Good evening everyone . This is Niyi Adewale , host of the Acaba Home Financial Freedom Mastermind Group , and I'm pumped to be joining you on the Wednesday before Thanksgiving , and , man , there's a lot to be thankful for . I got to say that this year has been incredible .
This has been the first full year from January to the end of the year in full-time real estate as a 1099 . And yes , it's been a lot . It's been a lot of running around and a lot of figuring stuff out , but it's truly been a blessing this year and I can't wait to see what 2024 has in store .
I hope that you guys have been doing well as well , and so tonight is going to be an open session . We're going to be canceling next week's call just because we got the holidays kind of coming up , and tonight we're going to be joined by a crowd favorite , my co-pilot here , leibon . How are you doing ?
I'm doing quite well , thank you . Come on now .
Happy early Thanksgiving . Happy early Thanksgiving . What are you thankful for this year , man ? I know there's been a lot of change , a lot going on . We've been running around like crazy trying to make it happen . But what's something that you're thankful for ?
Well , first , overall , I think officially this year was the first year I started working for you , so thanks for the opportunity . Come on now , you know , thankful for kind of all the blessings I've received this year overall in real estate in general , thankful for kind of my family for supporting . They've been having my back , which I appreciate .
So overall , just kind of I'm thankful for everything I got . You know I haven't had any losses , only wins so far .
Hey , literally , and I love the attitude because , having that type of gratitude and thankfulness in your heart , there's only more blessings that are going to come to you . And I'm thankful to have you as our most senior member of the team closing and crushing it out there . Also thankful for this year because this is the first full year in real estate .
Right , like you know , every other year was kind of doing a mixture of the W2 and real estate , but being full time 1099 has been a whirlwind , but it's been truly rewarding . And it's crazy how many more opportunities come your way just out of nowhere , like just because you can go to lunch on a Tuesday . It's like okay , it's not an issue anymore .
Yep , no , I kind of wanted to ask you , because we never really had that conversation what was the driving factor that said you know what ? I'm ready , I can quit the W2 , I can finally do the full thing . What kind of drove you to that ?
Man . So this is an awesome question and there's a couple things . One when I was with Baxter right , my , my former company , I did a lot of different roles and I found that I really liked being a hunter , right . So when I was in Boston , I was selling the medical devices and that was fun .
Like we closed some big deals , I started getting some recognition and all the individuals , hospitals would start coming to us because they just knew us . They're like oh , you closed the one over at partners , so can we work with you ? And so if I could take that whole territory down here , I'd probably still be doing that .
But I wanted to get that closer with family and so I took a promotion to move into a director role . And their director role is the complete opposite . You're not on the ground , you are getting beat up by , like the hospital leaders over stuff that you can't control . You know , like supply , like hey , there's a shortage .
I'm like dude , I can't do anything here . But but I got to eat the bullets and so it became such that I knew I needed to get out . I was like you know what I want to get into full time real estate . Now , the original goal was to make that happen by the end of 2025 .
Right , I did not see that happening in 2022 when we set the goal , but what accelerated it was one closing a couple more deals as a realtor , right , getting up to a run rate of about two closings a month , which was awesome as a solo realtor . That was cool . And then to the short term rental management that was the real piece .
Like that was something I didn't even factor into the numbers . And when that took off and we went from managing just you know three or four to 15 . And now there's X amount coming in consistently per month . I took a look at the overall picture . I said you know what , if we were to focus on this full time , like what could that mean ?
Could we thrive out here ? Could we bet on ourselves and build something ? And that was kind of how it came to be .
No , okay .
Oh , no , awesome .
Okay , and now follow up question . Since you've kind of been doing it , what has been your most fun deal that you've done this year so far ? We still got one month left you know . But you know , maybe some crazy will happen . But yeah , so far what's been the best deal you've had ?
That you've said and you're saying personally or for a client , personal , personal , personal . Yeah , once we get to new years we'll ask for the clients . You know , let's , we get there . Okay , you froze for a second and you said personally or for a client personally for yourself .
Once we get personally the new years , we'll do the client because we'll have a full you know , a full year . Yeah , yeah , there's some crazy ones right now .
Hey , personally , it's one that I'm working on right now , right Like , and I think we're going to close it . I think we're going to close it on Friday . We just got the numbers back . I'm pumped on it , but it's a deal where I'm essentially going to be able to not put anything down .
Have a note it's going to be a creative finance deal , so I have not done one of these in a super long time , right ? So it's going to be a creative finance deal where I can take over a home that's a short-term rental , take over the mortgage payment .
Have a bit of a note that's due above and beyond the mortgage , but I don't got to make any payments and it's only due in 36 months , and so the reason it doesn't work for this investor is they have to pay for everything else , like the management of us managing it and all this other stuff .
We're going to be able to take that cost really down to net zero , make some money on this thing and then , three years from now , I have no doubt that it's going to be worth more and sell it . So that's one I'm super excited about . I'd say that's the most creative one .
The one I was most excited about , though , like super was the four unit , because I'm like , hey , we can get four units , but creatively I like this one . This is hitting all the marks .
Nice , okay , cool .
Coming to you , though , like the question you asked initially was awesome , right , and I'd love to hear your thoughts too , Like what made you , because I know when you joined the team , you were still working . You know multiple jobs and making this happen , and so what made you move full time into this and say , hey , I'm going to bet on myself ?
So I have always been , I say , you know , frugal but really is cheap , you know . And so I keep my expenses to nothing . I don't buy clothes , I don't buy nothing Like this is my aunt's what I'm wearing right now , you know . So because of that I really don't don't , didn't need that much to like keep myself alive , feed myself , et cetera .
To tell you , kind of , when I was working as a server I was pulling in like 700 a week , right . So I kind of sat there and I said , okay , well , I'm pulling like 700 a week as a server . You know I'm doing it part time . If I were to just dedicate that time , you know I can probably get the money back , and thankfully it did .
And I even said to myself , you know , even when I quit , like , let's say , I quit a little too early , I always had , you know , thankfully , we live in a gig economy . Now I could , if I need like a quick hundred bucks , I can Uber one night , you know , for four hours , and get a hundred dollars .
I can , you know , do odd work for someone , and you know , find work because I'm always pretty good about stuff like that .
So keeping myself alive was really just food , my bills and like , because I live so cheaply , there wasn't much overhead , which is kind of the overall blessing in general , because as long as I'm keeping that down now , all my all the money I'm making , I've been able to just kind of throw at okay , let me try this thing and let me try this thing .
So now when I started actually generating profit and I was looking at it like , oh , I'm netting way more than I'm spending and I'm not paycheck to paycheck anymore , I can test out different stuff and see , okay , does this thing work , does that thing work ?
And so because of that , I was able to kind of just throw stuff out and see what's working , because I had so little risk . And I kind of said to myself hey , leibon , you're 22 , you don't have kids , no one's dependent upon you .
This is the time you know , honestly , like that mindset and understanding hey , this is a superpower , right To be able to not have these quote unquote obligations , to be able to keep your expenses low .
Because what happens with most people is , as soon as they get , you know , whatever money come in , it's like , oh , I need to go take this vacation or go blow this . And it's like , guys , no , like , what you said is a hard thing to do , to keep the expenses low and really start to invest that piece . I guess my question is what's the next step ?
Like , what are you looking to do in 2024 ? That's going to take you to the next level , not just from income , but for the income working for you .
Yeah , so buying a house , that's a big one right Now . You know , I'm kind of partnered up . I got this remodeling stuff going on , kind of growing and expanding . That is a big deal too . I got a couple of my friends . I'm like guys , let me see your cold call , I'll split the feed , da , da da . So I got them calling up some ages , hey , you know .
And I told them you know , you're not doing anything on Tuesday . Let's use three of those hours I'll give you . You know , if you get me a job , I'll give you 300 bucks . And they're like that's my , you know , that's bill money , you know . So kind of leveraging my friends too in that fact of , hey , you guys are not also not doing that .
Let's use our youth to our advantage , you know . And so that's kind of been a big one and then also kind of overall , just kind of leveling up Now my transactions . I got the confidence and one of the things that kind of has helped me is everyone that's older than me , that's in the game has been like dude , you're killing it , keep going .
So every time I'm like , hey , I don't know , da da da , the imposter syndrome comes in , I always say you know , these guys who are way smarter than me are like you're doing fine , you'll just keep going . It's a time thing . I you know they're all telling me the same thing .
I should probably listen to the people that have already done it , you know , yeah , so that's been good . I'm getting a lot of positive reinforcement from everyone around me , so that's kind of helped out in the darker quote unquote times . Come on now .
And I hear you that that sells in general . There's going to be those times where it's like man , we actually got that one across the finish line , that was amazing . And there's other times where it's like dang , I put so many hours into that and it's falling apart . What's going on ?
And so keeping that positive attitude is like that's like 80% of the journey , right , the hey , no one , what to do next . That comes with time , as you mentioned , but that being able to have that impenetrable shield where it's like hey , no matter what , I'm still going to put a smile on and keep it moving and the day is going to be okay , that's huge .
What I'm so pumped about for you , though , is that house man . When you get the first one with all the knowledge that you've got on negotiating , I feel bad for the other realtor on that piece . I'm excited , I'm excited .
It's going to be fun for me , it's going to be real fun for me . Yeah , no , I'm really excited for the future and what it holds and that , to that point too , overall I'd say like again , kind of that piece of hey , stumble , stumble , stumble , you're going to make it .
And also a good thing about it , too , is some of the deals are easy and those are like hey , it wasn't even that , this was a breeze , and so those are the ones that really give you that lift of real estate . You can really make it . It's easy , it's just all about knowledge . The more you know , the easier it gets , and thankfully that's .
I've been getting that a lot and a lot more .
Yeah , yeah . And one thing I would say , kind of circling back to something you said earlier , is if you for the audience and those listening if you're under the age of like 25 , 26 , you're going , it's okay to make mistakes . You should go out there and do that . What's not okay is to make the same mistake five times in a row .
It's not from the mistakes , but it's A-OK to make mistakes and that should happen . When I got that first property , I was 24 . I was two years removed from where you are right now and the whole thing I kept telling myself is hey , if I completely mess this up , I'm nervous , I'm nervous . This is the most money I put down .
I scraped the other everything I had , but even if I completely mess this up , I've got the next 40 years to build a 401k like everybody else and keep going from there . That property led me to the next , led me to the next , which allowed me to get out of the W2 world eventually .
No , literally , I always say learning how to lose is really important . Thank you that I learned it early . I didn't really realize that I learned basketball . I was getting beat by these freaks man . 30 points every game . I'm like he's suck . I'm like , hey , I'm having fun with it , so hey come on now . We were . Thankfully , that helped out a lot .
Absolutely , absolutely . Another piece that I'm thankful for . Circling back to the whole , the thing we started this off with is our team man . The Acapa Home team has grown tremendously so for those who may not know or haven't seen it yet . Two things . One I need to get like .
We got to get team pictures at some point early next year or late , probably early next year . We got to get together and do that piece .
But the team has grown from a team of three early this year to now a team of seven with a transaction coordinator that's working with us full time , and so we are off and running and I'm just excited about the different skill sets that everybody brings to the table , from marketing to negotiation , to sales skills , to being able to do the whole nurture campaign .
Like there's a lot going on and it's just it's exciting .
And one thing I like about our team too is the real go-getters , like , for instance , with Naira . I was just like , hey , naira , help me design the newsletter . And she's like you know what , I'll just do the whole thing , you know . And I'm like go ahead , you're better than me at it .
And so really leveraging everyone's skill set , with Naira being a designer , eric being data , nasir being from the military and sales , like it's kind of a beautiful mesh of everyone comes in with their own thing , so we can kind of just tune and tune and tune and become unstoppable , you know .
Come on now , and it just sharpens everybody's skills . You know , and I'm learning something new every day , like this whole the mojo stuff . I'm like what is that , you know ? But after about three weeks of reminders we finally looked into it and boom we got it .
You know it's like all right cool .
Yeah , get you on mojo on back in March , you know yeah .
I know , I know I was saying three months to kind of get myself , you know . But hey , if you don't put me on blast , it's all good . Hey , better lick the number , better lick the number .
Yeah . So I think if we had it that early too , it would have just it would have been pointless , you know , because we weren't at any of the traction . Because now we have a way to actually use it and actually plug it in and kind of use it and plug and play , and it's really nice , I'd say .
Absolutely , absolutely . I think we're going to be on track to actually hit the goal for the Acaba home team next year , which was to help 136 individuals by the end of 2024 . Right now we're at 59 total , but we've got like 10, . Potentially that'll happen by the end of the year , which is going to be incredible .
So we're going to be well on the way and we look forward to coming to you because you're the one that really , in the beginning , you kind of started and said , okay , this year I want to do XYZ , and we basically hit all the goals you set by the half of the year , pretty much . So were you like whoa , you know , I shot too low , way too low .
It's amazing . You're like it's great we're kind of getting everyone to come in and be kind of immediately ready , because me , you know the way we are , the way I found you was literally I just texted you out of the pool , you know . So are you like all right , I think we're going to be .
You know what was the overall first impressions of everyone , kind of where you're expecting to be here at this point complete shock .
I think it's one where it kind of snowballed . It's almost like the whole management of the short term rentals , right . That piece was just like hey , okay , you take one and take another and take art , let's get going .
But for the team , this has been the most exciting for me because I still get joy from going and chasing down deals but honestly , I get more joy from seeing like you do it Like and others . I'm like dude , this is incredible . Like you know , I'm fist pumping , you know , at the finish line with you like , hey , let's get it .
You know like this is cool and so so no , not in my wildest dreams that I think we would be at this point that we are right now . I think that you've been an incredible piece of that accelerating and kind of pushing me further , saying , hey man , what's next ?
What's next , let's get moving Right and then having , and then having you know , the air because of the world , that kind of keep the team you know together and kind of you know the galoon , the nurture piece , right .
And then even even the other individuals that you knew , that you brought on , and then other individuals that we've helped out throughout the years , right , that have wanted to come , and there's still more that are knocking on the door , right , and so it's .
I would say , like , for those who were like , I actually talked to an individual that's based out of Florida . He's one of my guys . I invited him on with EXP and he's a realtor and he was talking to me like hey , I'm thinking about starting a team . I'm like , okay , how many deals have you closed , right ? And and there was like silence .
I'm like , hey , the first thing you need to do is start closing deals , right , and then start building the team so you can help the team and be the rainmaker to bring in deals to help everybody , right , cause it doesn't work like that .
And so I just say , man , you just take it one step at a time there's , you don't need to see the whole rung , you just need to see the next step and don't say no to opportunities , cause I remember back then you were like , hey , can we take another team member ? I said , heck , yes .
Right .
Yeah , Now in mind it's like , Okay , how are we going to actually train this team member and get them up and running ? But we'll figure that piece out . Let's bring them on If they're solid , we'll figure that out .
Yeah , no .
Yeah , but this is an open session for those that are in the audience . Please feel free to jump in and or drop any questions in the chat .
This is going to be the last one that we have before Thanksgiving and that's going to be a little bit more sporadic in December , right With the holidays , things that nature but starting next year we're going to kick it right back off with some more guests . I got some people lined up , some new individuals I've met , and leave on a complete side note .
If you meet some individuals that are interesting that you want to bring on , feel free .
I have some people in mind , of course .
Yeah , yeah , fair enough , yep , I got you Fair enough , but any questions , anybody from the chat have anything on this Wednesday . I think everybody's getting out of town early man , yeah , no , hey , it's Thanksgiving .
What are your Thanksgiving plans ?
Oh man . So I'm actually heading to Nashville to go visit with Mama Dukes and you just reminded me I need to actually look at flights potentially , and then , if the flights are too crazy , I'm just going to drive right . Not a bad drive .
It's like three and a half four hours something like that , but if they have those special flights , it's like $100 a flight . I will do that , but if it's $500 , $600 , I will drive it .
I almost speaking of those flight deals . My friend texted in our group chat he was like yo Spirit's doing deals and they were doing the flights to the DR for like $200 bucks for our trip and I was like I don't know if I trust that plane .
I don't trust it . As soon as you said Spirit , I knew I didn't trust it .
I might not land , I might not make it there . I'll think I'll pass on this one , but I see we have a question here . What are some of the biggest financial lessons you have learned this month ?
This month . Okay , that's highly specific . So this month is only halfway over , right . I'd say the biggest thing I've learned is to stick to your systems and tweak your systems , and so one thing I recently started doing over the last four weeks I wanted to say this month , is tweaking my splits .
I think we talked about the profit first thing a while ago and I'd highly recommend that , lebun , if you're not doing that yet but the profit first thing where I have any dollar that comes in , it gets split six ways . I'm looking at my little split thing right here , right , I split it kind of all over . I keep a diagram and know exactly what's going on .
So X percent goes to tax , x percent goes to tithing , x percent goes to profit family , the operating account and then a couple of investment accounts that I'm working on for Louisville , and so that's huge .
It keeps you disciplined and it allows you and I also have a profit slash fun account , right , that takes X percent to make sure that you can still spend and have fun and that you're working towards something but you don't overdo it , right ? Because it's very easy to do that . So that's one piece .
The other piece is it's good to start tracking your net worth right , whether you're using just the Mint app or as you start to acquire real estate , you start putting together a spreadsheet .
I think it's huge because what you focus on tends to grow , and now that I'm back in the habit of doing it in the middle of each month , I just update the tracker and it's incredible to see how much growth you could have just in one month of focusing . Yeah , Leibhahn .
What about you ? What are ?
some of the biggest financial lessons you've learned I'll give you over the last couple of months .
Yeah . So for me it's really been don't count your egg until it has hatched , because there's been a couple of times where we get into contract I'm like , and then we got to terminate because X , y and Z .
So really just taking out the emotion with the money , because a lot of people they're so closely linked , but kind of I overall try to be as logical and kind of say okay , I'm getting especially now that I'm also doing a lot more construction work with this business that piece , I'll go out and give a bid . I think I got the job , we don't .
So that's another thing too . But overall , don't get too high , don't get too low based upon how we're doing overall , and don't expect it until it hits the account . You know , agree , yeah , cause , cause that's what I first started noticing myself doing , that'd be , I get super hyped and if I lost it I get super low . So that's overall one of the big ones .
Dude , and that takes time to get used to . One of the things I used to say when I was at Baxter , and this was because we were working on , like , the deal that we closed . The big deal was like a $25 million once in a lifetime capital equipment deal , right , and it was 18 months of work . You literally get nothing for 18 months .
You're waking up early , you're driving to all these hospitals . It was a great like it was such a blur for the first six months because we're doing all this stuff . It was like a lot going on . Long story short , we got to the end and it's down between us and one other team and they're delaying , they're not telling us the answer .
It's almost like when you submit an offer and they're like we got multiple offers and they won't tell you like hey , did we get this thing or what . And so I remember my manager asked me and then another individual asked me that I highly respect and they're like man me , how do you feel ? Are you nervous Things at nature ?
And I was like , honestly , no , because all you can control is what you can control and that's what you should focus on . What I can control is putting my best foot forward right Each day and that's all you can control . Hey , I did everything I could to make sure we can get through on this piece and then you let the results fall where they may .
Taking an SAT right , the work and the worry and all that stuff should be beforehand . You should be working as hard as you can trying to prepare for it . Go take the SAT . After you've taken it , the results are in . Don't just , you know , forget about that piece . It's going to come out . You can't control it . No need to worry about it .
The control was what you put into it in the beginning .
Awesome , yeah , so you want to Kareem ? What about you ?
Matt , this is a pretty good question in the chat here . What is a big financial lesson that you learned this year ?
Diversify your investments .
Always don't go put all your eggs in one basket . I had some money last year . I invested that money . I went 50-50 between Amazon and real estate . Amazon business didn't work out exactly how I envisioned it would , but I did learn some skills .
The real estate business , though is okay , it still has survived .
It has survived .
That's good .
Otherwise . Yeah , I would have been in a much worse financial spot right now if I would have , for example , won just with Amazon . But I made the conscious decision , instead of going all in into one path , to split it up , because it's a discovery journey anyway . So I made a decision to discover two paths instead of one .
I like it . There's wise words , man .
I know I asked me this question , but now you're here , Kareem . What has been your favorite deal since you brought it up in real estate that you've done this year ?
I haven't done deals , I just have that one property . At the moment I'm doing the short-term rental gig short-term and mid-term but my next venture will most likely be into the arbitrage piece .
I'm just trying to study it more and trying to figure out how to pinpoint winner properties and how to , at the same time , widen the search to include out-of-state as well as in-state . So this is what I'm doing now and what I'm planning on doing in the future .
So favorite to come , favorite to come . I love it .
Come on now and kind of following up on a conversation we had . Kareem , were you able to get that midterm or long-term person in ?
Whatever happened with that they weren't very transparent with their income piece . I asked for proof of income , like current income , and all they submitted was the tax returns of 2022 . So it doesn't show me what and the number on the tax return is not what they said they were making now . So there's definitely a discrepancy on like that's shown .
Like you were making more . Can you show any paper trail to corroborate what you're saying , that you're making ? And she didn't have anything .
Yeah , at that point , red flags , because the cool thing about long-term rentals is , once you get somebody in that you vetted , it's , set it and forget it . They're in there , they don't want to really be bothered and it's just the checks come in every month .
But if there's an issue , even though we're in a landlord-friendly state , you still got to go through the headache of I got to evict this person . There's no money coming in . Did they damage the place , all this stuff . So it's , yeah , you got to really go through that process a bit .
Yeah .
I'm extra rigorous , especially with a furnished piece . If it was just like wall and paint , then it would have been a little easier . But you actually have like invested in furniture and stuff like that's all to be more careful , absolutely .
What else you got , man ? Anything that you're working on right now ?
Still discovering . So , like I said , so unpacking the arbitrage business , trying to figure it out , I did discover something that you might benefit from , though . There's this guy on social media . His name is Preston SEO . Preston SEO .
He has one of these like arbitrage courses or whatever , but the nugget is he's offering the annual subscription to AirDNA for like $2,000 , like 20 , like low under 3000 by his course .
His course is like I don't know $2,000 bucks , so you pay him his $2,000 first course and you get the discounted rate from AirDNA , and that just saved you like I don't know $8,000 , $10,000 a year .
And when you say discount , you mean like the one that's global , like the global AirDNA .
Yeah , yeah , yeah , the full . Oh , okay , the top notch , yeah the , you know , the full service .
On a complete side note , we got to get into the software business . Airdna is charging people 10K for the global and I don't know how many people are using it . Yeah yeah , we pay like . I think we paid like I don't know , two or three or four grand for , like , we paid a good amount .
We pay a lot of money for just the state , and the global one is like a lot more , oh wow .
That data , man yeah .
Yeah , and I just started paying .
Oh , my God .
Yeah , and I just started paying recently for the updated chat GBT and it's truly worth like $20 a month . It's crazy , like it's crazy , what type of info you can pull on here . Fun side note it helped me write the story behind the newsletter that's coming out , which everybody will see here soon . But yeah , it's pretty incredible .
We are moving into the space age and I'm excited about it 100% .
I was thinking about a business idea , also in the same space , need no one's really offering maintenance , like monthly subscription maintenance services similar to the cleaning services , where essentially you would have like a maintenance team on retainer and you would sell , like the scope would be like a certain amount of hours that you know that they're guaranteed to
have . Like you're guaranteed 10 hours of a month , for example , right , anything above that , you don't have to pay extra . But you don't have to source , you don't have to like look , this is good for , like the newer people who are coming into the business and they don't have that layer of support . They don't have like that you know thing .
And it would be packaged the same way like the cleaning business is packaged .
So it's why you mentioned that , because I currently I don't know if Nia has major , where I'm partnered up in a kind of remodeling company , and one of our clients that's basically what we do . They run a bunch of Airbnb's all around the city and as guests are coming in and out , she basically just says , hey , you know , they dinged this , they dinged that .
Can you come in and fix it ? And it'll be like yeah sure , you know you have the spackle , you have the blah , blah , blah , and we'll just come in 200 bucks , go in there , not get out . So I never thought about it as like a recurring service because , to your point , this is something that Insurance company yeah exactly Exactly .
You're kind of saying , hey , for X amount of dollars I'll come in and basically do punch list items for you , and that would be good because the crews get consistent work , they're able to feed themselves , they know , hey , I'm going to have this amount , and the landlords , to your point , get consistent quality of work .
So that's something I didn't even think about as a kind of advertised service , but you're either as a big need for that already . I love it .
I'm just going to find anything .
The piece that I think about is just , you got to have scale , right . So that's literally the model that we had . I think you remember some of the maintenance managers that we had in the past , kareem .
They were full time on the team and we give them X percent of what we brought in as a management company to make sure that they prioritize us , and they lowered their fees . So typically , a maintenance person can charge you anywhere from 45 to like 75 an hour .
We had ours at 45 an hour and they did some things free , like changing out batteries , locks , stuff like that , right , and filters and things of that nature On our behalf , because we were giving them the X percent and taking out trash . Right , because we were giving them the X percent . And so it works . I would almost want to have it .
I almost want to look at what the property is bringing in and then base it off a percentage of that income , if that makes any sense .
Right , like hey , x percentage month of your income , right , so we can just link it as another co-host on Airbnb and hey , 5% , 6% , 7% , whatever you bring in is going to come and I'm going to go and take care of everything . I think that'd be pretty cool .
I just I don't know if I would want to personally manage that , but if you want to , I think that'd be pretty cool .
Yeah , and I think the scaling part is really the hardest part , because then as you grow you're going to have limited amount of time , limited amount of people , and then there's already kind of a labor shortage in general and kind of the construction remodeling world already .
So to that point , keeping the price low enough to where it's still reasonable for the investor but high enough to where the guys are still getting paid is really that delicate balance that you got to find .
Yeah , you'll have to . You'd have to build like like your , like your roller decks , contractors and suppliers and you know have deals with , with like the local shops and stuff like that .
You don't have to build like a a solid network of these guys and have , and you'd have to also invest in a system like hospitable , for example , where , like you can send out the messages automatically , because I'm pretty sure that , like that's how they do it like , and on the back end they have like a bunch of freelancers running around .
Then they send out the ticket , they blast it . They probably have priorities , like it goes like to Like a Prioritized list first . If they don't respond within certain time , it goes to like the next list . But , yeah , essentially , this is this how you do it . It's a lot of work . Like it's a lot of work , it's not easy .
At that point you might as well just manage the whole property man , like cuz . You just make a lot more and have kind of individuals . I can tell you that what you just the way you just described it is kind of what we're doing now . We went away from the model that we had before because we just we kept losing maintenance folks to leave .
On point , it's hard to keep people in that role because it's not a whole lot of money when you think about it , and so we just move to hey , let's do away with their percentage , just make it a flat fee per hour , right , and we don't depend on one person .
We have a whole Rolodex and I have an operations manager that we that we pay now , right , the operations manager is the one that manages the Rolodex and we use a software called asana To determine the priority and so we have all the properties laid out .
Believe me , it looks kind of crazy , but they're all laid out , they all have these little tasks underneath them and anytime we have a task , we have either our guest experience manager , which is the VA's , will plug it into asana and tag our operations manager in it and put like a priority level , or , if I get something from an owner like hey , here goes a
checklist that we want to take care of . Okay , I'll plug it in there , put the priority , and then she kind of coordinates with the maintenance folks .
She'll call this person first , because that's our preferred , and then go down the list if they don't answer what You're kind of speaking about kind of brought up a question because I know you're big into the automation Do you use for Airbnb an automatic automation like tool to figure out pricing ?
Yes , so which one good career ?
Oh sorry , followed me , is needs advice , I think . What do you use ? The beyond Yep , beyond just it beyond , and the other one is the one I use is called price , lab price price yeah , yeah , cuz I heard about three price lab , wheelhouse and beyond price wheelhouse .
Yep , well , house , I heard , was pretty good too . I just used beyond because that was the the first one that I heard about now that , okay , and it linked into hospital . So I was like , alright , we'll do this . But all of them work pretty similarly from what I hear and have you guys heard of hello landing ? Hello landing .
No , oh I . So I was out of meetup the one I house with Farley , and one of the people there Essentially told us about it . He works for the company and it's essentially like Rent by the room model . Hmm , but like , from my understanding they might be like . Essentially they pay a monthly fee . I think I Don't know if it was this website , but this one .
It's basically rent by the room model . All right , kind of like Pat split , but more short term rent by the room . And then , of course , these are all you know , furnished properties you check in , check out , so that that might be another one . And here I can actually drop the way how do they manage ? the cleaning , though , yeah , that'd be tough .
I don't know that I that I have no idea .
There's gotta be like a shared visit the kitchen . So they're sharing the kitchen , they're sharing a living room , they're sharing maybe a bathroom , like in the main , you know , the main living room , bathroom or something . So someone checks out , the cleaning team has to come in and Clean while other guests are occupying the property .
Yes , I think . I think the way their model works is you pay a monthly fee , let's say 1500 a month , and then you have access to all of their like Listed proper rooms , right ? So then if they stay with you , you'd get X percent of that , I think .
I think because they can , because they can stay for as long as they want , they can stay for a day or a month , you know . So here I just dropped it in the chat for you guys to take a look at hello landing . Yeah , we'll definitely take a look .
Yeah , I haven't heard of it but it sounds interesting . Yeah , I don't even know what their model is .
I literally just found out about it on Sunday .
This other platform , like like Airbnb ? Yeah , they're a platform , yeah , exactly .
Yeah , they're a platform .
Yep , Exactly speaking of platforms , at the bigger pockets conference there was like a midterm rental summit and Ziana McIntyre and another lady were up there talking about some of the platforms they list on , and so furnished finder is the one everybody here's about , but there's like eight other platforms that they list on .
I have the list somewhere and when I actually have some time , I'm going to be uploading all the properties on there to see if we can't get some more traction there for the longer terms , because those are incredible when you can get a midterm renter for a fully furnished but like it's it's . There's so many ways .
There's so many new software is coming out to try and disrupt the market . I can tell you that one that I need to get on I just , you know , gotta find the time is this one called hopper . They've called consistently for like months . I finally hopped in the line with them and they're like I'm like , hey , can you guys convert all this ?
They're like , hey , yes , but you're gonna have to do this that any other , my god , let me wait until we have some downtime for this , but have you heard of hopper ? No , I've never heard of hopper .
Kareem , have they called you ?
Yeah , they've been harassing me for about a month and then I was like all right , fine , see what you could do against there being big Good luck to you . Yeah , I did sign up , I did have like I created the account or whatever , but I haven't had like a single booking like in the last maybe three months or so .
Okay , how hard was it to actually sign up ? Because in my mind it's like man , it's gonna take forever . But how long was that ? No , they have an hour on the phone .
Okay , yeah , they walked me stuff by step , just got it done like on in one call . Okay , okay .
Fair enough Anybody in the chat . We are coming toward the end of the call . Any questions ? Anything that is top of mind we're a concern . That's fair , kareem , if we don't talk before then . Wishing you a happy Thanksgiving , leabon , I know we're gonna talk . But happy Thanksgiving to the rest of the a couple home group too .
I look forward to seeing you guys first week of December . Thank you sir .
I shall be safe . Thank you I .