Live Let Thrive Podcast
Airbnb, PadSplit, Corporate Rentals, Arbitrage, and Live Let Thrive cover all the creative ways to rent out your properties to maximize profits. We also cover creative ways to buy properties. Come along for the ride and have some fun along the way!
Live Let Thrive Podcast
A $44,000 Insurance Claim and Two Creative Deals That Died
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Myka's $44,000 insurance claim from a water leak rewrote the rules on what property damage coverage can actually do - one call to USAA turned new flooring, fresh paint, and tile upgrades into a deductible of just two thousand dollars. The claim came while his Pad Split tenant lineup hit peak chaos: one woman tried installing a stripper pole, another chargeback-scammed her exit fee through her bank, and a medically evacuated tenant left behind a fleshlight his handyman had to box up. Two creative finance deals collapsed in the same week - one seller hid a second lien until closing, the other ghosted Myka's exact-ask offer with no explanation - while World Cup bookings flatlined across DFW despite the hype.
The episode covers flood damage insurance strategy, Pad Split tenant screening blind spots, why white neighborhoods sometimes ghost minority buyers, the new Airbnb flexible cancellation rider that protects hosts, operations bottlenecks that surface during vacations, trimming SaaS expenses with AI tools, cost-segregation plays on new build duplexes, and why both hosts now prioritize corporate midterms over event-driven short-term gambles.
Work with us. Interested in professional management or consulting?
Myka — Sharebnb: www.sharebnb.com
Steve — Argest Rentals: www.ArgestRentals.com
Sign up for PadSplit with Steve's link and get a free 1-on-1 PadSplit strategy call with Stevie Stacks: padsplit.com/hosts
Myka's other podcast, Entrepremarriage — building wealth without losing the marriage: youtube.com/@Entrepremarriage
All our links: linktr.ee/liveletthrive
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Cold open
SPEAKER_04Welcome to Live Let Thrive, a podcast about the Airbnb life, the share economy, and everything in between. Here are your hosts, Micah and Steve.
SPEAKER_01Hello, hello, hello. And welcome back to another exciting episode of Live Let
Episode 345 intro - Pad Split stories and midterm strategies
SPEAKER_01Th Ri.
SPEAKER_03What is up, Micah Mayan?
SPEAKER_01Man, I'm good. Stevie Stacks has been a minute. How you doing, man?
SPEAKER_03Doing good, man. This is episode 345 of your favorite short-term, mid-term, long-term podcast rental uh podcast. Long-term. Yeah, podcast in the world coming at you from Fort Worth. That's how long it's been, man. It's coming at you from Fort Worth in Arlington, Texas. Yeah, we're starting to forget the intro. Um and pad split is what I meant to say. So we we we talk about pad split a lot. It's it's kind of like the thing now. Um still waiting for you to get yours, man. Still waiting for you to get yours. Hey man, based on these show notes, I need to stay the hell away. Hey man, it it's it profits, it's a different animal, but it profits, all right? Yeah, so so I mean, how you been, man? I I I went on a trip to Mexico, so we we couldn't, you know, I was there for a while, and then you uh you did any trips? Did you did you do any trips?
SPEAKER_01No, the only trip I did, I think I did a trip to Houston. I'm flying out to Vegas. My job's flying me these AI conferences, so I'm going to Vegas for a week. I haven't done no trips yet. And then no, no, no, I went to Chicago because I had to go to a funeral, so I was up in Chicago with family. Sorry about that. But yeah, not but my but my main trips aren't here yet. So I got I got some trips coming though. And I gotta go home, fly home to Oregon and Washington for about a week. But other than that, man, it's just uh man, I'm I'm dead to it. I'm like an AI nerd now, bro. That's all I do is sit up and make stuff with AI, and uh that's but even with the business, I got some cool stuff to show to talk about too. But I really want to talk about this pad split
Buying a minivan in Mexico with an American Express card
SPEAKER_01stuff, bro. How you been?
SPEAKER_03Oh man, man, busy, busy. Like I said, to do the Mexico trip. Real quick, uh, cool, quick thing on the Mexico trip. I bought a minivan over there, right? To have because I every time I was written something, every time I go written something, and it's kind of high, kind of expensive to rent over there. Um, because all the insurance and all that crap, but I don't know, it's high over there. And so I was like, man, you know, if I'm gonna be if I stay there for like a week, I'm spending damn near a thousand bucks to rent something, right? Big enough for the whole family. I'm gonna just buy me a minivan over there. I used one, and I bought it from the people that it was the rental car company we always use, so we trust them, we know them. And um he's he said, Hey, if you if you get it through us, we'll let you pay with the credit card. And so really so I got out the American Express when I went down there and he said, Do you want to try it on like different uh swipes, like different you know, amounts on each? I was like, or you just wanted to try one swipe. I was like, shit, I don't know, try one swipe, see what happens. Yeah, for real. If it doesn't get the fraud alert, whatever. Then he swiped the American Express card and boop, accepted. I was like, damn. I just bought a minivan with a credit card. Dang, that's a lot of points right there, man.
SPEAKER_02Oh all day, straight up, yeah.
SPEAKER_03Straight up. Do they let you do that here in the in the States? Do they let you buy a car with a credit card?
SPEAKER_01Nah, you know how they are over here, man. We bought a book. I mean, somebody might have done it before, but you know, you know how that's about to go down. You can buy with cash, though. Cash all day. Yeah, cash all day.
SPEAKER_03Just not whip out your credit card, then drive off and dispute the charge, right?
SPEAKER_00Hey, hey, nah, I wouldn't have done that, but maybe you could a story.
SPEAKER_03Remember, Tiana was on the show that she was talking about all the Turo, the trick to get all the different cars in the Turo. You have to go on the same day and go shopping and pick up all the cars, and it's it won't hit it won't ding your credit. And so um, I sent her an article I saw, someone out of Miami. It's always Miami, right? Someone was using that concept to buy all these Porsches and all these uh Lamborghinis and all these Ferraris. So they went out and bought all these things like in one day. And so um, so it was, I guess, you know, fraudulent because you know, she they were doing stupid stuff though. They were buying, you know, they were they were um they were buying cars like those expensive exotic cars like that. Which uh Tiana, Tiana was doing was just buying, you know, regular cars and financing them that way. But oh, oh man, I don't know if there was another part of that, like they were calling in a bank and some and it was their buddy, it wasn't a real bank, and they were calling him, Oh, yeah, we got them approved. I don't know, it was something like that, right? Yeah, but uh yeah, so I sent that to Tiana.
Pad Split chargeback from a tenant who left early
SPEAKER_03She's like, Oh damn.
SPEAKER_01Dang, man, it's all types of scams out here nowadays, man.
SPEAKER_03A lot of scams, man. But um, yeah, back to pad split. So you you had questions about pads. I can jump in anywhere, man.
SPEAKER_01I want that first one. You said Pad Split Bank charges chargebacks for ex-members. They they charge they do chargebacks.
SPEAKER_03Was funny about that. I mean, it's it was a it was a girl, it was the stripper pole go girl. Remember, I told you about her. Okay, yeah, she was trying to install a stripper pole in her room and was asking me some questions. I said, you know what? I don't think you should you should do that, you know. And um she like left the next day, she put in a transfer and left the next day, right? And so um, all right, cool. I you know, didn't really want her there, anyways. Anyways, like it was like about a week or so ago. I got an email from Pazplit saying that, hey, you know, guest so-and-so from room um five was on the last payment, I guess she was supposed to make. She it hit her account, but she told her account, uh, her bank that it was a fraudulent charge. So she she already left and did this stuff, right? And it's and Pazplit left the whole email, you know. We're trying it was they were trying to collect like 250 bucks or whatever it was, you know. I guess she had a balance before she bounced or whatever, but but they were trying to collect that amount and said, We're we we're sending all we sent all the documentation, we sent this. She goes, We understand it's frustrating because the banks usually try to protect their members, so it doesn't, you know, we're but we're gonna try to send them everything and get that money and uh and get that reversed. But anyways, so that happened. So I was like, okay, so they can do that chargeback stuff or or call bank, you know, fraudulent bank transaction or whatever after they leave. They can't do it while they're still there. But soon, but but I hope I'm not giving news out there to potential pad splitters, you know, gonna stay somewhere for a month and then just leave and rack up because once it gets hit, I guess that's one of the safe the the safety things they put in place. Once you get to once you go over three hundred dollars that you owe at a pad split, then you got two days to pay it to pay it back down under the 300 mark, or you're gonna get kicked off the platform, right? So it's a 300 threshold, right? And there's people that skate that, man. I have a couple members that was always at 299.99, you know, they were just but they're racking up late fees because they're behind, right?
SPEAKER_01Oh, okay, okay.
SPEAKER_03Yeah, so one month I got like 275 bucks in late fees from these from from the guests, right? Some of them, I mean they pay, they stay, but it's just they gotta stay under that 300 threshold. And so, anyways, that's what was funny. That same girl messaged me or messaged the business line um a couple days ago and said, Hey, this is so-and-so. I stayed at your padsplit and and left. I was wondering if you have any rooms available, but I don't want to book inside of Pad Split platform. And I was like, No, sorry, we're all booked up. Oh, okay. Let me know if you have any. So I guess, of course, if she's doing that crap, they probably kicked her off the platform, right? If she's doing like a stupid chargeback, so she Damn.
SPEAKER_01So when she do this chargeback, it it comes back on you though, right?
SPEAKER_03I just don't get paid. Yeah, I just don't get paid. And so that's what they um they told me they were fighting it and all that stuff. I like I said, it's through her bank, so fraudulent charge, whatever you I guess it is a chargeback, right? Same thing.
SPEAKER_01Yeah, honestly, bro. That right there is the number one reason why Airbnb is like on top, because that that is one thing they have on lock. I will give them that. That is the one thing that they have on lock is that chargeback crap. You ain't never gotta worry about that. You know what I mean?
SPEAKER_03Yeah, yeah. And um not like booking.com, those yeah, those they're bad, yeah.
SPEAKER_01They're bad at it too, bro.
Summer HVAC crisis and launching preventive maintenance checklists
SPEAKER_01Booking.com's horrible. Man, that's horrible, bro.
SPEAKER_03So we're gonna start an HVAC company or what?
SPEAKER_01Man, you might want to.
SPEAKER_03This has been a crazy summer already, man.
SPEAKER_01Yeah, so what's been going on with HVAC? Yeah, it's that it's it's summertime in Texas. We in full effect. I'm over here sweating now. Yeah, my air working though, but yeah.
SPEAKER_03So so here's the thing. Uh and what I've started um this year, I've always kind of like sent handymen out to change filters, you know, but I started a whole and it's about time, right? Doing it for this long uh with with all these different houses is doing uh the preventative maintenance checklist, right? So now uh so instead of just having them go out and do the check the filters and switch them out, whatever, have them do the filters, check all the light bulbs, check all the batteries and everything, check all the stove, make sure all the burners are working, you know. It's cool because of course chat GPT, you ask it to make you one of those lists that it spits it out all the oh damn, I didn't even think about that shit. And so and so and so my guy he's going out there and he's charging, you know, he charges 85 bucks a pop, but that includes changing out the filters and all the stuff he has to look for. And so another thing too, uh at a house that we're me and my wife were um because she she uh it's right close for us, and she asked if she could do one of the cleanings, you know, one of the turnovers. I said, Yeah, it's fine, she needed extra money. And so, but I noticed like the toilet seat, those things get loose a lot, right? The toilet seats, and so I was like, I noticed that when I picked it up to use the bathroom. I was like, Oh crap, that's I added that to the list uh uh for my handyman Jose. I was like, hey, be sure to check the toilet seats too and tighten those because that's that's annoying as well. Man, and yeah, just check everything, make sure there's no running water, and you know, check the house. So so I'm I'm growing up, man. I'm learning to do this stuff more, and especially the the filters, getting that on a on a schedule. So so it, I mean, not that I mean it'll help, it'll definitely help if you have clogged up filters, it'll screw up your you know system, it will camp straight up. So, um, and then especially if you if you uh host pets a lot, you know, those freaking yeah, bro.
SPEAKER_01That that's a good one right there for real. It does.
SPEAKER_03You get that dog hair everywhere, man.
SPEAKER_01Man, I've been having to I've been having to charge people for that dog hair crap, and Airbnb's been paying it out too. But yeah, I've had to charge people for that crap, especially having dogs and beds, like them big dogs. I'm like, come on.
SPEAKER_03They sleep with those things, man.
SPEAKER_01I know, bro. I'm like, man, that's a cultural thing. So yeah, man, I gotta cultural thing, yeah, bro.
SPEAKER_03Pipples don't have long hair. They'll kill you though, but they don't got long hair. Yeah, but what's you what's new with you, man? What you been up to?
SPEAKER_01Bro, I um I've been doing I've
Using Claude and Price Labs API to automate midterm pricing
SPEAKER_01been going heavy on midterms, but I've been getting them off uh Airbnb and VRBO. I um so basically I use Claude to build a dashboard. I use the API key from Price Labs, and I had and I I pulled the data from Furnish Finder and I put that data inside of a dashboard that tells me what people are booking at. Like what are people booking Furnish Finder at and what are people booking Airbnbs and verbos at? And then I have it, it goes through and it like I can pick like the time of the year that let's say someone's booking $3,000 a month this time of the year. I just set my discount up to match that, and man, it's been working like a charm, bro. I'll get like weekly reservations. I know how to set my weekly discount, and but it's pulling the data directly out of price labs and whatever price labs is pricing it at. Bro, it's been like it's been a game changer. So that's one thing I've been doing is just like you know, using AI as much as possible, is like especially on like the midterm side, even on the short term side, but like pricing and like um basically revenue management, bro. I got that on lock now, bro. Like it's been crazy, like learning this stuff. Like, I'm not a programmer, but I'm learning how to build programs that actually work, run, and function. So it's been pretty cool, man. So that's basically been it. And then um speaking of like maintenance crap, you know, I'm having to you know, having you know, the cleaning team go through, change filters, this things of that nature, especially right now. And then you have long-term people in for the summer, so you gotta charge those guests for the uh $300 light bills because those are coming. So you know, yeah, yeah, bro. That that those those you gotta be careful about that too.
SPEAKER_03Do you use a nest at your place?
SPEAKER_01Is uh yeah, I use nest. And then what I'm gonna use control is I'm doing my best to control it, but then I'll also still let them know like
Buying a duplex with a 1031 exchange and cost segregation
SPEAKER_01anything over 200 or whatever we set the threshold for per property, I charge them for it, you know. But um these duplexes, man, these three-bed, two-bath, duplexes have been killing it. I'm loving it, bro. Like one property, uh two doors, one under one roof, bro. You can't beat that. So I've been loving the small multifamily place.
SPEAKER_03Oh, so you have a duplex now.
SPEAKER_01Oh, I I didn't tell you about that.
SPEAKER_03How many uh no, just one.
SPEAKER_01I got the two-bed, three-bath. It's a brand new build. We built it, we bought it last year. It was a brand new build. We did 1031 for it. Yeah, we did the cost egg and uh we did the cost egg analysis, cost egg and the price short-term rental loophole on it. Man, most amazing play in real estate right now. It's nuts, man. Chef's kiss. I would love that play in real estate.
SPEAKER_03So enjoy it for the next few years, right?
SPEAKER_01Man, man, it's just it but yeah, I talked to my CPA, he was like, Yeah, man. He goes, just you goes, you keep doing that. He goes, but I would suggest doing it on new builds because he was like, you want to hold the property for a long time because if you do sell it, they can read the IRS can come and recapture that depreciation that they gave you up front.
SPEAKER_03So unless you do 1031, then you can it rides to the next property. I uh yeah, does it so you can 1031 as long as you 1031 that money you try to pocket the money, then you have to pay it all back. But if you 1031 in the next part, is it it's called a step up, I think they called it.
SPEAKER_01See, I'm I'm not is it I gotta think send that to me because I yeah I I heard like you don't you have to pay capital gains, however, the depreciation is recaptured.
SPEAKER_03So but only if you sell it, only if you sell it, only if you sell it. Okay, send it without doing it 1031. That's what I'm saying. If you 1031 to the next house, it just rolls with the next house. It's pretty cool. That's why, yeah, that's why they said you just keep rolling, rolling, rolling, and then and then after you die, it washes away all the depreciation. It's a trick. True.
SPEAKER_01I gotta okay, yeah. Send me that. I mean, I need to look that one up. I'm gonna write that one down. What did you say it was called?
SPEAKER_03I think it's called a step up, but I could be wrong. But it's called you know, you just 1031 it and you don't have to recapture the depreciation. Yeah, you don't have to recap.
SPEAKER_01Okay, I'm gonna have to look that one up then. I didn't I didn't know that. I didn't know that. Oh yeah, well that's why I love it. Because that I got I got the property through a 1031 exchange too, so I ain't pay taxes on that.
SPEAKER_03So I was like, oh thinking like the rich folk.
SPEAKER_01Yeah, I heard of it in taxes like Trump, baby.
SPEAKER_03Oh yeah. So I'm trying to buy, you know, I told you I'm trying to buy houses uh just purely owner finance subject too, right?
SPEAKER_01So I had something on that. Go ahead.
SPEAKER_03Yeah, two of them recently they kind of fell through, man. And so I I um one one was um one of them was a trip. It's down the road from me, and it was gonna be I was like, Oh, it's gonna be either make a nice pad split or it's gonna make um
Two owner-finance deals collapse - hidden liens and ghosted offers
SPEAKER_03uh what's it called, a corporate short-term rental down the road. It was it's actually a nice house. So we you know locked it in, sent the you know, earnest money, all that stuff is gonna buy it directly from the um from the owner. And um, it was kind of like a fix, a fix and flip what they were doing, right? It was a bunch, it was a few guys that got together and did a fix a flip, did the hard money loan, all that fun stuff. Um, anyways, so so I got down to the I was we were starting the closing process, it's gonna close in this house, right? And then um finally they're like you know, it was taking a long time. I was like, what's going on? You know, when are we gonna when are we gonna close in this thing? And they said, Well, we're trying to reach out to the guy because they think they found something on the title company found something on the report, and and so they they finally got a hold of him, and he's and he and they're like he's like, Yeah, there's there's another lien on there. That's another another little loan I had to take out so we could finish the house. Ah, so he knew about it. Yeah, I was gonna put 10% down and then get it out of like uh I don't know, 6.5 inches. I was this would be a pretty good deal, right? Yeah, 10% and no banks and none of that stuff. But then he's like, Well, I owe I owe a lot more, so it's not gonna work with the 10%. If you could put like 25% down, I was like, Man, you're getting you're getting crazy. I'd just go re I'd go through a bank to do that crap, you know.
SPEAKER_00Hell no, what is what are you doing?
SPEAKER_03Yeah, so so that one fell through, and another house uh down the way I was trying to uh they they told me that you know they'd offer seller finance, they said the terms, it was pretty good terms. It was 10% down, like six percent interest. It was pretty good terms. I saw the house, I walked it, a nice house. Um, and then um put in the offer. It went back and forth, but they take, you know, I always ask if they take less, they take you know, lower than yeah, I try to negotiate, but I liked it exactly like those terms, it was a great deal, right? I didn't push too hard. I was like, shit, I'll take those terms all day. It's a nice house. And um, and so we submitted, okay, we'll submit exactly what they asked for. And then we got like a message back saying, um, yeah, we you know, we're not gonna accept your offer and we're not taking any counteroffers from you. And it's like, wait a minute. And they're like, can we ask why? You know, we we submitted everything that you asked for on that on that sheet, and then they kind of like ghosted us. And then I told my agent, you know, I had a weird feeling when I wanted to walk that house. Across directly across the street was a house, and it had the ring doorbell. Just I don't know. I was just looking at that ring doorbell, it was kind of the way it was positioned, it was pointing straight at us, right? And I was just like, I just got a weird feeling. I wonder if someone's watching me, man. And this uh Mexican with a ponytail looking at this house, right? It's kind of it was an older neighborhood, it was a white neighborhood.
Suspected discrimination after perfect-match offer gets rejected
SPEAKER_01Okay, but I already knew he was getting what area was this? You were in a white settlement, where you're proud of that name.
SPEAKER_03Um but they um no, it's uh considered North Richard Hills, but way north. Oh, okay. Yeah, so way north. And um, like I said, older neighborhood is a white neighborhood, you know, no shade. I guess I was the only shade. You were the shade. But I just had that weird feeling. I know I was looking at the cameras, I just had a weird feeling, right? Because I'm talking with the agent outside afterwards and everything. I said, Oh, I like the house. And then um, and my agent, you know, you know, shout out to Lucy. She was she was like, she's not shy about it because I told her what I felt and everything. I was like, maybe think a little because we we offered them exactly what they wanted, and they said no, you know, and and um you think there's some discrimination going on or something. I say, I know I'm trying to, I sent the offer through my LLC, yeah. So I was like, well, maybe they don't want someone that's uh gonna use it as a rental because you know it's it's it's it's my LOC is something rentals LLC, right? Yeah, and so I was like, and that but I've I've seen flyers like that before where they say we want to rent we want to do seller finance, but only to a family that's gonna live there, and that's fine, but they didn't they didn't give me that excuse, they didn't say nothing. And so my agent reached out, hey, you know, we we gave you the exact offer you wanted, and you turned us down with no counter. Um, is this kind of you know, my my age, my um client is is Hispanic. Is this like a discrimination thing? You know, she just said oh that's what's up. The later the lady that owns the house is an agent as well, right? It's it's uh it's a white lady, and she um and she said she wrote back a little like chat GPT wrote it, you know, we do not we do not discriminate and we do everything, you know, we blah blah blah. It's just whatever it was, it just saying that no discrimination was involved, and you know, all this stuff. And I was like, all right, you know, I was like, never mind, never mind. But then like a few weeks later, I saw that same house on my portal and the price dropped. I'm like, send her another offer. The same, you know. I said, send it in my wife's name. And she sent it in my wife's name, right? And the lady still turned it down and said, Oh, we're not we're not offering owner finance anymore. And um, but there's still the it's still on the site as we accept owner finance. So I don't I don't know what's going on with that house. Maybe I need to put, like you said, you put a white face on my company or something. I've used every trick in the book, bro.
SPEAKER_01Use every trick in the book, bro. That's wild, bro. I I I believe you. There's just certain areas, you know. Uh you just gotta kind of watch it. I mean, out in white settlement. Remember, Josh and Norman got rejected for a loan and went to a bank down the street and got one. Like I'm real, bro. It's it happens sometimes, man. You know me. I'm uh I'm I'm gonna find a way, I'm gonna find the loophole. But yeah, that's that's that's hella weird. If you're offering them the number they want, yeah, that's crazy. That's crazy. But that's crazy.
SPEAKER_03I'm still going, I'm still looking. I told you my goal this year was was um 10 houses? Let's go. I got one and I thought I had two more, but those just fell through, man.
SPEAKER_01That's what's up, bro. I'm uh funny thing is you talked about an agent, yeah, because I'm I'm actively working on my real estate license.
Getting a real estate license to run comps and wholesale faster
SPEAKER_03That's that's what I was gonna ask about. Why you why you want your real estate license for?
SPEAKER_01Um, one, I can uh make deals much faster. I'm trying to be able to just run my own comps quickly, run my comps, have access to the MLS. And then I I will list and wholesale for people, you know what I mean? Uh, rather do more listings than listings and wholesales than actually helping buyers, which I'll do that too, but you know, my time's limited. I work a full-time job. So my listings, wholesales, and making offers because like like I say, it goes back to like the AI thing. I can have that thing pull stuff for me, run numbers like I did it today. I I had this house made a I had the offer everything in hand in a matter of 10 minutes. But my only thing is why I didn't make the offer. One, I'm not buying right now because I need to stack capital. The reason why I didn't is because I need exact comps and I have to go ask for somebody. I'm sick of doing that. I'd rather just get my comps myself and go. So it's just gonna help me move a little faster, you know. And then I have enough investor, like me and you, what we've investing 10 plus damn years now, you know, well over that, you know. I got enough information on the investor side. The only side I'll probably have to learn is contracts, which is cool. And then I gotta we got enough realtors around me. Like I've been talking to Jabron. Shout out to Jabron, gotta call him after this, actually. Just talking to him and other realtors. So, you know, I was like, man, let me just dive all the way in, and then I'm like, you know, I can get access to that MLS. Because I'm we're dangerous if we have access to the MLS, because we can make our own damn deals, you know, real quick. Yeah, yeah. So yeah, that's really why I'm going for it, bro.
SPEAKER_03That's cool, man, because what I think of right away is um okay. I told you that I'm reading that Xiona McIntyre book, right?
SPEAKER_02Okay.
SPEAKER_03Uh, and it's called The Creative Closer.
unknownOkay.
SPEAKER_03And it's all about, you know, of course, closing uh, you know, buying houses subject to uh owner finance, all that stuff. Now here's the thing, she's an agent, right? She's an agent. Her favorite thing to do, and she's been killing it as an agent, is put is putting creative finance deals together. Yep. So she can and it explained it. There's like the last three chapters was about agents doing this, right? Which I'm not an agent, but I'm like, damn, you know, it sounds pretty cool, it's sound and profitable. And whereas her, you know, people that she knows that are agents when they're struggling, she's just killing it, right? Because she's putting these deals together, and she and she knows how to close, she knows how to work both sides of the deal. So she's getting paid from both sides, she's putting the deal together, she's getting her her fees and commissions and all this stuff, and um, and she shows you exactly how you how you create these deals. And and another thing, and she's finding the deals by just going to the you know, MLS and finding houses that have been sitting there forever, and then trying to say, Hey, would you would you be interested in doing um creative finance to sell your house? And she explains it to them and everything. But but she likes to, like I said, she'll she'll tell them how it works, she'll put the deal together, she'll shop it around, she'll throw it on the Facebook groups and throw it on the the email lists and all this stuff, and then she'll get that house moved to someone else and get paid both sides of it. And and she says that's you know, I mean, she she was, you know, she had her own property, she was investing and stuff like that, but she's like, this is her favorite way to make money now, just putting together these creative deals and and um yeah, and making money that way.
SPEAKER_01I love that because we're in a creative world right now, bro. Interest rates too high, property taxes too high in Texas. You gotta be able to be creative, like that's how you're buying is for creative financing. And one thing you touched on that I I've been really thinking about too is you have access to that MLS. I could start really going after some of the sub two deals because like my neighborhood, I love it, but it's definitely becoming a renter's neighborhood, if you know what I mean. You know, you start, you know, me, I'm fully against HOAs, but like once you get certain neighbors, you're like, damn, my HOA don't look too bad right now. You start getting older, you got kids running around, you're like, yeah, I see why HOA might work. But I am kind of trying to like, I would I would like to do a sub two that I move into, like that probably has like a low interest rate and don't have much left on the balance. And I will move into it, sell my house, not pay no taxes, pay that house off, live for free, and then use that extra money to go invest, whatever. Because I've been thinking about that too, like doing sub two deals. Because yeah, those deals are out there on the MLS, you know, and that's where I think I might have an advantage getting my license because I understand creative finance, MLS, uh not creative finance, sub two. I understand those concepts. And then if you get a license, now you give me access to like the you know the inventory, now I can get dangerous. So I'm I'm I'm that's how I'm kind of looking at it too. For real.
SPEAKER_03You see, the the well, you know, when you said that, looking for a house to buy a subject to, I'm on some portals that are showing you know creative financing and stuff. There's some badass houses that hit the market that are sub
Subject-to deals on the MLS as a move-up strategy
SPEAKER_03too. And I've shown something to my wife. I was like, you know, you sure you don't want to move? You know what? We can get this house subject to low, low down payment, low interest rate, you know, but it's like a $700,000 house or $500,000 house, you know. It but they these people can't move it. They can't. I I can't, I'm not gonna buy it as an investment. As an investment property done pencil out, right? But to live in it as a as this is our primary, hey, let's move up now, let's get something. Nah, this then it's too late. She don't want to move again. You know, now the kids are in the schools and settled in this area. That's why I was trying to do as much as I could before they turned before my first, you know, our first child turned five, so we can so we can like you know accumulate property. I got four houses right before she did, so that was good. But now she don't want to move no more, you know.
SPEAKER_01Yeah, I'm happy you brought that up, man. Cause that that that man, that's really been on me too, because me and Mahogany were here, like, dang, the kids are school age, right? Like Malachi is going to intermediate school next year. He's going to fifth grade, so I'm like, well, shit, I can't. I don't want to just up, you know, that is hard up and rooting, uprooting from all your friends and what you used to. Because I but I've been looking like there's still houses in this area that I could probably get a good sub two deal, like then these new neighborhoods out in Mansfield that people have been living in for like five years. Some of them can't move them, get a sub two deal. I'm like, man, it's something to consider. So I'm in the same boat because I don't want to move out of the school district, but man, there's some nice little houses you can get. Because even if you were to move into it, you could keep your house as a rental, your old house, but I'm like, shit, I'll probably sell it if I could get another three percent interest rate. You know, Trump was also talking about you know, letting you transfer your interest rate, which I don't think that I think that was just talk, but it'd be nice. But I think it was talk. But yeah, man, uh it was something to consider.
SPEAKER_03Now, now, if you did sell your current house, oh no, you never mind. You can cash out tax-free because you've been there. Sir, that's that's a beautiful thing, and that's what uh that's some a strategy. Some people do, they'll live in a house for two years, you know, worst house, best neighborhood kind of deal, or whatever the and then they'll fix it up those two years while they're there, and then they'll bounce to the next one that all that money's tax-free.
SPEAKER_00Ain't that what your boy can used to do?
SPEAKER_03Can yeah, yeah, yeah. Yeah, yeah, can used to do that. That was a cold little play. The lady from Bigger Pockets did that every two years, they would move and boom. I mean, they make like hundred thousand dollars plus profit every couple years, and it's pure, it's no taxes.
SPEAKER_01No taxes, bro. No taxes. Easy, people don't know this, man. And then you go put five percent down on the next one, like nah, people don't do two.
SPEAKER_03Or three or three and a half percent, or three and a half, you know.
SPEAKER_01Easy way, you put it down on the next one, do it again, you know.
SPEAKER_03It's so funny because some a lot of people, oh, I gotta put 20% down because I don't want that P P and I PMI.
SPEAKER_01I'm like, what you can refinance that in a year, bro. But man, I I I swear, bro, like my co-workers are real big on that. Like, my co-worker, I one of them's looking for a house, and she's like, I just want to put 20% down so I don't pay PMI. I'm like, in this market, it's better to have cash in your pocket in case something goes wrong with the house than to take a huge chunk of 20%. And you can go buy four, two or two, three houses, or go buy like a duplex living one side. You know, I'd be like, never mind. But people, that's how people's minds work, so I don't really say nothing.
SPEAKER_03Our minds have changed, man.
SPEAKER_01Yeah, our minds don't work like that. We don't look, yeah, we ain't cozying up on no house, like, nah, this is an investment. That's all that is. Uh we cozying up on spending time with family and vacations. We ain't trying to do that with no house, right?
SPEAKER_03You know, straight up. Well, it's so funny, and like, you know, just listening to the the the real estate podcast when I got started on those, and then finance podcasts, stuff like that. Yeah just learning about finance and stuff. Real quickly, I learned okay, the government's gonna keep printing trillions of dollars because they can't pay their debts, right? So they print more money so they can pay their debts, which causes more debt, which is stupid, right? But that's how that's how government's run. That's how every government's run since Rome, right? So so they just keep they they they keep printing more money to pay the debts to print more money to pay it, and it just caused inflation, right? Simple, simple concept that I you know I kind of grasped more when I got into this world, right? Yep, and um, especially lately, we you know the debt's going crazy, like 40 trillion almost now. So it's um it's nuts, but it ain't going down anytime soon. It's just gonna they're gonna keep doing this process. The only way to combat it is to buy assets with used debt to buy assets, you know? Yep, and um, and it's funny because like we we understand that concept now, and um, but every you know, most people don't. They still don't understand. I was talking to my dad the other day, and he brought up some kind of meal at some place that he used to go to say that meal is $12 now. He goes, I ain't gonna spend nothing's worth $12. I'm like, Dad, it's inflation, you know. You you think the government can keep printing trillions of dollars and it's not gonna affect the money supply? For real? Like inflation, huh? He's like, he didn't like he didn't know. He's like, is that why you you you people buying all those homes and making so much money? I was like, Well, yeah, a house to buy for 130 a few years ago is worth 300,000 now. I mean, but it's inflation, it's inflation, but you gotta but you gotta do that straight up, stay above water, straight up, man.
SPEAKER_01You have to have assets, man. People don't understand it, especially now. Bro, the cost of living's through the roof. You seen gas prices?
unknownYeah, man.
SPEAKER_01I was in Chicago, that shit said six dollars.
SPEAKER_00I was like, hell no, bro.
SPEAKER_01I'm watching my my uncle drove up there, he was and he drove his diesel up there, right? He drove it from Arkansas. He got up there, he was like, Man, I should have bought a plane ticket. So, yeah, bro, it's it's it's it's pretty bad. So you gotta stay up on it.
SPEAKER_03Dead fuel's going up too, so it's all you know straight up, man.
SPEAKER_01Shit, Frontier charging $75 to bring a bag on the plane. Like, seriously? He said, We ain't going out like spirit. Y'all have to do it.
SPEAKER_03Oh man. I loved all those spirit memes, man.
SPEAKER_01That's oh man, boy. That's good stuff. Good stuff.
SPEAKER_03They're all going, yeah, they're all going to Frontier now, right?
SPEAKER_01Yeah, man.
SPEAKER_03Man, wait, I got a million things
The $44,000 insurance claim that upgraded an entire house
SPEAKER_03on here.
SPEAKER_01I was gonna say I know, I've been loving them, bro. This is good stuff, man.
SPEAKER_03We'll keep it a fun episode then.
SPEAKER_01Hold on, hold on, hold on. Because you have something on here that happened to me. You said you won a you were say a insurance win for 44k. What happened?
SPEAKER_03So, um well uh a house that I have over there in Grand Prairie that I was actually renting out to arbitragers, and they were doing Airbnb at it. So I had a long-term lease in place with them, and then their intern, they're doing it's it has a house with a pool and everything, and they're doing there. I was like, it was it was at a point where I had a few other houses going on, and I was like, well, I just bought that one. I guess I'm gonna go ahead and get that one ready, but but then I I knew this this girl, this uh the from Canada, this this like um that that that I know, and she wanted to she wanted to see if she could rent it from me. I said, Oh well, shit, I'll just rent it to you because I got all these other projects going on. Oh, yeah, go ahead and do that. So I'm I'm renting it to the arbitrager. Um some of the guests complained, they said, hey, there's water in the in the kitchen. We think it's coming from the fridge, right? And so, anyways, long story short, my handyman gets there, it's not coming from the fridge, but they um it keeps you know getting worse, and so the it like spreads through the hallway, gets a little bit in the rooms and stuff like that. And um, so I it's above the pay grade of my my handyman, right? So I was like, you know what? I'm gonna call my insurance company, see what's up, and then I have a USAA insurance, and I told them, you know, what's going on, there's a leak. I think my we turned the water, we got the water turned off to the house, which in Grand Prairie it's a trip because you gotta call them to come out to turn the water off. You can't just go with your little regiment.
SPEAKER_02Damn, bro.
SPEAKER_03But they have like, no, they don't have you can't you can't do it yourself. You have to call the city and they have to come do it. That's dumb. I don't know. Every every city has their stupid rules.
SPEAKER_01So, like, my I have one question though, just real quick about that. So there's no way for you to access it.
SPEAKER_03Um, that's a good question. I don't know. I just know my handyman said he couldn't do it, and then I had to call the city. Yes, we have to send someone out to go do it.
SPEAKER_01You know, because my my insurance win was very similar to that when I won like 40k, because I couldn't get access to the thing. Um, but that that put posed the question like why can't I turn off my water if there's a leak in there? It's just water running.
SPEAKER_03Now here's here's I guess there's a workaround with that. Okay. The pipe, the main, the main pipe that goes to your house. A plumber can put a shut off like like by your in your garden bed or something like that. Okay, okay. They can install a shut off so you can have access to turn it off if you need it.
SPEAKER_01That's cool. Okay.
SPEAKER_03If not, then you're just relying on the city. But they do have an emergency number and they do kind of get there kind of quick. They did. Okay. And so, um, so anyways, uh my my you know, I have my I have my handyman that handles like the the low to medium, then the medium to medium high. But then once it gets over their pay grade, you know, I had to call like a professional plumber or professional whatever. And um, so so my medium to high plumber, he went out there and he said, Okay, I think I I located a leak. It's behind where the washing machine was. It's not the washing machine. I was hoping it was just the washing machine. Uh dishwasher, I'm sorry. And and um, but it's between the between the the kitchen and the back wall to the house, so it's gonna be in there somewhere, and blah blah blah. But I I'm afraid to dig because the swimming pool's back there. I don't want to hit some swimming pool pipes and this and that. I was like, you know what? I'm gonna call insurance, see what's up. Anyways, I called at USA. I told him they they got me with an adjuster and all that stuff, and and that my deductible is two grand, right? And he said, but they they handle everything after that. And so paid the two grand deductible and they got it started. They got their guys out there to fix the leak. Then they got the guys to go. He goes, Oh, okay, the floors are affected. I infect uh affected, I see that they're rising a little bit in some spots. Oh, the carpets are in, you know, and the rooms got a little wet and the padding and this and that. And and they just went and wrote everything down, right? And they said, We're gonna here's what we're gonna try to claim, you know. And we're gonna you have to dry out everything first with one of those you know, companies that the remediates that dries everything. And so, um, do you want carpet again or do you want something else? I said, No, get that carpet out, get that carpet out of there, man. Is it gonna cost me? That's what I need. You know, we're working in, we'll work it in the deal. And so new the walls are affected, so we're gonna paint, we're gonna repaint all the walls, whatever your colors you want. We're gonna redo all the flooring, whatever we're gonna upgrade the flooring, we're gonna do the tiles of the bathrooms. I mean, forty-four thousand dollars worth of stuff. I was like, damn. I was like, can I get some of that back? No, they didn't know this. That's illegal, but they did he did say, let's say uh we're going through the process and I changed my mind and I want something cheaper, whatever come when whatever comes in under that 44 grand comes back to me. Yeah, you know what I'm saying? Yep. And so and so, because if if I'm if I can get if they approve 279 a square foot of flooring, and I choose a dollar the dollar fifty stuff for the dollar, I'm not gonna choose, I'm not gonna do that. But if I choose something cheaper, the re that comes back to me. The difference.
SPEAKER_01Yep, that's exactly what happens. Now my question is this how long have you owned that house?
SPEAKER_03Oh shit, about a year, I guess. A year.
SPEAKER_01Just be careful that they don't drop you, because that's what USA did to my ass. They're like, oh yeah, we pay you out. But they drop my ass the next year. Like, whoy, here's your uh new floors. They give me that drop letter. I was like, damn, like, yeah, we'll holler at you, bro. We ain't insuring this.
SPEAKER_03Well, I got all my houses with them. That's the thing. And there's been other little incidents coming up like that. And I'm like, I wonder if I should. I said, nah, I better not push it. I'm just gonna do that one claim. Then the ones I got my handyman, it's it's okay. You know, I know they probably would have proven and get, but then there's that danger, right? Uh, this guy's costing us too much money, you know. And so um, so yeah, USA is it was they've been good to me so far, so I'm getting that whole house fixed up and everything. Um, so that's the the $44,000 uh win, as we say. But um another funny story. Another pad split story, right? Uh this is this is this is this is funny. There was a sad but funny. The this guy, this guy in in one of the rooms that well he was um
Pad Split tenant leaves behind a fleshlight
SPEAKER_03he hit me up, he he sent a message, you know, to the business line and saying, Hey Steve, you know, uh I I had to go, I had to leave and go to the hospital for a while. I'm not gonna be able to make the rent and this and that. And and I was like, I was like, Well, you moving out then, or what's going on? Is it well my stuff's still there, but I I just if I can pick it up in a few weeks after I get out of the hospital, I don't know what's going on with this guy. I don't know. I don't know. But I was like, Well, I said, call call padsplit, see if you can do like an early move out, and I'll put all your stuff in the garage because I gotta get that room turned, right? Yeah. And so um he said, Okay, cool. So he did that, called Pat Split, they let him move out the next day, but I had to go. I sent my handyman to go turn the room, right? And so he went and um he went and turned the room. It was it was it's a lot of stuff. It was a lot of stuff, man. That's why that's that's one of the reasons I'm I'm kind of like that's the only room that has a fridge, right? Oh yeah, coke cans everywhere. He he was like he was eating in there and stuff, you know. That's I was like, man, and I heard that on a podcast, uh a Passbit podcast, that they don't put fridges in rooms anymore because it encourages people to eat in their rooms, you know. And so, and so, anyways, the Z still in there, but I think, man, I'm gonna get rid of that fridge next. I'm gonna, you know, put it somewhere else. But um, in the hallway, or you know, in the living room or something, just extra fridge space, whatever. But but yeah, the room was a mess, dude. I mean, my handyman was sending me pictures, and then he sent me a picture of this this weird-looking thing. Oh man, what was it looked like a flashlight, right? But then he turned around to where the where the light would be, and it looked like uh uh a Vijay J on that side.
SPEAKER_00Oh man.
SPEAKER_03I've always heard of these things and they call them flashlights, right? But I was just sitting there and my my my handyman's like, what I like, what do you want me to do with this? I'm like, well, you can have it.
SPEAKER_00He's like, I don't want that bro, Split, Hasplit got the best characters, man.
SPEAKER_01Those are the best characters.
SPEAKER_03How does it put it in the box of his stuff, man? I don't know. I don't want so we had it. I just wondered, I I'm wondering on that thing. It's called a fleshlight. I wonder if it has a light on it. And I wonder in the middle of the night I'm driving by that house if the lights are out, and I just see like a flashlight going around the room. If something's going on in there, man, bro.
SPEAKER_01You had a flashlight, you had a stripper, man. You got it all going on in that house, man. God, wait, man. Pat split his next level, man. Oh man, Pat split his neck.
SPEAKER_03It's providing me a lot of stories. It's providing me a lot of stories. So that's why that's why I want you to try it, man. I want you to try it.
SPEAKER_00I don't know if I'm I don't know if I'm equipped, man. I don't know if I'm equipped,
World Cup bookings flatline as ticket prices stay too high
SPEAKER_00bro. I'm not equipped, man.
SPEAKER_03I will tell you it pays pretty good. So these three these three houses I'm doing that that like I said, they're not in the hood, but they're not in the like I said, two of them are like a C C plus neighborhood. One over here is like B neighborhood, but um, I mean they're maybe. Can't beat that.
SPEAKER_01Can't beat that.
SPEAKER_03Which, if you put it for rent regular, probably around two grand or so, you know, 2200. So it's it's it's very profitable.
SPEAKER_01Yeah, that's 12 grand. You can't beat that, bro.
SPEAKER_03Yeah, it's very profitable. Now, when you when you do get older houses, it's gonna be maintenance stuff, and yeah, that's every house. That's every house that can happen anywhere.
SPEAKER_01So you said something else that I was real interested on here because I wanted to talk about this because this has been real big. We're in June, World Cup's here. Yeah, so you said World Cup no bookings yet, only one inquiry. And I want to talk about this because I have some people back in Seattle I work with, and they're they're talking about the same thing. And also, did you see the article about the hotels ain't meeting the demand they thought they would get?
SPEAKER_03You told me about that. You told me about that.
SPEAKER_01So, what are you seeing with the World Cup?
SPEAKER_03We finally got one booking for a house that we manage, right, in Dallas. It's a house we manage in Dallas, and it was seven-day booking for 2,000 bucks for seven days. So it's not not gangbusters like they said it was gonna be, but it's okay. It's an okay booking, and but we've been, you know, I guess price labs too, you know, they've been trickling down the prices because nobody's getting booked, right? But what I'm hearing a lot, and so I have some you know, soccer mad buddies, you know, they're crazy about soccer at work, and they're saying finally they're seeing on all those third-party uh seat geeks and uh you know, all those ticketing sites that the prices are starting to come down. Because I guess they were astronomical, yeah. And nobody was buying them because they were just too freaking high, like over you know, thousands of dollars for a ticket, you know. And so you now they're seeing them drop to like the 500 range, and he's and so so now I'm thinking more people are gonna, you know, they're looking at them every day because they wanna they still want to come here for the World Cup, right? Yeah, but I think I think um more people are gonna start buying tickets now because they're coming to a reasonable level, you know. 500 bucks, it's a once-in-a-lifetime deal, people will pay that, you know, 3,000 bucks each. That's a lot of money, you know. That's crazy. And so, and so now I'm thinking, well, tickets are dropping finally. The people might start looking at at written Airbnb's. It's a lot to choose from. That's the other thing, though. If everybody and their mama was thinking they're gonna make a million dollars on this World Cup, that ain't gonna happen. So I'm always proactive in the sense I I told I told Manu, I was like, dude, just I don't care, just load us up with our corporate bookings. You know, it's always corporate first, even if the world cup's coming. I'm corporate first. Yeah, I'll take a three, four-month corporate booking over a World Cup, you know, trying to make somebody's the World Cup. So we've been locking up most of our houses in the with those with the corporate bookings.
SPEAKER_01Same here.
SPEAKER_03Yeah, we did have to come down because I was like I jacked him up for a while for the corporate booking. I put them like a 8,500 for a house, right? In in the in the regular neighborhood, but I started bringing those down because I was like, well, everybody was doing that. I said, let's just get these, let's just get these locked in, man.
SPEAKER_01Yeah, straight up. I it's it's shocking that it's that bad, but I think you did we talk about this on the podcast, or you just text me about it. We're talking about like you kind of also have to look at like, okay, what country's coming here, and then like what are the the the uh what are the economics of that country, right? Because are they gonna come pay okay $500 to get into the game and then play and ticket to get here, and then are they gonna go all in on lodging? Probably not. That's gonna they're probably going to find the cheapest place they might stay at a red roof in if they could, just because they just trying to stay for cheap, you know what I mean, and be and enjoy the festivities.
SPEAKER_03Well, I think you're you're at an advantage uh with the big house on Airbnb, like you can sleep 12 people in it, because then they'll they'll save money that way, right? Everybody just fishes in instead of everybody has to get their own hotel room, you know what I'm saying? You can't put 10 people in one hotel room, you gotta get a whole bunch of them. So it's it's still the economics works better for someone trying to come here and save money, it's still better, even if they're paying a higher rate, they're gonna split it 12 ways. Most people travel just with you know, uh two or three people, right?
SPEAKER_01Most me, honestly, that that's how I use Airbnbs. Like when we went to Chicago, we everybody, all the families going, we just split one big Airbnb on a McMahon, a big get a McMansion and split it. But are y'all seeing that? But it sounds like we're not seeing that for the World Cup. You see what I'm saying?
SPEAKER_03Yeah, like I said, not yet. We only got that one booking that uh that one in Dallas so far, but our prices are still pretty high. So as the ticket prices drop and the prices of the Airbnbs drop, hopefully, I mean, people are still gonna come here, man. It's the World Cup. They have to, you know. They're probably hustling right now, trying to make the money to get there to get here.
SPEAKER_01Yeah, because I'm looking right now, it's June 3rd. The first game is what next week?
SPEAKER_03I thought it started around the 5th. Is it 11th? Oh shit, that's that's coming up. Damn. I thought it was yeah, yeah, it's right there.
SPEAKER_01So I'm like, how much longer until you see we see something? Like, I don't know. Oh, but what we also we have to look at that, and this is a good thing, and this is goes back to what I was talking about earlier about building data because we also know we didn't get to know the average lead time here, right? So, how like the booking pace? When are people booking for the World Cup? And I that's gonna be hard data to pool, I would assume. Because yeah, even my friends in Seattle, they're saying they're seeing the same thing. They said, Man, we're not getting booked. And I kept telling them mid-May you should see something because that's like a month out, and he was like, nah, still nothing. So it's interesting, it's very interesting to see. You know, I'm shocked, you know. But I I just think maybe maybe people are booking like these smaller units, like one and two bedroom apartments. I think you told me that you've seen people your one and two bedroom apartments were getting booked. So, like maybe people are booking those, and like, hey, six, seven people staying up in that joint, you know what I mean? I don't know, but some to throw out there, but yeah, it's a because hotel rooms are struggling, supposedly.
SPEAKER_03Yeah, but I mean everybody jacked up their prices at the same time, too, right?
SPEAKER_01Yeah, but you would assume we'd have the demand to meet it, you know what I mean? Yeah, but it's interesting to see. I'm surprised.
SPEAKER_03I mean, you know, not to get into politics or anything, but it it it it would affect it. Go ahead. But a lot of it, I think, is is the prices are going crazy right now on everything, you know, and and it's just been going up. If we're suffering from inflation, then the third world is really suffering from inflation, you know. Their inflation ain't no joke, and then plus gas prices going up because that straight of her moose crap going on over there, and I you know, I I ran so I mean just to live is a is becoming more and more a struggle, and then and then the pres he is finding a way to put tariffs on everything again, so prices are just gonna keep going up, man. So I don't know what's going on with this crap. So, anyway, so you can you can't, you know, count that out as well. You know, people aren't as you know, their money ain't going as far anymore. Plus, coming to the United States, coming from the third world, United States is expensive as fuck.
SPEAKER_01It really is. Yeah, it is. So it is.
SPEAKER_03Yeah, they're gonna come here and and spend ten thousand dollars for uh you know for a few days on an Airbnb. I don't know if that's gonna happen.
SPEAKER_01Yeah, man. That's what I'm thinking, man. It's looking like boy, the World Cup. I don't know. You gotta take what you can get, but that one with you. Take the midterm, bro. Take the midterm.
SPEAKER_03Oh, yeah. Midterm's first all the time. Straight up. Airbnb is second or third or whatever. Uh go ahead. I was just saying, you don't have any places here anymore, right?
SPEAKER_01No, we just have our one in Richardson.
unknownOh.
SPEAKER_01And we ain't getting that, but that's midterm, though.
SPEAKER_03Okay.
SPEAKER_01It's midterm as well. So it's like I don't know. It's it's interesting to see. Uh you said, um, hold on. Pad split not for young attractive white girls, apparently. I gotta hear that one, man.
SPEAKER_03These these pad split stories are our next level. It's almost, you know, it's funny. Cause yeah, mostly most of my my renters are are uh minorities,
Guest cancels Pad Split stay on day one
SPEAKER_03okay. Black or hispanic, right? Um I got a couple older um Caucasians, just a couple of them, but not but not young, attractive white girls. I haven't had one of those yet. So so the it's kind of like it's it's kind of like when they when you have an Airbnb in the hood, and then someone, you know, uh someone like that books it, you're like, oh no, I don't know how that's gonna work out. But this is a and this isn't a bad pat split. This is a this is one in the like I said, in the B neighborhood. And and she booked it and and and accepted it. I accepted it and everything. And she and she she's gonna she got there and she claims she goes, she didn't even she didn't even stay the first day. She left. I don't know why she left, but she was trying to get her money back and stuff. I was like, well, you gotta call Passport on that, because you know, they're I don't handle the money. And um and she was just saying the play, you know, started saying all that, you know, that that Karen stuff, right? The place is filthy, the place is filthy, this and that. And this place is clean, man. This is they keep it clean. So I thought it was clean. And um, yeah, and I made sure I, you know, because I uh this one's right down the road from me, so I went and checked it out, make sure everything was good before you know, before moving day, how the room looked nice, but it's just not. I mean, this was the first time she's gonna stay at a pad split. And like I said, most of the demographic is minorities. I'm not saying that's why she bolted, but you know.
SPEAKER_01Remind me of that Chappelle show episode, that MTV episode.
SPEAKER_03Oh, the real world, yeah.
SPEAKER_01Oh man, Dave Chappelle's a genius. But no. Hey, I had something to say about the cancellations. How did Pad Split handle that?
SPEAKER_03Um what did she do? She just, I think she put it where she you can you can get it where it's um uh what's it called? Where you have uh flex flexible. That's on their end. I don't put I can't put my stuff as strict or flexible, like Airbnb. I can't put any of that stuff on there. Okay. They can put it as flexible, but they have to pay a higher rent. Okay. You know what I'm saying?
SPEAKER_01Airbnb just introduced that, by the way. Go ahead.
SPEAKER_03Yeah, I wanted to get into that today. Yeah, you had it on there. And so so she had it as flexible, so if she don't like a place, she can she can leave, right? And it's not gonna, it's not gonna ding her. Now, if if someone else did it and they left early at a place, they they like get hit with like uh some kind of charge. I don't know exactly how big the charge was. Because that that guy with the flesh light, he left early. And they asked me, oh, can you can you wave? They asked me, oh, would you be, you know, because a medical emergency, would you be fine waving his his exit charge because he didn't, you know, he didn't have the the flexible. And I was like, no. I'm happy you said that.
SPEAKER_01I got I got a story behind that. Go ahead.
SPEAKER_03And so so she had it where she had flexible and she was able to to leave because she didn't like a place. I think, yeah, there's some stipulations with that. You I think even if you don't have flexible, you can you can bounce around a couple times if you find another one. But I think she just got out of the whole. I think her excuse to leave was I'm just gonna move in with a friend. That's what she put on there. But, anyways, yeah. So if if you leave early at a pass split and you don't have flexible, uh you you get dinged with the with a charge. And I get that money. I guess I get that money. Yeah so that's that's cool. So yeah, what were you saying about the Airbnb?
SPEAKER_01It's the same thing. Like, I've been getting a lot of people booking and then canceling. Um some don't even come to the house. Um, some just it's like three straight. So the first lady she booked, she canceled. I said, Look, I'll give you a partial refund for the days that are rebooked. And then I told my VA, look, tell all remaining put in all of our listings, we encourage you to purchase travel insurance. So if anything happens, they get their money back. Next day, someone booked again, cancel before check-in. Oh, I accidentally booked this. My cousin said I could stay at her house. Oh, that's good for you. And what I've been doing, this has been my script. Hey, go talk to Airbnb about their travel insurance, see if you purchased it, and go from there. And it works every time. They're like, but Airbnb said it's
Airbnb's new flexible cancellation option protects hosts
SPEAKER_01up to you. I'm like, I can only control my cancellation policy. Then it happened again. This other guy, he goes, Oh man, my job site's like two hours away. I'm like, Where's your job site? Oh, it's in uh it's in uh where do you say it was at? It was in uh it was in the Arkansas. It was like 40 minutes down the road. So I said, hey, well, there's nothing we can do. If you want to cancel, you can cancel and you'll be go by the next cancellation policy. He's like, oh, okay, okay, I'll I'll go ahead and stay. I'll go ahead and stay. So it's like three straight. So it's like you gotta watch that nowadays, man. Make sure you got your strict cancellation policy on and stick to it and put in your listing, go get travel's and traveler's insurance, so that protects you. But on the new cancellation policy, I want to tell me how you understand it. From what I'm understanding is they can pay like a higher rate to be able to get like a flexible, a little bit more flexible cancellation policy, but you still get paid. From what I'm reading.
SPEAKER_03Oh, even if they canceled halfway through their stay, we still get paid out.
SPEAKER_01Yeah, you still get paid out because they're paying that extra fee to Airbnb. So basically, Airbnb is taking a chunk of it, keeping it, and then the rest of it comes to you. That's how Airbnb makes sure they get paid and the host gets paid. From what I'm understanding.
SPEAKER_03Well, that's good. That's a good thing. Yeah, if that's what it is, because I hadn't really researched it too much.
SPEAKER_01Yeah.
SPEAKER_03All my longer stays come outside of Airbnb.
SPEAKER_01Okay, yeah. See, but I'm also hearing you can opt out of it, but I'm like, why would you opt out of it? That's what I didn't understand.
SPEAKER_03Right.
SPEAKER_01Unless I'm reading it wrong.
SPEAKER_03I yeah, I need to research it because I thought it was just like they pay a higher fee. Um because they pay a higher fee and then they can just bounce whenever they want. But I thought, okay, well, at least we get higher rent while they're there, right? We get higher higher payments. Well, you well, no, no, no. That little extra higher fee, you don't see it. So that's more like travel's insurance for them.
SPEAKER_01They're buying insurance on their on their Yeah, that's that that's kind of what I was getting at. That's kind of what I was getting at. That's kind of what I was trying to like that's what it was looking like for me. It's like you're basically they're purchasing travelers' insurance through Airbnb, but you still get paid. Okay. I'm gonna actually Google it real quick. Keep keep on going.
SPEAKER_03Yeah, no, I mean if it's if we're both getting paid out no matter if they shorten their stay, that's a that's a good thing. Yeah. But from but from what I heard, like um this this um this girl we're we're gonna manage her place in San Antonio, she she was freaking out about that. Oh, what if they canceled on us and this and that, you know, that new policy, and blah blah blah. I was like, well, I don't know. I I just gotta look it up because I I don't I don't know. Like her place wasn't gonna get, I mean, it had a long stay in it before she got the place, right? Which she inherited. That's a whole nother story. But but yeah. But anyways, um, that's what she she just real paranoid. This is her first Airbnb, and we're managing it for her, right? And she was just freaking out about that new policy because as she how she interpreted it, they can cancel anytime and leave, and we're high and dry, which would suck for us. But I'm not sure, man. I'm not sure. I have to look it up myself.
SPEAKER_00Okay.
SPEAKER_03Are you pulling it up?
SPEAKER_01Yeah, so extended cancellation option. So this allows the guest to purchase an add-on fee during checkout. Okay. The benefit, guests can cancel for any reason up to 24 hours before check-in and receive a full refund. Host protection, the host remains fully protected. If a guest uses this option, Airbnb still pays the host out according to their standard cancellation policy. Okay. Availability, it's offered in eligible listings in US, Canada, UK, and several other countries. So, and then there's also the major, the other one is the major disruptive events policy. This policy is known as the extenuating circumstances policy, which is unforeseen, covered events, and cup government declared emergencies. You know, we know those declared public health emergencies, COVID, uh, severe natural disasters, mandatory evacuations, uh, weather f foreseeable weather updates. Um, so those are we already knew about. But yeah, so that doesn't sound bad to me.
SPEAKER_02No.
SPEAKER_01That that actually sounds like a good thing. I I would take that because if I can keep my strict in and they cancel 24 hours, that really actually helps me because now I can go get rebooked the rooms and still get paid. And that's what I've been doing as of lately.
SPEAKER_03Now is that I wonder how if they take that into account, if they leave early and then we rebook we rebook like those rest of the states, the Airbnb is still gonna give us the full amount for their states?
SPEAKER_01Well, yeah, it's already paid out. Okay, they're gonna pay that back out. Yeah, that's paid out because the Airbnb is it's really a win for the host in Airbnb.
SPEAKER_03And for the guests.
SPEAKER_01Because they're gonna pay the extra.
SPEAKER_03Travelers insurance, that's all it is, right? Yeah, that's all it is.
SPEAKER_00See, when did this start though? See, if they if with this, this should encourage everybody to be strict personally, right?
SPEAKER_03Well, unless those people don't want to pay the extra for the for the Airbnb travel insurance.
SPEAKER_01True. But if you're flexible, they can cancel any time and just walk. Like that's why I've never done flexible. But I think it would probably encourage you to be strict because let's say they don't want to pay it, but they have to cancel. It's traveler's insurance, like you said. But if I got three straight, all three of those people would have made out really good if they would have paid that extra fee. How much is the extra fee, though? That's the question. Because this guy who wanted to cancel, he was paying 4,000 for 30 days.
SPEAKER_03Oh damn.
SPEAKER_01Yeah. So him paying 4,000 for 30 days, yeah. I don't know how much extra, like, would you be paying 5,000? I don't know. You know what I'm saying? I don't know.
SPEAKER_03Yeah, I don't know either, man. I don't like I remember doing that back in the day, saying, hey, if the boot if the rooms get rebooked, we're re I don't even do that crap no more. I don't do it. They start calling you up, hey did the nah. I don't know. I can look yeah just adding work, you just add in work on your ass, man.
SPEAKER_01Exactly, bro. Adding in resources, man. Straight up, bro. I'm man, we always on the same page, bro. Cause I'm like, okay, I'm sick of this, bro. I'm not doing this no more.
SPEAKER_03Yeah. Man, man. Um let me see. One, I guess one of the big things um I was gonna talk about was I put it on
When 90 percent automation still leaves 10 percent chaos
SPEAKER_03here. And I'll go ahead and say, I I think it it's almost to the point where it's my business is it runs 90, I'll say close to 90% by itself. And 10% is still me inside the business, you know. Yeah, but the problem is because I'm not saying I'm not saying 8020, but it might be like 9010, but the problem is that 10% is all the all the the bad shit, all the complicated shit that gets pushed up to me to solve, you know what I'm saying? Which is uh a big chunk, you know what I'm saying? And so the and I and to me, and it was it just everything was happening at once, and I and I was writing all this stuff and I was in Mexico. I was like, all this stuff was happening while I was in Mexico, right? All the all the stuff, all the high, you know, higher uh complicated stuff was being pushed up to me. And I understand, you know, I was sitting there trying to try to enjoy Mexico a little bit, but then I'm just trying to put out all these fires. Not literally, thank God. But but but yeah, just just all this stuff was going on while I was in Mexico. And I was like, man, I thought my business could run itself, and it almost does, but when there's like a little emergencies happening, I'm I'm handling those because I don't have, I mean, I have like um kind of like a manager, whatever. Uh you know, and she runs all the Airbnb stuff and then all the stuff in the in the company all the day to day and make sure everything's good. But when bigger things happen, it still gets pushed up to me, you know. And I'm like, I don't have someone that can do that that stuff yet.
SPEAKER_02Yeah.
SPEAKER_03So that's my next step in my business to to find someone to handle those things that I trust to handle those things.
SPEAKER_01Yeah, that that is, it's like the the big stuff. But sometimes sometimes you want the big stuff to come to you, right? That's why you're the leader.
SPEAKER_03Unless you're in Mexico trying to chill.
SPEAKER_01Yeah, yeah, it depends. Well, okay, what what what is the big stuff?
SPEAKER_03So that big flood that happened, and I gotta deal with the insurance and all that stuff, you know. That that that was happening, and um, and dealing with all that and ACs going out, yeah, plumbing issues that that was above everything that you could think went wrong was going wrong. I was in Mexico, and I was so frustrated, right? So freaking frustrated. And throws off the whole vibe. I just wanted to throw my phone as far away from me as I could, you know. It was one of those moments, right? Just smash it and throw it, just get rid of it. And uh, but everything was happening. I had plumbing issues going on. That was above my highest handyman's pay grade. I had to send professional. Here's the thing from the storm, some good things came of it because I was able to find a really, really good plumber that's a specialist. He's not a handyman, he does fucking plumbing, he has all the tools, he has all the cameras, he's the guy, and he doesn't destroy me on price. You know what I'm saying? So I've that came out of it, and I found a badass AC guy, which is You know, strictly AC guy. That's all he does. And he does, he does a he fixes the freaking issue. I sent my handyman out a couple times to work on this issue. Got it working again. Went out again. Got it working. So I had paid him twice because going out and trying to, you know, do all this stuff.
SPEAKER_01Sometimes you don't need a jack of all trades.
SPEAKER_03You need,
Finding specialist tradesmen after handymen hit their limits
SPEAKER_03yeah. Specialist. You need a tradesman. And so I sent out this this um specialists. He's still they're both Latinos. They're both, so they they still, you know, they give you a decent price. A little higher than my handyman, but it he gets he got the job done the first time. He found it. Motherboard was fried, he placed it, you know, he got it fixed, and things have been working like a charm. So I got I got two big components, which I was getting by with my handyman for a while, but now I'm at the point where I tell I I adjusted things with my team, and and they know to call, okay, call the real plumber. If it's a real plumber, if it's if it's a you know, toilet's running or or garbage disposal not working, call you know, you can call the the handyman one, you know. Uh if it's a little bit more, you know, I'm trying, I'm trying to teach him, but if it's a big thing and and my my first handyman can't figure it out, send in the real plumber or send in the real AC guy.
SPEAKER_01Bro, you know what? We need to have a mastermind of like operations again. We need to have that mastermind because that this stuff, this stuff I go through too, because I have the same thing. Like, okay, this call the handyman for this. Like, okay, we had a cabinet drawer fall off. Like, handyman, go fix it. HVAC goes out. Uh, okay, let's go get our HV HVAC guy to handle that. You know, if it's something that, like, you know, air filter needs to be changed, maybe our handyman cleaner can handle it. So, yeah, it it is. We not we gotta have a we need to have a mass uh short-term, mid-terminal mastermind operations again. That that'd be fun. Because yeah, it's the hard stuff. Because then it's like, how do you outsource it? Now we can all exchange notes, you know what I mean? Because I outsource it like I have my like I have everything in Monday.com, and now Monday.com has AI, but like I have everything in Monday.com so they can go see, okay, who do I need to call for this? Who do I need to call for that? If it's a big emergency, okay, let's have somebody go out there first and check it. Um, I'm gonna tell you one good thing about hosting remotely is your brain kind of shifts. So I know I can't ever physically go to the properties, so I I have to build connections. So that is one thing about being like away from your properties that it helps you. Yeah, because I can't drive there, right?
SPEAKER_02Right.
SPEAKER_01Yeah, and I I can I always have a concern with that because I am gonna get back into short-term rentals in DFW once I get my license and stuff. So I am kind of like, dang, am I gonna be if I find myself setting myself up from a for a job, I'm gonna definitely have to reconsider things and like consider how do I outsource this.
SPEAKER_03Yeah. So the biggest thing Hold on, you're talking about we're talking uh my mind's always all over the place, man. I did kind of go on a tangent, but go ahead. No, no, I was saying you were saying, uh go back, you were saying that you're gonna get uh oh, the outsourcing. Okay. So this is this that's I I instantly thought of um my friends in Canada, the girls that were renting the the house. I mean, they're renting the house that the one that flooded, right? And um one of them asked me, hey Steve, do you know like
Vivint as time-versus-money trade for remote property tech
SPEAKER_03a handyman type person that's good with tech? And I was like, if you find one of them, let me know. No, they don't exist, they don't know how to change lock codes, they don't know how to change install ring cameras. I said, but I said, well, you call you know, thumbtax out there. There's kids that know how to do all that stuff. And she I didn't want to use thumbtack because you know they charge money, and and then but I was like, You have no choice. I mean, there's my handyman are great, you know, they speak Spanish and they don't they're not gonna go and and install rings, they're not gonna go change, you know, anything that's kind of complicated tech. Sorry, man. It's not gonna happen. You gotta have, you gotta use, I guess you gotta use thumbtack or something. I mean, unless you gotta unless you gotta cheat code on that.
SPEAKER_01This is a good question. So, like with my locks, my handyman does it, but what I do is I I'll chat GPT everything, and then I'll put it so he can understand it. And then we just turn it into a process, turn it into a stop, put it in Monday.com. So if he ever needs access to it, my uh VA can give it to him. One thing I do is I try also try to lower tech down to where no one has to handle it. That's why I use Vivent because I pay a little more, like I that's $75 a month. Yeah, I pay it, but at the same time, they don't ever have to get into tech. So if I need something rebooted, I'll give them the code to go to the main panel and they can reboot something. That's simple. Just push reboot, they're done. The locks need to be all they do is change the batteries in the lock. And then I do have a lock specialist, which I don't even really use him anymore because my handyman's good with the locks now. So it's just dependent on like I try to remove tech from them as much as possible. That's where Vivant comes in. Like the cameras, they don't have to ever touch that, worry about them. They may have to do a system reboot, which is simple. Um, I try to keep tech in the hands of tech people, that's why I use Vivant, honestly. So yeah, it's certain things like you have to look at time versus money. So if I didn't want to pay Vivant, okay, now my time's gonna have to get used on teaching them tech or them not ever learning tech, so I'm now running around fine trying to find somebody. So you have to kind of balance that out. And I used I created a CFO inside of Chat GPT inside of Claude, a CFO to manage, okay, what expenses can we cut? And I've like this last six months, I've probably cut thousands of expenses like just because it can manage, like, okay, if we can if Claude can do what hostfully can do, let's cut hostfully. If Claude can do what um whatever can do, let's cut that. You know what I mean? So I've been cutting out thousands of expenses by using Chat GPT Claude, but also finding out what are we paying for that really is not worth it. Vivant was gonna come up, but it's like, okay, does Vivant give us time back? You know, we have to look at that. What time? So, like what was causing you the most stress in Mexico? Okay, can I outsource that? That's what you have to look at. Honestly, that is the best part about going on vacations when you own a business.
SPEAKER_02Yeah, yeah.
SPEAKER_01Because you find out, okay, what can I outsource? Because that frustration, man. I remember the first cruise I went on. This was like 2018, 2019, 2018. And the first cruise I went on, man, we were doing the podcast, we had units up, and that whole cruise, bro. I'm getting hit with shit. Just getting hit up. You just like, man, bro. I just it frustrates you, but it you it when you go home, you're ready for action because you're like, okay, I know what I need to outsource, but it's just frustrating in the moment. In the moment is frustrating. Your kids are like, hey, I want to play. Your wife's like, what's wrong with you? You're sitting over here looking at your dude. I know the feeling, bro. I know, bro. It's depressing, man. But yeah, those moments really teach us, but you gotta just analyze those moments, man. Um, start a conversation with Chat GPT in that moment so you can take notes, but also it can give you answers, like, oh well, hire this, do this, you know. So that's why I that's why I I fully use it. And then that's why we need that mastermind again, man. We gotta get that popped off.
SPEAKER_03By the way, I didn't say one word while you were talking about that whole Vivent stuff, right? Uh because you just made the best commercial ever for Vivent. You might you might clip that out and holler about it, man. It sounded natural because it was real. It wasn't you weren't trying to do a commercial, but you like, man, that sounds pretty cool. I want to look into Vivent.
SPEAKER_01Yeah, that's the only reason I pay for them.
SPEAKER_03$75 a month. Is that for per property?
SPEAKER_01Yeah, per property.
SPEAKER_03Wow, it is kind of high. It is kind of high.
SPEAKER_01Per property, but I don't ever have to worry about like right now. I don't have to worry about the tech. I don't have to worry about camera. You changing a ring doorbell. It's it's hardwired. My the doorbell's hardwired, and then I have all my properties in one app. I just go, I can come into here, I can look up every single property that I want. It's all in one app. Like I can find out everything that's going on, so I can go switch home. Switch home. All my properties showing up. I can look at the cameras, I can look at everything. It's all in one app. So you have to look at what's gonna give me my time back versus you know, having to send somebody out for this, and then you can pay ten dollars a month extra, because mine's it's really 65. I pay 75 because that gives me tech support. So I can just send the tech out there to fix like a if the cameras are offline, they can go out there and fix it. So you just have to, you know, that ten dollars extra ten dollars a month, I'll take that. Give me my time back.
SPEAKER_03Oh, big time, man. I remember we we we started managing for like uh a friend of mine, she had a house in Irving, right? Yeah, nice house, and we started managing it as you know, short-term rental, uh corporate rental. And her camera system went out. I don't know what kind of I don't know what kind of maybe you fee or I don't know, it was something. And I was trying, man, I was there for hours trying to fix that stupid thing, trying to get it up and running. I was like, I don't know what to do. And I'm looking online, I'm looking at YouTube university. I couldn't get that damn thing to work, and she's freaking out because she's you know, she's in Paris at the time, and um so yeah, it's definitely tech support. 10 bucks a month, shoot, sign me up, man. I just have one, but you gotta look at it because every time, okay, every time I have to send the handyman out to do something, it's gonna be at least 65 bucks just just to go. And if they fix it, then it's simple, it'll just be 65 bucks, but still, that's 65.
SPEAKER_01I'm already paying it. That's 65.
SPEAKER_03I'm already paying it. You're already paying it, already paying it. Yeah, but straight up, but you send them out and they still can't figure out the tech, you're still gonna get a charge, but they couldn't figure it out, you know? And so and so that's the thing, everything's tech heavy now.
SPEAKER_01And uh I I have a question for you. Oh, go ahead, go ahead, because I have a question afterwards.
SPEAKER_03No, I was just saying, and I'm just trying to trying to figure that part out is is is you know, it's important.
SPEAKER_01Yeah, so like your bookkeeping. See, another thing is like when I was talking about that CFO agent, um, I look at bookkeeping, right? Like, I'm like, okay, how much did I spend this month on lawn care? How much did I spend this month on cleaning? How much did I spend this month on sending somebody out handyman maintenance? You still gotta start calculating that stuff up to see, okay, what are we sending them out on? Why is it costing us this much money? Um, bookkeeping's huge, man. Like QuickBooks, that's been saving me money because I've been really using that to cut expenses. Like, okay, if this dude's charging us this much, how do we get somebody else to do it at a cheaper cost, or how do we fix this problem? So, yeah, you have to like really assess your QuickBooks too. Go through your books, go through your numbers. I do it on the first of every month. I go through all my numbers. What did we spend? What came in? Why did we spend this much? Because right now, I'm gonna be honest, my cleaning fees are starting to get high. Cleaning fees, it's like, okay, do we need to start a cleaning company? You know, you have to start ver vertically integrating if we have to. You know what I mean?
SPEAKER_03Yep, yep.
SPEAKER_01Oh man. Yeah, man.
SPEAKER_03Well, that's a lot. Yeah, it's a lot. We've been over an hour on this one, but it's a good we got we got into some nitty-gritty stuff, so it's good, man. Uh this is a good hopping off point. We we have a sh ton for the next episode. So yeah, where can people find us, Mike?
SPEAKER_01A man, man, find us Instagram, TikTok, live let thrive. Send us an email, live let thrive at gmail.com, hit us up, and thank y'all for continuing to listen. This is episode 300 and what?
SPEAKER_03I don't know what 345.
SPEAKER_01345. Damn, man, long time. 10 years, almost what, 10 years? 16, 17? Man, a long time doing this. That's pretty cool, man. We we we move in the bigger pockets numbers. But yeah, man, thank y'all freaking continuing to listen to us and uh yeah, hit us up. Peace. Peace.
SPEAKER_04Thank you for tuning in to this week's episode of Live Let Thrive. Be sure to tune in next week for all the latest in the world of Airbnb and all that entails. Bye-bye.
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