Self Managing for Over A Decade - Tips from Industry Expert Luke Carl

well welcome back everyone to the short-term rental riches podcast excited to have yet another fellow podcaster on today today we have Luke Carl he's the host of the short-term Rental Management podcast which is very near and dear to our hearts on this channel providing a lot of good advice he's also the director of the education for the short-term shop Luke welcome to the show my pleasure man it's a great to be here yeah I'm excited to have you um can you give us a little bit

of background yeah yeah so um I'm uh probably better known as Avery Carl's husband um and uh and we started the the journey together years and years ago we bought our first house uh before we even got married and uh and uh it just you know it just was a natural fit um I remember very early when I first met her she was you know 24 or something like that and uh uh she said I think I want to get my real estate license and I

was like what is that I don't even like what is that you know and I was like okay cool and she actually didn't do it at the time but um we Revisited that later we moved a few you know a couple times and things like that but uh yeah ended up being obviously a pretty good deal for her uh pretty huge in the in the world of uh agents and and uh and selling real estate and of course the short-term shop was born somewhere in that

process and and um you know kind of even before that you when we started buying a few rental properties of our own um didn't really know anything about it um it was before we'd ever discovered you know beggar Pockets or Rich Dad or anything like that and uh and just kind of jumped in man and I come from a background of uh fairly do-it-yourself type of a family and uh and so uh we we bought a couple of long terms and then um branched out into

shortterm just kind of on accident really it was natural Evol ution it was the next town over was Gatlinburg and it worked out uh and I still to this to this day I have the longest running Airbnb uh two of them actually the two longest running airbnbs uh in Gatlinburg in the in the Pigeon Forge uh Smoky Mountain Area that's awesome and yeah and it just kind of went nuts from there you know we were early adopters I've been on Airbnb since 2011 um and uh

and I I never really thought of it that way I was just buying more houses um and they just happened to be you put them on verbo instead of Zillow to rent um and of course today I do I still I I still love long terms absolutely I have I have apartment buildings uh I I uh I have way more long terms than I do the short terms but they're still the Cornerstone of the whole thing and and and now as we get older man the

cool part is is we really appreciate the short terms more now than ever like exponentially more now because of all the you know The Debt Pay down over the years and they're they're not as stressful anymore uh for for multiple reasons um you know we're not like leveraged as much as we used to be and that's nice it's a very good feeling um and also uh primarily because we have grown as you know getting a little older and we have a family now and we can

go use these things you know and that is awesome and used to be back in the day we would go we would go but um you know we were never really in a situation where we could enjoy uh because you're killing yourself all day every day to get to what where you're trying to look for in life and you know the the old quote uh do what no one will do now so that you can live like no one later that kind of thing but yeah

so for me man it's been an incredible journey um and uh and and really I'm loving the short terms now way more than ever that's great that's great uh well if for anyone that missed the episode we did recently with Avery Carl uh go make sure you go back and check that out um and and Luke so let's see so you got a bunch of units long-term and shortterm can you give us a little idea what your portfolio looks like today yes it's a littleit everything

man um so um I've got a lot of single family long terms uh in in a few couple different markets uh in the South we live in the south well what Avery I think would call the South the panhandle of Florida she says anything else outside of the panhandles not the south of course she's born and raised in the Deep South so I listen to what she says you know I'm not I'm I'm originally Midwestern but uh um couple of different towns in the south in

Tennessee and Alabama I've got long terms and duplexes uh single families and duplexes um and I try to stick to decent school districts that kind of thing uh maybe 1,500 bucks a month on those on those bad boys and then I have um Apartments I've got several apartment buildings in my hometown of Omaha Nebraska go Big Red um and uh and then I've got the short terms I've got eight short terms um like I said I've had most of them for quite some time I did

buy two in the past maybe two years um and I I actually exchanged a couple at one point I exchanged some smaller ones for some larger ones um and I still do have some small ones um but uh but yeah that's kind of a mix the mix across the board somewhere around 300 units awesome that's amazing that's amazing and do you manage all of them yourself including the long-term ones as well um I don't no but I have when I first started um again you know

I'm the kind of guy my my dad you know I was he was a army Vietnam got Viet Vietnam vet and he was a you know tough guy kind of mman he was a mailman but so like low Blue Collar but get things done kind of guy um and so you know he taught me how to change the brakes in his truck when I was like six years old and that's just how I was raised and so when we first started in real estate I it

never crossed my mind to hire a manager just would never be something that I could imagine uh we didn't have the money you know I could I'm 10% to to for what you know like that kind of thing and then as time went by and I did self-manage uh my shortterm or my long-terms uh in SE I had I think somewhere in around 30 doors and then we moved we moved was the Catalyst there um and and things started you know we were starting to build

our way out of uh you know in into into a more uh financially sound life and uh we moved to Florida from Tennessee and it was just a natural at the time my long-terms were all in Chattanooga which I do still own those um and uh and that's what that it was just the timing thing it was like okay it's time I can't do this anymore I'm going to be further away I was managing my long terms from a distance and with success you know I

build a team I had guys working for me that would do the rehab one guy spe you know in particular um you get to 2030 properties in the same town you kind of get a little you know Network going there and uh for sure wor worked out pretty well but uh eventually I did uh put on uh thirdparty property management and I've got I deal with five uh thirdparty property managers right now in four different states and um I I do the short-terms in-house um I'm

very much involved with the short terms I have a team obviously very similar to what you have uh that I've built out over the years I went through many people to get to where you know it's hard hiring and firing is hard but uh a wonderful team right now I'm very proud of all the I only have two two full-timers and well three if you count the bookkeeper and he's in-house um and uh and I'm very much involved I mean I'm not sitting there responding to

guests of course um but I and I and I don't have the apps on my phone I think that you know that was a big uh event in my life where I'm not looking at the apps anymore and uh I do still have hosp like I use hospitable so I have that but no Airbnb verbo get it out or no notifications and um but I you know I still I I know every now and then I know like the guest's name and we talk about you

know you gossip within you know the organization of oh man can you imagine Mary Beth did this weird thing over here at this house and you know I'm I'm definitely involved and and I enjoy it yeah that's great well I I I love that that you're in it too I mean that's you're you're coming from the per perfect place to be able to teach about it right and and so a lot of great content on your podcast I think one of the things that's exciting and

that and that you've you've touched on here is that it's just easier to manage things virtually now um and it doesn't have to be like one set way I mean we can decide which parts of it we want to do we can Outsource the other parts other team members so I think in general it's just gotten a lot easier and that's a lot that's exciting for me you know we can do this anywhere but there's definitely challenges right um and so just curious to hear from

you what have been some of your biggest challenges managing more specifically the the short-term rentals remotely well I mean you know it never ends man it's just the life of a landlord though um even even with I I really think and I think you'll agree with me people gotta get over the distance thing it it there really isn't a factor I'm not going to go look at this thing even if it's right down the street I do I'm gonna contradict myself I'll stop by once a

year but I'll make a trip out of it right so all my houses are kind of in clumps in my in my Apartments so I'll make a trip out of it go see my folks in Omaha and I'm going to go run every one of those properties uh of course you're not walking you know if there's a lock box on a unit you go in obviously and you know my property manager has the same code on every lock box and um and so I don't even

have to bother them if I just show up uh oh that that unit's got a lock box on it I'll walk it and I'll and then I'll text him and say dude what the hell how come there's no carpet in here or whatever you know why are you not working on this unit um yeah but you know I mean to me it just I don't know if it's just the way we've always lived Our Lives is to be fairly virtual um my my back when I

had a job I I came up in broadcasting as a matter of fact I had a long career in radio and rock and roll radio um with SiriusXM and I still do that I Moonlight occasionally on the weekends um I that was virtual as well too and that's great you know's always been about time we had a professional radio voice on this show because the last uh 200 episodes or whatever have not been so thank you for that yeah you know it's just second nature for

me I just talked rock and roll I mean I still do it you know I mean for fun I I don't I can't I don't have time to do it fulltime anymore anymore but um but yes so we've just always been virtual to me it was like it I can't really explain it um if you're worried about that get over it it's just not that big a deal um in other words you're gonna have to send the plumber back out to fix what he did wrong

the first time uh even if the house is next door or if it's six states away you know I mean to me it's a old hat you know I mean it's just part of the gig I don't I don't really have much of a better explanation than that yeah yeah yeah no I and that's the reality though it's you know I I think we do we just need to get over this Remote Management thing I mean that's just the reality now and for anyone that wants

to manage any property if it's too far to drive to which could be for you you know an hour away then you're managing it remotely right and so doesn't really matter the distance that we put in between it if we're already at the point that we can't just step over to it I think uh for us you know some of the the Big Challenge has been housekeeping of course and maintenance um and we got to make sure our properties are always in in good shape do

you have a couple just pointers around what you guys look for or maybe how you go about finding your housekeepers yeah you know I mean it's got a lot easier I hate to use that word um but you know you've been doing this a long time and and when we first started um back guys like us were Pioneers you know we people housekeepers were looking at us funny like wait a minute what do you mean you own this house it like they didn't even didn't even

understand what we were trying to do here you know and uh and they were almost like you had to go you got to go find the the the people that were sick of working for the property managers uh and most of them were not willing to do that because they like the cushy gig of having a solid calendar and having somebody to check in with that was going to hand them towels and a lot of times they even had their own vehicle from the company or

a vehicle that they could have access to at least and uh you you kind of had to like you know ask nicely hey take a chance on me here I think I'm gonna make a go of this and they're like you're gonna put this thing on what and do what with it it doesn't make any sense and now that's all gone uh the stigma is gone everybody knows what I mean hell vero's been around for 29 30 years you know and airbnb's been around long enough

now where it's not like this weird we thing that's unheard of and and and we saw that in the in the in the education space as well the influencer space it was all of a sudden it was like oh there's this new thing let's go take it over and everybody's got their own podcast and all this other crazy in Tik Tock stuff you know um but now everything's settled down and it's normal now it's it's a normal thing in the world of real estate I mean

when Avery and I first started when she you know was really her and then she got to the point where she basically every all of her clients were asking a million management question questions and that's how you know she would just Pawn them off on me and I was happy to do it and uh that's kind of how the short-term shop was born so I teach all I teach classes for the clients and stuff and and uh uh what was my point um you know so

now uh nobody looks at it's weird it's it's like oh Airbnb I know what that is it's totally normal it's not it's not like this weird thing where everybody feels like they're walking on the moon um we're just renting a house instead for 12 months you're rent for three days it's it's been going on since the beginning of time but it just taken so long for people to realize oh wait a minute this isn't rocket science anyway back to the cleaners um you know the they're

uh when you're contacting them it's it's a normal deal now and they know okay I I think I can take on another owner or two owners three owners and then maybe I'll keep half of my houses with a property manager um and of course turno seems to be gaining some traction I've never person person Ally uh use the uh the the marketplace on there but I hear great things um and then uh in Facebook groups there's a million Facebook groups but you got to get out

there you know the cleaners have always been a pain point you know um but it's no different than any any other business on the planet you're hiring and firing and if you don't have any experience hiring and firing you're GNA suck at it and that's that's where we see people fail you sucked at hiring the housekeeper you didn't even realize it was you you blamed it on him or her and now you're going to end up in the house because it wasn't a good experience I

mean it what it would be no different if you bought a gas station and you needed to hire a cashier and it didn't go well because you don't don't know what the hell you're doing hire a housekeeper hire a hire a cashier you can either give up and crawl into of crawl into a ball and be a loser and sell the gas station or you can go hire another cashier and you know well said B year was not an option for me you know well said

well said yeah you know I I through the years I've I've learned some of the same lessons there it's uh we go a it's it's it's it's a skill Hing people right um but it is nice it is that that it has gotten easier like you said because there are now services like turno or properly where someone could actually go to find housekeepers uh and a lot of the housekeeper someone might find on there now now is a professional housekeeping company you know just for shortterm

rentals uh do you have a Take On hiring a professional housekeeping company versus maybe just hiring uh someone independently you know I think that's a personal um preference and that has been going on uh since the early days um you know it's it's it's it also depends on your Market obviously uh in this Smokies for instance uh there's really only like two or three kind of you know companies most of them are Mom and Pop so um as opposed to Florida where I live I live

outside of dtin uh in the 30A area and the Emerald Coast and most of them here are companies and usually what that means is that that somebody got good at it and R you know get better at running a business and and then um you know they bring on more people um the problem there is the problem I you see all the time and now since we're on the subject of housekeepers here's the problem there you get a girl who's really good everybody wants her um

and she her phone blows up and then all of a sudden she's got so many houses she can't keep up and then she sucks right um or he he or she and we I see that constantly so I'm always preaching to my cleaners luckily again if you have a few more properties in the same Market you have a little more pull you know but I mean you know it's not it's not everybody can be Tim and we can't all have 40 properties and you know what

I mean it's like it's not it's not possible in a lot of cases I get that um but if you only have one you know you really got to watch that culture you got to you got to like check in with her that's my best advice just like any business you got to have chck you know once even if it's once a quarter give them a call or at least somebody from you know maybe I'll have my my the girl that handles my my messages at

least communicate they're communicating almost every day but um I ask them how many houses are you doing and I I ask him when I'm when I'm hiring them how many houses do you have right now 15 how many do you want 47 n ain't going to work for me because you're going to get to 47 and everything's going to completely crumble and you're going to waste my time yeah because running a business is could not be you know I mean in most cases it's a lot

different than cleaning a house right they're they're different things somebody who's really good at cleaning a house may not be that great at running a business um and then they think they are or they want to be and then they get up there and they're like crap managing these employees sucks I'd rather clean the house house so then it goes back the other direction you know so and I see that I see that all the time I had one of my cleaners recently she dumped like

six properties because I told her a hundred times you're taking too many properties you're taking too many properties and I so I just check in with them and I make them be honest I'm like how many do you have right now and and uh and I'm gonna find out if you're if you're not telling the truth you know uh because they know when I hire them when I'm when I'm doing my interview process I want to know do you want 47 Properties or do you want

15 now the big giant company there's there's definitely advantages there too you know I don't have any of those right now I've actually never that's never really been a fit for me but if you're the type of person that likes that Vibe and you're willing to maybe if it's a 40 bucks extra a turn or something to have uh the the the security of them showing up and handling the sheets and towels if that's what you want to do I got no problem with that yeah

I think one of the one of the important things you said there basically just we need to take care of them right I mean we need to check in with them if if we found someone that's doing a good job for us then we want to work with them as long as we can uh and whether that's a professional housekeeping company or just an independent uh person on their own that's that's always important that's important for any anyone that's on our team right just making sure

that things are transparent and that and that everyone's being taken care of um well good stuff there Luke uh what about so you mentioned maintenance and that you you know maybe once a year you you stop in and and check on things our maintenance with our short-term rentals is a little more involved than it is with our long-term rentals right uh because we have furniture and stuff in there and so what do you guys recommend uh for someone managing remotely in terms of making sure that

their property is up to date well again that market specific and when I when I in this case when I say Market specific it's seasonality if you're on the beach like where we live um If This Were you know in a beach market like say a Florida beach Market um or or even like a a North Carolina beach Market you're going into battle right for from like March 1 until probably made made October give or take and you know there's a little lull there in September

maybe in May but uh you know Nob mistake is to try and send housekeepers and handy people over there with every time little thing that a guest brings up can't do that and now keep in mind I do want to say uh on an open Forum I love my guests okay I love my guests they are awesome we can't we are not in this business without them I don't think that gets talked about often enough um the hard the you know hardworking Americans that earned that

vacation reminds me of being a kid man when we went on vacation it was a huge deal and we spent you know my parents were spending every penny on that trip so love my guest love my guests now that being said of course they drive us nuts right so um uh the point is if a guest is hitting you with this that and the other little detail just kill them with kindness do your best and I put a I basically put a list together and I

have separate you know I use like a I use trell on monday.com a sauna that kind of thing or or Breezeway would be good just you know organizational tool basically like uh better than something better than Post-it notes that uh and I'll make lists and I got like my offseason list I'm doing that right now I'll get let me get to that but like if you got some stuff going on there's a lot of that stuff can wait you know here's a good example I've got

I did a rehab on one of mine in the in the offseason put it in service brand new everything realized I forgot to do the microwave and it's a built-in and um I got started getting messages because the micro was actually uh broken not it works but like you can't see the the numbers on it the touchpad is broken so I started getting messages and I'm like crap I I did you know I went and I did I got the nice I like a nice appliances

in my short terms that's a big thing for me they got to be nice especially the washer and dryer um and the fridge doesn't need to be all that crazy as a matter of fact I don't even really like ice machines in in a in a short term because it's too many things to break and stuff on the door ice machines you know a whole thing but one one more thing to the appliances these days are just like oh my gosh yeah you add every additional

thing you add on there like ice maker it's one other thing that could break just like you said and when they're only lasting you know two years these days it's dude totally you know what I mean I went you got me on another tangent now but I went to one of my rentals yesterday and the couch looked like crap and it's not even a year old that's what drives me nuts when new people come in and they agonize over the couch they're buying how much should

I spend on this couch with this that where where do I get it do I get it on Ware do I get it local and I'm sitting there like who cares it's going to be trashed you know like uh you need to be making sure that your cleaner sending you a picture of it every now and then to make sure that you don't need to go get another one so you know I just go local store get one on sale have them deliver it get it

over with you know but anyway put a list together of all the stuff and then have a handyman or whatever go over there and fix it all at once and then also you know because right now it's timely and topical to be talking about we're shifting into to Winter seas in here in the beach and even in the mountains and so I'll start walking my properties I walked one of them yesterday and I put a list together you know I got my guy on my headphones

and I'm like this this this this this it's the same crap every year really paint the staircase cu the staircases get beat if you got a sheetrock staircase in a vacation house it's going to get trashed guaranteed they're tracking up their suitcases if you got white treads on there dude forget it it's TR and you got to get it repainted you know and other stuff like um uh swapping out a TV or whatever that needed you know stuff that could wait you know fixing the the

pool alarm or whatever it may be I put that list together now again I don't know when it's going to come out we're recording this 1 of September 23 um so you know if you put a list together in late late summer early fall then you could start getting those folks scheduled to do the jobs in January February because that's another Noob mistake on multiple levels oh just wait till January and do all that stuff okay but uh if you waited till January to start calling

around to find these dudes they're booked until April you know because that's in a in a in a vacation town all the vendors are super busy with the bigger jobs they're always busy but with the bigger jobs in Jan you know December January in February even in mountains Beach wherever it may be again we I I like vacation towns right and I live in one it's a whole thing but um you know if you're if you're like oh sitting around saying oh I'm GNA do that

in January and you're not planning for that in September October it ain't gonna happen you know so that's what I like to do now I don't even know what you asked me originally to be honest but uh that's what I'm psyched on that right now no you're right on it planning plan maintenance you're right maintenance I'm walking my properties I love it I love it and I and I walk through and I'm like oh yeah this thing looks great man this looks way better than the

guy next door and I you know because my houses are nice man my houses are nice I do not play around you know uh you got to get those rehabs done you got to have a nice house because if you're you know how it is man so many people that just put it on the internet and think that they're going to get good reviews and make money and it just doesn't work like that it's a slippery slope with maintenance too you know you let one thing

go it creates a bad review and then your visibility goes down and so we got to make sure that we're on top of that so good good advice there Luke um I want to ask you another question I I know because you got a big portfolio properties and a lot of them are different um what is your take on or what what's your preference I guess on a small property let's let's stick with the short-term rental theme here but a small short-term rental versus a big

one do you have a favorite I love them both um if you're brand new trying to pick my recommendation would be go with whatever you can whatever the budget is you know uh working for because it's better not to just don't wait you you know again we're living in a world where let's no let's be real the market right now is freaking crazy you know I mean like it's nuts out there nobody knows the interest rates doubled in a Year everybody knows all that but I

I mean I'm finding in my markets that there are more deals right now A lot of people are selling because there's a million people got involved you know there there's a metric rear end load of people that bought real estate not even just short terms but real estate 2021 22 and um I Heard it I think it was from David Green actually a statistic 50% of real estate gets sold in the first 12 months so right now we're seeing the effects of that people are dumping

them because they're like oh this isn't what I thought it was going to be it's not making money I did you know and Truth is they didn't try because they're not you and I and they're not obsessed you know and I hate to say that cuz people crap on me were like oh yeah of course you talk about you're doing well and blah BL I got people crapping on me lately for being successful and I'm just like no man why would you do that I don't

get out of my room get out of here I don't I'm not hanging out with losers let's let's David ler Roth here's a quote I'm gonna give you a quote uh it's Lonely at the Top because it's so crowded at the bottom and I am not going to sit here and make excuses for why I'm doing well and also I'm not freaking Grand Cardone either you know what I mean like I ain't rolling around putting videos in my jet I don't even know how we got

on that subject what was the question no it's it's it's a really good point I I don't know either we kind of went off there but you're making a really good point and it's that they're they're you know if someone wants to operate their short-term rental well they can operate it well if someone doesn't put in the time then they neither need to find someone that can help them with that that or unfortunately it's probably not going to work out too well for them um so

that's the reality right it's like any business though it's any business not just us don't don't pigeon hole don't don't pick on us it's anything back to the grocery store the the gas station what about got a clothing store you know I I I do that analogy all the time pricing your property is like it's like a clothing store you got the new stuff comes in in the in the beginning of the season and it's hot and it's exciting and everybody wants it and then by

the end of the season all you're left was with the crap that nobody wanted so you need to blow that out put it on sale and get it gone and a lot of people just don't you know they not they if you end the season with a bunch of jeans sitting on the table you're probably gonna lose your business you know so but yeah uh true uh people are selling right now no that was the point that was the point um the big ones and the

small ones get the one you can afford and I'm not just saying I'm not say everybody go make offers I'm that kind of guy I know that that's you know maybe some people are more conservative I love closing deals making deals uh and and my my advice is get the one you can afford right now but long story short to get back to your actual question I love them all I've got F I've got five bedroom all the way down to zero zerob bedroom and uh

Studio yeah little Studio 550 square feet um and that was my third one ever uh third shortterm years ago the Smokies um and love I love them they're they're different animals um you got more personalities coming in and out of the big one but you're going to make more money with probably less occupancy which at the end of the day a lot of folks are scared of that um oh man it's not as booked as much I want to get the small one because I know

it's going to be booked all the time I I understand that but really at the end of the day what you're doing is saying I would like to work harder because you're dealing with more guests when you do it that way you know so I love them I love them both I big small let's do it yeah they can work any way can't they I mean it it really comes down to supply and demand right like in regards to the occupancy thing I mean if you're

in a place where there's a lot of demand for short rentals or there's a lot of demand for big rentals it all all comes down to that equation uh but they work all across the board right and what I love about the self-management model is that most all of these management principles at least in my opinion are pretty much the same whether it's a big home or a small one yes of course you're going to be dealing with more guests maybe you have more issues with

parties you got to put some other things in place but the principles are pretty much the same what's your take on that the principles on I'm sorry on U longm managing yeah managing a a small property versus a big one oh yeah no absolutely it is the same you know there's a few things that I I will I'll give you a couple tips so on the big properties again back to the personality thing um the dude that booked the house he's got he's in charge of

like 10 other people right or she here or she let's go let's go with he why not U and so all 10 of those people are barking at him what what room am I in what what how does the Wi-Fi work what's the TV blah blah blah where's the beach you know where how do I get to the hiking trail all this stuff so he becomes the damn travel agent and and that's annoying and then he's like dude I don't know how I got signed up

for this I don't want to deal with all this crap so that's where a guide book comes in handy totally if I can plug if I can plug a guide book you know it's not rocket science um there's a bunch of them out there I like touch day there's hostfully uh you're welcome Dak there a bunch of them um and so I shoot that guide book that dude then that dude can share the guide book with his whole group and and then they kind of get

off his back a little bit if you got a good guide book then but that's more work a lot of people don't want to do more work and guess what then you're probably not gonna get the income that you need it's is simple math equation work equals cash you know so uh and but with the short term the small ones um you you get the trade off of less personalities you know and and again I used to be uh in the bar business way back in

the day and it's like everybody that walks through the door is a different personality and it's exhausting so the little ones are cool because you don't have to deal with that U but that being said again You're you're you're dealing with more more bookings per year um it is technically going to be less humans in and out your door um throughout the year on the on the uh uh the small one because you you know you got all those 10 12 people that you never deal

with but you're going to have you know probably 20% or so depends on your markeet and the size of the property you're going to have higher occupancy so you are dealing with more actual reservations more reviews that's kind that kind of thing and then really you know this the cool thing about single family shortterm one of the many cool things about it the coolest thing is a 30-year fixed I mean that's freaking awesome yeah even though they suck right now it's still better than any you

can't get a 30-year fixed on any other asset class really you know so single family uh but um uh what was my point oh with a single family large shortterm you know four five every time you add a bedroom you're adding a family so it's almost like multifamily but only only one you know 30-year fixed loan as opposed to going out and buying a 10e department building where your your loan terms aren't going to be as awesome of course then you get you do get a

cap great in an noi on a on a on a apartment building so that goes that direction a little bit depending on the way you look at it and you can bring in other people's money a whole lot easier on a on an apartment building but so yeah it's almost a gate it's a gateway drug you know so once you get up into that four five range six bedroom range first of all it costs way more money so you know if you're going to continue down

that path you'll probably end up in commercial real estate all all roads Tim you know this all roads lead to commercial real estate if you stay in this business long enough you're going to get into a hotel you're G to get into an I like longterm so I I did the apartments I did Apartments instead of hotels but it was the same thing for me I would we got to the point at one point years ago I said Avery I can't do any more short terms

back when I had a day job and I was just hammered all the time I was so busy I said I can't do it and I you I don't know I put him with a manager that's stupid so we went back to long term and then eventually we brought in some more short terms and then eventually I said I can't do any more single f Ames let's go get an apartment building and then we went from there yeah um good old real estate right gotta love

it uh I I think the cool thing about it is it's just the only investment class that I know of uh maybe there's someone out there that knows of a different one but it's the only one that I know of that no matter where you are in Life or or whether you own the property or you're renting it everyone is somehow financially um connected with with real estate whether their parents are owning the home and they're staying in their parents home or they're renting or whether

it's a short-term rental or a long-term rental or whatever happens to be and so I love that about real estate makes me feel a little more secure you know uh it's a great asset class and a lot of good stuff today Luke a lot of great great tips I know you've got much much more that we could jump into but as we kind of wrap this up um wanted to ask you real quickly the the title of the podcast is short-term riches and a lot of

times when people hear the word Rich they think of just the financial side of it um but that's not all life is about right not just finances so wondering if if there's something in your life that maybe you know a new um way that you know something new that you've implemented or a new way that you're doing something that's really impacted your life um in a non-financial sense yeah yeah I thought about this uh and I didn't I didn't I didn't come up with a good

answer but so I'm going to go a couple different directions number one physical fitness obviously is huge for me well the kids in the family are always number one period my daughter just turned five and it's just incredible that's cool so that is it period um but as far as like selfish stuff uh you know I'm a huge Runner um and uh running is is is is really I I I owe in my opinion my work ethic or they maybe they go hand inand to the

discipline that running has taught me I've done 27 full marathons it's just it's one of the it's my thing I do it every morning and I get out there and I listen to books and crush it and uh or at least I feel like I'm crushing it and uh uh yeah so I I owe a lot dead de gratitude to to running and and what it's taught me um as far as uh discipline is concerned and I don't know the yoga I think that's probably more

your style it seems like you're very spiritual uh guy uh and I am in the yoga as well I actually just finished deepo Chopper's new book uh was not that new it came out last fall called abundance which was which was wonderful I you didn't ask me for a book book recommendation but uh book recommendations always welcome always welcome I'll throw another one at you speaking of rich is uh uh secrets of the millionaire mind that that book got me out of the I'm supposed to

be poor for the rest of my life thing because that's you know kind of how I was raised where you just you know you don't we're never going to have money and it's just the way it is um so that's another book suggestion now you didn't ask me but I love books no I love book I love books too I you know uh yeah they just it's it's amazing how I try to read every morning you know it's amazing how you can just you can pick

up a book and you can learn someone's life lessons in just one book you know someone could spend their whole life uh researching just one topic and then they share it all with you in one book and so they're just super super uh I love them yeah well awesome having you on today Luke uh tons of great advice I love I loved all of it uh the running too is is fantastic also I also try to run quite a bit and you know that that Runner

high that they talk about is a real thing you know it's it's a lot of times when I'm dreaming about the the things that I want to achieve as well and so well how can everyone find you you guys have a lot of good resources out there what's the best way for someone to connect with you guys yeah we're around um you know short-term shop obviously uh Avery is real easy to find in uh in my podcast short-term Rental Management um I'm not really much on

the social media uh Avery handles all that stuff or that somebody does anyway I don't know but um you can email me Luke at theorm shop.com I would be more than happy to to talk to any anybody and a big fan Tim appreciate you having me on um and you so much yeah thanks again and thanks again for the professional radio voice that's uh much appreciated yeah I had to work on that you know just kidding it just happened but anyway uh thank you man until

next time thanks Luke thank you take care I'm dedicated years figuring out how to manage my personal portfolio remotely and it wasn't always easy and it took a long time but now my amazing team can professionally manage my properties without me and good news our team can also manage yours let us save you the stress and headaches and some money by offering you an industry low fee to find out more about partnering with us head to Str Str riches.com hit the property management button answer a

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