Episode 419

Highest Profitability with the Fewest Properties with Dr. Rachel Gainsbrugh

Rachel Gainsbrugh was born in Haiti with a drive to make a difference and not take her parents' sacrifices for granted.  She was raised in Miami, worked hard, became a doctor, and was left with over $500K in student loans.

So, she grinded hard to pay off her loans.  When she found AirBNB investing, it became a game-changer for her where she was able to make 15X on short-term real estate rentals over long-term rentals.

Now, she’s a healthcare professional by day and a rental investor by night.  She’s the owner and manager of 18 luxury short-term rentals with a lucrative cash-flowing rental portfolio, mom, wife, and real estate coach that was recently featured on a Netflix TV show showcasing one of her luxury rentals.

Rachel is passionate about helping professionals create a life they don’t need a vacation from through AirBNB investing.

Connect with Rachel Gainsbrugh!

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"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - Jack

Transcript
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My process is a little bit more, I would say minimalistic than many of my investor colleagues and my strategy is really how do I own and operate the fewest number of properties that generates the highest profitability.

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Welcome to the REI Mastermind network, where host Jack has gathers amazing.

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Stories from leaders in real estate investing.

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In each episode, our guests will tell you what they're doing that works what they've tried that failed, and best of all, you'll learn actionable steps to take your real estate.

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Investing to the next level.

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Now, here's Jack with another value packed episode.

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We have Rachel Gainsbrugh on with me here today.

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Rachel, I appreciate you joining me as we talk about short term rental strategies, especially for those busy professionals because I know that first of all, you're a doctor and I understand you also maintain that practice.

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Right?

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Yeah, so absolutely.

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I actually recently stepped down from full time, so I'm pretty semi-retired at this point.

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As of February, of this year.

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So, wow, that's awesome.

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Congratulations on that.

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That's got to be a relief in quite the accomplishment.

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Oh, it absolutely is.

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It's not something you plan ahead of time.

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You don't go into medicine to step away from medicine with the live kiddos household.

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It definitely was a great opportunity and had I not leveraged real estate, I don't think I would have been here at this point and there's a lot of burnout involved within, so that's who we.

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Typically, see in our community those busy professionals, especially medical professionals, who are really still on that struggle bus and looking for a way.

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To just cut.

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Back a little bit.

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Being a doctor and being in the medical industry, you probably had a pretty busy schedule as it is.

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Getting into short term rentals.

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Can you mind spending just a few minutes as to how you found your way to this and what caused you to seek this out?

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Yeah, I'm so grateful for podcasts like yours Jack, because the content was out there as far as real estate investing and all of the strategies that are out there.

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So, I spent.

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A couple of years really.

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Consuming the content and trying to understand what is this real estate investing?

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What can it yield?

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And so, when I approach my first real estate investment strategy, I wanted to not buy another job like you.

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Said busy schedule.

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My husband and I, we both are in healthcare.

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We moon lit and just worked all those hours 'cause the mountain of student loans.

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It was really insane like.

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500K.

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Worth of.

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And so, once you start to get past that, thankfully we're looking around for a strategy where we wouldn't be burning the candles at both ends.

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Working all of those shifts, and so the obvious first strategy to go into.

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That's not going to take a lot of time or a lot of an investment, is wholesaling or right.

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So, I thought.

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Oh boy was I wrong so really.

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Counting the costs OK, how much time capital is it gonna take?

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How much revenue is it gonna take to launch my first real estate investment?

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And turns out short term rentals.

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Not only was the most lucrative strategy for us, but once we were able to start building systems and creating a small but mighty team around us, it really gave us that time capital into time freedom.

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We were looking for.

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Yeah, and to learn more about Rachel at background and her team and everything going on here, I'm going to direct everybody to your website, Rachel, because there's a lot of great content there, so short term gems.com and I'll make sure to have that link in the show notes it to do.

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This to you.

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But you said you started off in wholesaling.

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And it costs.

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A little bit more time than you and.

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Pacted, could you put things into perspective for some people?

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Because frankly, I think a lot of people who get into real estate investing, that is the first thing they try to tackle.

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And I don't think they understand really what they're.

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Getting themselves in for.

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Yeah, it didn't take long for me to recognize you quickly are going to be enrolling for a whole.

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Other grind altogether, so when I really did the research, I was interacting with some local real estate investment organizations or associations.

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And I wanted to really go into wholesaling.

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It's zero money to start.

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I'm a frugal girl.

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It made total sense.

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However, you're really pounding the pavement.

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You are doing all of the door knocking.

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You're putting out signs.

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If necessary, you're visiting properties that you may or may not get.

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Under contract and there were really no guarantees, and so for me I had to take a step back.

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Ask myself what is it that you really want?

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What is it that you're after?

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And for me it was time, freedom and the alignment was not there at all for me personally.

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If you are working a full time nine to five, and maybe you have another high side hustle, you really want to count the cost of those hours that it would take for you to be successful with.

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Wholesaling, I think it's phenomenal for those who have a lot of margin with their time on a day-to-day basis, but we just didn't have that and counting the costs knowing.

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That the hours.

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That I spend doing the whole selling roll myself.

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Those are hours that I'm taking away from my family, hours that I'm taking away from my best and highest use, and we quickly digressed or divert our attention to other strategies.

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And that's how we found short-term rentals.

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Like that you had to give that perspective when I when we first started real estate.

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Investing and we got into wholesaling as well.

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And I actually had to.

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Used like a scorecard system where it would drive me to make sure I was doing enough activity in a day.

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It usually shocks people. For example, I tried to make 100 phone calls per day. Yeah, in order to find that one deal and I don't think people know that heavy lifting.

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No, you're absolutely after the third call.

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And they're getting discouraged thinking, Oh no, I didn't.

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Get a deal no.

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It really takes 100 to 2.

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100 calls, so don't get.

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Don't give up.

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On the 3rd call, and but that.

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Takes time, right Jack?

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Yeah, it takes a lot of time and.

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It, but you're absolutely right.

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It's for those people that.

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Don't have the capital, but they have the time.

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Leverage one of those things that you have available to you.

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I find it interesting, though.

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You went into short term rentals; it was that the next stop you went from wholesaling to short term rental.

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Yeah, so I didn't make much headway at all with the wholesaling.

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Again, working 14 hour shifts sometimes.

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And recognizing OK, this is really not what was sold to me in terms of no money to start.

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Easy peasy, lemon squeezy, but it was definitely a time commitment, so I quickly started just to do my analysis of all of the other strategies, and I felt like it was almost a knee jerk reaction.

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I became very laser focused on regaining my time freedom back because of those years spent paying off the Student Loans.

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The grind every team my husband had we.

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Had five medical jobs.

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Between the two of us on point, just hopping from hospital or center to center.

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But we looked at what the next obvious move would be, but before jumping in we really did a thorough evaluation.

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So obviously watching TV, what's the next obvious move?

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Let's become fixed and flippers, that's.

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Going to.

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Be at the end.

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Of the show you've.

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Got 40K at the minimum.

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And so quickly realize, after asking certain contractors within our community, there is no.

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This is a full-time job.

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It really is a whole other full-time job.

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And then so we looked at long term landlording we wanted to own property that we can rent.

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We really love having real estate and the thought process behind having rental property that's generating US revenue and we would find the most amazing deals Jack like in in France and South of.

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Georgia rural areas.

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Like a 20 unit for 300.

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$:

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This is going to be amazing, but when you deep dive a little bit more and you look at the rent rolls and.

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They're paying 165 to 250.

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Month you start to ask yourself, wait a.

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Minute, why first?

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Of all, why don't I live there?

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That's a great.

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But you start to detect me.

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Well, that's going to be a bit of a challenge to deal with all of those doors.

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All those soy lids, all those doors, all those Brett checks that you're trying to collect, and so.

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When we looked at the ROI and the cash-on-cash return for a property like that was within our budget, we were looking at maybe 300,000 and a property nearby where we were currently living.

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That was a little bit more upscale. Luxury property did a bit of work for 290K.

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It really shocked us what those numbers look like on a short-term rental perspective, and so that's the numbers that we spread sheeted.

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All of the strategies out and the numbers for investing in short term.

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So especially if you're going to position it more of a luxury short term rental, it just blew everything else out.

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Of the water for.

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Us you've mentioned a couple times.

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Now the importance of regaining some of your time, yeah.

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When it comes to short term rentals, maybe it's just maybe it's a myth you're about to bust for me here.

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It's the fact that I just every time I've tried to run the numbers for myself on short term rentals.

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It's there, it's a time suck as well.

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The amount of time to manage these.

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What type of?

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Processes and procedures.

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Have you been able to implement to regain time you were looking for with your short-term rental portfolio.

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Yeah, that's a great question.

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As with any business I follow, so your first foray.

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Is going to be a bit of a grind, right?

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So, first property I was CEO and the cleaning lady simultaneously, so I did all the things, but I quickly recognized how to cover myself from those roles.

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First hire was a cleaner.

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And really, you only need 3 individuals to be wildly successful and regain your time freedom with your short-term rentals, or three roles rather so you.

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Need a stellar?

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Cleaner and a backup just in case, right?

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You need a phenomenal maintenance person who it could be a handyman.

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Who can help then refer you to other skilled laborers.

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If you have a major repair that needs to be made.

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But that handyman comes in very handy because any repairs you want to get those done immediate.

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Really, and once you get the ball.

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Rolling with your property.

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You do want to add on maybe.

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A virtual assistant or Co.

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Host someone to help with your guest communications.

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So those are the three cleaner maintenance and a virtual assistant Slash Co-host to help you with the guest communication.

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So, are they working for you full time then or are they just?

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Are they contractors and as needed?

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Contractors is needed and my process was a little bit more.

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I would say minimalistic than many of my investor colleagues.

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And my strategy is really how do I own and operate the fewest number of properties that generates the highest profitability, so I get door envy like anyone else who my colleagues say?

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Oh, I just bought 50 doors.

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I'm like, Oh my.

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Gosh, that's amazing. Well again.

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That time cap is like.

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What is that really going to take in your time to manage and with?

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10 properties we were able to generate back in July last year.

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That's when the numbers were.

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At its peak.

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We were able to generate 6 figures that month in July for 10 properties and so you don't need a whole lot of doors.

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You don't need a whole lot of overhead.

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A whole lot of employees to run something like that.

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And yeah, so our virtual assistants are essentially the gatekeeper.

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Let's the cleaners and the maintenance team know when to come out.

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If we have something urgent or something missing, they coordinate all of that and we get messaged, and things get escalated to us only when there is an emergency.

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Or there's something that they've never encountered.

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Before that's interesting.

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Another thing that I think is interesting is that you've referred to like high-end short-term rentals.

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Could you just?

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Could you define that?

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What are you looking for in a property too that you will include in your portfolio?

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Yeah, that's a great question.

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So, the beauty of modern luxury is that it's different from traditional luxury, especially as it relates to travel.

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So traditional luxury urucu.

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Relating things right in Chuck seasoned.

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There are no gold toilets or anything like that, but when the luxury traveler is looking for accommodations in this modern era, essentially, they're looking for a whole vibe.

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They're looking for an instagrammable moment.

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They're looking to live like a local they're looking for.

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Convenience, great communication excursions if they so choose, if that's the purpose of their travel.

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And so, I absolutely love that about modern luxury.

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So, the only thing that would exclude a great property from the ability to position it as a luxury property is maybe the curb appeal of that entire focal area.

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So, if you're pulling up and there are cars on stills on the front yard and it's just.

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It looks sketchy or scary or challenge.

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You wouldn't be able.

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To position that property as a modern short term.

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A luxurious short.

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Term rental it you wouldn't be able to do.

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That and it's.

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Going to be very specific to that entire neighborhood.

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But if there is a curb appeal, if the area.

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Is well positioned and maintained. It is not all that difficult to position that property and so our price point range anywhere from 1 to 290,000 to up until this.

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White clothes, about 460 K purchase price.

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to:

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We set it up and we're not setting it up.

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I'm a little girl from 80.

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We're not going to set it up in a way to break the bank.

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We're not breaking the bank on these, but we're really strategic.

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Less is more.

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Very open spaces.

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I'm looking for an outdoor ambience or vibe and even if there's not one there before purchasing, if there's a way that I can envision myself creating something.

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Yeah, we'll launch it and then we will use.

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Some of the.

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Capital to improve and improve.

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Upon it, but we're really not going in and completely breaking big on these properties.

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So just to remind everybody, head over to short term gems.

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Com for some more information.

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You're talking some pretty big numbers there, So what type of other accommodations are you providing that might be out of the norm for people in your property?

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Yeah, so I think one of my secret sauce is to really hone in on the travel travelers that are willing to pay those rates because even I get intimidated.

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By those rates it's.

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That multi-generational multi family?

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So, I love 5 bedrooms and higher, that's what.

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Our bread and butter.

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Because here's the deal, imagine you're traveling with, say, a partner or spouse and they have their adult siblings.

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And there, there's that next generation and the grandparents.

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And that's how we travel.

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So, I count there anywhere from 5 to 6 adult paying units with those accommodations.

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So go and get a hotel.

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With six rooms and split it apart, you don't have a way to cook.

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Our kitchens are fully stocked with great flindersi and great appliances.

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And ultimately the numbers are Big Jack, but it's still a great deal as to everyone split apart in a hotel where it's a little bit more sterile, or there's not really that vibe.

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And so, we love to implement a game rooms and just create an atmosphere where our guests can connect.

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With one another.

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And reconnect with nature, because that's what we want to provide for them, and that's what we aim to share with the accommodations that work.

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Sending you mentioned that you also go into a property trying to find that value?

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Add yeah.

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With that, that's actually a skill that a lot of.

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People struggle with like.

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What are some of those things?

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That you look to add.

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Is it pergolas?

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Is it a swimming pool?

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What are you looking?

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What are some of those low hanging fruits there?

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Yeah, it depends on the geographical area, so understanding what are the top amenities that are sought after for your sick geographical area?

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For instance, I'm not going to add a hot tub in a beach community.

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It may be a great thing to have for some properties, but that's not.

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What individuals are looking for?

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I do my best where we have one under construction right now.

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I was told by several people there's no space for a pool.

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I say cut out a bedroom.

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We need a.

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Pool, because you know that's what they're looking for.

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They want a private pool.

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Figure it out.

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I think we'll and it's gonna be.

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Like a triangle.

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Wonky shaped pool.

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I don't care if you could dip one toe in there.

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We're putting the polling.

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And because that is the most sought-after amenity in that particular market.

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Similarly, the mountain regions.

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Right, the most sought-after amenity is that hot tub, so understand what it is they're looking for, is going to be the biggest investment that you want to focus on.

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An outdoor fireplace is one that we have added that provides a whole vibe with the fire pit, so that is a value add as well.

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Well, and so those are really what we're looking for as far as setting up the property.

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So, you do want to give it a modern feel if it's a property that has great kitchen cabinets that are wood, will paint them and brighten the space up.

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Make it light and airy.

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We want natural stone or some type of natural counter.

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Top, so we'll change out an old countertop if it's a date at home with good bones and add new countertops, bathroom updates.

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We'll make a little update to the bathroom.

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Rooms, and so those are some of the things that we do to add some value, add and one thing that you know is something that can be implemented today.

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For those of you.

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Who are in the audience?

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Who do host pets?

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If you can.

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Swing it pet.

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Friendly becoming pet friendly has increased our revenue by 30% and this is something that I tell a lot of people.

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You're not being found when individuals are searching for you because they're looking for pet friendly accommodations and one that once they click that filter, you're nowhere to be found.

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And I've seen that time and time again.

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And so, we started off.

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We were not pet friendly.

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We're luxury companies.

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We are not going to.

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Even our dogs haven't been to our rentals, but once you get the question asked the 8th time.

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Is there any way you can accommodate my pet?

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You start to ask yourself, OK, what?

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What is the cost of that?

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How will we set it up, so I reach out to local kennels within our market.

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And realize man these talks are paying like.

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50 to a.

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$100 a night like.

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These are hotel rates and so that's one driver.

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I know you asked a little bit earlier.

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What's the driver for those prices 1 drivers we are pet.

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Friendly we so that may that means we can't really have any type of surface on the floor, so we have no carpet.

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It's all solid.

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Surface is just engaged, but we have a lot of rules around it.

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But yeah, we just want to make sure that this space is going to be pristine for the next guest.

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That's coming to stay with us.

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Yeah, that is that is a great tip.

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I guess I didn't realize the impact just being pet friendly could have.

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Have you you're doing new construction?

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Is this a new venture for you?

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Yeah, it's actually something that I stumbled upon.

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It's not something that.

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I just straight up recommend when people.

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Say, oh, you're building.

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I'm going to go and build to.

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Them like no go.

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This is very.

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Situational and I had found a market that I was.

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Totally in love with.

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And the price points for the properties were just.

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Through the roof.

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But then the realtor that I was working with, he stumbled upon a lot that was, I want to say $100,000 in this area where this is Rosemary Beach, Florida the properties were anywhere from 2 to.

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10 million and I said to myself.

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OK, let me get.

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This slide and I'll figure the rest out later, so I'm that girl that.

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Jumps out of the parachute.

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Jumps out of plane and then I try to.

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Assemble the parachute later.

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And yeah, not something that I would recommend, but I really understood that market and it was a market that I thought to myself.

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You know what?

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20 years from now?

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I'll buy something in this market because I really.

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Love the water.

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I'm from the Caribbean.

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Originally, once that lot was for sale, I said I'll figure it out later.

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I'm grabbing this lot now and so I found a wonderful builder.

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It's building on.

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There for me.

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Have you anything you've learned from that process?

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For, yeah, it's a process I probably should have.

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I probably should have just gone with the stock recommendations, and I started there.

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I started going with.

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The stock recommendations, and then I wanted about.

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Three or four.

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xt thing. The architect were $:

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If you don't have a specific nuances, you wanted your properties stick with the tried-and-true stock build, because the cost they creep up quickly.

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Great, and so we're still going through the process.

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I look forward to maybe coming back and sharing more lessons that I've learned over the way.

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That would be great.

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It sounds like there's a particular focus on kitchens and bathrooms.

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That's just seems to be the universal truth when it comes to any piece of real estate.

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When it comes to fix and flipping and now short-term rentals and everything.

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Yeah, absolutely.

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So, I would say even bathroom counts.

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Oddly enough, we ran some research and we found that properties that have the perceived value from the guests that are staying there are properties with a larger number of bathrooms.

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Oddly enough, and so the kitchen, the bathrooms, I wouldn't say have to be.

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Top of the line the most.

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Updated, but if it's well.

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Equipped, I think that's a great thing.

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So, you want to get the whole vibe.

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The whole look to be able to demand the pricing that you're wanting to demand at the higher price point.

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You do want some type of steel, stainless steel apply and have those out, but then having quality cooking tools is important.

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As well, so high quality cooking tools is important.

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So, you want to have pots and.

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And we find that our guests the reason they're staying with us is they do want to cook more, which has been a shift previously.

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They would come.

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Eat out a whole lot and then the fridge would never be open.

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The stove would never be turned on, but since the past year and a half or so the shift has been they want.

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To cook more and more.

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At the household, and so having those good quality knives and cooking tools that makes it a great day for them.

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Yeah, what markets have you been playing in?

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It sounds like you're in multiple.

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Yeah, Florida, Georgia, Tennessee and the Poconos of Pennsylvania.

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And what are some benefits from 1 market?

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Over the other.

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So, I think it's almost like when you're investing in perhaps a stock or mutual fund, like the diversification.

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So, there's a hurricane.

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There were simultaneously is not going to be a nor'easter or something like that, right?

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Maybe there will be, maybe there won't be, and so your whole portfolio.

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Is not impacted all at once.

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You do want to have the right insurance in place to make sure that you have your loss of use, coverage and all.

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Of that in place, however, yeah.

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Just having a diverse portfolio where you're covering different types of markets.

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I think it's great.

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So are we have mountain regions so ski we have swim, swimming and beach and in our Georgia, market is a little bit of.

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A different market.

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We have a suburban properties that actually hosts more mid-term rentals in short term rentals is something we've really stumbled upon, and we've really become specialists in the mid term rentals.

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Space where these guests are displaced from their homes due to some type of catastrophic issue.

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Whether it's a fire or a flood.

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And so, we've been able to host them in our homes in the suburban areas of Georgia.

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Now what was?

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The process how did you choose these markets?

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So, I actually am a big spreadsheet.

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Nerd so I.

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Leverage a lot.

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Of the data that's out there, I use one tool. There's a free version than a paid version of it. It's called airdna.co.

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So, air DNA I go in and I just look at what are the top properties in certain markets?

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What are the top properties nationwide where the top properties globally as far as how much they're generating?

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And then I cross-reference the market value of those properties.

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How much are the homes selling for in those in those markets?

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And so, based on my budget, I filter down and filter.

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Down and I see where I can get the best bang for my buck.

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The best ROI or cash on cash return.

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And that's really how I how I started off with going out into other markets.

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So, I did start in my own backyard in Georgia and then to look at other markets.

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I was looking for the highest cash on cash return and ROI.

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OK, great.

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This has been a great conversation, but I do have a couple more, but before I get into those, I just want to remind everybody short term gems.com for some more information.

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But Rachel, I have to ask this last question because I know that I'm going to get beat up if I.

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Don't short term rentals.

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Is becoming a crowded space.

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And then you go into.

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Airbnb and some of these other sites.

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How? What kind of steps?

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Or do you have any tips or?

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Tricks on how to get noticed on these platforms that then stand out.

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Especially when you're starting.

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In this type of investing.

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Yeah, absolutely.

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I'm glad you mentioned that because there is a lot of talk about saturation, and I want to be very careful about that because saturation is very much a scientific and economic term.

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You want to identify.

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Is there an increase in the.

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Product number of listings in an area and is there a decrease?

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And the revenue that the error is producing overall.

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So, if there's a increase in the product and a decrease in the revenue or the nightly rates overall, or the amount of revenue the market is producing as a whole, yeah, it sounds like there's saturation.

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But if there's an increase in the product and increase in revenue, that indicates to me.

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Demand, right?

::

So, you definitely want to identify that first and foremost, and that's what I do for my future pacing.

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If I'm looking at another market, my next question is of course regulations.

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I want to understand what the regulatory ordinances say, and then my next question is there saturation, or is there demand?

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Is there rental demand?

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Is there bro?

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Both happening in that area, so I'm very much a spreadsheet girl for sure, and then the next thing is when you want to stand out from the crowd because we all know if you're on page two of a listing, you're not going to get seen like we're lazy.

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We're not going.

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To page 2 for anything right?

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A Google.

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Search, you don't go to page 2, you want the first, so the 1st 10.

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That's above the fold typically is really important to be amongst the 1st 10.

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And there are certain.

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Strategies that you could use to make sure.

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That you're above the.

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Fold and Airbnb.

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For instance, if you're using Airbnb, that's one of the forms that we use.

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We use VRBO.

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Also have certain metrics that they look at in order.

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To give your.

::

Listing priority and so one of which is time on listing for instance.

::

So, this is a random one.

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If someone spends a lot of time on your listing, looking through pictures, looking through different portions of the listing that gives you it's like being so this must.

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Be a great listing.

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A lot of people are spending a lot of time on this listing.

::

OK, so that first photo of course is going to be really important.

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'cause that's going to get you that first click.

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The second thing is.

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That listing description as well and so.

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Be very mindful.

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Cool, because the way the platform is has been reconfigured.

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The 1st 30 characters I think I counted 30 the 1st 30 characters are all that matters really initially so.

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That's a lot of real estate.

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So, if you're going.

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To place the.

::

Property name it's really cute to name your property.

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Flirty Flamingo cute little condo.

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But that doesn't give the audience a glimpse as to what the property is.

::

Be very mindful.

::

Do not add the cutesy property name in that section there 'cause they're just going to scroll past.

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You want to let them know something that they may not know just from seeing the picture 2-bedroom condo.

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If that's not indicated.

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Or minutes from the beach.

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Walk to the beach.

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Something that's gonna really peak their interest.

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So, once they click now, they'll have access to more photos and the listing description and within the listing description I see so many times and so many students come to me with two or three sentences in the listing description.

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No use every bit of real estate that I'm talking.

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Write a book if you have to, because if you use all of that, you write in everything you possibly can, and then you format it in a way.

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That's bullet point.

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Like upstairs there is this and this and the 2nd floor.

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There are two bedrooms and a bathroom.

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That's what people want to know, right?

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How the configuration.

::

It's not always easy to tell, so if you break it down, they can think.

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Them so OK, grandma.

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And Grandpa can sleep there, and they can start.

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They will spend more time on your listing if you take the time to really put all of that copywriting in there and then you want to have call to.

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Actions people want to be told what to do.

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I tell them, come and stay with me.

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Let me take care of you book right now.

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I can't wait to see you come to your space and you gotta really tell them what to do and I think that's going to allow them to take some action on your listing.

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And so those are some of my preliminary tips and I really make sure that our listings.

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Or set up that.

::

Way, so do you typically.

::

Hire that type of stuff out as well the.

::

That type of.

::

Copywriting and the photos for that matter.

::

The photos for sure, not the copyrighting.

::

I pretty much own that now I have my own little formula and so I just rinse and repeat that.

::

I've tested multiple ways of doing it.

::

And so, I now know what works.

::

But the photos for sure are professional photos professional.

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If you're a professional.

::

Photographer great, but if you're not.

::

IPhone photos are not going to cut it.

::

Like you said.

::

There is a lot of competition.

::

On their what's gonna make.

::

Me stop the scroll.

::

What's gonna make me turn me into a liquor?

::

To a Booker does.

::

It I say from Lutheran book.

::

It's got to be the photo.

::

That photo is that first step to get him to click, but how do we get them to move forward through that process and then book?

::

And it's the copy.

::

That does that.

::

Yeah, I'm always perplexed by the photo.

::

Situation to be honest Rachel, I run into so many people that fix and flip their homes and they're spending all this time and money and effort.

::

And then they.

::

Take the photos with their iPhone SE or something, that's why. Why is that? The one area that you're going to withhold capital is.

::

It's only one.

::

Still worth the $200.

::

It's not breaking the bank and.

::

Get phenomenal photos for under 3.

::

100 bucks so it's so.

::

Worth it?

::

Well Rachel, if you're ready I have a few.

::

Rapid fire questions for you as we.

::

Yeah, let's do.

::

Close this out.

::

It we all have experienced those late-night infomercials of promising getting rich quick through real estate investing.

::

What is 1 real estate investing myth?

::

You'd like to bust here today.

::

Whoa, my myth is you need a whole lot of doors to make it in real estate, so I'm going to beat that drum.

::

I think forever all you.

::

Need really is one to two wall position in short term rentals to be wildly profitable.

::

So, you.

::

Don't need 100 doors.

::

To get to your financial freedom number, that's going to be the myth.

::

What is one book you would recommend or is or what are you reading?

::

You know?

::

01 book that.

::

I would recommend is who, not how.

::

By Dan Sullivan and Doctor Benjamin Hardy.

::

So, it gets you.

::

It helps you to fire yourself from the different roles and allow your you.

::

To add in.

::

Individuals who are experts.

::

In those roles and who love, say, guest communications and who love?

::

You know to set up your profile, let them do it 'cause that's their superpower, and then you can move on to your highest and best.

::

What is the biggest real estate investing mistake you've made and what did you learn?

::

Oh, investing in an area that had an optional HLA and I didn't know there's such a thing as an optional, but I learned they were like OK.

::

If it's optional.

::

Then we're good.

::

That was not the case unfortunately, so it turned out it became not optional and so the HOA.

::

They really did not want short-term rentals in this particular area and so we went ahead, and we had to sell sooner than we.

::

We had hoped for.

::

And it wasn't at a loss, but it was.

::

Nowhere near what we were projecting.

::

OK, lastly Rachel, is there a question or concept you wished we would have covered here today?

::

Oh, that's a good one. Let me think we covered it lightly, but just knowing your numbers, understanding your buy box and really evaluating your numbers and knowing what benefits are out there for you from a tax perspective as well. So, a lot of W2 earners, higher income, W2 earners there.

::

Are cost segregation.

::

Studies associated with short term rentals that we didn't speak about, but that's another powerful mechanism to getting your ROI and really being profitable with short term rentals as well.

::

So well, Rachel, this was great. I hope you'll consider coming back again sometime, one last time. Short term gems.com. And yeah, this was great. I appreciate it.

::

Thank you so much.

::

Appreciate his laugh.

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Have you learned at least one actionable step to incorporate into your real estate investing?

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See you next time.