Cold open

SPEAKER_00 0:00

Welcome to Live Let Drive, a podcast about the Airbnb Live Fair Economy and everything in between. Here are your hosts, Micah and Steve.

SPEAKER_01 0:11

Hello, hello, hello, and welcome back to another exciting episode of Live Let Thrive.

SPEAKER_02 0:19

This is episode, I believe, 170, 170 of your favorite Airbnb VRBO short-term rental podcast. And today we have Jake Clopton.

SPEAKER_03 0:32

There you go.

SPEAKER_02 0:33

And uh he is coming with us live and direct. So we'll jump right to it. Uh I'll let Jake give a little background of what he does uh on in the short-term rental space. So uh Jake, get right to

Jake Clopton: financing STRs at $1 million and up

SPEAKER_02 0:44

it. What what is it that you do in the short-term rental space?

SPEAKER_03 0:47

Uh yeah, I appreciate that. Um so I run a company that finances investment and income properties. Um and as part of that, we you know finance short-term rental Airbnb type properties, kind of like all over the US. Um, you know, our loan amounts that we do are usually like a million bucks and up um nationwide. Um so yeah, I worked with a lot of guys that are building up portfolio to short-term rental um type deals. And uh yeah, uh side of the um.

SPEAKER_02 1:17

Okay. So with you doing like a million bucks and up, you don't do any residential, right? Or you do some residential?

SPEAKER_03 1:23

Um, you know, we do, right? Because residential would be classified like one to four units, right? And you know, a lot of times actually, like we've even done single family homes that were multi-million dollar houses that you know were actually you know pretty large loan amounts. Um, and those get rented up, you know, as you know, for short-term rentals as well. Um and you know, but it depends on where you are. Like some of these properties can be have some pretty high value. So yeah, we can definitely finance those. But we, you know, I've I've finance guys with properties that you know have let's say it's like an apartment building of like six to ten units, but they rent them all out, you know, Airbnb short-term rental. So yeah, I mean we we can definitely get involved.

SPEAKER_02 2:04

That that that's awesome. See, I I'm happy that's starting to come around. I've only seen a few people hop into that space, and I'm happy you guys are early adopter. So, like on the financing requirements, like if someone wants to finance something like that, what requirements do you guys require? Like, do you guys require like Airbnb income statements, or how would you guys go about financing a short-term rental property?

SPEAKER_03 2:23

Right. So right, so that's kind of the crux of right when you when you're when you're telling a financer you're you're gonna

Why STR income is underwritten like business income

SPEAKER_03 2:31

be doing short-term rentals, you know, it it's it's always a little bit more difficult to do the undering, right? Because, you know, the way that I look at short-term rental income is it's really it's really more like business income, right? Versus just like, you know, rental income, you know, like like you just normally rent a property with a 12-month lease, you know. This is a little bit more business-y. So, you know, it it definitely helps if you know the the the borrower has you know other short-term rental properties that they can they can point to and demonstrate income and kind of help support this one. Um, but you know, there there are kind of like ways that you can kind of intuitively look at a property and say, hey, you know, I'm buying uh some property in Miami, right? Okay, you know, it's gonna work for short-term rentals, right? So, you know, it kind of I think it just depends on like what it is and where it is. Um, you know, loan to values are always difficult with short-term rental properties because you know it's hard just to it's hard just to go off a cap rate with short-term rental, right? And I think we've we've all run into that, right? Where you can't really just slap um, you know, multi-family five cap onto a short-term rental and say that's what it's worth. It's you know, because a lot of the that income is kind of businessing.

SPEAKER_02 3:43

So And you said something cap rate. Explain that to our fans and listeners. I want you to explain that one. What is a cap rate?

SPEAKER_03 3:50

Yeah, so a cap rate's really just a capitalization, right? So if you were thinking about buying a property,

Cap rate explained

SPEAKER_03 3:56

right, you and you would say, How much am I gonna make from this property? You know, that cap rate would be like the rate of return that you would expect to get against that value, right? So it's really just you know, NOI divided by um value.

SPEAKER_02 4:10

Gotcha, gotcha. And you and you own apartment buildings yourself, right?

SPEAKER_03 4:14

I do. Yeah, I own uh personally, you we have a portfolio of around uh 38 apartments.

SPEAKER_02 4:19

Wow. Now do you do short-term rentals out of those or um we don't.

SPEAKER_03 4:24

So I'm in Chicago, and you know, I like to, you know, I I like to touch everything that uh you know I invest in. And you know, the I the apartments that we own wouldn't really work well with short-term rental properties. Um, you know, that being said, it's it's definitely something that like I think as some of the areas that we're in like develop, we'd probably look into.

SPEAKER_02 4:45

Okay. Is it due to like the class of the neighborhood and things like that?

SPEAKER_03 4:49

Um yeah, just kind of like where they're located. They're more residential type neighborhoods, like near schools and stuff like that. Um not really like you know, kind of near attractions and restaurants, stuff like that.

unknown 4:59

Yeah.

SPEAKER_02 5:00

Gotcha. And so let's say, like, and back to the financing part, like let's say, let's say a guy who arbitrates, because I do arbitrage and I buy, right? So let's say, hey, I want financing on uh fourplex, and I have, hey, I have the I have a uh S-corp. Could you guys finance off that just my S-corp tax returns

Using S-corp tax returns vs personal income to qualify

SPEAKER_02 5:19

for the last two years?

SPEAKER_03 5:20

Um, yeah, I mean, I think it depends on how your your S-corp is set up, right? So if you're like running all of your income through the S-Corp, right, and that's just the business, right? So when you say arbitrize, I I guess you're you're saying you've you set up you set up a lease and then you uh like apartment lease and then you rent that out short term, right? So if you're if you're doing everything from that and you've got that like several years of like actual tax return like type income, yeah, you you probably use that, you know, to help support, you know, in and buy property. Um you know, I I do see guys try to, you know, like do one property per entity, right? Per like LLC or whatnot. And you know, and putting the residential properties into LLCs kind of knocks you out of like being able to do like residential mortgages, like for like like you do in your house, right? Um, you know, like that to see a lot of guys just like pick up how houses like as like a you know second home loan and stuff like that. And that that's really a competitive way to like get financing for like the first couple of properties, right? But I as I'm sure you know, man, if you put it in a corporation, that like that kicks it out immediately from being able to do those types of loans.

SPEAKER_02 6:28

Really? See, I I haven't hopped into that yet. Uh all mine, and I do plan on switching them over to like LLCs and corporations, but I lease all my properties to my LLC and then they pay me rent and then I arbitrage them.

SPEAKER_03 6:42

Oh, got it, got it.

SPEAKER_02 6:44

Yeah, so with something like that, like would you guys use like can I guess I would have personal income technically because right? So I could use that as well, right?

SPEAKER_03 6:53

Yeah, I mean, as long as there's income that shows up on a tax return that you know is kind of been there for a couple of years, it's definitely something we could look at.

SPEAKER_02 7:02

Okay. And do you guys do any

Fix-and-flip financing: why one-offs don't work

SPEAKER_02 7:04

like fix? I know you guys do maybe multifamily. Do you guys do any like fix and rent like if I'm trying to borrow property or you guys aren't in that space?

SPEAKER_03 7:11

Um, no, I mean we could we do fix and flip stuff. We actually do uh like home builder financing and stuff like that. Um, you know, and we'll we'll we'll do smaller stuff. It's just you know, the the areas we're in, you know, it it's it's difficult to do just like a small, like one-off deal, right? So if somebody came and said, hey, you know, we've got a fix and flip business, and you know, we do 10, 20 deals a year, like okay, that that's like repetitive business over time, that'll that'll make a lot of sense, right? Um, it's just the one-off, like $200,000 deals that are difficult to get done by themselves.

SPEAKER_02 7:43

Gotcha. Makes sense, makes sense. Also, so how long have you been in the business?

SPEAKER_03 7:47

Like uh, I started this company 12 years ago. Um, so it's been a it's been a minute, yeah.

unknown 7:53

Yeah.

SPEAKER_02 7:53

12 years ago. You've been all everything now. Do you you do in how what states do you do this in? All 50?

SPEAKER_03 7:58

Uh every state.

unknown 7:59

Yeah.

SPEAKER_02 8:00

Wow. Wow. Okay. And where is like the majority of like your short, like, do you already have like short-term rental properties that you guys have financed in your portfolio?

SPEAKER_03 8:10

Yeah, I mean, you know, a lot of the stuff that a lot of the stuff that we see and we do are are in, you know, cities and areas where it makes sense, right? Where you get people that are traveling to. I mean, especially right where after COVID and everything happened, you know, um, you know, so you would think of like the areas are probably not like big cities, um,

Nashville, Florida, Texas - where the STR loans are

SPEAKER_03 8:30

more like secondary cities and like areas where, you know, like it wasn't so strict, like Florida, Texas, you know, um, we you know, Nashville's really hot right now. We've done a lot of stuff in Nashville. Um, you know, in anywhere where you know, I would say, you know, just coming from Chicago, man, like you want to, you know, we we everybody here just wanted to escape last year, you know. And so it was he was going to places like Nashville, anywhere in Florida, you know, Arizona, you know, just to get away. And you know, short-term rental stuff that made a lot of sense because you could stay away from the hotels, you didn't have to be near a lot of people, you know. So it is if I think that that was like this was like, you know, Airbnb's like time, you know what I mean? This is their really their time to shine, man.

SPEAKER_02 9:10

Yeah, especially the staycations, things like that for sure.

SPEAKER_03 9:12

Yeah, man, yeah, yeah, yeah.

SPEAKER_02 9:14

And the remote work still, you know, people are still in the staycation. So Nashville's Nashville's Nashville. So have you been out like a little bit past Nashville to like the smokies and things like that?

SPEAKER_03 9:25

Um not out that far. Um, we're still kind of in like, you know, sort of the surrounding areas of the cities, but you know, um, I think if there was, you know, in an area that's you know, like has a lot of leisure travel or just destination travel really made sense, we'd we would go there.

SPEAKER_02 9:42

Okay. And what do your typical rates look like on a like on a short-term rental uh type investment?

SPEAKER_03 9:48

Yeah, so you know, it's gonna be something for

Typical rates: 4-4.5% with 20-25% down

SPEAKER_03 9:51

if it's a permanent loan, it's gonna be like bank rates, basically, right? Like four and a half, something, four today. Um, you know, if you for instance, I know the guys that you know are are willing to do like residential type mortgages, like you buy a house and you get a residential instead of a commercial mortgage, you can just get a straightforward like three percent rate or something on that today. But you know, that one once but that's it, you have to hold it personally and do all that stuff, right? Um, once you're kind of out of that space, you know, going to the commercial space, uh you you know, you can expect to pay a little bit more in interest and probably come in with a little bit more down payments. So I would say the typical deal is probably like four or four and a half, a five-year term, 25-year amortization, probably like 20 to 25 percent down.

SPEAKER_02 10:34

20 to 25 percent down? Mm-hmm. Okay, that's not bad at all.

SPEAKER_03 10:38

Uh, because I just did I think it's pretty typical.

SPEAKER_02 10:41

Yeah, yeah. Especially like because the deals I'm doing, like uh I guess they're not looked at as short-term rental deals per se, because I'm doing it traditionally and then I'm kind of doing doing it on a traditional lease. So I guess it's not really why.

SPEAKER_03 10:55

And honestly, you know, that that is a good way to approach it, right? Because you can go in and say, Yeah, I'm gonna buy this four-unit multi-family building, right? And then, hey, after the loan closing, what do you what do you do is like up to you, right?

SPEAKER_02 11:10

So yeah. So have you guys seen people like, hey, they're leasing these places to LLCs or to them, well, or le they they lease it to an LLC and the LLC pays them every month. Have you guys seen that? Is that becoming typical?

SPEAKER_03 11:22

Um, a lot of the guys, you know, I'm seeing are are not doing like I mean, maybe maybe maybe some of them are le you know, setting up an LLC to lease the LC and then like you know, uh do that out, but a lot of the ones I've seen just

Banks finally accepting Airbnb income

SPEAKER_03 11:35

straightforward, just you know, do short-term rentals right just straight into the LLC that holds title of the property, and then uh, you know, just take that income and it's rental income.

SPEAKER_02 11:43

Wow. Okay. And that that's interesting because I remember a couple years ago, you couldn't go to a bank, they're like, oh, you do Airbnb, we can't take that. It's just crazy that it's really starting to come around. Right.

SPEAKER_03 11:54

What made you guys it really depends on like what where like where you are and like what the property is, right? Um, I mean it definitely makes sense. And you know, like like the for instance, like like some of the guys that I I know just do like an entire almost an entire apartment building like this, right? It just it's it's it doesn't have the demand generation to do it, right? What what's the need? Are you is it your hospital, you know, maybe a school, or like maybe there's like a large, you know, the home base of a corporation nearby, you know. Um it's basically if you look at it like anywhere that like basically, you know, a hotel would work, you know, and you got an apartment building nearby, you know, the short-term rental uh concept will work pretty well.

SPEAKER_02 12:33

Correct. And and uh what what made you guys get into that space? Because you guys are I swear I've probably five people that do this type of financing.

SPEAKER_03 12:41

So what made you guys you know it really so we we can pivot really easily into industry and stuff like that, you know, and it really just came back because we just keep getting requests for financing for short-term rentals, right? I mean, after the 20th time you've run into it and say, No, we don't do these, it's kind of like hey, maybe we should look into doing these, you know. So gotcha, gotcha.

SPEAKER_02 13:02

That's awesome, man. That's awesome. I really love the idea. Uh, because I mean, not too many options out there for you guys.

SPEAKER_03 13:08

And we'll and you can you know, there there aren't, there there aren't, right? There aren't a lot of options, and that's really, you know, that that's kind of the problem, right? And it's like it's kind of an unregulated industry, and some people just don't really understand it. Um, and like some lenders look at it like, well, how long is this gonna be around forever, or is somebody just gonna come in and you know, some city is just gonna put a stop to it and then all that income's gone. Well, what do we do, right? So you you know, you really that that that's why the underwriting is conservative and and really based on like the piece of real estate with what you could do with it if it wasn't

Underwriting based on the real estate, not the STR projections

SPEAKER_03 13:42

short-term rentals, right? Right. So they're gonna underwrite it to base like market rents for multifamily, and then you you know, they're not gonna, you know, go above kind of like a loan of value of what it would be if it was multifamily.

SPEAKER_02 13:53

I see, and I like that approach. I I like that you guys look at it like that because the first thing I say when people say they don't do it, I'm like, just make it a traditional rental. You could it doesn't matter what I'm doing with it, you know what I mean?

SPEAKER_03 14:04

Right. Right. The real estate's still the real estate, right? And then you've got a short term rental business on top of it. That's awesome. That's awesome.

SPEAKER_02 14:11

But yeah, that's good that you guys got into it because it's very not new and it's not it's definitely something that's groundbreaking. Now, oh you you you touched a good point, like the places where these regulations are coming about. Have you guys had problems like with COVID hitting and Airbnb shutting down people? Did you guys have any problems like with people not being able to pay or anything like that?

SPEAKER_03 14:32

Um, you know, not not really. No. Um, I think, you know, just generally speaking, the you know, the most industries were did pretty well. Um, and then you know, some of the guys that like maybe they were an area where you know the short-term rental business really took a hit. You know, they actually ended up leasing out some of those units, you know, as you know, just regular leases. Um so I think a lot of people have been able to pivot. And I think that's one of the you know advantages to these types of properties, right? It's like if for some reason, right, if you're downtown Chicago and you're relying on short-term rentals, okay, well, maybe we we can pivot into something else for the short term, right? And then you know, go back to it once that is used back. That's awesome. That's awesome.

SPEAKER_02 15:11

That's awesome. Yeah, so so like what are your guys' plans for the future with the short-term rentals and expanding your company?

SPEAKER_03 15:18

Well, you know, the short-term rental space is truly interesting. I mean, I think it's it's really just gonna continue to grow, right? I mean, I uh I obviously we just continue to see more and more you know loan requests and and people kind of getting into the space, and it makes a lot of sense, right? Because I think the returns that you're getting by kind of you know going to that concept versus just traditional multifamily, if it works, you know, it's it's significantly over what you can get, you know, for just regular rents, right? Um definitely more hands-on, but you know, it's it's a lot more than you can get on the other side. So, you know, I I think we're gonna you know continue to kind of build out uh you know what we have as far as loan product offerings and uh you know, probably do some more outreach to uh you know as as people grow. I I think I think as the industry matures, you're you'll start to see more short-term rental companies versus just like guys that are you know doing it as a one-off, you know, and that and I and that's what we're starting to see. And then once you start to like get like these larger groups, you'll start to see consolidation and the deals will probably start to get bigger from there.

SPEAKER_02 16:20

Oh, I like that you said that. So with something like that, let's say someone's bringing in about let's say seven figures a year on a short-term rental. What kind of what what size of a loan could they bring in?

Scaling to commercial: the 5-10 unit building demand test

SPEAKER_02 16:32

Like, would you guys be able to offer in an instance like that?

SPEAKER_03 16:35

Because yeah, I mean it it it totally depends, right? Because we we definitely look at the income, but I'm gonna be probably constrained based on the value of the real estate, right? So whatever, you know, whatever the real estate, I'm I'm guessing so the short-term rental income is always, I would say, you know, uh offset, like off like larger than you know, the value of the real estate, you know, what like should be for the value of real estate. So normally we're constrained by whatever the LTV is, which is going to be about 75% of whatever the assets a guy has.

SPEAKER_02 17:09

Okay. Okay. Because it gives you you're absolutely right. You know, people are going the more professional route, and then I think it's definitely starting to take over. The one, the guy who's doing it here and there is definitely because I've pivoted to that route to be, hey, let's get these units of LLC and let's take over like that. And that's interesting that you guys are starting to notice it as well.

SPEAKER_03 17:28

Yeah, well, I mean, even when I've like gone and like done a couple of like AirVBs from vacation, you know, the last couple times, it's been a company and not like just like a guy, right? And in in what when it when it first started out, it was like a guy, you know, and he like you know, it's like show up there with the keys, but but now it's it's it's it's a real company, right? And I mean it's very you know, it's very hands-off. And um, no, it's interesting how it's kind of evolved.

SPEAKER_02 17:51

Yeah, it would like the now, and I guess this is more of a question for our listeners and fans now. Are you more attracted to the unit if it's a company just for like travel purposes?

SPEAKER_03 18:02

Um not necessarily, right? Um, you know, if I me as a traveler, you know, I I think I'm just probably more interested in the unit itself, and you know, um, you know, but I think it also kind of depends on what I'm traveling for, right? Um, like for instance, I we just had uh we just did an Airbnb and we had like a bachelor party in San Diego, and I was like, maybe we should look for a guy. He might be a little more lenient than a company, you know what I mean. Um so it depends on what your plans are. Um, but you know, I mean I've stayed involved and they you know they're both great.

SPEAKER_02 18:36

So okay, yeah. I was wondering because I I I have my company logo up. I'm like, maybe if it was a guy, you know, and like hosts, we always have this.

SPEAKER_03 18:44

You might get more of you know, party type travelers, yeah. Yeah, going the independent guy route. So yeah.

SPEAKER_02 18:51

Oh, okay, that's a good idea. I never thought about that. Yeah, so I guess if it's just dudes in there, you know, okay.

SPEAKER_01 18:56

Yeah, yeah, yeah, yeah.

SPEAKER_02 18:57

Yeah, but that's interesting. And uh another point you bring up that's very important. Like, I tell people, like, I only stay in Airbnbs if I'm going with a group. And like if I I usually stay in hotels, you know, I don't just because of the op the flexibility. But yeah, that's interesting.

SPEAKER_03 19:11

Right. Yeah, I mean, dude, you know, the Airbnbs were, you know, they just make sense for gross man. I mean, how many how many times you like gone down somewhere with like, you know, I don't know, seven, eight people, and then you you're spread out all over the huge hotel because they can't get rooms and this and that. It's it's awesome, but then you know, just find one Airbnb house, Airbnb house, and you're good to go.

SPEAKER_02 19:31

Yeah, it is. It's it's very lucrative. I'm I'm loving it. Uh, I'm trying to grow in it as well. So yeah, and then financing is something I'm looking for, but we're doing it, I'm doing it mainly on like single families. I do want to move into the commercial side as well. Uh, what would be your advice and the tips to move from the single family side to the commercial side with like on a short-term rental, on a short-term rental side space?

SPEAKER_03 19:54

Yeah, yeah. I mean, you know, look, the the business is still very similar, right? Um, but you know, I think once you you add a lot of units in one spot, you got to make sure that you can consistently rent out all that units from that same spot, right? So if you've got a house, you know, that property gets 100% rented with just one traveler. Here you I think you think you need a lot more like volume, right? To continuously keep all those units rented. So, you know, that's one thing to think about is like, you know, how many people can I consistently get at this property if I have to consistently fill six to ten units or something like that, right? So just make sure that volume is there. And you know, and and then coming in the commercial space, you know, again, I it kind of stresses to a lot of people is really understanding like the the financing that you're gonna get against it is not the you know, you you can't look at it based on a cap rate with the rental income. It's gonna get capped out by that loan to value ratio, and you know, that's probably gonna be no more than 75%, you know, wherever you go. Um, so you know, yeah, it's I'd say, you know, stick with you know buildings that are probably in that like five to ten unit range, you know. Um and uh, you know, you can you can probably end up going to you know either us or like small community regional banks, you know, with a little bit more flexible, like uh, you know, like Wells Fargo isn't gonna do this, you know what I mean. You get you gotta you gotta find the people that are a little bit more willing to look at it and be a little more intuitive and work with it.

SPEAKER_02 21:17

So wow. So like the five to two 10 units, you said you do have multiple, you have people that lend and then rent them all out on Airbnb.

SPEAKER_03 21:24

Well, no, I mean what you know, what I'm saying, if you're gonna, you know, rent, if you're gonna take an entire 10-unit building and it's gonna be all short-term rentals, right? You've got to get now 10 travelers in one single location consistently throughout the year. So the volume of travelers that gotta be are coming to that location, you know, to fill up your building consistently, it's gotta be a lot higher, right? Versus if you just got one house, you know, you don't need as many travelers coming in. So just you know, just keep that in mind like for the you know, is there enough people coming to this area to consistently rent out a 10 unit building short term? Know what I mean? A little bit easier just to do one house. But you know, as as long as you're in like a good MSA and there's a lot of demand, like you're in downtown Nashville, done, it's gone. Yeah, don't worry about it. But you know, if if you're out in the suburbs somewhere, you know, it's you know, it's like a somewhere that would be you know be better fit for a house, it would probably rethink you know, doing short-term rentals with that in one location. Awesome, awesome.

SPEAKER_02 22:23

Okay, man, that's that's some really good stuff you've given out here, man. Uh where where can people find you?

SPEAKER_03 22:28

Um I'm I'm like unbelievably easy to find. I'm uh LinkedIn, I've got like 30,000 connections at LinkedIn or something. And then um, you know, you you can put my uh contact information, you know, on the summary or something. Uh you know, you call me anytime. It's all I do, Maws Around. Uh email me or you know, the contact form for our website, uh clappingcapital.com. Um happy to chat.

SPEAKER_02 22:51

Okay, and where where are your where are your uh apartments located? Are you in the Chicago area?

SPEAKER_03 22:55

Yeah, Chicago.

SPEAKER_02 22:56

Yeah, okay, okay. Oh, I'm definitely I'm well I was in Chicago. We were in Chicago about a year ago, so I'm I usually take frequent trips up there. I have a few friends up there that do short-term rentals that I meet up with.

SPEAKER_03 23:06

So definitely gotta Chicago's a great city, you know, like eh, from like April till you know, September-ish.

SPEAKER_01 23:15

Yeah, we went dead in the middle of the summer.

SPEAKER_02 23:18

Yeah, I went dead in the middle of the summer, summer. They told me about the winters. I was like, I don't want to do that.

SPEAKER_03 23:23

Yeah, I know, I don't know.

SPEAKER_02 23:24

But yeah, I loved it out there. Um, I really uh there was a bunch of Airbnbs in this high rise right over uh what is it, Lake Michigan right there? Yeah, a lot of good ones. So yeah, it's definitely a good short-term mental space uh area for sure. For sure.

SPEAKER_03 23:37

For sure, for sure.

SPEAKER_02 23:39

Yeah, but then Jake, thanks for coming on. Uh thanks for you know giving all the gems. I'll definitely have people reaching out because I have people in Chicago that are looking to take all their short-term rental investments and move into the commercial space and get finance. And I think this is very huge. I think you're probably one of the first people that finance short-term rentals to come on the show. So yeah, no, that's awesome.

SPEAKER_03 23:59

Happy to chat with anybody. Absolutely.

SPEAKER_02 24:00

Yeah, I'll definitely send some people your way. All right, cool.

SPEAKER_03 24:03

Yeah, listen, I appreciate having you having me on, and uh, you know, feel free to put our contact information anywhere.

SPEAKER_02 24:08

We'll do. And yeah, uh, I'll uh just send, yeah, we'll get you, send me an email and uh I'll put all your contact information in so people can get in touch with you.

unknown 24:14

Cool.

SPEAKER_02 24:15

All right, thank you.

SPEAKER_03 24:17

All right, man. Thank you.

SPEAKER_02 24:18

Bye. All right, that was Jake Clopton out in Chicago. Another great guest, man. That that's actually really, really important if y'all are looking to like move into like I'll say this if you're using the profit first strategy and you're moving looking to like once you start getting that profit chunk. If you're looking to move into the short-term rental space, getting in touch with these lenders who are short-term rental friendly is great. Um, and also if you notice in the in the video in the uh interview, he said you can still get traditional rental income, traditional rental financing if you want to get on your short-term rentals. But yeah, I do tell people the lease into the LLCs, you know, showing a lease, it does help you. But with more people like Jake coming around, I think uh it's another few other ones out there that do short-term rental uh financing as well. I think it's about to really become a big thing within the next two years. So definitely be on the lookout. But in the meantime, like I was saying, you can always, you know, rent to your LLC. But yeah, thank y'all again for coming on. Thank y'all for being listeners. Email us at live let thrive at gmail.com and follow us at Livelet Thrive on Instagram. We are out.

SPEAKER_00 25:24

Thank you for tuning in to this week's episode of Livelet Thrive. Be sure to tune in next week for all the latest in the world of Airbnb and all that entails. Bye bye.