Ekabo Home Financial Freedom Mastermind Podcast
A podcast for those who do not believe they were put on this earth to work 40 to 50 hours per week for 40 to 50 years, to hopefully retire at the age of 65.
Ekabo Home Financial Freedom Mastermind Podcast
122. Unlocking Real Estate Wealth: The Secrets to Financing & Midterm Rentals Revealed!
🌟 Unlock the Secrets to Real Estate Success! 🌟
Are you ready to transform your financial future? Join me, Niyi Adewole, as I reveal the insider secrets of successful real estate investment! 🚀 In this eye-opening episode, we dive deep into the world of financing, midterm rental opportunities, and strategic investment insights that can lead you to financial freedom!
Summary
In this episode of the Financial Freedom Mastermind Group Podcast, host Niyi Adewole discusses various aspects of achieving financial independence through real estate investments. The conversation covers the importance of simplifying complex concepts, the differences between FHA and conventional loans, navigating property tax increases, and the pros and cons of buying property in a personal name versus an LLC. The episode also explores opportunities in midterm rentals, utilizing platforms like Facebook Marketplace and Furnished Finder, and connecting with healthcare professionals for rental opportunities. The session concludes with an open discussion, allowing community members to engage and share insights.
🔑 What You'll Discover:
➣The crucial differences between FHA and conventional loans for house hacking!
➣My personal journey of how an FHA loan helped me secure my first triplex—PMI and all!
➣FHA loans are beneficial for those with lower credit scores.
➣The pros and cons of buying properties in your name vs. through an LLC—which is right for you?
➣Exclusive insights into the booming niche of midterm rental management and how to target lucrative tenant demographics like travel healthcare professionals!
➣Tips on leveraging platforms like Furnished Finder to maximize your rental income!
➣Real-life stories of juggling property upgrades while working full-time—dedication to excellence!
➣Simplifying concepts is crucial for success in business.
➣Conventional loans can help eliminate private mortgage insurance.
➣Property taxes can increase significantly after reassessment.
➣Buying property in your name often yields better loan terms.
➣Midterm rentals can be a lucrative opportunity.
➣Utilizing Facebook Marketplace can attract quality tenants.
➣Networking with healthcare professionals can enhance rental opportunities.
➣Furnished Finder is a valuable resource for midterm rentals.
➣Community engagement is key to sharing knowledge and experiences.
Sound Bites
"A confused mind does not buy."
"The simpler you can make things, the better."
"Private mortgage insurance on FHA never goes away."
"Conventional allows you to have that PMI drop off."
"Tax increases are normal for the next year."
"Facebook Marketplace is a gem for finding tenants."
Chapters
00:00 Introduction to Financial Freedom Mastermind Group
01:27 Motivational Insights and Simplifying Concepts
03:20 Understanding FHA vs. Conventional Loans
06:14 Navigating Property Tax Increases
08:35 Buying Property: Personal Name vs. LLC
10:56 Open Session: Engaging with the Community
12:51 E
🗓️ Tune in every Wednesday at 7 PM Eastern! Don’t miss out on our journey toward financial freedom through smart investments.
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Our Links
➣ Financial Freedom Mastermind Facebook Group - https://www.facebook.com/groups/53083...
➣ Peer Space Host Referral Link https://www.peerspace.com/referrals/g...
➣ AirBNB Host Referral Link https://www.airbnb.com/r/niyia41
➣ Ekabo Home Network (IG, Youtube, Email) https://linktr.ee/ekabohome
Niyi Adewole is a licensed realtor in Georgia, brokered by EXP Realty. Feel free to reach out at Niyi.Adewole@exprealty.com if you would like to work with an investor friendly real estate agent.
Welcome to the Financial Freedom Mastermind Group Podcast. Here we're all about breaking free from the 40 to 50 year work grind and accelerating our journey towards financial freedom. Join us every Wednesday at 7 pm Eastern as we explore different types of investments that can fast track your path to financial independence. We serve as a hub for connecting with fellow members during our sessions so you can share successes, ask questions and keep the momentum going.
Speaker 2:Good evening everyone. This is Niyi Adewale, host of the Acaba Home Financial Freedom Mastermind Group, and I'm excited to be joining you here on this last Wednesday of October. I cannot believe how fast this year has gone by. October is obviously one of the best months because I was born in it right October 15th for anybody keeping track and also because fall comes here. We get an extra hour of sleep here soon and I just overall, love the fall. That hotness goes away and starts to get a little cooler. And I'm excited to kick off this new format of the Aqaba Home Financial Freedom Mastermind Group with you tonight, and so I sent out a message earlier today on how the format works. But essentially we're going to kick it off with a motivational quote anytime we do an open session, and then we're going to work through three questions that were asked to the Acaba Home Realty team throughout the week and answer those in a bit more detail, and then do the round robin of what's new with anybody that's joined this week, and so the quote for the week is if you cannot explain something in simple terms, then you do not understand it, and I can tell you that as an entrepreneur and anybody that's going into business in general. One of the lifebloods of business is sales, and there's a saying that a confused mind does not buy, and so the simpler you can make a concept, the better. If you're able to focus your clients or customers on one step at a time, that's much better, because it's hard to get confused on one step, not to mention if you are looking at, say, raising funds, right. So a lot of people that have listed under here know that I'm building townhomes out in Louisville with my partner there and we put together a syndicate, and there's a lot of ways that you can put a syndicate together, and we reviewed a lot of other ways. And so, when you look at the way some other people do it, there's a lot of fees and hey, there's an X percentage added on here for this, and then there's a management fee and things of that nature X percentage added on here for this, and then there's a management fee and things of that nature. We wanted to make it as simple as possible and we essentially made it to where we, as the general partners, do not get a dime and get paid until our limited partners get paid their funds back, and then it's, the split occurs after that, and so we didn't do any of those fancy waterfalls or anything like that. We just gave a return on the money that is being invested until they received those full funds back, and then it split evenly per the percentage that we have within our syndicate. And so the simpler you can make things, the better, and I think if you're able to truly explain your work or concept to say, a fifth grader, then you've achieved the simplicity needed to be successful.
Speaker 2:Moving on to the questions for the week, so the first one I have is somebody saying I'm buying a house hack. What are the benefits of going conventional versus FHA? And so when you look at FHA right, one of the reasons it's there is to help you qualify for a house sooner. I bought a, my first triplex, my first house hack, with an fha loan, and the reason I did that is because I didn't have a long credit history and my credit wasn't great. I think my credit was somewhere in, like you know, the high 500s, low 600s, and to qualify conventionally you really want to be at like 620 or so or higher, and so, long story short, fha was the only way I can in. The benefits of FHA is it allowed me to put down three and a half percent, which was minimal. That was the lowest I believe you could put down back when I was buying in 2016. And it allowed me to be able to get into a house and then have the mortgage insurance premium be rolled into the loan and not really have much closing costs. That was the benefit of the FHA.
Speaker 2:The drawback is that the private mortgage insurance that they put on the FHA loan never goes away, and so if 10 years down the road, you've paid off more than 20% of it and that property's gone up in value, you would need to refinance that property to remove the PMI and so that PMI sticks with you forever. And that's the drawback. Whereas conventional, they now have some conventional products where you're able to put down as little as 3% or 5% on a primary right, and now you could do 5% on a four unit or a duplex or a triplex, and, with that in mind, the cool thing about conventional is it allows you to have that PMI drop off, and so one example I have of that is I bought a house in 2021 with 5% down in an awesome neighborhood that was rapidly getting improved, and in 2023, it had appreciated enough that there was more than 20% of value in there the 5% we put down plus it had grown more than 15% in value, and so what I was able to do was actually go back to the bank, get a new appraisal done, and they removed the PMI, and that saved me about $300 to $400 per month. After that appraisal was done, the PMI was removed, and so that's the benefit of conventional. But one of the drawbacks of conventional is, even when you're negotiating the deal, there's less credits that you're quote unquote allowed to have. You can have a max of 3% seller credits when you're negotiating conventional, whereas FHA you could have a max of 6%, and so you're able to negotiate for more. So it really just depends on your situation, where your credit score is and the type of savings that you have available, which one of those is better, but we've worked with clients and helped them with both.
Speaker 2:The second question that we have is why did my taxes increase on this property, and this is a heart pain for a lot of people. So this is one that definitely took me by surprise when I first got started investing, and it still hits you over the head from time to time. But long story short, when you look at properties, you don't know how long the previous owner has owned that property and they may have bought it for significantly cheaper. Giving you an example, I bought a fourplex last year out in Gwinnett County, where the owner previously bought it back in 2010. And in 2010, they bought it for maybe about $150,000. I bought it for $800,000. I appreciated it significantly.
Speaker 2:It's located right behind the Chick-fil-A. It's in Gwinnett County, it's an awesome location and it's huge. The units are all three bed, two and a half baths, 1,700 square feet, and so when you look at that difference, their taxes were significantly lower than where it should be on market, reason being they hadn't reassessed over there and the value just kept going up, going up, going up. And so the first year when you're paying that tax bill, they're basing it typically off of what it was getting paid the previous year. And so if that owner had owned it for a long time and their tax bill was really low, then that following year is when it would get reassessed and adjusted right. And so that's the piece. The taxes typically get adjusted the next year, and there's a couple of ways to combat that. One is to work out something with your mortgage company if they're the ones paying it, to where you can make up that difference of the tax shortfall over maybe a two-year period instead of one year. Another is to cut them a check for that difference and kind of go on from there. But that tax increase is normal for that next year and then after that it should pretty much settle down. Now recently in Atlanta they have been going around and assessing different neighborhoods that haven't been looked at in a while, and so when you're looking at the tax bill, typically it's around 1.09% for a couple of neighborhoods. Now there's other neighborhoods that may be a little bit higher, some that are a little bit lower, but roughly 1.09% of that assessed value is what you can depend on for taxes being annually, and typically you want to roll that into your mortgage and have them take care of it.
Speaker 2:The last question that we have for today and then we're going to open it up to an open session to where you can jump in either the chat or you can hop in and ask any questions live is should I buy a home in my personal name or LLC? This was a good one that I received from an investor in California where we're actually going to be putting an offer in on a property tonight and they were basically trying to run the gambit of hey, we want to have some legal protection, right, and we heard that LLCs are good. But we've also heard that the loans you can get with LLCs are completely different and that it's not good. And so, with that in mind, when you're buying homes, especially starting out, I would highly recommend this is just me personally purchasing it in your own name, because that's going to be the best lending terms.
Speaker 2:When you're buying homes that are four units or less and you're purchasing it in your own name, the bank feels very comfortable. They know they have somebody who they're able to vet and has a lot of working experience. You have maybe some W-2 income and they're able to say, okay, this person can pay this loan back if everything becomes an issue, and so with that, they're able to give you 30 year financing. They're able to give you a really low interest rates when you look at what you're getting around the rest of the world and you're able to lock that in right. If you talk about trying to buy something through an LLC, typically you only want to do that when you're doing flips or if you're doing like a commercial loan and the loan term is typically going to be higher interest rate. It's typically going to be shorter.
Speaker 2:I can tell you that when I bought my first commercial property right, which was a 12 unit, back in 2019 or maybe 2018, the lending terms were completely different. That was my first time going to commercial world and instead of getting 30 year amortized, I was getting 20 year amortized in a five-year balloon, meaning, hey, you have to sell or refinance this house within the next five years or they could make a balloon payment due. And just so happened that the five year mark hit right when interest rates were going crazy, and so, thankfully, we were able to sell it for a bit more. But I would recommend, especially for this individual who's looking to just buy a short-term rental that they purchase in their name and then the LLC piece can give you some protection and what you can do is quit, claim the property's title into the LLC after the fact. Right, I do that for a lot of my properties.
Speaker 2:Now there is something called a do one sell clause that could get triggered with that, and so this is not legal advice, this is not text advice, anything like that. I got to put my disclaimers out there, but majority of time that is not called right. Unless you start missing payments, the bank is happy that you're continuing to make those payments, and so I've typically purchased in my own name and then transferred to an LLC via a quick claim about 45 to 60 days after. So, guys, this is the first time in this new format. That was our motivational quote with the story. It was our three questions of the week asked to the Acaba Home Realty team, and now we're going to open it up to an open session. So please feel free to throw any questions into the chat and or join live. Would love to hear from you guys. Aj, I see you rocking the bills, hoodie man.
Speaker 3:How you doing Ways man. You know I got to stay true to my hometown but I'm doing good and I'm looking forward to a solid week. We're really closing out the week, um, and then hopefully seeing the bills. Uh, take a win this weekend, so come on.
Speaker 2:Now they've been. They've been looking solid, I'm not gonna lie, they've been looking solid. That new rookie, uh wide receiver, is exciting man. He was funny in the interviews leading up to the season. I think it's a coleman, am I right with that? Coleman? Keon coleman, yeah, keon coleman. And and now you see him, he's catching.
Speaker 3:He's catching some, some nice ones, man yeah, I think he has a little bit of development to still go, but ultimately I like his attitude and approach to the game. He's always positive and it seems like he really has a really good um relationship with josh allen. Um, I don't see how you couldn't have a good relationship with a guy who's launching the ball like 60 yards down the field and has great accuracy, can run all over the place.
Speaker 2:So come on now. That's the key. That is the. You got to have a good relationship with your quarterback so he can throw you the ball. But, aj, I want to selfishly take a little bit of time before anybody else joins and workshop something with you. We talked about it a bit before and I realize it slipped through the cracks. But what would it look like? Right, and we can take this offline as well. But you've had excellence when it comes to midterms right, being able to secure these for your properties, and I know it takes a bit more legwork to do this, especially through Furnished Finder, because it's first come, first serve. If something pops up, you got to jump out there and get it. And so have you thought about creating a business around that and charging people to? Hey, if somebody is interested but you don't have room, siphon it over to them, and what would that look like?
Speaker 3:Absolutely yeah. So, um, it's kind of crazy to think about making it a full business, right, because really my goal was just to be able to, uh, have turnover in my own properties but to actually expand and help others out. Um, I really didn't start thinking about it until you actually brought it to the forefront, um, and then, just looking back on things and what we've done, I didn't realize like, oh shoot, like we've been doing this for the past couple of years and we've been doing it pretty successfully, right, I talked about in previous podcasts. You know the differences just between potentially having the flexibility between short term rentals and midterm rentals. So I think, tapping into that market you know I'm always going to be an advocate for it, especially because I'm doing it and I've been doing it for a good period of time now Definitely want to continue to start looking into that and maybe figuring out how I can help others right, and maybe even helping out. You know you and your situation. I'm not sure how many of your properties are all-term versus midterm rentals. I know you're killing it in the Airbnb game right now. But just having that flexibility, I think it's so important, especially for slow season, which is coming up in Atlanta, right. In particular, I know January and February was like really slow last year, right? So I have a couple tenants that are about to move out of our units in November. So we want to try to take this time and opportunity to take advantage and see how we can, you know, turn that over, get another set of midterm tenants in there so we don't have to go and worry about the uncertainty of the short term rental gain. So, to kind of go back and answer your question, yes, I would love to kind of, you know, continue to just kind of brainstorm and think about how I can others out, maybe help you and your properties out, and what it will look like. I don't have an answer on that right now, but I would definitely have to kind of figure out how I can integrate what I'm currently doing to market my properties on the Furnished Finder platform and then seeing how I can, you know, kind of tie that to filling voids. For example, if you know, if my properties don't have specific amenities or what I often find is that it just may not be in the ideal location that the tenant is looking for, I could somehow try to filter or pass that over to somebody like you who does have some open availability or is maybe in a more desirable area.
Speaker 3:One thing that I will say, and the reason why we've had a lot of success in the midterm game, is that we cater towards travel professionals, more specifically in the healthcare industry. Right, and the reason why I know this? Like I said, I've talked to you and other investors before about this. But my wife, she's had experience in the travel healthcare profession, right, so she's been a travel nurse, she's moved around to different places, and I was like, oh well, you know, you know about this market, you know how to search for homes, so let's go on the flip side of it as a host, right, and try to figure out how we can accommodate these travel professionals, because my wife, as the traveler, she knows exactly what she's looking for, the things that she would, you know, like in amenities and things like that.
Speaker 3:So a lot of travel professionals, especially in the healthcare industry, you know they want to be really nearby those hospitals because you know they're spending 12 hour long days at the hospital, right, they don't want to have to get up and have to travel, you know, 25 miles just to get to their site.
Speaker 3:So I would say, one thing is definitely the location.
Speaker 3:If you have properties that are in prime locations, you definitely want to tap into that.
Speaker 3:And then, secondly, I think we do really well with providing our guests with a comfortable experience and honestly, I think that's just no different from.
Speaker 3:You know any hosting experience, no matter if it's midterm, long-term or short-term, you always want to make them feel comfortable. So that you know any hosting experience, no matter if it's midterm, long-term or short-term, you always want to make them feel comfortable. Um, so that you know maybe if they have another assignment in the future or a contract, they'll come back or, better yet, they can refer you to other clients and then you can continue to expand and grow your business. So I think that's just you know kind of why we've had success and in terms of, like, building a business around it, you really got me thinking, man, and trying to figure out how I can expand this and really just not even about, you know, growing my business, but helping others, right, like if you guys are eating and you know I've been eating I'm more than happy to share that wealth of knowledge with you, especially if it's in a market or area that you guys are not too familiar with.
Speaker 2:Let me just speak for Desmond and I when I say we can still eat. All right, we ate, but we can still eat, and I personally, especially with our portfolio. I think you mentioned before like, hey, which ones can be midterm, which ones? We're open to the whole portfolio because midterm is amazing. And I'll give you an example. Right, I think we talked about it last week, but or maybe two weeks ago, but we have a six month midterm renter at the mansion right now. Right, and they're going through the winter and they're paying a heck of a lot to go rent this thing. And, keep in mind, we probably had four or five bookings during that time period already. So we actually called all those people, figured out a way to get it canceled and make it right with them, because we value the midterm and so, as long as we don't have, like you know, 30, 40 day stays in between that, we will make it happen.
Speaker 2:I'd love to get with you offline and maybe send you the list of where our properties are located and the links to it and work out Maybe it's a percentage thing, hey if, once you get your units filled, if there's still somebody who's like, hey, I need something, and they end up signing with us. We hit you with a percentage Because, similar to our conversations with Desmond around, you have the systems in place for property management. It makes sense to do that. You have the systems in place for generating a lot of leads for the midterm rentals. I've listened to so many podcasts of guys that were doing that out West Coast. Why not do it on the East Coast, man? If you're able to consistently do that, I think you can help a lot of people and create a business out of it For sure.
Speaker 3:I think the big benefit in the systems that we've been integrating and tapping into is the Furnished number one, the Furnished Finder marketplace, and the good thing about that is that you're really getting, for the most part not all of them, but you're getting really quality perspective tenants, people who have a solid credit score. You know no vacancies in the past. They may have different financial circumstances or situations from you know maybe past endeavors, but honestly, for me the most important thing is like have you been evicted, yes or no? Do you have a criminal, criminal background or history? No, Okay, Then you know you're here for a short period of time, for the most part Right, and that's another thing I think that's really beneficial about the midterm market is just, you know people are staying here for or at your properties for a limited period of time, so you're able to kind of cut back on that risk.
Speaker 3:You don't have to deal with like quote unquote tenant issues and different tenant laws, because these people are coming in and then they're going back home to their families. So if we can provide a safe space, a safe space for them to do that temporarily while they're busting out their work, I mean, I think that's a golden spot to be at. So come on now.
Speaker 2:Hey, I love what you're doing over there. We want to emulate that and and shifting gears a little bit. Desmond, how is the rehab coming?
Speaker 4:along Pretty well. I die in there working right now putting the vanities on in the bathroom, trying to change the vanities out. Doing floating vanities had some water damage and really that's kind of like the last piece. So it's that there's some door trim and just buy full door excuse me, doors that need to be hung. But other than that, actually the cleaner is coming tomorrow and I'm miracle and her team gonna knock it out from both units.
Speaker 4:So, like man, it's, it's been a grind. These past two weeks have been it's, it's, it's been a project, to say the least. I've been playing gc um between the w2 and running downstairs and making sure guys know what they're doing and you know they're supposed to yada, yada. Uh, it's been a grind, but it's gone. It's gone surprisingly pretty well and I think I one of the reasons I think it's gone it's gone surprisingly pretty well and I think I one of the reasons I think it's gone well is because I took some time at the beginning to really sit down and plan what the project was going to be made a spreadsheet, line item by line item, you know and have projected start dates for each of the tasks and like was figuring out who the contractors are going to be, et cetera. So it was nice kind of having the experience and having gone through a couple like I went through one at the beginning of the year. It didn't go exactly how I want it, so I tried to take some of the learnings from that and apply it this time and, like you cross, uh, you find, you know, get wrapped up and it goes.
Speaker 4:But yeah, man, I think like my stretch goal was trying to have it up by the first, I think within the first week of November definitely it'll be back up.
Speaker 4:Like they're doing the cleaning tomorrow, uh, going out of town this weekend One of my friends is getting engaged but I'm going to try to get the furniture even moved in, uh, golf Friday, friday evening, cause I'm hoping I can open this thing back up for the incoming. So that's kind of the stretch goal. You know, next week I'll be reporting that that actually happened, but I think that definitely, like by the 7th, so within the first week of November it really should be back up. My place will be fully put back together too, because I went ahead and had my place kind of redone as well along with the work that was going, and had my place kind of redone as well, along with the work that was going on downstairs, it kind of got a little jealous, and I had a bit of the funds to do it with. You know this check that was kept by the insurance company, so, um well, listen, life is good on your street man.
Speaker 2:He's living on boardwalk, you hear me? He building houses, hotels, that that's. I'm pumped for you because you turn lemons into lemonade. And so, with the unit, how does it look? Does it look noticeably different? Like man, this is dope man.
Speaker 4:I wish I could drop some pictures in the chat. Yeah, I'm going to send them to y'all. But yeah, it definitely looks different, like you can tell, especially the shower and just the bathroom as a whole it's a lot more modern. So I have like a little niche in the shower with like the modern, like larger tile compared to like the subway tile that I had before. I didn't know people called it that, but apparently that's like subway tile. Like one of the contractors in my place I got that subway, I'm like I guess. So that, but yeah, man, like it, it definitely had the noticeable difference, got LVP in, put washer and dryer hookups in. So you know, I was asking, right, what are some of those amenities that can be put in to? You know, boost up that value? Took in that feedback. So, yeah, I basically decided to like redo the floors, put in washer and dryer hookups. I'm planning to get washer and dryers come Black Friday. I'm planning to get washer and dryers come Black Friday.
Speaker 4:And then I really think I feel like and, aj, I had a question for you of, like, what are some of the specific amenities that you know can be within a midterm that you think can be attractive for midterm. I think the washer and dryer piece kind of to answer my own question is like heat. I feel like that's the number one thing that's been setting my units back from those longer stays Cause right now I'm averaging like a week, no more than that, maybe a little less. Um, I think the washer and dryers are going to really like help unlock it and and I'm going to take a chance again go back up on Furnace Finder and I'm really looking to get some midterm guests in there as well. Um, and I'm willing to, you know, take a little bit less compared to the short term if that means a lot less work, I think, less overhead.
Speaker 4:But another question I have, aj kind of I wanted to ask you specifically is do you know of any other websites or are you using any other resources to draw in these midterm rental sources? Because I feel like there's a opportunity here too, potentially, and maybe even like in a software piece where you know there's Airbnb, obviously, and like that's the default. There's also like VRBO, there's like bookingcom. There's a whole bunch of different. You know I've been finding short term stays specifically, but I feel like for mid midterm that isn't as developed yet. But I'm curious like are getting guests from Airbnb, even like looking, or do you know of any other like dedicated ways for midterm stays?
Speaker 3:Honestly sure, yeah, so there are definitely a ton of different sources out there, some I am aware of others I haven't done a ton of research into. But honestly, you know, our plan is like if it's if it ain't broke, then don't go and try to fix it Right. What's really been working for us, honestly, is just Furnished Finder really working, that thing and then also Facebook Marketplace. I mean, facebook Marketplace is a gem. That's a place that everybody knows of. Everybody has access to.
Speaker 3:If you have an internet connection in a cell phone or a laptop and there's so many different groups that you can kind of join, we really utilize that to market our properties. What we'll do is we'll upload a couple of pictures, we'll include some property information, just the basics. You know most of the time it's the rent and that we're basically accepting midterm guests and we'll specifically try to target, as I mentioned, highest of quality guests that I believe are really those healthcare travel professionals. So we really jump into those groups and we really work those different groups. If you're interested, you know I can share some of those groups and then you guys can kind of join. Like I said, it is a bit hands-on and active, but you know the trade-off is like I said you work it a bit and then after that you know you have your tenants in place and then you don't have to worry about a thing for three, six months. And in my more recent scenario we've had a tenant stay for nine months, and that one was done via Furnished Finder.
Speaker 3:I hope I answered your question. I would definitely encourage you to kind of go out and see what other platforms there are, because maybe you could enlighten me right and maybe there's different markets and resources that I could tap into. But honestly, for us that golden source is definitely Furnished Finder and then also Facebook Marketplace. I actually recently just sold a car on Marketplace, so so much you can do on there. You can find great deals. I think I actually bought the car on Facebook Marketplace too.
Speaker 2:But so the question is was the car a lemon? He's just recycling a lemon. That person is going to come find you right now.
Speaker 3:No, that's cool, and to that point, Effort is going to come find you right now. No, that's cool and to that point it's so simple, kind of what we were talking about before. But Facebook marketplace or or things like that, Just think about any place where you see there's a marketplace where people are selling something and then there are also people that are looking to buy something, and you know, a perfect place like that is Facebook marketplace. You can find so many different crazy things on there, as opposed to you know, scrolling around and looking at different cat furniture and things like that. I'm not going to say that my wife is in one hat, but I'm actively looking for tenants to occupy our units, Right. So I think that's just a great use of your time and trying to utilize like and that's another thing too Facebook marketplace is free.
Speaker 3:They don't charge you anything. Um, I will say Furnace Finder does charge you a annual fee, I believe this. When I first started it was around 100 bucks. I think they've just upped it to one hundred fifty dollars, but honestly, the value that it provides is really nothing to me in the long term.
Speaker 2:So and we got something from the chat here. I believe there's a way to go through a third party that works with the hospital directly, but you need to have a minimum of five properties.
Speaker 3:That is true. So she's. I want to assume it's a female case. Yes, so, absolutely true.
Speaker 3:That's something that I've actually been talking to my wife about, since she works directly in the hospital, right, and this is a situation where, if you have somebody working directly in the hospital like my wife, I've told her to basically make bulletin board postings about our property, advertise it on there, right, because there's so many different people coming from different states nurse or travel professional may be looking for a unit directly in the hospital, right, and then also taking the time to just like Anthony had mentioned is to, you know, call out to the different hospitals and say, hey, you know, I have a different variety of properties available. Are you guys looking to? You know, match this up with different clients or people that are having assignments at the hospital to make life easy for not only you but us, as well as the host? Really, at that, at that point they're doing the marketing piece for you. They're directly the hospital and they're going out and they're just marketing your property, advertising it, things like that.
Speaker 3:So what Anthony said is absolutely right. We've tried it a little bit. We haven't had a ton of success, but that was actually just a reminder to kind of lean back more into that. I think we kind of haven't really been working that area because Furnished Finders has just been so successful for us lately.
Speaker 2:And AJ. We're going to leave on that point and I want to say two things. First and foremost, the time aspect right is the one that I struggle with is going that back and forth on Furnished Finder to kind of vet that stuff out. So we're definitely going to connect, because the things that you're doing with your wife behind the scenes to make this stuff happen I'm hugely interested in and we do have more than five properties but two. Thank you guys for joining with this new format. I'm hoping that this brings a little more clarity and it helps. We've gotten a lot of feedback that a little more structure could help on this thing. So we're working through that and I appreciate you two for joining. And Desmond, next week I would love to see some pictures, man, or even before that, if you can send the link to me directly, I want to check it out. I got you, but, guys, I will catch you later. Be safe and have an awesome Wednesday.
Speaker 3:Jesus Peace.
Speaker 1:Join us every Wednesday at 7 pm Eastern, as we explore different types of investments that can fast track.
