Cold Open

SPEAKER_00 0:00

Welcome to Live Let Thrive, a podcast about the Airbnb life, the share economy, and everything in between. Here are your hosts, Micah and Steve.

Welcome to Episode 349

SPEAKER_01 0:12

Hello, hello, hello.

SPEAKER_02 0:14

And welcome back to another exciting episode of Live Let Thrive. What is up, Micah? Man, chilling, Stevie Stacks, man. How you doing, man?

SPEAKER_01 0:27

I'm doing great on this episode 349 of your favorite short-term, mid-term, long-term pad split podcast in the world coming at you from Fort Worth and Arlington, Texas.

SPEAKER_02 0:40

Let's go, man. Let's go. We had a productive

Recap: The Chicken N' Pickle Meetup

SPEAKER_02 0:44

meetup last week, right?

SPEAKER_01 0:46

Yeah, yeah. It was a fun meetup at uh Chicken and Pickle in Grapevine. I'm sorry, Grand Prairie. Grand Prairie. Grapevine. Um, and there is one in Grapevine, too, I believe. But um, yeah, close to Grapevine. Um, yeah, Chicken and Pickleball was taking over the world for a minute and it kind of slowed down a little bit.

SPEAKER_02 1:05

My co-workers still use it, man. They they're on that pickleball, man. It's a fun game. You played? I have not played yet. Oh I gotta play. I gotta play it. I have not played yet.

SPEAKER_01 1:15

Yeah, it's not as uh not as much running around as tennis, you know. I'm saying, yeah, that's what I heard. All over the court, so and a little takes more skill, whereas this is more like ping pong. You know, you see old people playing it without problem. Yeah, they get they get into it too. Yeah, so we we had a good meetup at the chicken and pickle talking about real estate, short-term rentals, a lot of pad split talk. It was it was a good time, man.

SPEAKER_02 1:40

Yeah, it was. We talked a lot of pad split, a lot of I got some I got a couple referrals out of there. Got a couple referrals from our real estate business, and we talked a lot of MTR, STR. You know, it was a really good meetup, man. We gotta do more of those. I really enjoyed that.

SPEAKER_01 1:52

Here's what I like like about you when you were telling people uh about what you did, and people would say there people ask for an agent or they're talking about agent. You like, I'm an agent. You know, you didn't say, hey, I'm I'm I'm starting off, I'm become, you know, no, I'm an agent.

SPEAKER_02 2:08

Straight up.

unknown 2:09

I'm an agent.

SPEAKER_01 2:10

Straight up.

SPEAKER_02 2:10

You gotta have confidence, man.

SPEAKER_01 2:12

Yeah, yeah. You gotta, what's it called? Fake it till you make it, or whatever they say.

SPEAKER_02 2:16

Straight up. That's how you gotta do it, bro. I'm an agent. That's what happens, yes, sir.

SPEAKER_01 2:20

Just don't fake the funk, man. Dray it up. Hey, if I and if I ain't got the answers, AI does. You did send me, you sent me and um Mike Brown something funny. Uh, this guy's uh on the radio show was pranking this old lady, right? Saying that she has a bunch of kids in her house. Oh, yeah. She just mother bleed, mother. Uh, she just went off on him. I was like, man, we need that person to make our phone calls to these these crazy tenants that we got.

SPEAKER_02 2:50

Man, bro. Yeah, speaking of crazy tenants, man. What's going

Steve's 48-Day Booking Goes Sideways

SPEAKER_02 2:55

on, man?

SPEAKER_01 2:56

Oh man. So yeah, I was late getting home today because uh as your favorite Airbnb guest, man. Um, it was actually they booked uh the one of my houses over here in Ulysses for 48 days, right? Yeah. Which is good. Oh, cool, good booking. Uh it was a Chinese lady, you know. And you can see, like, if you're looking on the app on your phone, it all comes in in Chinese, right? And but you, I mean, the it translates for in hospitable forum. Um, but anyways, so you see the it's so funny you're you have that camera setting where you do something like you took a drink of water and it zoomed in like but so so she booked it for some other people, and I and I've you know I've had I've had Chinese guests, and it's it's fine because they'll they'll book for like workers and stuff like that, right? Um, and in my past experience, you know, uh usually a lady booking for some dudes that are gonna go there and leave a whole bunch of cigarette butts around your house because they like to smoke them cigarettes, um Chinese workers. Um, anyways, so she booked it, she said she's just booking it for two other people. So um about a week or two ago, okay, on the August 15th, I was supposed to get my my second payment. You know how Airbnb breaks when you have a long booking, they break it into two payments because they're a holes. But uh they they do that, they break it into two payments, and so they can hold on to the other half

Payment On Hold: Airbnb's 7-Day Runaround

SPEAKER_01 4:29

or whatever it is, and so um the 15th rolled around, I was supposed to get my payment, and it said payment on hold. All my other payments came through. I was like, what the heck? And then I had my VA, you know, I was like, okay, let's wait till tomorrow. 16th rolled around, payment still on hold. I asked my um VAs, hey, could you call Airbnb and see what's going on with that payment? And they called and they said, um, because it says on there, no information available at this time, or something like that, like no explanation why this why it's on hold. And so I told my I asked my VAs if they could they could call them and see what's going on. They called them and they said, Well, Airbnb said it's still in the five to seven business days of being on hold. After that, we can call back. After that, we can call back and then see what's going on with the payment. They wouldn't just tell us what the hell's going on with the payment, right? So why is it on hold for? And finally, um, it was I guess today ended the seven-day wait, whatever window, and they called and said, Um, yeah, they can't. Uh they they tried to get this person to to submit their payment in a different way because whatever bank they were using didn't transfer correctly. It was like a thing like that, right? International bank. So they said Airbnb's like, well, we tried a bunch of times, they didn't respond, blah blah blah. So we're gonna go ahead and cancel the booking. Okay, where's my money? What are we doing with these people? You know, so you know, it's just Airbnb's like, uh, we're done, we canceled it. Yeah, like that's it. It's on you to handle that, handle the rest of it, homie. And so I've been through that song and dance before, and so, but I was like, they could have they could have told me before it passed the 30-day threshold, you know. I'm saying, just in case yeah, people start trying to claim that their tenants' rights and all that crap, right? But now it is past 30 days, way past you know, 30 past 30 days now because that stupid hold window. And so I couldn't just go, you know, get them out of there. Um, but so they they canceled the thing today. I say, well, I know where I'm going after work, so I just went straight to that. Oh man. Straight to that house.

Walking Into His Own House: What Was Left Behind

SPEAKER_01 6:38

I said, Man, you know what? I'm tired of calling this uh security team. And I like I love them. They they work, you know what I'm saying? They they work, they're they're great. But I said, I'm just gonna, I'm just gonna storm in that mother lover. I'm just gonna open the door with my code and storm in this house and see what the hell's going on in there, right? I didn't care. I'm I'm I'm past the point of caring. You know what I'm saying, Micah? Of giving a wood. Um, so I I went in. There was no cars there. I typed in my code. I go in the house and just start looking around. There's nobody there. There's nobody there, and there's like a few trash bags here and there. Um, and then there's like some couple of like a bag of leftover clothes and a couple empty purses. But they had jet. And it and they turned the AC off. So I don't know how long my AC's been off in that house, man. It was just 96 degrees in that freaking house, man. And it's a small, small little uh house. Um but it was hot as hell. And so I turned the AC back on and um and I start just going through the house and they just they just vanished. And so what I'm thinking, what I what I started getting this thoughts is what what what happened before to um someone we host we um co-host on

The "Tourist Pregnancy" Theory

SPEAKER_01 7:52

their their apartment, they someone came and had a baby while they were here, like uh they call it what they call the tourist baby tourist pregnancies or tourists. Um they have a baby while they're here, so they have a bigger one.

SPEAKER_02 8:06

Had a little American citizen?

SPEAKER_01 8:07

Yeah, exactly. A little anchor baby, and so that's what they've they're doing. They'll come here pregnant and then they'll have a baby, right? They'll rent out Airbnb for uh you know a month or two, whatever it is. Now they know they can only if they might as well rent it for two because you don't have to pay for the second month, right? Um just because of that stupid glitch of Airbnb. And so that's what I think happened. They had someone there, either one or two people there that was there to have a baby, and then as soon as they had it, get the heck out and I guess fly back to their country or whatever. So that's what I'm assuming. Didn't really happen, but that's a hell of an assumption, man. But it's but we've had evidence that someone's done it on us before as a place we made. You know, because you got all these, like later you'll get all we'll get all these doctors' medical bills to the house, right? Unpaid medical bills, because you know, they have a baby at the local hospital and they don't pay. Why are they gonna pay for it? They're gonna leave the country anyways.

SPEAKER_02 9:04

Dang.

SPEAKER_01 9:06

You know, that's it.

SPEAKER_02 9:07

That's that's crazy. That's a crazy little hustle, man. I ain't knocking it. I ain't knocking the hustle. Hey, I got a little American citizen, I can flee countries anytime I want. That's wild. That's wild.

SPEAKER_01 9:21

Yeah, so so that was the situation

Are Midterm-Only Rentals a Trap?

SPEAKER_01 9:23

I was handling.

SPEAKER_02 9:24

Okay, hey, so I have a question for you. This came in in the because you know, we got uh shout out to Clint. Um, he added us to the group, and this is what I've been noticing. A lot of people saying they're like short-term and midterm rentals are sitting empty in Arlington. Um and I noticed a lot of people they only do like they'll do short-term and midterm, or they'll just do strictly midterm. Do you like when you're analyzing the property? Because I I I'll tell you how I analyze one, but I don't have as many in Texas. Are you only analyzing it based upon like midterm only? And like it don't matter if it's a short term, like you you don't care if it's doesn't can't do short term.

SPEAKER_01 10:02

No, man, I don't I don't pick up places where I can't do short term.

SPEAKER_02 10:06

Okay, I'm the same way.

SPEAKER_01 10:07

I don't, I don't I know um our buddy Jesse Vasquez says he has pure you know midterms, but yeah, I'm talking about just in Texas.

SPEAKER_02 10:16

Yeah, I'm talking about Yeah, that's what I'm saying.

SPEAKER_01 10:18

People that'll do that, like that the person was talking about their Arlington house, and it's just a pure midterm because you can't do short term there. They're talking about it was empty, right? Well, you can't even fill in you can't even fill it in with short-term stays. It's it's just like I don't like putting myself in that situation.

SPEAKER_02 10:32

Me

If You're 100% MTR, Marketing Is Everything

SPEAKER_02 10:33

neither. Me neither. And and another thing is like I think people also don't understand if you're gonna be 100% midterm, your marketing has to be like on point. Like you can't sit around and just say, hey, I'm on Furnish Finder or I'm on Airbnb, just sitting there, like, nah, you gotta get some tools up in there, man, some advertising, something like you know, you got to get some emails, text messages, uh, get somebody on a phone or something. Because I'm like, I think, and I don't like being in that position either. But if I was in that position, I'm I'm picking up the phone. We're getting people calling, you know, moving around. And I think that's I think that's goes back to what we used to talk about back in the day. Uh Airbnb got people spoiled. Like you lose sense of marketing and stuff. So I was wondering if I'm like, because I was like, dang, because that's starting to be a thing. Like people, and I hear people say, Oh, I want to buy a midterm rental. I'm like, you buy a midterm rental, but you still fill in with short term, you sit there unoccupied, that ain't a place you want to be. So I'm starting to notice, you know, once I now that I got my license, I hear the stuff people be saying. I'm like, you know, I sometimes I can't tell them stuff, you know. I have fiduciary duty now, but I'll be like, if you ask me my opinion, I'll tell you my opinion. My opinion is I wouldn't do that shit. But if that's you, but if that's what you want to do, I'll help you do it. You know, but you know, but I that's I've been noticing. That's why I was asking you. Are you y'all doing that too? So yeah, I'm in the same boat.

SPEAKER_01 11:54

You know what you made me think of is the person that did this this booking of it's like it was a midterm stay, uh, 48 days, you know. It's kind of it's over 30 days, it's a technically a midterm stay. But they could have, you know, they could have found us outside the platform and booked directly with us. But here's the thing maybe they know it's better to do a two-month or slightly less than two month booking or whatever through Airbnb instead of doing it directly with us, because us, once that once the you know, the first hits, the you know, the when the rents due, we're on them about that stuff, or we get them out of there, right? Um, whereas Airbnb, they know that that second payment don't drop, and they could change cards by then, or they could pull the money out of that card or whatever or bank whatever they had in there, and they'll they'll and Airbnb ain't gonna kick them out for like another two or three weeks, right? Yeah, so they're getting it's almost better, what is better if you're unscrupulous, to book it a longer stay through Airbnb, knowing that you could scam them a little bit and get some free rent.

SPEAKER_02 12:59

See, and in that situation, I get it. Um, you know, you get some free rent, what you basically only pay because Airbnb basically pays out 30 days at a time, right? I think it's 30 days at a time, and then they have to get the rest later. So yeah, yeah, if you're savvy enough, you could do that for sure. Um, but I mean like if you're just a hundred percent midterm though, that's like a I wouldn't even want to be in that situation, you know? Like, yeah, that's just a I don't know.

SPEAKER_01 13:22

You get midterm stays from Airbnb though.

SPEAKER_02 13:25

I get them from Airbnb, furnish finder, I get them from everywhere, but then even if something goes bad, I can just you know fill in like a two-week stay, you know what I mean? Yeah, um so like I don't have to I don't want to be anywhere where I have to have my calendar settings on three weeks or longer, or on 30 days or longer. I I don't want to be in that situation, and I think that's the situation a lot of people are putting themselves in. And I'm like, yeah, I wouldn't do that. But that that everybody handles their business different, right? So and yeah, because they were asking me, I'm like, I wouldn't do that, but I would sell it if anything, or go long term. I feel like I think if you put yourself in a situation where you're only allowed to do midterm, I think you might as well do a long-term rental because your vacancies are gonna be crazy, you know.

SPEAKER_01 14:12

Oh yeah, big gaps, giant gaps. Um or do a pad split out of it. You know, it's in the area that that's where I have two pads splits over there. I told I told them to do that, but for some reason they said they didn't like the pad split model. All right, cool.

SPEAKER_02 14:26

Better than sitting empty. I mean, because I honestly I I look at pad split as a it's it's a midterm rental strategy at this point, right?

SPEAKER_01 14:37

Right.

SPEAKER_02 14:38

I mean, it's a midterm rental, and if you can't you're the likelihood of you just consistently finding somebody that's about to book for 30 days, 30 days, eh, but

PadSplit: Training Wheels for Rent-by-the-Room

SPEAKER_02 14:48

you you pass split it.

SPEAKER_01 14:49

I'll say this too. Anybody out there considering, because there are people that do rent by the room without using uh pas split, right?

SPEAKER_03 14:57

Yeah.

SPEAKER_01 14:58

And that's fine, and you'll I guess you know you can save money by the fees and stuff like that. Of course, you're gonna have to hustle and and find people yourself, right? Passplit Passplit with people, put people in your house for you. But what what I what I would encourage um someone that that has that attitude towards Pad Split or whatever, what for whatever reason, even though they've never done it before, I would say start off doing your rent by the room uh thing with PadSplit because it'll make it'll make it like um easier for you. Uh it's a very user-friendly app. And and you're gonna learn the ropes, right? At least you got some safety rails. You got a little bit of safety uh safety wheels on, right? Of course you're gonna have to pay a little bit of the of the fees, but you're gonna learn the ropes. You're gonna learn what people are good for uh for your house, what people are not good, how to keep people out, how to check people, how to talk to them and screen them. You're gonna learn the ropes of the short-term, I'm sorry, the um of the rent by the room model by using pad split. And then you learn the ropes, let's say after that you want to get off the get off pad split and start doing it yourself and renting directly to people, you can do that. But I would I would definitely, you know, that's how that's how we learned um renting out our our houses short term was was Airbnb, you know, because the app helped us a lot. We can do we can go off platform now with confidence because we learned it through the platform.

SPEAKER_02 16:22

Yeah. Um I mean, if you're just starting, I I agree with you. I would definitely do it straight on pad split because then you kind of learn the ropes of it. You can kind of take what pad split does and make it your own, you know what I mean? Kind of like with Airbnb, we like what they do, some of the stuff they do, we like some of the other things that they, you know, we take out the stuff that they we don't like. But in a pad split world, I'm not understanding why if I'm sitting empty, I'm about to do anything I can. The only thing I I my only concern about pad split is adding extra rooms. That's my only concern. That's my but if you could if you could rent a three-bedroom, if you could rent $700 a month for three bedrooms, you're probably cash flowing. I don't know, but you might cash flow. I mean, it'll at least get you some money coming in, you know. Um but I'd rent by the room on Airbnb all day if I could, you know.

SPEAKER_01 17:17

And you have before.

SPEAKER_02 17:18

Yeah, I have before. But I've I'm hearing people, I don't know. Um

How Myka Uses AI to Fill Reservations

SPEAKER_02 17:23

I don't know, maybe it's just because it's more competition here, but but also I'm very active and like I use a lot of AI to get reservations. I I'll tell people that all day. I use I created tools to get reservations, but it seems like people here, a lot of people here keep saying, Oh, it's slow, it's slow, it's slow in this one area. And I'm just like, hmm. Like it, but then I'm I'm talking to them and they're not doing any marketing. Um, I'm talking to one person from the meetup tomorrow at six, and we're gonna be talking about some marketing strategies, but I'm I'm in here, like it seems like no one's really doing marketing for it. So I don't know. If you're gonna be in the midterm rental game, you gotta have your marketing game on point. And also, my are me and Steve's personal suggestions don't put yourself in no midterm situation where you can't go short term. I I just I

Corporate Housing Standoff: "They Signed a Lease"

SPEAKER_02 18:08

personally wouldn't do it.

SPEAKER_01 18:09

I I have a question for you. Go ahead. Okay because this this came up uh recently, and here's the thing we've rented out, we've we've had the luxury because we have uh uh you know we have more than one, we have multiple houses that we can put people in, right? And so every now and then you get someone that whatever reason they don't like a house, right? They signed a con, they signed the lease, they're gonna rent your house, you know, went through a corporate housing provider, lease is signed, money sent. They don't like it. They start complaining, this and that, and this and that, and this and that. So we most of the time we're able to put them in an one another different one of our houses, right? We say, All right, how we'll put you in this one, okay. This is better. And that that remedy is the problem most of the time, right? Yeah, sometimes they don't want no, no, no, we we we want to go back to the hotel or whatever their thing is, you know, they don't want to stay there, and so we're dealing with a big corporate housing provider we do a lot of business with. So we're like, you know what? This is what we've done with our own houses. We're like, okay, you know, we'll keep in the deposit because of the, you know, our calendar was blocked, but we'll we'll let them out of the lease. That's fine. We just want to keep a good relationship with you guys. But you got to understand, we lost a lot of money by having the calendar closed for them and all this stuff, right? Now, okay, so we we come to an amicable thing, and that's that's with our houses. Now, for people who we manage for, you know, they've been cool about it too when that situation occurs and they've they've let them out of the lease, you know, except for this past about a week ago. Um, one of the people we managed for, they have a 2-2 uh condo in Dallas, and they had, you know, same thing, sign the lease, boom, boom, boom. As soon as they move in, they start complaining on everything. Of course, we're sending out maintenance to go address the issue or the cleaner, and they just want out, and they just leave. And they and so the the corporate housing provider, I'm not gonna name the name, but they're like, okay, well, they're leaving because this place is unlivable and blah blah blah. And we're like, and we we send we show the owner, we're like, okay, what do you want to do? Uh he's like, no, they signed a lease. I'm not giving them any money back. It's like he's like, it's it's well within my legal rights, I don't have to give him any money back. They signed a lease, uh, and we try to address the issues. Anyways, we we sent that to the corporate housing provider. You know, this is what the owner's saying, and you know, they're legal, legally, they signed a lease and they're gonna stay this, but we he doesn't want to refund them any money. They can leave, but he's not gonna refund them any money. And they got pissed, they're saying they need a full refund, they need all this and that, and this. And the guy's like, no, I'm not gonna give, I'm not gonna give him anything. If they can, if they want to go to court, we'll go to court. But I have a lease in place and they signed it, and they you know, the place is livable. They're complaining about this and that, but it's it's livable, everything works fine. And so the corporate housing provider, you know, pestered us a little more, and then they just dropped it. They just the dude left and we kept the money. Well, he kept the money.

SPEAKER_02 21:06

Hey, I'm gonna be real, I'm with the owner on that, and I'm gonna

The $1,200 Electric Bill Guest

SPEAKER_02 21:10

tell you why. A lot of them core I'm I'm starting, I have one right now. The dude who ran up that $800 bill, that $1,200 electric bill. Yeah, he him and his wife just sitting up in there complaining all damn day, right? So, and the corporate housing provider tries to come. Oh, well, can we get a refund for this? I allow one little $300 refund because they did go out and clean some coils on the AC unit, but twelve hundred dollars is still ridiculous, bro. What are you sitting up in there doing, man? I don't know what type of Xbox you plan, but damn, everything's on all day. But after that, I said no more refunds. They're like, oh well, since they did clean the coils, can we get a refund? No, like because a lot of them corporate housing providers, bro, they they will sit there and pester and pester because some of the time, remember, they're already overcharging that guest, they pocket it somebody. That money, bro. Let's just be real. They pocketing it. Like, oh, well, if we keep he gets a refund, you know, they'll probably give them like two, three hundred. They'll keep the rest of it. They pocketing that shit. Like, man, yeah, for real. Yeah, I'm dead serious. Like, a lot of these corporate providers, like, if you're not going direct to the source, um, that's why personally, I'm gonna be real honest. The best guests are insurance people. One, because they have to walk the property beforehand, so they walk it, see what's wrong with it. And if they don't like it, they just don't like it and don't even move in. But these other people, like these, I have a bunch, I ain't gonna name no companies, but I do a lot of work with companies, I ain't gonna do no companies. But there's one in particular that definitely is a pain in the behind, you know. Um, yeah. So I'm standing your if you have a lease, stand your ground, bro. Stand your ground on your lease. Straight up. Uh, if you if you something that you see that's definitely in your fault, that's why we refund it the one time after that. Nah, bro. They end up trying to get over. They're trying to get over. They're trying to increase their margins.

SPEAKER_01 22:54

Now, how far do you stand your ground on the lease? Let's say they leave, they're breaking the lease. Then what do you do? You start sending them invoices on, hey, you broke your lease. This is a $5,000 charge to get out of this lease.

SPEAKER_02 23:05

Uh yeah. Uh yeah, I ain't getting you, you ain't getting no security deposit back. I know that. No security deposit back. And if you're you're in there past the amount, like your rent's due every 30 days, so you just gotta make sure your rent due them 30 days. If you stay two days past and then you leave, you owe us for them two days, bruh. Yeah, heads and beds over here, man. It ain't free. Gotta pay that.

SPEAKER_01 23:30

Because what's the like let's say the the rules in Texas when you rent out like an apartment complex? Let's say we rented out an apartment for a year, but we bail at first month and say, I ain't paying y'all nothing no more. Are we on the hook for all the uh the rest of 11 months? Or is there a cap?

SPEAKER_02 23:46

That they they um no, they uh there's a termination clause that you're on the hook for. So whatever that amount is in the lease, usually there's like a clause in there, like, hey, if you break the lease, it's like two two grand. No, let me actually tell you something.

Lease Break Clauses: The $6,000 Lesson

SPEAKER_02 24:00

I'm happy you brought this up. So my mom, she used to live down the street here. You know, my mom moved to Texas and was helping with the kids, but she moved back to uh Arkansas uh because she had a stroke. She had a stroke, so my she moved back down to Arkansas, but she had to break the lease. And they turned in all the paperwork and stuff. They tried to charge her six thousand dollars. I was like, what? But that's how much of the lease of the I don't know if that was the remaining, half the remaining, but but anyway, we got out of it because it was a medical emergency why she had to leave back and you know, but yeah, they tried to charge her six thousand. So, but I don't know how many months that was for, but all of them have like if you if you pull up your lease and put it in chat GPT, it'll tell you like that break clause. It's it's a clause in there. All all leases have a little clause if you break it, it's some it's a it's a payment amount up in there. Um matter of fact, I'm happy we brought this up because we all need to make sure that we have that in ours. Yeah, because yeah, it they they owe bro, they be trying to get over, man. And then I have a question for you. Like, what what what were the complaints?

SPEAKER_01 25:04

So these people, I think they said they saw a roach. And they saw a roach.

SPEAKER_00 25:10

Okay.

SPEAKER_01 25:11

And I don't know, they said the house wasn't cleaned well, and just just one of those, like the Karen type stuff, you know. Yeah, the counters were there, they were dirty. Okay, cool. We'll you know, sorry about that. We'll send a cleaner out immediately. No, no, we don't we're not gonna be home. I don't trust people when we're not, you know, just one of those, okay, you know, making it hard for us to to fix the situation. And yeah.

SPEAKER_02 25:38

Stuff like that goes back into hey, if we can't fix the situation, we tried to fix it. That's further reason for you to not for you to owe me money.

SPEAKER_01 25:47

Just the house is unlivable. Uh but but homies, uh, yeah, our client stood his ground. Nah, we're I'm not giving up any, but they can leave. Hey, he was happy too. Oh, I got their money, plus I can rent my house out again, make double money.

SPEAKER_02 26:02

Yeah, honestly, honestly, hey, I'm gonna be real. That's one good thing about people canceling through Airbnb. You get your money and you can go rent the place out again. Man, ain't gonna lie. Last year I made a killing off cancellations.

The Three Little Pigs of Rentals (STR vs MTR vs LTR)

SPEAKER_02 26:19

Beautiful thing, man, bro. Yeah, I made a killing off cancellations. Um, but I I always I I I call short term and midterms and long terms like the three little pigs, man. You have short terms, just too much turnover, too many complaints, too much, you know, too much of that complaints. Long-term rentals, they're cool, but after you haven't seen your property for a year, it's probably destroyed. You're gonna lose all your money on turnover. Midterms is

Know Your Avatar: Construction Workers Don't Complain

SPEAKER_02 26:46

just right. You can you sometimes get a complaint. I haven't had too many midterm complainers, man. I'm gonna be real. I think it also goes back into who is your perfect midterm rental avatar. Mine, construction workers. Construction workers, no complaints. They gotta leave the place a little bit dirty, but no complaints.

SPEAKER_01 27:06

They get it. No complaints.

SPEAKER_02 27:08

I ain't gonna lie, man. Shout out, shout out to our mechanic, shout out to our Mexican brothers, man. If but if you get like some Mexican construction workers, man, everything in your house is gonna be working by the time they leave, bro. Anything broke, leaks, they down there fixing it. Shout out to my brothers, man. Straight up, bro. They fixed everything in there, bro. They'll fix it. So it may be a little mess, but everything works.

SPEAKER_01 27:33

Because they're cooking every fucking day, man. They're cooking, they're throwing down in there. They use those dishes. Most people don't use the dishes, they use all every single one of your dishes, and you oh man, they cook. It's expensive, man.

SPEAKER_02 27:51

That's true. They are in their cooking, bro.

SPEAKER_01 27:53

But imagine making 10 bucks an hour doing construction. That's a she can't even afford a value mill with $10 nowadays, man. Come on, you're gonna be cooking.

SPEAKER_02 28:01

Yeah, man. That's true. It's true. They be in there cooking, man. But hey, but I'm gonna be real though. You have to know your avatar, though. Like your perfect avatar. Like, you I it and it goes back to like, hey, don't just target a place that's midterm only. Cast a wide net and then break it down from there. Like, my wide net, I can do short-term, midterm, long-term. And now, how do I find my perfect guest in there and go from there, man? Because like, yeah, I uh short-term, short-term rental carons are the worst. Uh now I'm dealing with a midterm rental care, and I'm starting to have to deal with those, but they'll usually those are usually from insurance clients.

SPEAKER_01 28:36

But yeah.

SPEAKER_02 28:37

Yeah.

SPEAKER_01 28:38

The midterm.

SPEAKER_02 28:41

Yeah, because you got to deal with them for a while, bro.

SPEAKER_01 28:44

Well, I have a question.

SPEAKER_02 28:46

Okay, go ahead.

SPEAKER_01 28:47

What would you do if you got home to your house around Christmas time and P. Diddy's there and he opened up all your presents?

SPEAKER_03 29:00

It's a 50 cent level question.

SPEAKER_01 29:04

That was a Dave Chappelle thing, man. He's a kid cootie he did that too. He did it to somebody. Kid Cudi, yeah. Kid Cudi, he did open it.

SPEAKER_02 29:18

Oh man, that dude was a menace, man. Man, that's crazy. That's crazy. What's going on, Playboy?

SPEAKER_01 29:25

Um,

Arbitrage in 2026? Only as a Lease Option

SPEAKER_01 29:28

I do have a question.

SPEAKER_02 29:29

Oh damn, that was wild. I have a question. Are you still picking up arbitrages?

SPEAKER_01 29:33

Oh man, not actively. When was the last one I picked up? I'm trying to think. I picked one up for my wife because she wanted her first Airbnb. So I picked we we got one for her at Fort Worth and she loves it. It's actually got a uh year-long booking in there right now. Someone booked it for a year. Yeah, it's great. Um but uh me, man, shish. If I pick one up again, I'm gonna I'm gonna try to con if I try to pick one up one. If I see what a promising one or whatever, which I'm not really looking anymore, I'm looking to purchase houses, right? Yeah. Subject to. But if I see one and I I want to get that um, what's it called? Uh what was I what was I telling you? Like rent to own, or not rent to own, but um lease option.

SPEAKER_02 30:21

Lease option, okay.

SPEAKER_01 30:22

Yeah, I want to talk to some, I wanna I want to do that. If I'm gonna arbitrage something, it's gonna be a lease option.

SPEAKER_02 30:27

I like that idea. Um because I'm gonna tell you something. I I was talking to somebody and they were trying to.

SPEAKER_01 30:33

And by the way, real quick, lease option is if people didn't hear the other episodes, yeah. Yeah, go ahead. It's where I'm renting the place and to and I have a clause in there that I can purchase it if I want to, within like a two-year period or whatever you agree on.

SPEAKER_02 30:43

Yeah, yeah, yeah. So it's rent to own, yeah, and then you have an option to buy the house at the end of the lease. Yeah. Um, the reason why I asked that is because I like somebody says something very interesting. They were looking to pick up arbitrages. I was like, okay, cool, you know, I'll see what I can find, whatever. But he was like, Man, I wanted stuff that's been sitting on the market a while that's kind of clean. So, so I'm like, first thing I went to, I'm like, maybe you need to find something like a flipper who needs to like maybe rent it. Um, and he was like, Yeah, yeah, yeah, that'd probably be it. And so, but he was like, why don't you find people that

The Desperate Landlord Problem

SPEAKER_02 31:16

was desperate? And this is my concern that came to mind if you're finding like a desperate landlord who's just desperate to rent. Um, and I don't where I kind of struggle with being in an arbitrage situation. If that dude's losing money on the property already and renting to you while he's losing money, arbitrage, your business is based upon. Your business is based upon he's gonna be have to be an active landlord because if he's losing money and something breaks, you might be stuck holding the bag because he probably ain't fixing nothing over there. That was my concern. So I don't know if like people are doing that because I remember I I had like those five units in Dallas. That's the reason why we got out of them because like they weren't fixing nothing. So I don't know, like you know, I don't know. Are you are you I guess in your current arbitrage, are you putting clauses in there? Like, hey, do you have to fix stuff in this amount of time or what?

SPEAKER_01 32:05

No, no, the time thing, I'm not I haven't put something about a time thing, but uh we do put it was anything over, you know, trying when we were heavy trying to pick them up, you know. We were and and you mentioned on the show, put anything under even anything under 150 bucks we'll fix ourselves, remember? Yeah, we would say that. And um, and it depends on it depends on the landlord because sometimes we'd submit, hey man, this um this um garbage suppose is broken. You think you could send somebody and they'd go switch it out, even though it we could probably done it under 150 bucks ourselves. But then there's some that say, uh, that's 150 bucks, you have to do it. You know, there's some that'll stick to that, right? Little Asian ladies. Uh shout out to they're the shrewdest negotiators of all, man. I I tell my Asian friends, oh yeah, little old Asian ladies though, they'll knock your head off with negotiations, they don't play.

SPEAKER_02 33:00

But um funny thing is, my uh so the the the lead I just got was from one of my Asian friends. Um she actually the funny thing is she sent me a lead and she's an Asian lady. She sent me a lead. She was like, Hey, can you take on this lead for me? Uh he's trying to buy a house here and here. And she sent it to me, and I looked, and it was a fan of the show. Our guy Antoine Renee from a long time ago. Yeah, I was like, I was like, I've been doing it for years. She was like, Really? I'm like, yeah, small world. Yeah, so yeah, it was crazy. So yeah, I got he's uh gonna be a client of mine. I'm trying to work and see if I can find him a midterm down here, you know. So, and then that's actually kind of why I was telling people about like having your standard as a midterm, like be careful just making something 100% midterm. You don't want to just be losing

Myka's Play: Cost Seg + the STR Tax Strategy

SPEAKER_02 33:47

money. And me personally, like, if it were me in this economy and I have a W-2, I would actually be looking to make it a short term, use a cost seg and use the short-term rental tax loophole, and then just make it a midterm at the beginning of the year, then you get a huge tax break and go buy you another property. You know, that that's my my strategy, but I don't, you know, I let people make their own decision.

SPEAKER_01 34:09

But no, that's a that's a good idea right there. Uh yeah definitely, definitely get that get that um tax break for sure. Um but yeah, if uh I mean are you showing him say are you telling him maybe you should do Grand Prairie instead or somewhere like that?

SPEAKER_02 34:24

Oh yeah, I'm gonna I'm gonna let it find out what he wants first, and then I'll just give my suggestions when he asks. Like I have to give my hey, if you think I because me personally, I would look at like Grand Prairie.

Where to Buy in DFW Right Now

SPEAKER_02 34:35

Um I'd even possibly look up as like maybe Denton, parts of Frisco, you know, in areas like that where you get like everybody coming in, you know, you get that wide net, and then you just sneeze down to because like they well, I think they do well, they just finished constructing the um what's it called up there? They're done. I I think it's open. I ain't been up there yet, though. Uh the Disney World Universal Kids or whatever.

SPEAKER_01 35:01

Frisco.

SPEAKER_02 35:02

Yeah, and Frisco.

SPEAKER_01 35:03

You can't for you can't spell Frisco without H1B.

SPEAKER_02 35:06

Oh man.

SPEAKER_01 35:07

Speaking of that, speaking of that, do you follow Dallas, Texas TV? You sent us that thing. Oh man, that was nuts.

SPEAKER_02 35:19

Yeah, bro. They they were going crazy on that. Like when they start talking about Frisco, I was like, oh yeah, I saw the post, I'm like, oh, it's about to get real racist.

SPEAKER_03 35:29

So I started scrolling in it with you. I was like, yeah, it's about to get real racist.

SPEAKER_02 35:34

Yeah, as soon as I saw Frisco, Mile, yeah, this is about to get real racist. Let me scroll and get some laughs.

SPEAKER_01 35:42

It's funny racism. It isn't vicious racism, it's funny racism. So if y'all don't know what we're talking about, Frisco, North Dallas, it's a lot of a lot of Indian people moved there. And um, hmm, how do we put it this lightly? They're not the best drivers, and people people yeah, they don't like that so much.

SPEAKER_02 36:06

One sister said, man, I was driving behind a dude. He had a student driving tag on the back of his car. She pulled up next to him. It was a full-blown adult.

SPEAKER_01 36:15

Yeah, they did adults, yeah. The adults put that on their cars because they they don't have cars where they came from, and so they're learning. They're learning over here. They all got student driver car uh stickers on their cars. Mike's dying.

SPEAKER_02 36:31

Frisco's a cool place to vacation. No, they got a lot of good restaurants, but yeah, it's it's it's it's a little different up there.

SPEAKER_01 36:39

Yeah, is that what the visa's called? H1B or something like that.

SPEAKER_02 36:43

Yeah, like a working visas, H1Bs, yeah, man. It was okay.

SPEAKER_01 36:47

They're talking about revoking all those. You saw that?

SPEAKER_02 36:50

I heard I heard, yeah, I saw it on the news.

SPEAKER_01 36:54

That's 200,000.

SPEAKER_02 36:56

I ain't gonna lie. I'm gonna be real. Uh I wouldn't invest in Frisco if they do that. Like, that's your clientele right there. If you want like midterms, you gotta like it's stuff like that that you gotta kind of look at. That's your clientele. Because if you're trying to cater to that um, what is it, that IT sector? Hey, how many of the people be renting it out? Might be six, seven of them, but you know, there's something to think about. I'm for real. Like, I tell you, you gotta kinda like know market conditions right now. Um that's why I wouldn't be in no damn position where I'm, you know, where I'm sitting here depending on strictly on midterms and can't write in between. So yeah, man.

SPEAKER_01 37:37

Yeah, so that's um speaking of Frisco. Just thought it was funny because you sent us that article the other day.

SPEAKER_02 37:42

Oh yeah, man. I saw that. I was like, man, let me send this to y'all so y'all can take a look at this. Oh man.

SPEAKER_01 37:51

So the the meetup was fun. That was a good thing. We got to that's the thing. I haven't man, I haven't been able to go to or haven't been to a lot of network events, but it always seems like you get a couple of good, you know, uh connects. What's it called? A couple of good, yeah, connects. There you go. That that that um can really help your business and you

Why Meetups Pay: Referrals & Connects

SPEAKER_01 38:13

can help their business too.

SPEAKER_02 38:14

For sure, man. Um yeah, because I'm meeting with a couple, I'm meeting with somebody tomorrow, and then I'm going. Oh man, definitely hit those meetups up, bro. I'm going to a lot because you know I'm licensed now, so I gotta go make my my rounds. I'm going to one on Thursday. It's a DFW professional, but it's hosted by my boy Sinal, and he's uh he's a realtor as well. So he hosts a big meetup. Um, he usually has a pretty good turnout, so I'm gonna be up there on Thursday in Irving, Las Colinas area. So if y'all want to roll through, I'll send it to y'all.

SPEAKER_01 38:42

Yeah, yeah, send it our way. We need to do our um Boston's meetups again. That'd be cool.

SPEAKER_02 38:48

Man, those were fun. Yeah, we need to do that, man. It's Boston's still open, ain't it? Yeah, it's still there. Yeah, we gotta pop one of those off, man. We did those for years, didn't we? For like a year, two years.

SPEAKER_01 38:58

Yeah, for a while. Then all the the um Arlington Short-Turn Rental Association people started taking it over or trying to take it over after we were fighting the the ban. That that was the craziness was happening.

SPEAKER_02 39:10

Oh, yeah, it did get a little crazy, bro. It got real crazy.

SPEAKER_01 39:13

It got political.

RIP Dolly Parton + The "Dolly Parton Method"

SPEAKER_02 39:15

Yeah, real political.

SPEAKER_01 39:16

But um, so on the news today, Dolly Parton died.

SPEAKER_02 39:20

You saw that? Uh job. We were sitting there and then uh my supervisor sent it. I was like, dang.

SPEAKER_01 39:26

Yeah, that's crazy. And it is. You know what you know, my wife's from Mexico. Real quick, I don't know how I'm gonna tie this into real estate, but but uh so she she you know had a lot of hits, did her own thing. But what was what was her biggest hit that she didn't actually sing?

SPEAKER_02 39:46

Was it The Boots Made for Walking, wasn't it?

SPEAKER_01 39:48

No. This is the biggest hit she ever had, one of the biggest hits of all time, and she didn't sing it. I mean, she sang it originally, but it was covered by someone that made it a huge hit.

SPEAKER_02 40:00

Was it Whitney Houston? Uh yeah, it's covered by Whitney Houston.

SPEAKER_01 40:03

Uh and I will always always up here. Yeah. So that was uh that was one of her songs that Whitney covered. Now, who got all the money for it? Dolly got all the money for it.

unknown 40:15

Yeah.

SPEAKER_01 40:15

It's kind of like someone sitting back in the cut with these rental houses. You could put someone else's face on it, but you're getting all the money, right?

SPEAKER_02 40:23

Hey, it happens all the time, brother.

SPEAKER_01 40:25

The Dolly Parton method.

SPEAKER_02 40:26

Hey, it happens all the time, especially in music, bro. Hey, I'm gonna be real. It's people who put their music out there and let people sample it and don't tell them nothing, and then just take their ass to court.

SPEAKER_01 40:37

Soon as they make a hit, yeah.

SPEAKER_02 40:39

As soon as they make a hit, like hey, it's worth the money now, you know. So heck yeah, man. But yeah, man, I show yeah, yeah, man. Whitney did sing the hell out of that.

SPEAKER_01 40:48

Yeah.

unknown 40:49

Yeah.

SPEAKER_01 40:50

So, so rest in peace, Dolly and Whitney too, because she died a few years back. Yeah, but it was um definitely a music legend. So that'll mark whatever if you are thinking what day that we recorded this on. This is the day that um Dolly Parton died. Crazy. August 25th,

The $2,600 Still Owed & the Missing Camera

SPEAKER_01 41:06

2026. So I still from that 48-day booking, I still owe us they still owe me 2,600 bucks from that thing. That I hopefully, I don't know, would Airbnb give me that? Is Airbnb gonna pay me that money?

SPEAKER_02 41:20

I mean, I would chase them down if you have a VA that has the time, chase them down.

SPEAKER_01 41:24

They're chasing them down, but okay.

SPEAKER_02 41:27

My next question is this though. Did they stay the time period of the 2600 or no? Because they pay every 30 days, right? So they probably owe you for 18. It sounds like they owe you for 18 days.

SPEAKER_01 41:40

So they owe me, man. So they were supposed to pay the second part on the 15th, right?

SPEAKER_02 41:48

Well, 10 days.

SPEAKER_01 41:49

So I just but the thing is, I don't know when they left exactly. Here's the thing I got that house set up so fast, I didn't even get a ring doorbell on that thing yet. So I don't got a camera on it. But I'm going to but I I was uh I was in the process of setting up other all the other houses. I didn't even put one on there for some reason. I just kept forgetting. And so, yeah.

SPEAKER_02 42:08

You know what's crazy? You know what is crazy, like that right there, it's always the smallest things that cost you. When you're rushing, it's the smallest things because man, I was I'm man, I I helped my brother-in-law with his, and like it's the smallest things that you're like, eh, I'll do it later, and it ended up costing you. Because I was wondering that too. I'm like, did you see them on the camera? But if they know cameras, damn.

SPEAKER_01 42:30

Yeah, but no, I'm getting one. I'm getting a camera first.

SPEAKER_02 42:35

Yeah, yeah, yeah. Get a camera. Because I'm I'm thinking, like, if Damn. Yeah, if you don't because I would think the Airbnb would pay you if you could prove, like, hey, they were in my house and y'all had them up in there basically squatting. You know, you owe me this much. I think you could get it. I think you could. Um, you don't have any type of security, like door opening, nothing.

SPEAKER_01 42:58

Uh nah, not currently. Not at that house. Yeah. So I don't know exactly when they left. But they like I told you, they left the AC off. The house was like an oven, man. Well, that's a good thing. You don't want it to be on. I guess that's a good thing. Yeah. Yeah. Until the house starts melting or something because it's so damn hot over here. Um yeah, get you a new toilet because a new toilet will change your life.

SPEAKER_02 43:27

Man, I just had to get one.

SPEAKER_01 43:30

Did you get the fancy one?

SPEAKER_02 43:32

No, no, I don't put no fancy stuff in them rentals, bro. Oh, it's a rental. Yeah, yeah. Oh, I ain't got no, I ain't got no new one here at my house. I won't be doing the whole, you know, I ain't I ain't done the whole bidet thing yet. That'll change you, man. Yeah. I like to wipe, man. What what what uh what what'd he say on Big Daddy? I like to wipe my own ass. I'm good. I haven't done Adam Sandler say, wipe your own ass, man. So I ain't touched that yet. But I I've heard good things.

SPEAKER_01 44:07

So are you are you submitting for the WNBA draft?

SPEAKER_02 44:11

He got kicked out, didn't he? In his counter there. They kicked his ass up out of there, man. That's just a weird thing to me, like political-wise. Like, I'm not about to waste my time going up here trying to submit for the NBA. Like, I'm like, bro, I get what y'all doing, but come on.

SPEAKER_01 44:31

Trying to prove a point, man. Trying to prove a point.

SPEAKER_02 44:33

Yeah, yeah. Prove a point. I'm like, man, you got too much time on your hands.

SPEAKER_01 44:36

Yeah, he played basketball. Probably saved his money. He's rich, probably. Oh, yeah, he is. He can afford the front row at the WNBA. I don't know how much those tickets cost.

SPEAKER_02 44:47

Me and you can afford the front row at the WMBA.

SPEAKER_01 44:52

I don't know, man. When I was looking up tickets, I actually looking up tickets when um Caitlin Clark came here? Yeah, when Clark came here. They played at the AAC. They played at the AAC for that one. And yeah, there was there were thousand dollar, couple thousand dollar tickets ring um sitting by sitting down low. Yeah, the tickets were high, man. They sold that place out.

SPEAKER_02 45:13

Well, they got Caitlin Clark, because if they're coming here, they could bring in Caitlin Clark, Sophie Cunningham, and then we have Paige Bukers. So yeah, they could. Yeah, we have a star. Yeah. Dallas has always had stars, yeah.

SPEAKER_01 45:27

I saw the the highlight. You know, it's it's crazy. I'm I'm happy that it's growing. And it's it's really good competition, the WBA. And I I watched, I actually watched like the highlights of a game, probably for the first time. It was when it was Dallas. It was that game when they came here to Dallas against you know, against Indiana, and man, it was it was a great game. And oh yeah, I I noticed it was two other girls that I noticed on the Dallas that were that played better than uh Bukers and the other girl, or that the other superstar. Yeah, um, but they they tore it up, man. It was insane. They're now in the threes. There's a tall African chick that was swatting everything, man. It was crazy.

SPEAKER_02 46:08

Hey, Kaylin Clark ain't the best on her team. It's a girl that it's a girl that outscores her every game, I believe. What's her name? The little guard over there, I believe. Oh, really? But she but she she brings the she brings that attention because she plays like Steph. So it's like when Steph first started taking off, everybody was like, Damn, you gotta see this.

SPEAKER_01 46:28

Logo threes, yeah.

SPEAKER_02 46:29

Like this dude pulling up from the logo, like it was like, what? So, you know, I mean, you know, I get the hype around it, you know, because when Steph started doing that stuff, I had to feel like, man, you gotta watch him. So I started turning, I'm like, damn, this, you know, it's just something different to see, you know what I mean? Pulling up from the logo, you know, shooting threes like that. It was crazy.

SPEAKER_01 46:47

When they won the gold medal, he was shooting threes after three after it was insane.

SPEAKER_02 46:51

Man, it's nuts, bro. So, yeah, it's it's it's um like

Don't Be the Best - Be Polarizing

SPEAKER_02 46:54

I always tell people, and and this this, I'm gonna tie this back to Airbnb. You don't have to be the best player, but if you're the most polarizing, you can definitely draw attention. It's just like with Airbnb. You don't have to be the best Airbnb, but if you have the most polarizing one, for example, um, our friend Peter Behooth. It ain't the best Airbnb, but it's the most polarizing. You know what I'm saying? It's like, whoa, like this is Treehouse, and then he made like a story out of it. So if you're polarizing, you know, it it it it it like like, and then that's how I kind of relate the the NBA MVP award everywhere, every year. Honestly, the MVP award's a joke in the NBA because it ain't the most valuable player that wins it, it's the most polarizing player that wins it. Like, there's no year from 2010 to 200 probably 20 that LeBron shouldn't have won it. He was the most valuable player, but he wasn't always the most polarizing. You've seen Russell Westbrook was polarizing, Steph was polarizing. So being polarizing, you know, that draws the that draws the attention in the fans.

SPEAKER_01 47:52

Hmm, be polarizing.

SPEAKER_02 47:54

Yeah, yeah. You don't have to be the best, just be the most polarizing for that one stint in time.

SPEAKER_01 47:58

Hmm. Well, that's a good good spot to end it, I guess. Be polarizing people, I guess.

SPEAKER_02 48:04

Sir, be the most polarizing.

SPEAKER_01 48:07

Um yeah, I guess I guess we covered everything.

Interest Rates, Refi Math & Subject-To Goes Mainstream

SPEAKER_01 48:11

Um seems like the the was interest rates are staying the same. Um, they're not raising them, they're not lowering them. Um but oh I've okay go ahead.

SPEAKER_02 48:24

Go ahead, and then I'm gonna ask you a question.

SPEAKER_01 48:26

Okay. My buddy Warren, he sent me a video. He sends me videos, you know. We run we text back and forth, but he sent me a video, and it was a Pace Morby video. And and of course, Pace gets out of this car and he starts talking to the camera. Yeah, yeah, this car, I subject to this car. And he goes, and then he got into the he's he walk goes up to his mansion that he just bought. I bought this mansion, subject to, and no money down. He's talking, you know, starts doing his thing, and he goes to the whiteboard, and and I see the text message come through from you know uh from uh my buddy Warren. He's like, Okay, is this guy bullshitting or is he dropping some knowledge? And I said, No, that's pace. I know I've been following him for years. He's dropping some real knowledge there. Yeah, that's it. He said, What how do you do that? And so I explained to him what subject two was, you know, just like he's saying, you know, you just take over the deed, you put it in your LLC, and you pay the mortgage, you know, it's simple. Yeah, oh okay. It's like people are regular people are getting hip to it now to pace Mori.

SPEAKER_02 49:30

Well, your boy Warren, ain't that the guy I met the first time we ever met?

SPEAKER_01 49:34

Yeah, yeah, the pessimist. Warren the pessimist, yes. The pessimist. I always bring that up years ago. He told us don't invest in real estate, it's all gonna crash. And that was when we didn't have his cheese.

SPEAKER_02 49:48

You should ask him, like, hey, hey, two years later, look, bro.

SPEAKER_01 49:54

I ask him a lot. He's a big stuff. He's heavy into Bitcoin, he likes Bitcoin.

SPEAKER_02 50:02

Did he hit at the right time?

SPEAKER_01 50:03

No, he didn't. He's actually up and down because he he got in when the hype went crazy, like it was going up to 120 and stuff. He got in at that point, and he's he's still invested in it, but it's it's going up back a little bit. It's trickling up a little bit.

SPEAKER_02 50:17

Life of a pessimist, man. You're like, man, then everybody hops in, you hop in, now you lose money. Ah, man. Life of a pessimist. Yeah, tell him I said what's up, man. Tell him Micah calls you Warren the pessimist. Warren.

SPEAKER_01 50:34

Oh man. He'll come to our next meetup over in Boston.

SPEAKER_02 50:38

Yeah, yeah, he got to. I want to see him, man. I ain't seen him in years, man. Oh, question. Because you said interest rates. What interest rates are you seeing? Because I'm thinking about popping like two refinances.

SPEAKER_01 50:49

Refinances? It's like they're like seven, something, they're over seven percent. Ah, damn.

SPEAKER_02 50:54

Because I I got two seven percent. So I'm thinking I can go down to like a five. Shoes five is better than seven, you know what I mean? If I can.

SPEAKER_01 51:00

Yeah, no, it's not, they're still high. Yeah, damn, bro.

SPEAKER_02 51:05

Yeah, because I but they cash flow, but I mean, but I'd be looking at them like, damn, if I got them down to like fives, I'd really be cash flowing. Got them to like threes and fours, I'd really be cash flowing. So yeah, I was just wondering what interest rates you're seeing, but if they're still the same, then it ain't even no point of me touching it.

SPEAKER_01 51:19

Yeah, you gotta pay to do, you gotta pay to do that, though, right? It costs money to replace it.

SPEAKER_02 51:24

Uh yeah, you know, closing costs.

SPEAKER_01 51:27

Yeah.

SPEAKER_02 51:28

Yeah, for sure. Yeah, if I get it to a five though, I'd definitely pay the costs. Pay the cost to be the boss. Um, but yeah.

SPEAKER_01 51:36

Well, cool, man. It's a fun episode.

SPEAKER_02 51:38

Yeah, man. Yeah, fun episode, man.

Hospitable's New AI + Dynamic Pricing vs. Hostfully

SPEAKER_02 51:41

Heck yeah, man. So we definitely don't keep on pumping these things out.

SPEAKER_01 51:44

Did we have the hospitable CE um founder on our show before? Pierre something.

SPEAKER_02 51:50

Hold on. Hospitable?

SPEAKER_01 51:53

Hospitable. Did we?

SPEAKER_02 51:54

Pierre.

SPEAKER_01 51:55

Because they're rolling out some cool things, man. I don't know if you've seen what they're doing. Yeah, I I talked to one of the I talked to one of the guys. So so they're trying to bring everything in-house, right? They want you to be the one-stop shop. And one of the things they're they're doing dynamic pricing now. They're in they're working with a major pricing company. And I asked, which one is it? And he's like, Yeah, we can't really say there's a non-disclosure, but we're they're doing the dynamic pricing for us. But it all comes in one package with Hospitable Now. So you're getting the dynamic pricing inside the app. You're getting all the AI um coverage too, like as far as answering all your messages, AI will answer any any question from any guest instantly. Um, so you don't have to have your AI on the side if you don't want to.

SPEAKER_02 52:41

I'm gonna be honest, that's what they were always the best at. But yeah, go ahead.

SPEAKER_01 52:44

Yeah, the automated messages. They were always the best at all. Yeah, but now but now they're using AI to answer any kind of question. Not just, hey, if they if they mention trash, you know, send them this, you know. Yeah, they're using AI to answer everything. Hey, where's the local whatever what a hospital that treats you know, they're using AI to answer complex more complex questions, right? Um so they're doing that, and then they're trying to be your one-stop shop for accounting, too. They're trying to do all your um all your accounting for you for all your units. So I don't know. It's interesting.

SPEAKER_02 53:16

Sounds like they're trying to be guesty and hostfully.

SPEAKER_01 53:20

So they already do all that stuff.

SPEAKER_02 53:21

Yeah, they do that. So it sounds like, but I mean, I think the the market advantage is if you can do that stuff at a cheaper cost, I think that'll be your best uh way to get in to pull because guesty and hostfully is expensive, but man, it it it works. It works. Which one do you use? Uh I was using hostfully. Um, I was saying on my last the last solo episode, I am gonna probably go back to using like a PMS or a PMP because hostfully opened theirs up to where you can connect your API. It basically can talk directly to Claude or Chat GPT, whatever you want it to do, so it can answer guest messages, talk to like, hey, if somebody says something broken, you can have it automatically send it to your handyman if it needs to go there, you know, and then all you need is like a VA to manage the AI. And that I was like, man, that's the that's what the situation I want to be in, is just have my VA manage the AI and what's going on, and then she can go into like marketing, and then she's already using Claude to learn marketing, better marketing strategy. So I'm I I really want that. So I'm thinking about once you know I pay down a little bit of this uh debt I had, I'm gonna go ahead and see if I can probably hop back into hostfully. But I'll I'll take a look at Hospitable just to see because I'm always big on seeing which one is gonna serve my purpose the best, and if I can it Hospitable does it for a cheaper cost, or I'll look into it.

SPEAKER_01 54:45

Cool, man. Yeah, check it out. Yeah, I'll let you know. I'll I'll have a meeting with him on this upcoming Monday to see what you know get a test drive on all the new stuff they got going on.

SPEAKER_02 54:54

So and go back to that. You said Hospitable, do we have the Money Podcast? When Hospitable first came out, it was Pierre, right? Did somebody else take over?

SPEAKER_01 55:03

He's still CEO. He's still him.

SPEAKER_02 55:05

Okay, so I don't think we had him on.

SPEAKER_01 55:09

We had Anna, Anna Rob came on.

SPEAKER_02 55:13

He was from Price Labs, and I'm I'm pretty sure they're using Price Labs. I'm gonna be honest, I think they're using Price Labs. I don't know who else you would trust with. I I think that I'm pretty sure they're using Price Labs.

SPEAKER_01 55:28

Yeah, I mean it's smart if you're uh uh pricing software to to start connecting with the big dog because hey, they could they could bring it in-house and then you're out of a job.

SPEAKER_02 55:37

Yeah. Um, like they always say, people up here are collaborating, people down here are competing. So I'm pretty sure they're collaborating.

SPEAKER_01 55:45

I like that. Yeah, they're collaborating.

Wrap-Up

SPEAKER_01 55:48

Well, cool. Let's collaborate, Micah.

SPEAKER_02 55:50

Yes, sir. All right, man. Thank y'all for another episode of Live Let Thrive. And find us on Instagram. Well, go ahead. Yeah, find us on Instagram, TikTok, Facebook, all that good stuff. We're posted on their daily clips of you know our content. So, yeah, follow us and uh yeah, also stay on the lookout for any meetups that we are either hosting or we're going to. Love to meet y'all and uh thank y'all for continuing to listen to us. Peace. Later.

SPEAKER_00 56:17

Thank 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.