STRSS 05 – Full-time Airbnb through Airstream Investing w/ Chad Miller

Video Transcript

00:00:00

These non-traditional type properties that are on wheels, you know, or attempt. I mean, it’s pretty easy to pack them up and move them to a different spot. So I think the liability or the possibly like the risk of signing this big lease and furnishing this whole apartment, and then, you know, getting shut down from doing what you were planning on doing, that’s gone, but there’s obviously other, other risks that come along with it.

00:00:24

This is episode number five of short-term rental success stories. Welcome back to Short short-term mental success stories. I’m your host, Julian Sage. This is show where I talk to hosts about their journey and starting and growing their short-term rental business. My goal is that you’ll be able to walk away with practical information that will help you become a better host and learn how to scale your business. In this success story. I speak with Chad Miller, who prior to becoming a full time, Airbnb host sold satellite televisions to rural homeowners in the salt lake Utah area. Chad started his journey when he’s decided to take on tiny living by finding an old Airstream and deciding to renovate it. When Chad and his wife, Katie decided to get married and purchase the home together, they began renting out their Airstream and found that they were able to pay their mortgage just from the income that they were making from the Airstream CHADIS and scaled his business that not only own seven, non traditional short-term rentals, but own Perea apartments, rental arbitrage, seven apartments.

00:01:21

And co-host in additional seven. If you’d like my show notes for this episode, then going over to Short Term, Sage dot com backslash where you can find some of the biggest highlights of this episode. And there there’s a lot of really awesome information in this. So definitely want to go and check that out. If you’d like shown us delivered to your inbox every week, then just go on over to Short Term, Sage dot com backslash show notes, and you can have those delivered to your inbox. So note no need to write them down, just have them sent directly to you and then start benefiting from taking that information and applying it towards your short-term rental business. With all that being said onto this week’s conversation. Welcome back hosts today. I have the special honor of speaking with Chad Miller. Chad, if you wouldn’t mind letting the audience know a little bit about who you are and what inspired you to get into short-term rentals.

00:02:11

Sure. Yeah. Happy to be here. So I’m Chad Miller. I live in salt lake city, Utah, and with my wife, Katie, and we have a six year old daughter and I’ve always kind of been an entrepreneur, I guess I’ve been in sales my whole life, really. And until recently, satellite television with a, you know, the, the big satellite TV providers, dish network and direct TV has been kind of what I’ve been focusing on. And, you know, I used to fly out to fraternities throughout the U S and recruit college students to go and sell satellite TV door to door. And so kind of marketing direct marketing sales has been my forte, but as I was telling you, before we started the, the recording here, the satellite TV industry is kind of a, a dying industry as far as the traditional pay TV is concerned. And so, you know, even though I was making good money doing it spill most of the folks that we were selling satellite TV to, it seemed like they were, you know, over the age of 65 and, you know, living out in the more rural communities where there’s not as, as good of a internet connection for streaming tight TV and stuff.

00:03:24

And so I felt like, you know, Airbnb has been for the past, like five years, it’s been a, an alternative stream of income for my wife and I, and, and we’ve seen it, you know, do some pretty awesome things that we didn’t really expect. And so when it was time to decide what to do to do next sort of thing, that’s, that’s when I decided to, to try to pursue it more full-time and to try and scale it. And, you know, it’s a, it’s not necessarily going to be our full-time thing forever, but I think the idea is to build it up to a nice, comfortable level and have it automated and hire the right people to be able to kind of, you know, set it to the side and move on to the next thing as it continued to earn income for us.

00:04:08

But yeah, on that same note, selling satellite TV, you know, up until just a year ago, really, I used to travel out to the rural markets and, you know, hop in my car and drive two hours to, to rural Wyoming or, you know, Idaho, or even just, you know, rural, rural towns in Utah to sell satellite TV where it’s, you know, it’s easy to get, you know, 10 sales in a day selling subtle light TV and these contracts. And I started noticing all these, these retro travel trailers that are in these, these rural folks, backyards are, you know, tucked up behind their garage or whatever. And it, and it’s pretty apparent that they’re not using them too often. And when, when we first started using Airbnb, my wife and I, we purchased a Airstream travel trailer, a 1966 Airstream Caravel. They call it one of those short, you know, kinda shiny, canned ham, twinky looking trailers.

00:05:09

If you’re not familiar with an Airstream. And, you know, there’s a pretty big movement with tiny home living and whatnot right now. So I think my wife and I just were interested in that kind of a thing. And you’re looking at some blogs and folks that are restoring them and ended up buying our first Airstream on eBay in Colorado. And I drove out there and got it. And, you know, we went through a restoration process for it and fixing it up and polishing it. And, and after using it, you know, on the weekends and taking it on little trips for ourselves, we, somebody introduced us to Airbnb. I don’t even remember how we first heard about Airbnb, but we decided to make it available for travelers in salt lake, just in our own backyard. And we were amazed on, you know, the, the income that it brought in and what it could do now, the trailer was able to pay the mortgage of our house.

00:05:59

And so that became, you know, more of a focus looking for other ways to replicate that model. And at a certain point, when we, when we got up to a few different Airstreams and non Airstreams too, and then with the kind of changes in the industry that I was in, we decided to spend at least some pretty dedicated time to building up our Airbnb business, to, to have that stream of income coming in. And that’s kind of where we’re at now. It’s been about a year since we’ve made that hard focus to make it a more of a full-time thing.

00:06:33

And when we were speaking before, before we hit record, you said you have a 27 listings right now. And just to break that down for the listeners, you said you had five air streams, you had a total seven non-traditional Airbnb listings. You have you own three apartments. You’re doing rental arbitrage on seven. And then you’re co-hosting. I mean, that, that sounds like, like a handful. What, how was your experience with building your team being able to implement this? Because they’re not all primarily in salt lake city, correct?

00:07:05

Yeah. The majority of them, like, I’ve definitely tried to keep the focus of the growth right around where we’re at. So, I mean, even before getting into Airbnb, we, we already had one rental property that’s over by the university of Utah. And, and then, you know, since, since really kind of getting into Airbnb purchased another unit close to another university called Westminster and yeah, the, I guess to answer your question, it’s, there’s a lot going on with it, but I guess focusing on those areas where you have more control has been kind of our, our main goal, but you’re right. We, we have a contract with a land owner down near Zion national park in Southern Utah. And we specifically picked that area because while we like to travel down to Zion with our own Airstream and just really liked the area, but we noticed that, especially for the peak season down there, maybe from like April to October, it’s very expensive.

00:08:11

And there’s so many people coming down and really not enough hotel rooms. And so we, we decided to, to partner up with a landowner down there and we, we set up several of our Airstreams down there during the peak season. And then even during the slow season, we leave our 1970 retro camper. That’s not an Airstream down there. We also have a canvas glamping tent that has a real bed with a memory foam mattress. We have a heater and an AC unit and a nice floor, you know, it’s, it’s got a restrooms right next to it. So, so we, we really have two main areas, I guess, that we focus in so far. And we’re just now starting to kind of branch out beyond the Southern Utah in salt lake city area. We have a cohost, a client that’s in park city, Utah. We, we manage that property through the ski season, which has been phenomenal.

00:09:02

And they’ve been really happy with the, the success of, of their basement apartment there. And they just referred us to some family that have a beautiful home that’s on Coronado island, California, out on the island, in San Diego there. And we just started co-hosting for that as well. So it is kind of branching out beyond what we initially started to build, but yeah, as far as, as far as our own units, the ones that I’m doing is like arbitrage type business, which is, you know, the rent to rent type of thing. And then also like our own purchases, we try to keep it within a reasonable distance from our own place of residence so that we can take care of things if needed.

00:09:39

I think it’s just super interesting. Chad, how you, you, you found something that you were interested in your pet, your passion, which was, you know, renovating this old Airstream with your wife, because you, you were into the whole minimalist, tiny, tiny living, and then you took this passion of yours and then you turned it into a source of income and you’ve been able to scale that. And what I think is so unique about your, your story and your journey is that, you know, it, you know, what what’s, what’s difficult about Airbnb is like standing out. You have to be able to stand out amongst the crowd. And I think your Airstreams are, you know, I haven’t seen the pictures of them yet, but I will after this interview, but I can just imagine like how, how the passion that you put into it because you’ve renovated it and done it. And to put that into each individual unit, have you found it easier or what type of complications have you dealt with? Because an Airstreams, you know, obviously it’s, it’s like a vehicle, so it probably has different regulations than opposed to apartments. Have you found it easier to go the non-traditional route or, or more difficult?

01:10:41

You know, it has its difficulties that you don’t have with w w with a brick and mortar type location. And then it also has it’s, it’s things that are easier about it. I, I think that, you know, every market’s different. So like, you know, I’m not going to give any legal advice to anybody, but, you know, you checked your marketing, you see, you know, what what’s allowed and what’s not. And I think that, you know, to be honest with you, one thing with these, with these traditional type type properties, it’s kind of one of those things where if there is a market where the laws, maybe haven’t caught up with everything yet, or it’s, you know, kind of ambiguous and, and, you know, not quite clear as to what’s allowed, and what’s not, I mean, in salt lake, for example, you know, I, I understand that short-term rentals are not actually technically illegal on the law, but, you know, salt lake is collecting tax from every booking that happens.

01:11:32

And so it’s kind of one of those things like they, they don’t really do anything here in salt lake, and hopefully that won’t change. But, you know, I think that as long as there’s no complaints, then it’s not really a problem. And to get back to the, the train of thought with these, these non-traditional type properties that are on wheels, you know, or a tent, I mean, it’s pretty easy to pack them up and move them to a different spot. So I think the liability or the possibly like the risk of signing this big lease and furnishing this whole apartment, and then, you know, getting shut down from doing what you were planning on doing, that’s gone, but there’s obviously other, other risks that come along with it, you know, which you can kind of connect the dots and put that, put that together in your mind as to where what I might be talking about, but, you know, just making sure that you cross your T’s and dot your I’s and, and be ready to move it somewhere else. If that doesn’t work out in the spot that you were hoping.

01:12:22

I th I think, I think that’s, that’s brilliant, Chad, that, you know, the, the idea that you can build this, this little tiny home, and then people, you know, people that are interested in, in that, that scene, that, that type of lifestyle they’ll renter your units out. But the beauty of that is like, not only is that something that is really unique and attractive, but if it’s not working out where you’re living, you just drive it somewhere else, or you hook it up to the trailer and bring it, bring it somewhere else with your, you said that you worked with a person in Zion that has land. Do you take all your non traditional units, like the Airstreams and the others? Do you drive all those down there? Do you have people that drive them for you, or

01:13:04

I drive him down there and I set them up and, you know, all of our Airstreams when they’re set up, I I’ve had some very nice custom vinyl skirts that are made for them with chain in the bottom that really like close it off. Like, you know, for example, like three, three winters ago, I actually had one of my Airstreams up near park city and an RV park that was, you know, 15 minutes drive to the ski resort. And it did awesome. And, you know, the challenges with that is obviously being so cold and so much snow. So I had this really nice vinyl skirt made. You have a, a light underneath it, a shock light underneath your holding tanks with a thermostat. And that that thermostat will kick the shop light on when it gets below 38 degrees to prevent freezing, you know, you have your heaters running, you have to get, you know, I have special alarms that run on cellular on Verizon cell cellular network that are hooked up inside the Airstream so that if the temperature ever drops below a certain amount, or if the power goes out, I immediately get a text message letting me know, you know?

01:14:03

So there’s a lot of things that you need to do to prepare, to put them in different spots. But, but yeah, like as far as our trailers done in Zion, we last summer, we brought all of them down there. We had them all set up with, you know, nice picnic tables and fire pits. And, you know, people were able to book them in multiple groups and multiple, you know, multiple bookings and have a larger group together this year. We’re actually not bringing them all down there because we’ve, we’ve actually made some deals with some property owners that are kind of closer around us. And although the nightly rates that we intend to get in this area are going to be lower than what we get in Zion. The, the plan is to, to put them in some stable spots here. So they’re not all down there.

01:14:45

And, and here in salt lake, we’re able to rent them year round with very low vacancy, even though the rates, the nightly rates aren’t as good we’re down in Zion through the winter months. You know, I find myself slashing some of the prices like on my canvas, glamping hemp, for example, you know, when it’s below 32 degrees outside, you know, 20 degrees outside, people are scrolling through Airbnb, and there’s not really a shortage of, of accommodations down there in the zine area during the winter months. And so, you know, staying in a tent doesn’t sound very desirable. It’s actually quite warm and nice because we have these great electric oil field, radiant heaters, you know, we have them set up in, in, in the right spot. So it’s next to a, his and her showers and restrooms. And so they’re actually really nice and anyone that stays in them, they pay such a low rate and then they leave, you know, feedback that they’re like, wow, this was actually really nice.

01:15:36

But, but anyways, I don’t blame people for being worried about staying in a, in a canvas glamping tent, for example, in the middle of the winter. And so, so we see that the rates dropped down and it’s much harder to keep them booked in Xi’an during the, the low season. And so it, it doesn’t make as much finance financial sense to be, you know, having all of our Airstreams down there on the land. And we have with our contracts, we have to pay lot rent and stuff. We have to pay, pay to have them there. So, you know, it’s gotta make sense, but, you know, during the right time of year, they’re awesome down there. And then here in salt lake, we found that it’s, that it’s, it’s more even throughout the year. So that’s kind of our goal. We do have three accommodations that are set up for starting well, actually. So on Sunday I bring another Airstream down there and then we’ll have two Airstreams, the 1970 retro camper, and the glamping tent will be there for the peak season and the, all of our other Airstreams we have up around us in the salt lake area this year.

01:16:30

And what’s, what’s the, what’s the ROI on these Airstreams? Like how much are you putting into fixing it up and purchasing it? Are you buying them like totally, totally bare bones and then refurnishing and redoing it all? Or are you kind of getting them as is? And what’s the ROI on that?

01:16:46

Yeah, that’s a great question. So for those that are looking to kind of replicate my model, you know, Airstreams are very expensive. I mean, you can hop on right now in your local classifieds and look for people selling them and perhaps you’ll find a deal, but you’ll see that, especially with the vintage models a longer and more burdensome, they are to tow, you know, the, the Overlander is a model of the Airstream. That’s 28 feet long. And if you start getting longer than 28 feet, it gets harder to tow it. It’s harder to, people are nervous about that. Big of an Airstream. It’s harder to find a good spot to put them in. You know, some of the RV parks that people travel and camp in them don’t even allow anything over a certain length, for example. So those ones are lower in value, but they’re still very expensive and we’ve been full or Jeanette, you know, with like selling satellite door to door and being out in the rural kind of country areas.

01:17:40

I wasn’t afraid to like go up and knock on people’s doors. And so I literally drove up and down roads, looking for them, you know, knocking on doors, leaving notes, to buy some of the, the Airstreams that I have. And then, you know, after buying them for a price, that’s better than what I would’ve got from somebody that’s already decided to sell one. And you find it on a classified ad. It always takes way more money than you’re expecting to restore them nice. And to get them ready. You know? So the numbers that I’ll share with you are, are definitely not really relative to what most people are going to find when they try to, you know, get an Airstream, especially if, if you’re trying to get it going quick, it’s not like you go down to the Airstream dealership and buy one. And you’re like, okay, now, like at an Airbnb, I mean, your break even point for doing it that way would be too many years down the road.

01:18:24

You really make it worth it. But, you know, having experience in remodeling and then also having some good connections here in salt lake, we got contractors that have done some of our apartments and stuff for us, and they were willing to also kind of help out and stuff. We were able to keep the costs down, but generally I can pick up a, an Airstream for around 10,000 and then put another 10,000 or so into the, to the unit. So I could have a good, you know, really cool mirror, polished, you know, vintage, there’s really different ways that people restore our stream. Sometimes they’ll get a whole thing and they’ll make it very Ikea ish inside where they’re super nice and super new and clean. Most of my Airstreams are actually really original. So I try to find ones that have their cabinets and them still, they don’t have excessive damage, but they need new plumbing and they need new electrical and they need new AC unit and they need probably some windows and they need new flooring and it all adds up and you, you end up spending more than you want, but most of our units, and I can send you a link at the end, so you can kind of see them and browse to the photos on our listings.

01:19:29

They have the original cabinet layouts. We restore them and refresh them. And they’re very nice, but they kind of have that, that vintage nostalgia that they came with originally. So yeah, I hope I answered your question. Yeah,

01:19:41

Definitely. You know, I’m really, you know, you’re, you’re a really interesting person, Chad, you know, I think, I think it’s very cool that you have these non-traditional models and I, I, I, I could go on and on just asking you questions about that. But one thing that really interests me is that you have diversified yourself. Not only do you have these, these Airstreams, the non-traditionals, but you also own three apartments. You do rental arbitrage, you have seven Andrew also co-hosting what, what did, what did, what have you found the most value in is, is have you found the most value in, you know, doing this whole fixer upper with the Airstreams or owning apartments or doing the rental arbitrage model, or just co-hosting which, which one have you found the best allotment of your time for the greatest return on your, on your, on your time? Yes,

02:20:27

Sure. You know, there’s a, there’s some, there’s some groups on Facebook right now that are, that are really touting the co-host model and how that is like the up and coming thing. And I think to be honest with you, you know, knowing some of the folks that are involved in that they, you know, live in markets where it actually became extremely prohibitive prohibitive to do some of the other models. And so they, you know, I don’t want to put any words in anyone’s mouth, but like, it looks to me like maybe the reason that that was what pushed them into the, you know, strictly focused on co-host model is because of where they live and what was going on in their own backyard. And, you know, obviously that model probably has the most longevity as far as being able to grow it and scale it.

02:21:07

So there’s a lot of good and a lot of sense that it comes to that. But for me, I don’t really, I wouldn’t say that I, that I, I value one type of property over the other. I value, I guess there’s two thoughts. Like at some point when I was like, okay, I’m doing this full time kind of a thing. It gets to the point where it’s like, as long as I can add a property, that’s going to generate income, like a reasonable amount of income with a reasonable, you know, amount of effort then, then I don’t mind adding that property to the portfolio kind of a thing. So, you know, I haven’t really aggressively gone after the co-host model. Those have actually just kind of come, I guess, organically from referrals and people that have been asking me what I’m doing. And like, oh, Hey, I know somebody that has been thinking about doing that.

02:21:54

Let me give you their number. I mean, mostly that’s how I’ve got the co-host ones. I haven’t really done any advertising or gone after, you know, using some of the methods that some of the more prevalent co-hosts are doing, you know, approaching those that have how’s this for rent. And actually I’ve got a few units that way, you know, browsing the Craigslist ads and looking for some, for rent by owners and sending them a quick message and, you know, basically introducing yourself and saying like, Hey, you know, I’d be happy to lease it from you under, under my name. And I have excellent credit and yada yada, but I want to tell you that if you would like to make more money, here’s what I’m doing. And here’s how I can help you do that. And, you know, at way too, but I really haven’t sat down and made like a business plan where I’m like aggressively marketing to get more cohost type units.

02:22:43

And maybe that’s in the future. Maybe that’s something that we’ll do in the future, but it’s mostly just, those have mostly come just organically through referrals and whatnot. And yeah, like you said, just doing the diversity is actually the plan. I mean, I don’t know if I would necessarily say that I like one over the other it’s just like, does, is this unit in an area that’s going to stay rented all the time? Is this unit in an area that fits in with my current cleaning, you know, team where I don’t have to go and find a new cleaner that’s out in the middle of, you know, somewhere that I don’t know. And of course if the right property comes along, then, then that’s worth doing. And I have ways to do that, that, that have been successful too. But, but yeah, as far as adding adding properties, it’s mostly just like, you know, the old saying goes location, location, location.

02:23:26

I think that’s really true with what I’m trying to do at least if the property fits any of those categories, whether, whether it’s an Airstream or a trailer that I’ve refurbished and I’ve made a deal with somebody to put it on the land, you know, whether it’s a co-host model or whether I sign a lease and get permission from the landlord to roulette it, any of those would work fine with me and don’t really prefer one or the other. It just, as long as it, as long as I could crunch the numbers and I can do some shotgun math and say, all right, here’s what I’ll probably get promoted, but I’m going to take off another 25% just in case. And here’s what, you know, here’s what I’d make worst case scenario. And here’s what I pay my cleaner. And if it makes sense on paper and, and it, you know, then, then I then I’ll add it to the, to the portfolio.

02:24:07

Okay. But, you know, like my thought process is like, if there’s one model that, you know, it’s just, wow, this is really easy. And I can scale this up a lot quicker because now you’re doing this full-time so it’s like you, this is your primary source of income. Have you found that one of these models, you know, the traditional versus the own and rent versus the rental arbitrage versus the cohost, have you found one that it’s like, wow, this really makes sense. I should focus more on this rather than, you know, investing maybe $20,000 into an Airstream when I can just, you know, co-host and make equal amount or more. And I don’t have to invest that much time or, or, or money into that.

02:24:44

No, that’s absolutely true. I mean, I can tell you right now that the, that the non-traditional type listings, the Airstreams and the restorations and all that, it has a lot more work and, and a lot more effort to get it going. And I, I do think, and I don’t know what other co-hosts were able to get. I don’t, I see these, I see these podcasts where they’re saying that they’re getting 30, you know, 25, 35, 40%. And I just don’t see property owners that, that go with the coast model that are willing to surrender that much of their commission. So all power to them, for those that are able to do it with my post models, I’m only usually getting around 15%, sometimes even as little as 10% to co-host depending on the property, like, you know, some properties that are really high end. I have a couple that are high in and in good areas now that I kind of mentioned, and those ones I get a much lower return for, but it’s still, it’s still worth it because of, because of where they’re at and how much comes in.

02:25:40

So I think what you said is true. I think that, you know, for me, I just, I like Airstreams as well. Like I really liked them. Like even before I even was doing Airbnb as a, as a business, I was interested in Airstreams and we, like I said, we restored our first one. And, you know, if you ever browse some of the Facebook groups for those Airstream lovers, like Airstream addicts, for example, are you still there? Yes. Oh, there, okay. There we go. I lost you for a second. Okay. Yeah. You’ll find that people catch the bug and they end up buying like three or four Airstreams. I can’t say that. I wouldn’t be that person, even if I wasn’t doing Airbnb, I probably would have. I mean, there’s been times that I’ve owned like six or seven trailers and I didn’t even have a place to put them.

02:26:21

You know, I was like, I like rented a, rented a piece of land just to put them all on and then I wasn’t making any money off of them because I wanted to get to them and restore them. And they’re so cool. So I think that’s part of why I do that part of it. Like, I don’t know if I would necessarily recommend to the new listener, to like someone that’s kind of thinking about getting an Airbnb, like not necessarily encouraging people to go out and buy Airstreams to do it. You know, like it’s a cool model. You’ll find them on Airbnb. They do really well. You know, you mentioned earlier that it’s like, what makes your thing stand out? Like, you know, these mirror polished, Airstreams, all decorated up and, you know, stage, and they’re super cute on the photos. Like people love them and they come and they stay on them.

02:26:57

And it’s not just tiny home enthusiasts. It’s like, I have people that come and stay here. And maybe like, when they first book it, they’re like, I’m going to stand in your stream. And they’re probably like a little apprehensive, but then they leave, you know, reviews are like way better than a hotel. I’m going to be here next time I come in salt lake, for sure. You know? And I think they’re genuine. I don’t think they’re necessarily people that like, you know, already had interest in tiny home living necessarily, but they try it because it’s cheaper than a hotel. And then they really like it. You know? I mean, I could see myself living in a nursing room, full-time at some point in my life, you know? I mean, they’re, they’re really cool. So I answer on your question. I’m sorry. I didn’t really even answer your question.

02:27:34

I, I think that for the right people, the co-host model might be the best thing to do. It depends on how much money you have to your disposal to, to get started because, you know, even leasing a unit and then getting set up as an Airbnb costs a lot of money to get in, depending on what city you live in, it could be, you know, several thousand dollars. You could be, you know, 6,000 bucks just to like sign the lease first and last month, the posit furnishings. I mean, you could put a lot of money up front even to get started to even like start making money. And the co-host model, obviously in many, in many circumstances will avoid a lot of that. If you can make a deal with a property owner that has furnished already and you don’t have to pay all these deposits and stuff. So, you know, that model was very appealing. In some ways you could probably get, you know, eight cohost listings for the same cost as one arbitrage model, or, you know, I don’t know what the breakdown is. It all depends. But, but yeah, I think it just depends on the person.

02:28:29

I think, I think that that’s really interesting, Chad, that you’ve, you know, for, you know, first thing is that you’re, you’re following your passion. You know, you’re passionate about Airstreams and that’s what got you into the short-term rental Airbnb space. And you followed through with that. And I liked what you said was that, you know, if the numbers make sense, then you’re going to do it. You know, obviously if something’s way out of line and it’s going to cost way too much time, you know, you, you don’t know what you’re going to be getting into. Sometimes you could, you could get an Airstream and then it’s super easy because you have your contractors in place, you know, what you want, and then it goes smooth. Or you could have a co-host that is just a, you know, a host, that’s just a pain in your butt and is messaging you all the time and taking up a lot of your time and maybe even more headache than your

02:29:09

I’ve had. Some of those I actually have recently departed, you know, parted ways with, with one or two of those co-hosts and like it, you know, it just, the personalities has been really worked out. It was like, you know, they, for the percentage that I was getting paid, I, there was too much required of me. You know, it’s like, I’m not the handyman that comes over and fixes every single thing that’s going to have to come out of our joint bud to do it. You know? So I think that, I think I’ve heard also those that are doing co-hosts I’ve heard their stories too. It was kind of figuring out when like, okay, this co-host model works well in general, but you have to be willing to cut ties with those that are taking 90% of your time and only, you know, bringing in 10% of your business.

02:29:50

And that I’ve seen that already with the co-host model. I think at least with the Airstreams, with the non traditional model and with the Airbnb arbitrage that I’ve, I’ve done carefully. Cause I I’ve made sure that I’ve only done it in, you know, units where the, the owners are like a hundred percent on board with it. And, you know, I know that there’s some, some folks that’ll that’ll lease apartments and there’ll be kind of sneaky on how they do it and they end up getting in trouble or they, they got to break their lease. And I mean, it’s just not worth it for me. So I could have definitely grown much larger than I am within the last year. I know that I, there were several opportunities that I turned down because I’m like, that’s not a good set. I’m not interested in this one.

03:30:26

You know? And so I think being willing to walk on certain deals is key. You know, in, in the very beginning, when I very first started doing this, you know, I, I, I rented a, a room in the, it was a house in a really desirable area and it was, you know, like 500 bucks a month for a private room. And normally I wouldn’t run an Airbnb in a house that’s just a private room, but it had like a back deck with French doors that open private entrance. You know, I was able to set up like a little mini mini fridge, you know, kind of set up inside the room. So they wouldn’t have to use the common kitchen as much. And I thought this is gonna work great. And it did work great for like the first six months, you know, I was making, you know, six, $700 profit on this one bedroom thing with very little investment.

03:31:15

So I was like, this is great. But then, then as time went on, I started realizing like, Hey, I don’t have control of these other roommates. Like they don’t clean the kitchen. And like, yeah, I tried to keep my guests in the room, but sometimes they leave and go into the main common areas. And if the guests or the other roommates aren’t cleaning up after themselves, if they’re letting you know, one of them gets a pet and lets the dog come in. I mean, it just, it started to get to the point where it’s like, this is not the business that I want to run. So I, I cut ties with that one, you know? So I think for those that are first starting out with Airbnb and that are looking to kind of make it more of like a business for them and maybe make it more of a full-time thing.

03:31:52

If you have an opportunity that comes that’s in a good area and you and the numbers make sense, as long as you can get into that without having some sort of like a guaranteed lockdown agreement, like mine was a month, a month at that particular place, I was able to leave at any time, if I had to sign a one-year lease on that, I probably wouldn’t have done it to begin with because some of these, you know, concerns I had in the back of my mind, which came true. But, but yeah, I think in the very beginning, maybe if it makes sense on paper, if it’s in a good area, you might just take it and learn from it and just be ready to, you know, alter ways and, and find something different that works better. That’s, that’s kinda what I did made some mistakes to learn from the experiences.

03:32:34

I love that that’s real. That’s really good advice. What, what was the most challenging part of starting your Airbnb business?

03:32:42

Well, I kind of already had the Airbnb business going as you know, like before really starting to do it full time. And so, so I guess, I guess more towards like the time that I decided to do it, full-time maybe like offering too much of my service for free in the beginning. I think that might be a common mistake that people make in a lot of industries when they first start, you know, like, or may, and maybe it’s just me. I don’t know. But like some of my first cohost accounts that I got, I got in there and I’m, you know, and I went in there and like my wife shout out to my wife, Katie, she’s an amazing designer and she loves to do interior design. And so she’s been like a big part of our business, you know, helping to stage our properties and make them really nice and look really good in the photos and thinking about all the small things that I, as, as a guy, probably a typical guy, don’t think of, you know, she goes in there and she’s like, oh, you need this and this.

03:33:36

And it’s like, things that I wouldn’t think of. Like, like for example, like one of our properties that makes us kind of stand out, it’s just a small little condo. That’s like downtown in the downtown area, but there’s so many different options down there. So it’s how do I make myself stand out? And so like, my wife came up with some ideas, like we put some free snowshoe rentals inside it. We put like foot massagers inside it, you know, we went to Costco and got these nice foot massagers with like packs of nice clean white socks. People can change them in the housekeeper, wash them when she’s washing all the other stuff. And like, I think that kind of thing actually makes people choose it, you know? Like it stays really nice and it’s cute. But then also in the title, we can say like free snowshoe, rental and foot massagers. And it’s like, those are different than what other people are doing. And so anyways, I’m like so bad at staying on, on track. I’m sorry. I forgot what we were even talking about now. I’m like, you know, back trying to figure out where I’m at, but

03:34:27

The, the most, the most challenging part you were saying, it was, it was offering your services too much for free. What, what services were you offering for free? That was the really challenging

03:34:36

Effort. Yeah, for sure. So like one of my first co-hosts accounts I go over and, you know, the lady is like in her seventies and she’s not good on technology, which is, you know, we’re, we’re close, come in. It’s like, that’s where you shine. So I’m like, oh, this is what we’re going to do. This is what we’re going to do. And I get, get her all pumped and she’s excited, but then, you know, she, she wants to, you know, decorate the room in a certain way and it’s like, I know it’s not going to be good. So I’m like, Hey, no, let’s not do that. And then I ended up needing to go over there and I ended up decorating it. Like my wife comes over and she helps decorate too. And then we’re spending a lot of time decorating and then she calls me and she wants me to, you know, help her organize her garage because she’s thinking about putting the garbage cans there so someone can park here.

03:35:14

And so then I’m over there for free helping her organize her garage to get the garbage cans. I mean, it just, one thing leads to another, I think like if you’re going to be going with those types of co-host models, it might be important to have some like clear rules. Like this is how many hours of setup I’m going to provide to you for free. And beyond that setup hours, this is how much my is. I wasn’t really clear on any of that stuff in the beginning. And so I think it felt like I was just being taken advantage of a little bit as far as like the things that was expected of me, you know, she wants to install a new motion light above the door and I’m like, oh, Hey, I got some handyman. I can send one of them over. And she’s like, well, can’t you do it? You know, like once we do it for free kind of thing, you know? And so having like clear understanding with your clients, if you’re going to do the co-host model and writing as to what’s expected and what’s going to be provided is probably important.

03:36:05

What has been the most challenging part of scaling your business?

03:36:13

I guess, like, to be honest with you, I’ve been slow to scale. Like I CA, like I said before, I could’ve scaled up a lot faster, but I had been making sure that I’ve only got units that I’m really solid on, and that might not be the best way to like to get it off the ground. Maybe, maybe for some people it’s better just to like, get whatever you can quickly. I haven’t spent as much time marketing as I, as I should. So maybe the marketing part of it, but at the same time, I’m not really, like, I wouldn’t say that’s gonna, that’s my biggest challenge. It’s just that I haven’t really spent the time to do it yet because it takes so much time doing all these other things. I think I’m just getting to the point now, organizationally, that, that I probably will actually start kind of marketing more and seeking out clients more than I have to this point.

03:36:59

And when you’re, when you’re talking about marketing, are you, are, when you, are you talking about marketing, your Airstreams, your apartments, your, your rental at what your you’re co-hosting business, w w what are you marketing for?

03:37:09

I would say what I’m actually referring to mainly would be approaching landlords or for rent by owners and looking to either rent or co-hosts with them. That’s really what my plan is as far as marketing.

03:37:24

So, so you’re obviously more, more leaning towards scaling the rental arbitrage co-host model versus the own and rent or Airstream model now.

03:37:35

Yeah, definitely. I, I, I mean, th the, the bottleneck of the Airstream model is, is the availability of reasonably priced units. So like, my, my eyes are always open and I’m always looking and ready when the right deal comes along. But, you know, I mean, some of the air shoes that I bought, I paid so little for them because, I mean, it’s not like, okay, I need an Airstream to, to have a new property, and I’m going to go buy one. It’s like, I’m always looking, but when the right one comes and I knock on the right door and I get one for 3,500 bucks, you know, that needs another $15,000 in repairs, of course. But, you know, like if, if you can get in that cheap on them, then, then I’ll do it. Even though I’m not necessarily looking for one, right at that moment, you just have to be ready for it. I think as far as those are good concerns. So that, that’s the biggest concern with scaling that model is the inventory of like cool, unique units. You know,

03:38:28

So from, from my understanding is, is that really you’re looking at the rental arbitrage and the co-host is something that’s more easily while you’re investing your, your, the income that you’re making into assets, you know, something that has more equity, like traditional apartments and Airstreams.

03:38:46

Yeah, for sure. I mean, if you look at the issues that I have, like, you know, I might, I might obtain an Airstream for like, you know, 3,500 was the cheapest that I ever got one, but like 3,500 to say, like 10,000, and then I’m going to put another 10 or 15 of them. So I might have, you know, 25,000 in them, but each one of those Airstreams that I have is an asset that’s appreciating in value. They’re vintage. They’re really popular. Airstreams have been Airstream has been in business since like 19 someone would be better at me than this 48 or something like that. You know, I mean, they’re, they’re really popular. They hold their value, they go up in value. And so, like, those are all assets to me. And so if I, you know, if, if Airbnb shut down tomorrow and there was no way to rent them, like, that’s okay, they’re worth more.

03:39:29

I could sell one of those Airstreams for another 15, $20,000 more than I have in it right now. So for me, like if you went going back to the beginning of our conversation, the diversity is important to me. And then, and then yes, I would, I would, I would answer your question. Yes. That I, I, my focus is going to be, to expand in the arbitrage and co-hosts things will probably come along in that. That’s not going to be my focus, but like arbitrage is my main focus. Some co-hosts things will come along at the same time. And I’m always keeping my eyes fields for more assets that I can use as, as the investment. Right.

04:40:03

Brilliant. I think, I think you’re a brilliant person, Chad, you know, you’re looking for those opportunities, you’re investing in, in a different, different investment opportunities, like the, the owning and the, the Airstreams, and then you’re scaling this, this co-host rental arbitrage. I think that’s, that’s a brilliant, brilliant model because you’re diversifying yourself. You’re, you’re keeping yourself safe. You’re, you’re managing your risk and you’re not just holding your cash or, or, or anything you’re putting into something that is more liquid, more has equity. What would you do differently if you had to start from scratch?

04:40:38

I would avoid, like, one thing I can say, which I’ve kind of already said once is I would avoid doing any type of arbitrage or cohost in a shared space. I, I mean, I, there might be exceptions to that rule. I mean, maybe, you know, there’s probably are exceptions to that rule. There might be like a S like a sweet, retired person that, you know, has two Childs and they just want to run out in a couple of rooms and they need my help. I, I might, I might break that rule, but generally, like, I’ve learned that those are not worth the effort had some bad experiences with those ones.

04:41:10

I don’t know if I would say that I would do really anything differently on it. I just like, cause even the mistakes that I made, I feel like I’ve learned from, and I, I think that one mistake that I see that people sometimes make, and maybe it’s not a mistake to them because their financial situation is much better than mine. But I think when people first get, I I’ve seen with like posts and whatnot and some of the Airbnb, I think people, people look to like buy properties. You know, I see posts all the time. Like, what’s the hottest market right now. That’s legal to do on Airbnb or, you know, something similar to that. And, you know, you have somebody that lives in New York and they’re getting all these referrals to like, you know, buy a property in Taiwan or like in, in like, you know, Mexico or something like that.

04:41:52

And like, maybe that would work for somebody. But for me, I think that if you’re looking to do this, like seriously as, as a business, I think that could be a mistake. Cause it’s, it’s, there’s too much distance, you know? And, and then also like, you know, my wife wants to live on the beach. You know, we, we both grew up in Southern California and now we live in salt lake city, Utah, which is a great place, but you know, it’s, it’s not, it’s not LA Jolla, you know, and you know, she, she’s always looking at properties that are like along the coast, you know, all the way up to like the Pacific Northwest and down to San Diego, looking for stuff. And, you know, as much as like, I would love to just be like, Hey, it’s a business decision. Let’s get another Airbnb that we could rent.

04:42:32

And we use it when we want as a timeshare type of a thing. I just, I don’t, I don’t, I don’t think it’d be a good idea to necessarily jump into that emotionally, but it would be really easy to do. And I feel like sometimes people do that and I could be wrong, but just looking at like the comments and the posts, it looked like people buy properties in cool destinations to run as Airbnbs. The problem is you don’t know when regulations are going to change. You don’t know, like you have to look at it from not just the, like the right now standpoint. Like you got to stay versatile. That’s that’s what I tried to do is like, stay limber enough where if a rule changes, if Airbnb changes their policies, if they raise the commissions that they take to a huge amount and suddenly other, other short-term sites become more relevant, like, I just want to make sure that I’m versatile enough that I don’t have all my eggs in one basket. And I find myself in a situation where I have to hurry up and liquidate a property cause I made a bad mistake, you know?

04:43:24

So I think, I think you hit on a really cool point was that, you know, people are buying properties in these cool destinations emotionally rather than rationally, you know, and they’re, they’re, they’re, they’re looking at this as like something like it’s, it’s hot, you know, everybody’s moving to Miami or everybody’s moving to Colorado, so it’s hot, it’s a hot market. I’m going to invest in it. But you know, when you do that, you know, they might change their regulations. And then you just basically you’re, you’re out of luck because now you own this thing and you have no way to pull out.

04:43:51

Yeah. I mean, and for example, that could have easily happened to us because like I said, we were both from San Diego. We both have family there. We both really want to live there, but we also recognize that California is really expensive and there’s lots of other things to factor in for, you know, long-term looking at the longterm and retirement and stuff like that. And, but I, you know, there’s been times where like, we’ve almost bought a place in the San Diego area with the justification that like, Hey, we could like put one of our restrooms in the backyard and to help us cover the cost. And like, we could have easily done that. But now you look at, you look at San Diego in the city of San Diego and you look at the regulations and, you know, they they’ve regulated things to where you can only have a short term rental and, you know, look this up and don’t quote me on this.

04:44:34

But the way I understand it is it has to be your primary residence. You can’t buy up a rental property and make it a short term rental. It has to be your own, you know, with there might be like a beach community, one beach community where they allow you to have an extra income property as a short-term rental. But mainly in the city of San Diego, they’ve changed their, their, their regulations. And I realized there’s some fight back and forth, some battle going back and forth. But if we would have bought a property specifically as an investment property, we would be a little bit up the Creek right now. And we’d be getting a traditional rental renter in there to try to make up for it. And so, and that’s what I was referring to earlier. Like, you know, some of the, some of the, some of the different groups that are like focusing on the co-host model, I was like, this is the best thing ever.

04:45:16

They were in that market, you know? Like, and so to me, you know, that that could be a large reason why it pushed their feeling towards their business model to that area. Not to say that’s not a good spot to be either. Because like I said, with all the regulation that’s happening there, that could happen in any city. So it could be a very smart thing to, but, but anyways, yeah, I feel like we may have somewhat dodged a bullet in that particular market. And, and I feel like that’s a good piece of advice for those that are interested in doing short term rental, but also like, to not accidentally get sucked into like, okay, let’s get a property over here. Cause it will be cool to use what we want. It’s on the beach. And it’s like, just be careful and look at everything and realize that like ask yourself what if tomorrow you weren’t able to do short term rental like this anymore. What if they said you can only rent it for 60 days out of the whole year as a short term rental. I mean, that’s gotta be factored into your decisions when you’re scaling your business and when you’re signing leases and whatever else you’re doing,

04:46:13

Are there, are there any tools that you use to manage your properties now that you have a bunch of different models that you utilize? Is there anything that you use that helps you?

04:46:21

Yeah, definitely. And, and like, I just barely sign up for a trial of a certain software. So I don’t know if I’ll drop the name yet and like, you know, totally give kudos to it, but I’ll, but I’ll say this, there there’s real out there, you know, several options. There’s, Smartbnb, there’s air GMs, there’s, you know, there’s all a bunch of them that you could look at, and you can look at their, their, their plan and you can look at the services that they offer. And up until like a week ago, I was responding to every message myself with all my properties. Like tell people that and they’re like, oh my gosh, how do you do that? I’m like, well, I’m doing it. Full-time so like, you know, people message me. And I have my auto responses saved the Airbnb. It’s it’s not that hard.

04:47:05

You scroll down, you find the right one, you tap it, you send it. And, you know, I have certain pictures or certain videos that I even send for some of the trailers, because you know, when you have a 1965 trailer that you got to push the door and with your hand, while you turn the knob to get it open, you know, you got to explain things like that. So they don’t like break your door on your vintage trailer that you can’t buy a new handle for. So I I’ve been, I’ve been doing that kind of stuff without having automation software. And now that I have had it for a week, it’s like, no, good, this, you know, like, like it wasn’t bad when I was doing it. Like I justified. I’m like, oh, it’s fine. It’s my full-time job. I can do it. But now that I have that software, it’s worth paying the money, you know, and I’m shopping and looking at a couple of different options because some of them are cheaper than others.

04:47:48

And if they can do the same thing as good as the other one, then, you know, obviously you got to figure out which one’s right for you. But, but then one shout out that I can give as far as software that I’m using that I really like, and it’s free, it’s called turnover BNB. And you’ve probably had other people talk to you about it. But turnover, BNB is a place that you can manage your cleaners and you can set up alerts so that when a booking happens, they automatically are invited to accept the cleaning and they can accept the cleaning, or they can decline the cleaning. If they decline it, then your backup cleaner, you can have a assigned backup cleaner also then they would get an alert and they can accept it. And so like, that’s been really nice not having to like manually go in at night and check all my listings and send a text message to cleaners and say, Hey, tomorrow you need to clean, you know, the slopes and the lifts and welcome to Utah. And these are the names of some of my properties, but you know, you don’t have to manually send texts and manage all that stuff. Definitely. You know, looking at getting some automation to your businesses is worth it at some point, but also don’t be afraid to do things yourself and avoid having to pay, you know, a couple of hundred dollars a month in fees for automation when maybe you don’t have enough income coming in with the properties yet to do it. Okay. There’s

04:49:05

Is there any, any product that you couldn’t live without and your rentals that has saved you time and money, like, like a particular rag or like a particular cleaning product, something that has really kind of helped you?

04:49:19

I guess Amazon, I mean, just having Amazon, I have a, I have a list in Amazon whenever I get a new arbitrage, single bedroom or two bedroom apartment that I’m like, okay, I need to furnish this. Now. I already know what bed frame I’m getting. I already know. I mean, maybe, you know, I might get a variation in size depending on the room, but like I already know what bed frame I’m getting. I already know what mattress I’m getting. I already know, you know, the mattress protectors and the, and the, you know, supplies of pillow cases. Like I have them all saved in my, in my car. So I could basically just reorder everything that I’ve ordered. And, you know, it’s not very difficult to, to get all the small things, I guess, and all the, the, the knickknacks and everything that are the necessary items that are needed. And then I also use Facebook marketplace and KSL classifieds. That’s one of our big classified ad areas hearing, or, you know, sources here in Utah to buy furniture and stuff. So finding the right couch that pulls out into a bed, that kind of thing. I usually buy a lot of secondhand stuff. That’s in really good condition as far as, you know, furnishing the new listings.

05:50:21

Okay. Is there anything that you do that has helped your guests leave positive reviews?

05:50:28

Yeah. I mean, number one, like make sure that the place is as you’ve described it, you know, don’t, I mean, fo like I just recently had a professional photographer come in and rephotograph some of my places and I’m like almost a little bit worried because the photos are so stinking. Good compare. I mean, my photos are pretty good with my iPhone. They looked really nice, but I feel like they were like almost more honest or like these photos that he just sent me are like so awesome. And I just updated my listing with them. So we’ll see how it goes. But like, I almost feel like it makes it look better than it is. And so, like, I think just setting a reasonable expectation is important. Like if, you know, you have a noisy water heater say that there’s a noisy water here, right. In the intro somewhere, you know, like not in your title, but you know, somewhere where they can see it and focus on all the good things, but don’t be afraid to have some disclosures and some disclaimers, because I think that just setting a good expectation is important and people are still willing to, to book at a reasonable rate if there’s a few minor little things, but if you don’t talk about them and then they get there thinking that it’s this amazing place and they paid a hundred bucks for the night and they hear a water heater making noise and they have to put your plugs in or something, you know?

05:51:39

I mean, I think that’s important. Just setting a reasonable expectation is important.

05:51:44

If you could gve one piece of advice to someone who’s trying to start an Airbnb business, what would that be

05:51:52

Probably just a, probably like what we’ve already talked about, just don’t be afraid to scale slowly, like do it within a reasonable, get the right property. Like, I haven’t been kicked out of any of my arbitrage places yet knock on wood, but like, I haven’t, because I’ve been really careful. I’ve, I’ve even gone so far as to like talk to the neighbors that are in, that are around the facility before signing the lease completely and like doing the deposit and everything to make sure that people knew what’s going on. And if I got bad vibes, then I might be willing to just not do it. You know, like if anybody made it seem like it was going to be a problem for them. So I think just, I think sometimes when you’re first starting, like, it’s, it’s easy to be like, so you just do it. And, and I think there’s some good, there’s some good in that too, like in some ways, but just, just being careful to not make, to make those mistakes. And if you make a mistake, you just learn from it and move on.

05:52:48

Okay. Is there one house rule that has saved you before?

05:52:54

Yeah. You know, I have a house rule that I don’t know how Airbnb feels about the house rule, but I’ll tell you, I actually earned this from someone else. That’s a prominent voice on Airbnb arbitrage on YouTube. And he’s like one of the top, one of the top ones I, and I can shout out to him too. It’s it’s a, the Airbnb automated. I don’t remember his name. He’s on my friends on Facebook and stuff, but some of you that are listening to this probably will already have seen some of his videos when I was like first getting serious about doing it. I watched some of his videos and he had a house rule that I have incorporated all of my listings. And it’s really awesome, right. In the number one rule on my house, rules, locals message before booking. Now, you can’t tell somebody that they can’t rent your place because they’re local, but you can have in your house rules, locals must message before booking and, you know, having, having your property set for instant book is obviously very important for those of you who have done Airbnb a little bit or no.

05:53:57

Like, you know, if you’re requiring everybody to message you before booking, it’s not good for, you know, getting maximum occupancy. So, so yeah, having that rule has been awesome because to be honest with you, really, the only bad experiences that I’ve had with guests on Airbnb have been locals that have been booking last minute. You know, whether they’re booking because they’re coming to throw a party somewhere, whether they’re booking, because you know, maybe they got kicked out of a place because they have a drug issue. Maybe, you know, they didn’t pay the rent and got evicted and they have their van full of all their belongings. And they’re booking a $60, one bedroom thing for the night and bringing all their crap into your little place. Like, I mean, it’s just those kinds of things you want to avoid, obviously, as, as a host. And so I have that rule in my house rules and when somebody books instantly and they’re local, right?

05:54:48

When they book, you can see where they’re, you know, it says that they’re from salt lake city or wherever they’re from. And you know, you, you can, you know, I usually will message them right there. And I’ll like, if I have any bad vibes, you know, like I’ll try to go on Facebook. And like, once they book, you have their full name, you can go on Facebook and find them. It’s so funny. Like a lot of times locals that book last minute, they, the, the photo that’s on their profile is the exact same one as their profile on Facebook. So I was like, search their name on Facebook. I’m like, oh, there they are. Like, I can scroll through and see their posts and like, get a pretty good idea what’s going on in their lives. If you see a picture of them holding a bunch of guns and like fricking doing drugs in the photos, you know, you’re like, I don’t want this person in my property.

05:55:29

So, you know, so basically what I’m saying is having that house role, locals must message before booking and then just reaching out to them and saying like, I don’t have any problem asking them to cancel. Not because they’re local, but because they did not read my house rules. So, you know, I say, Hey, so-and-so, I’m sorry to do this, but you know, I need you to cancel the booking on your end because my number one rule is that if you’re local, you must message before booking. Obviously you didn’t read the house rules. You were probably rushed. I understand, but I’m going to ask you to cancel because you didn’t read the house rules ahead of time. Thank you. And like all the time, you know, 95% of the time, they’re like, okay, fine. And they cancel. And I feel like I dodged bullets on many, on many instances doing that, but when I’ve had locals book last minute, and I haven’t done anything like that, I’ve had problems. So mostly that’s where I’ve had problems is locals who are booking last minute.

05:56:23

Brilliant. Brilliant. Yeah. That’s a great, great house life. I’ve got that one on that one in mind as well. And where, where do you see short term renters are short term rentals in the future?

05:56:35

You know, I’m taking a real estate class right now to get my real estate license. And, you know, I think every place is different as far as, you know, where where’s it going to be in the future? That’s a really big question because like every state and every city has their own rules and regulations and stuff like that. But I, I do feel like it’s becoming more accepted, you know, there, there probably will be more regulation on things like, you know, getting, making sure that you are licensed and you display your license number for your short term rental on your listings and things like that. I think more and more things will happen like that possibly number of night restrictions and things like that as well. You know, some cities will outright ban and all together. Obviously we’ve seen that already, but I think in general, taking my tea, I’ve been taking my real estate courses, you know, they’re, they’re going over like contract law and they’re going over, you know, when, when a contract is signed or when, when an offer is accepted on a house and they say like, you know, here’s how you handle a property that, that you’re selling that has a lease in place.

05:57:38

And then they have a whole section on here’s how you handle a property that you’re selling that has short term bookings in place. And they’re talking about Airbnb, you know, I mean to, to incorporate that all into real estate courses, I feel like it’s just, it’s becoming more of a, more of the norm. You know, I, I feel like, like at least like the real estate industry is it’s becoming a topic of conversation among real estate agents. And upon those that are looking to buy, I think like first-time home buyers that are younger and that are more savvy and that are more open to the community of sharing and that kind of economy they’re looking for a place that they can have an Airbnb in their basement apartment, you know? And so that’s kind of a, another thing that I’m doing, I’m getting my real estate license and my focus is going to be, to be the short-term rental expert in, in Utah.

05:58:29

And to be able to help people to find the right properties that meet their needs and to possibly help sell properties for homeowners that have already been using them as short term rentals and, you know, being able to help them to properly value their home based on the fact that not only is this home, you know, in this area and, you know, yada yada, yada, but also look at the income that is generated. That’s kind of, my focus is where I’m going now. And I, I decided to do that because my main focus is doing the short term rental business, but I’ve just been rubbing shoulders with so many people that have come to me and said, I want to do this. I need to find a property to do this. I, you know, it’s just like, there’s too many opportunities for me to not have a real estate license and be able to, to capitalize on that and be able to help people as well.

05:59:09

Brilliant. Yeah. You’re, you’re, you’re a businessman at heart. Chad. I think that that’s awesome. It’s been, this has been such a pleasure. I think you have such a wealth of knowledge and I see you just going super far and your real estate and your rental arbitrage and, and your Airstreams. I, I think you’re, you’re gonna, you’re gonna make a killing and you’re doing what you love. Is there any way that people can reach each ad

05:59:36

Yeah, they can reach me. You could actuallygo to our website, but I do need to actually make a disclaimer that our website is going through some changes right now. We’re actually adding a bunch of our properties to it. And we’re changing the name of it too. Right now the, the website is streamline vacation properties.com. You can see why we’re changing the name. It’s just too much, but it’s streamlined vacation properties.com all spelled out. It’s going to be changed to air dream, Utah, kind of like Airstream, but you’re dreaming air, dream, Utah at Gmail or sorry, that’s my email address. Airdrome utah.com. And then you can also email me at air dream, Utah, gmail.com. If anybody out there has any, any property that they think would be ideal to have an Airstream set up on and would like to talk to me about it. I’d love to entertain the idea and kind of see where you’re at and answer any questions that you have as well. Of course.

06:00:30

Yeah. I’ll include everything in the show notes, your, your, the way that they can reach out to you. And I’ll include my show notes in the description as well. It’s just been a pleasure. And until next time hosts, keep on hosting. Hope you host benefited from the show like any exceptional hosts. We all strive for five star reviews. So please go on over to iTunes, Stitcher, SoundCloud, YouTube, wherever you’re frequently listening to the show and leave us an honest review, let us know what we’re doing, right, or how we can improve, because that’s what we want to do. We want to become better hosts. I want to become a better podcast host and a better Airbnb host. Talk to you guys in the next episode. Peace out