You need not report any of the rental income on your Form 1040. However, you cannot deduct expenses directly attributable to the rental period (rental agency fees, cleaning, and so forth). If your vacation home happens to be located near a major event — like a PGA golf tournament or a big multi-day concert — you may be able to rent the place out for a short period even at high rates and pay zero federal income tax.
Tax-smart year-end strategy: The more rental days between now and year-end, the better — as long as they don’t exceed 14 days for the year.
Rented more than 14 days with substantial personal use
Your vacation home falls into this category if you rent it for more than 14 days during the year and your personal use exceeds the greater of:(1) 14 days or (2) 10% of the rental days. For example, a vacation home that’s rented for 180 days during the year and used by you and family member for 60 days falls into this slot.
Personal usage includes use by you, other family members (whether they pay fair market rent or not) or anyone else who pays less than market rent. Personal use also includes time spent at your place by another party under a reciprocal sharing arrangement (“I use your place in exchange for you using my place”) whether the other party pays market rent or not.
Days devoted principally to repairs and maintenance are considered days of vacancy and are disregarded, even if family members are present while you work away.
The tax drill
Vacation homes in this category are treated as personal residences for federal income tax purposes. Follow this six-step procedure to account for the property’s rental income and all the expenses.
Step 1: Report 100% of rental income on Schedule E of Form 1040.
Step 2: Deduct 100% of any direct rental expenses (such as rental agency fees and advertising) on Schedule E.
Step 3: Allocate mortgage interest and property taxes between rental and personal use. See below for how to do that.
Step 4: Deduct as Schedule E rental expenses the allocable mortgage interest and property taxes from Step 3.
Step 5: If there’s any net rental income left after Step 4, deduct as rental costs allocable indirect expenses — maintenance, utilities, association fees, insurance, depreciation and so forth on Schedule E — but only to the point where you zero out rental income. In allocating these indirect expenses, consider only actual rental and personal-use days during the year, and ignore days of vacancy. For example, if you rent your vacation home for 90 days during the year and use the property 60 days for personal purposes, allocate 60% of the maintenance, utilities, and so forth to rental usage and 40% to personal usage. The 40% is non-deductible. Even so, the bottom line on Schedule E will often be zero, because the rental income will often be fully offset by deductible expenses.
Step 6: Write off the personal-use percentage of mortgage interest and property taxes as itemized deductions on Schedule A of Form 1040, subject to the new Tax Cuts and Jobs Act of 2017 (TCJA) limits for 2018-2025 (see “TCJA changes affecting vacation-home owners” below).
You are allowed to carry over any disallowed allocable indirect expenses to future years when you can deduct them against rental profits (if you ever have any).
Controversy regarding how to allocate mortgage interest and property taxes
The IRS says you should use only actual days of personal and rental usage to allocate all non-direct vacation-home expenses, including mortgage interest and property taxes. However, two Appeals Court decisions say you can allocate mortgage interest and property taxes differently, by treating actual rental occupancy days as rental days and all other days — including days of vacancy — as personal days.
Before the TCJA, the Appeals Court method was often more beneficial because (1) it allocates more mortgage interest and property taxes to Schedule A (where you could usually fully write off these expenses as allowable itemized deductions under prior law) and (2) it allocates less mortgage interest and property taxes to Schedule E, which usually allowed you to currently deduct more of the other expenses allocable to rental usage (property insurance, utilities, etc.) on Schedule E when applying the rental income limitation.
But after the TCJA changes, some vacation-home owners may benefit from using the IRS-approved method instead of the Appeals Court method. That’s because you will never get any tax benefit from allocating more interest and taxes to Schedule A than you can currently deduct after the TCJA changes. Your tax pro can run the numbers at tax return time and figure out the best allocation method for interest and taxes.
Tax-smart year-end strategy: If your property fits solidly into this category for 2018 and your expenses will comfortably exceed rental income (the usual situation), you will probably come out ahead by renting it out for some additional days between now and year-end. That way, you’ll receive more rental income (good for cash flow), and you can probably still offset all the rental income with direct expenses, allocable mortgage interest and property taxes, and allocable indirect expenses. So you’ll have that much more tax-sheltered rental income, which is always a good thing.
The bottom line
As you can see, the tax rules for vacation homes are complicated.
If you have a vacation home that is rented for more than 14 days during the year and your personal use does not exceed the greater of (1) 14 days or (2) 10% of the rental days, the home is classified as a rental property for tax purposes. (I’ll cover the tax rules for vacation homes that are classified as rental properties in next week’s column. So please stay tuned.)
TCJA changes affecting vacation-home owners
New limit on property-tax deductions:Before the TCJA, you could claim itemized deductions for an unlimited amount of personal state and local property taxes. For 2018-2025, however, the TCJA limits itemized deductions for personal state and local property and income taxes to a combined total of only $10,000 ($5,000 for those who use married filing separate status). This limitation can affect your ability to claim itemized deductions for property taxes on a vacation home.
New limits on home-mortgage interest deductions: The TCJA also places new limits on the amount of home mortgage debt for which you can claim itemized qualified residence interest expense deductions. These limits can affect your ability to claim itemized deductions for mortgage interest on a vacation home.
For 2018-2025, the TCJA generally allows you treat interest on up to $750,000 of home acquisition debt (incurred to buy or improve a first or second personal residence) as deductible qualified residence interest. If you use married filing separate status, the limit is halved to $375,000. Thanks to a grandfather provision for pre-TCJA mortgages (explained below), this change will mainly affect new buyers (those with post 12/15/17 mortgages).
TCJA change for home-equity debt: For 2018-2025, the TCJA generally eliminates the prior-law provision that allowed you to treat interest on up to $100,000 of home-equity debt as deductible qualified residence interest ($50,000 if you used married filing separate status).
TCJA grandfather rules for up to $1 million of home-acquisition debt: Under one grandfather rule, the TCJA changes do not affect qualified residence interest deductions on up to $1 million of home-acquisition debt that you took out: (1) before 12/16/17 or (2) under a binding contract that was in effect before 12/16/17, as long as the home purchase closed before 4/1/18. If you use married filing separate status, the limit is halved to $500,000.
Under a second grandfather rule, the TCJA changes do not affect qualified residence interest deductions on up to $1 million/$500,000 of home-acquisition debt that you took out before 12/16/17 and then refinanced later — to the extent the initial principal balance of the new loan does not exceed the principal balance of the old loan at the time of the refinancing.
Home-equity debt treated as home-acquisition debt: Say you spent or spend the proceeds of a home-equity loan to build, buy, or improve your first or second personal residence. The loan counts as home-acquisition debt for which qualified residence interest deductions are allowed, as long as the applicable home acquisition debt limit ($750,000/$375,000 or $1 million/$500,000) is not exceeded.
Bigger standard deductions: For 2018-2025, the TCJA almost doubled the standard deduction amounts. For 2018, they are:
$24,000 for married joint-filing couples.
$18,000 for heads of households.
$12,000 for singles.
This seemingly benign change can adversely affect vacation-home owners, because their allowable itemized deductions (including those for vacation home mortgage interest and property taxes) may not exceed their standard deduction amount for 2018-2025.
And in Hawaii… Short term vacation rentals come with an additional tax burden of 10.25% in Hawaii, the Transient Accommodations Tax (TAT). There’s also the 4% General Excise Tax (GET), which you will need to apply and register for a GE License. Additionally, since you’re looking at Waikiki, there will be an additional 0.5% Oahu Surcharge Tax. The taxes are calculated on your gross income from the rents.
Corporate Short-Term Rentals w/ Al Williamson
Summary: Short term rentals have become all the rage. However, many investors are on the brink of getting burned. Al Williamson gives his insights on how to position your short-term rentals to meet laws and how to market short-term rentals to create cashflow. simplepassivecashflow.com/journey simplepassivecashflow.com/turnkey simplepassivecashflow.com/syndication firstname.lastname@example.org
Get the course here.
Not being one of the big boys investing quite yet aka the an accredited investor in the eyes of the SEC. It’s tough to find good options for investing but then I started investing in the American homeowner preservation fund or HP fun which is crowdfunding the mortgage crisis in America the fun collaborates with existing homeowners to keep them in their homes. It’s a way to make great returns while feeling good about making a social impact. After investing myself in the fun, it was awesome when they approached me to become an advertiser of the company, you can start investing with as little as 100 bucks and if you want the free burn zone book, please send me an email to Lane at simple passive cash flow calm.
On this week’s edition of simple passive cash flow, you guys are gonna listen to albums and we used to be an engineer so it’s kind of cool talking to engineer but definitely split off into his own thing of short term rentals. Now I’m not a big fan of short term rentals, but he’s found a way to make it work. The reason why I like short term rentals driven my tribe or a lot of investors
are looking to get the real estate professional status. But as we know to be able to write off your passive losses on your high w two income, you’re going to have the 750 our active participation role and now there’s not going to give you any legal advice or CPA advice here but one of these ways that I found other people are doing is getting a nice little short term rental that keeps them busy on paper in terms of ours and those of you guys still looking for turnkey rentals out there check out my master guide at simple passive cash flow calm slash turnkey and fill out the form there let me know where you’re looking to invest and maybe I might have a referral for you out there and those of you let’s look into jump to syndication the private placements go to simple passive cash flow, calm slash syndication, I usually make updates in there at least every other week. So if you haven’t checked it out in the last few months ago and reread it and share it with your friends, and here’s the show.
What’s up simple passive cash flow
listeners wanted to announce the first multi day we mastermind in Hawaii will be holding it on my island of Oahu, Honolulu is on President’s Day 2020 and that’s February 14 to the 17th.
Structured networking and masterminding with existing CWI investors and other affluent investors, we’re going to create the time in the environment to build real relationships that you can take forward forever. And for you, a students out there will do even be doing a full day of networking and mastermind and education. So once again, bring your families we’re going to have optional excursions such as a luau, happy hours, dinners and other activities to be able to have fun in the sun.
And no space is extremely limited because my vision is to kind of create this as a more intimate environment where we’re all one big little
here so come in combined business and pleasure in a little tax write off I hope to see you out in Hawaii go to simple passive cash flow calm slash week three. And we’ll see you guys here.
A simple passive cash flow listeners. They got albums and here we are gonna be talking all about short term rentals. How you don’t know I’m doing great lane. Yeah, so for you guys haven’t heard of out. You used to be a professional engineer just like me. Like he quit his job a couple years ago. Couple years. Yeah, I turned 50 that was it. You began investing in 1996. And no time ago, it started with that eight unit. You’ve been doing this for all the about I’ll say like five or six years. Yeah, that’s kind of that’s pretty much when I started with these short term rentals and Airbnb type of thing is 2011 2012 Yeah, I was just trying to collect ideas on money making and I was in San Francisco, Airbnb was taken off and I happen to have a house
allowance because I was doing some engineering and a nice per diem. So what the heck right? That housing allowance that was pretty much what you built your business around or a good portion of it over that short term corporate rent. Well, that’s the other end of it. So I was a user at that time. And of course, I own some property that I was dabbling in. I didn’t want to go full blown Airbnb because I didn’t want to do the cookies and carry the luggage the customer service part and wasn’t going to do that. So it’s not until 2015 when they came out with that business travel ready, the strategies to go after business travelers Did I say okay, this is something that I can recommend to landlords and this is something that that I can do you picked up the eight unit in the Bay Area, and at that point, what year was that? thousand and two and that’s in Sacramento couple hours from the Bay, actually an hour and a half left going down there different but as you can imagine, the prices are quite a bit different. As soon as you get away from San Francisco prices come back down. Right and then did you consider going out of state or picking up a turnkey rental? How did you connect the dots
to where you are now. So I bought this apartment building in 2002. And it was in a troubled neighborhood that was trying to get back on his feet. So I actually did a lot of work, try to exercise a lot of leadership and advocacy for the neighborhood and got it. So that’s a nice neighborhood now, so that’s where it is. And then as it got safer, I can start doing short term rentals. So I fire that up half the buildings, short term rentals, or extended stay rentals, I like to say, and that spun off so much cash flow, I don’t really need to go anywhere out of state, I have it right here at home. And being a control freak that works for me. I think a lot of us are sort of the same age, we’re both engineers trying to figure out how to make money or is it kind of the mistakes and starting my podcast is I kind of just fit everybody into this turnkey rental mode. And then obviously, as I got 11 of them, I realized it wasn’t very scalable, kind of backed off that but just pulling people in my facebook group that if people want to join the group can go find that on the website. But there are a whole bunch of people especially from the Bay Area or Hawaii, that one to learn how to make money too and very interested in this but maybe
Talk about so we don’t leave anybody behind talking about VR Bo Airbnb, whatever platform kind of working on Okay, this is a good conversation I think you’ll appreciate this but Airbnb in VR Bo is called just one planet in a vast solar system the gravitational pull on this whole world of Airbnb is so strong that people never leave it and it grows with that red ocean blue ocean type of thing. This competition is getting increasingly stiff especially within the Bay Area more people are jumping on trying to make ends meet. So I use that as a safety net to fall back on it’s not where I stay. I tell people I coach that Airbnb is the minimum wage job into the corporate housing world so I continue up the ladder all the way to build relationships correctly with companies and cut Airbnb and brb Oh, completely out. So I am out into different planets I use my main source of traffic is Facebook Messenger and also lots of word of mouth, things like that. So there’s a very, very big world and Airbnb is new there artificial intelligence.
All their internet SEO Marketing is great. And it’s so great that you should use it as a backup and keep trying different things. Other things you’ll find are much more lucrative. Yeah, a couple examples that come to mind is like Amazon, for example, probably the most magnetic brand out there and all the Amazon fulfillment guys, they’re always saying they need to build their own website, their own brands that pull people off the platform for us promotional real estate investors. net, for example, is a place where deals go to die, but they say it’s a good place to go and find hungry brokers to go. So it’s kind of the same concept, right? That’s it just one off and most people won’t do that. What I find is just most people don’t want to leave their computers, they will never go to a business and talk to the office manager and show that business that’s bringing people all the time to the city but never help them save money is really simple, very high value proposition. Give your employees more for less and they’re going to be more energized to work every day. So are you working more on like the traditional
vacation Airbnb the RV Oh, I position myself in the category of not sharing so standalone unit. And then I say the world is built into either people are tourists or their travelers and I only focus on travelers, I leave all the tourist alone. And then those those travelers either going to be staying for less than 30 days or longer than 30 days depending on what their assignments are also housing allowances too. So I look for travelers who have housing allowances and who are staying longer than 30 days. That’s where I focus all strategical positioning. You can make money all over the place in each one, but I do recommend people figure out what’s best for your location and dominate that. And if your market is crowded, then reposition yourself position yourself for a different flavor. Just like short term hotels, you got motel six and you got higher end Marriott’s right, they segmented themselves. So that’s why I recommend people do for if they’re interested in that whole world of short term rentals to kind of segment yourself
out so that you can compete and actually find a spot to dominate, right? Like if you’re an apartment investor, do you do a high value add you do low value add? Are you in Dallas? Are you in the salt or in the ball.
I was always frustrated by the numerous investing education programs out there who gouge their investors charging them 5000 10,025 and $40,000. I don’t know about you, but I thought it was completely wrong when they trick people actually had them call their credit card providers to get a credit line increase to pay for the program. Many of these people cannot afford these expensive coaching options and should have used it as a down payment for the first investment. If someone only had 20 grand they should use that to buy a rental to get started. Let me make one thing clear our mastermind was not for you if you’re broke, it’s a cost effective way to mitigate mistakes when building your portfolio. People in this group are going to be a pre selected population of professionals and high net worth individuals. You’ll be a good company that is after you apply
And get in at simple passive cash flow calm, backslash journey. And yeah, if you’re lonely and struggle to find motivated friends who want to do more than sit there w two jobs collecting and paycheck and go home and watching Netflix all day because all they can afford is 899 a month on their digital entertainment budget, then this is the place for you to simple passive cash flow calm, backslash journey to learn more. He said like number one in my time in corporate America traveling around on the corporate dime, I actually didn’t even care what I paid as long as they had that culture that company was paying for it. How do you as a landlord or the investor, position yourself to get that free money? Well, just like you know, your per diem was based on the GSA government Service Administration, depending on what type of contract you have. So using that same knowledge, you know, depend on what type of assignment I was working on bridges, overseeing bridge construction, so that’s eight month project. So other project managing engineers, I know what their budget is, and anyone who’s on a prevailing wage contract, you know, what their budget is. So you simply
your Mac so that they can pocket money if they can pocket that tax free money then there’s a huge incentive you don’t need much more than that and if people can do that and have a nicer place or equivalent place to a hotel it’s not hard to get them to come over your way It’s no joke I mean when I was traveling 100% for work there are some crazy like Holiday Inn Express he stayed there over like under 59 so you got ninja thousand bonus points you could buy like $1,000 gift card or you can just pocket 1500 by staying somewhere else you know right right do you get those people to come to you or their brokers that connect these dizzy that you to workers or contractors who someone like yourself? Well there are some brokers for so much Airbnb for like traveling healthcare professionals which is very popular their brokers for that I particularly like to use a breadcrumb trail. That’s why I recommend people do they’re trying to figure out how to do this I call it breadcrumbs which is you put your site on Airbnb, your vernis rental NDC who comes to town and then from there you start working your way backwards to the
The company that brought them to town. So how are you positioning yourself to get these calls from these brokers? Is it Google search? Or? Oh, Yep, absolutely. So it’s all the above. As you know, with networking, you’re kind of accelerating serendipity by trying to get out there and just have network happening, people will refer you, especially if they like you. And they know someone. In my case, people are looking for extended stays, people looking for 30 days and longer. They know someone at their offices doing that as a project starting up and they’ll simply refer you and then getting to office managers and people on HR, they love to be able to tell their boss how much they’re saving, or they found the savings is really is a triple win because the guests win because they got something nicer and they’re actually saving some money themselves able to pocket some money and the company wins because they pay less out and then you win because you get higher margin on your properties or someone else’s property. So it’s very sustainable feels really really good way of making money. As you can tell I’m a fan right and to point in the mindset of that the v2 worker we all know w two workers, they just want the easy way.
If you can find them and do their work for them that they look good, that’s really all they care for. And they keep going back to it, they’re not really inclined to go find the best guy to Hey, it’s not their money. That’s right. That’s right. And if we’re going to nerd out on this, we know that sometimes some contracts, you have to show receipts and some contracts give you a housing allowance. If you have to show receipts, you can’t pocket money at all. There’s no benefit. That’s the cream of the crop those guys because you can just give them some other things that they’re interested in. It might be a cable channel, or whatever, and they’ll give you their full per diem, no problem. And I think a lot of people listening on this podcast are high paid professionals, they may have to just reach over go down a floor, go up the floor to that HR department and talk to somebody there to learn how they do it internally in their own companies, pretty much similar to how it’s done across many companies. Yep, that’s it and as you know, you can write your invoices sometimes as invoices deal with the accounting departments. With that mindset. I always adjusted my short term rentals so that I lined up with the accounting department. So in some people, I send invoices with their co
They’re project numbers on it to make things seamless. frictionless. Is there a certain person that like a job title you’re looking for? I’m thinking maybe you can go on LinkedIn and just do one of those searches just for that job title after tribal? Oh, yeah. But it’s all over the place. Really. Some people have housing relocation specialist and smaller companies don’t have that small companies have the mom of the office, right? The office manager who knows where everything is and keeps everybody secrets and checks everyone’s receipts and you can find them on LinkedIn as well. So you mentioned you use a lot of Facebook Messenger or you just messaging like, Hey, man, I have a long term rentals. Are you interested? At first I was going after some traveling nurses. So us using Facebook Messenger. And now at this point, because I’ve been doing this for a while most people are inquiring, so I’m having real conversations with them talking to them directly. So it’s a lot of inbound Facebook messages for me. Oftentimes people are worried about being scammed. That’s a big drop, putting my face out there talking to them like a person. I do everything that a larger hotel chain will not do. This is very
intriguing I think for the guy who’s got a busy job, and maybe they just want a little side gig that they can do at lunch, they can get on their phone peer to peer message, who would they be reaching out to? Are they going on LinkedIn, seeing who the decision makers are finding them on Facebook. So that’s just one way. So there’s all these online strategies that we’re bringing up. But there’s also the neighbor and the other side, the cubicle talking to them. And most people have a lot of high earners or corporate people just in their circle. Just a quick blast on our Facebook group will turn up three or four leads right there. It is far more than just relying on the vrb here, BB. And also you can do it offline as well. All you need is really a couple companies and they’ll keep you filled if you serve them well. Right. I think what I like about the strategy is you can build up over time and you start to build that book of business referrals. I said, so what are your thoughts on a lot of the law changes? I know in Hawaii, it’s very against this because pushing up a lot of the prices of just the normal local homeowners. What do you think on the
fund in the Bay Area. And other places. I always like to diagram I nerd out on that, you know, for example, Hawaii, you have to be a residence right to have a short term rental that some of the ordinance that they came out with, you have to live there on the island. And in the Bay Area, they have laws for tourists, which is less than 30 days, they call those guys transients. And as soon as you go over 30 days to just doing regular month to month rentals, that’s another reason I position myself out there in the 30 days and longer because you’re really following landlord tenant laws, and those hardly ever change. And you can do a little bit of both, right? Absolutely. You ever see an example of you drop these large rocks into a jar first, and they fill it with sand? So that’s exactly what we do. You try to get these longer term stays in there, and then you can use short stays to fill in the gaps. I guess the last question I had here was you mentor a lot of these landlords all over the country. What’s one thing that you’ve seen that people are doing that that you can point out and say that guy’s not going to be successful, but something that’s a trait or something these guys do that will lead
Success. So of course, photos, I think everyone really knows that but that’s the number one. That’s the big elephant. If you have lousy photos to get it, you’re going to be beat out all the time or you’re gonna have to keep lowering your prices to get someone interested in you. The next thing I see is people over decorate and they’re just being a great host and they’re collecting great reviews and they’re not making any profit at the end of the day. There’s no net income because they spend it all in decorations and gadgets and things like that. So that’s it you operate as a business owner is completely different and operating as a great Airbnb host is two separate things altogether. So I got some other questions here just not really investment oriented, but you know, I use Airbnb a lot. And now that I have a job, I wanted to go spend some long terms here or there not really as a tourist but just to be in a different place like Japan, Texas, for example. What site should I check out? Or how do I find people like yourself? were cheaper than going on Airbnb or VRP? Oh, for 30 days. What are some tips you have for me now? I’m not cheaper.
But here you’re saying I was start with Airbnb because they have the massive reach there in hundred 91 countries almost twice as many countries as the Marriott and they’re doing more transactions twice the number of transactions that’s a Marriott so they’re doing more transactions in the top three hotel chains combined put together so you definitely want to go through Airbnb they have the interface is not easy and not everyone’s always organized as well I call it a inefficient marketplace me going for these 30 days and longer it’s not efficient. You have to if you’re going to be digital nomad, they have their own community if that’s what you’re thinking about being kind of roaming around. And also word of mouth is pretty strong. If you’re looking for the deals and everyone has a different culture. Some people like to work collaboratively like a co working location in Thailand or something like that, where you want to live work with other travelers who want to do the same thing just travel and work and there’s people who want their own spot and there’s completely different cultures in there. That’s a tricky question. Because you’re opening up a lot. There’s so much there because more and more people because of cloud computing and all this mobile technology
We don’t really need to be in the office anymore. Even if you’re holding your 95 job, if you can be productive, you kind of follow that Tim Ferriss four hour workweek teaching people how to work remotely, you really can do that from just about anywhere as long as you have an internet connection. I mean, I’ve been kind of waking up early, working, going to lunchtime working out, but then I kind of burn out at two o’clock to five o’clock. I’d like to go travel time, but kind of my appeal to it. What’s the difference between Airbnb and vRv? Are they pretty much the same? That’s different group of folks. You know, vrb. iOS has been around for a while, and it’s kind of the older folks, but that’s quickly changing. There’s the older folks kind of who were looking for a Longest Day. That used to be the case. But now these whole baby boomers are one of the fastest growing host groups in Airbnb. And so this evening now, Airbnb definitely has the interface advantage and VR Bo tries to catch up with them. It is almost like apple and IBM, they do the same thing. But some people have their own biases against one of the other. Yeah. What’s your contact where people get ahold of you? Yeah, they can email me
He’s probably the best is out at leading landlord calm. And I’m on Facebook, of course leading landlord on Facebook as well. Yeah. And I’m going to be opening up a passive cash flow group for just short term rentals. And if you don’t mind, maybe in the next month or two, we’ll have you come on to a live session. I’m not a big fan of short term rentals, but I put it out there and they’re like, couple dozen guys here interested. So I guess there’s the demand for it. And I kind of realize that just give investors what they want. Everybody’s different. Yeah, everyone’s different. And also, there’s different ways of playing, you can be passive on funding short term rentals, or you can be active on the assembly, people who want to be passive half part of the business too. So there’s lots of ways of playing it. I’ll put together a show notes page for this podcast, I’ll get out a give me some goodies that throw in there. later on. You guys can go back to that website and make sure you guys sign up for the new build pipeline club. And you guys want my free e version of my book. Also there if you just go to the front page, scroll all the way down the bottom of the page. But uh, Thanks all for coming.
On the insightful Hey thankfully
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