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
124. Unlock Airbnb Success: Transform Your Property into a Money-Making Machine!
🌟 Unlock Your Airbnb Success! 🌟
What if you could transform your Airbnb into a top choice for guests in no time? Join me, Niyi Adewole, on the Ekabo Home Financial Freedom Mastermind podcast, where we unveil the secrets to achieving financial independence through strategic real estate investments!
This week, we kick off with a powerful motivation quote: "Never tell someone something you can show them." This encapsulates our belief that actions speak louder than words in the journey to success.
We’re diving into 3 crucial questions from our community:
🌟Should you hire a designer to make your Airbnb property stand out?
🌟What’s the best move when relocating for a job: sell or rent your home?
🌟What is Georgia's eight-day unilateral clause, and how can it save you on mortgage payments?
With insights from Justin and AJ's career milestones, plus Kanayo’s real-world challenges like a bed bug incident, we explore how the right tools can ease your property management woes.
Inspired by Bill Belichick's tactical genius, we discuss how software like Hospitable can revolutionize your operations—streamlining communication, automating processes, and boosting guest satisfaction. Discover practical furniture choices to prevent future issues and how five-star reviews can elevate your direct booking site.
Summary
In this episode of the Financial Freedom Mastermind Group Podcast, host Niyi Adewole discusses various strategies for achieving financial independence through real estate investments. The conversation covers motivational insights, answers to listener questions about property management, and the importance of utilizing technology and pricing strategies to enhance occupancy rates. The episode emphasizes community engagement and personal updates from participants, creating a supportive environment for sharing experiences and advice.
Takeaways
➣Actions speak louder than words in communication.
➣Investing in design can enhance property appeal.
➣Long-term holding of properties can yield better returns.
➣Understanding local real estate clauses is crucial.
➣Community support is vital for overcoming challenges.
➣Technology can streamline property management processes.
➣Pricing strategies can significantly impact occupancy rates.
➣Flexibility in rental options can lead to better outcomes.
➣Building a direct booking site can mitigate review issues.
➣Continuous learning and adaptation are key to success.
Sound Bites
"Never tell someone something you can show them."
"The eight day unilateral is something that's unique to Georgia."
"You have essentially two months until your mortgage is due."
"You've got to know these contracts through and through."
"The bed bug piece is super tough."
"Hospitable does just have way more flexibility."
Chapters
00:00 Introduction to Financial Freedom Mastermind
00:58 Motivational Insights and Q&A
02:49 Real Estate Investment Strategies
06:13 Understanding U
🗓️ Tune in every Wednesday at 7 PM Eastern! Don’t miss out on our journey toward financial freedom through smart investments.
👉 Hit that subscribe button and turn on notifications so you never miss an update! Let’s unlock your potential together!
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 podcast, and I'm excited to be joining you here on this Wednesday evening, and today was one of the first days in Atlanta for 2024, where it was actually a little bit chillier outside. So I hope that everybody feels that fall season coming in and that you're excited for the holidays, and we're going to kick this open session off, as we usually do, with our motivational quote and then three questions that we enter this week. And so the motivational quote is never tell someone something you can show them, and this is essentially building on what we talked about last week in actions being more important than words. Your consistency and your habits are going to speak way louder when you walk into a room than what you say, and so even when you look at communication, they say 90 plus percent of communication has nothing to do with the words. It's more the intonation. It's the eye contact, it's how you're connecting with all the do with the words. It's more the intonation, it's the eye contact. It's how you're connecting with all the people in the room, and so you definitely want to show people more than you tell them.
Speaker 2:Three questions that we got this week. One was should I hire a designer for my Airbnb? In the past, the answer would be maybe Could you know it could enhance it a bit more and make yours pop out. But was it necessary in the past? No. Nowadays, at the end of 2024, heading into 2025, absolutely. You definitely want to have a designer put together your B&B so that it can pop off the page, because now there's a lot more people that are doing this. It used to be the wild wild west where there wasn't as many people doing it, but now that everybody's kind of had their eyes open during the pandemic to this type of investment, it definitely allowed more people to jump in and made it a little less scary to get in, because you may know somebody within your circle or at least maybe one length outside of your circle that's already doing it that you could talk to, and so nowadays, if you're going to put together a B&B, you should be aiming to make it nicer than those in the neighborhood, and hiring a designer could definitely help with that piece.
Speaker 2:Another question that we got during this week was purchased a house hack last year, but recently received the promotion from work and will be moving to another state soon. Should I sell this home or rent it? And the answer to this question is it depends, right. If you bought it in an area that's path of progress where it's just up, up, up, up up and you've gotten a lot of equity in one year, which is not normal, but if you have sure you could sell that house. But if you are open to hanging on to it and you're willing to put systems in place to allow you to manage it from afar, I'm a fan of hanging on for the long term. Only reason I think you should sell a house within one year of purchasing it is if you bought it as a flip or a major value add to do that. If you're planning to buy it as a buy and hold and that was the original intent selling it within one year is going to be difficult to get your returns back.
Speaker 2:10,. Selling it within one year is going to be difficult to get your returns back. For example, when you look at selling a house, a lot of people think that the number that you sell it for just needs to be higher than you bought it for. So if you bought a house for, say, 100k, for easy math, if I sell it for 105, I'm getting 5K. And that is not true, because when you sell a house, as the seller you're paying roughly 10% in closing costs. Not only are you paying 3% and 3% in realtor commissions typically right, you're paying 6% total for realtor commissions but you're also playing closing costs that can add up to 3% and whatever's negotiated from the buyer right, which could be some seller credits, things of that nature that could put you at that 10% mark on average. And so if you bought a house for 100K and you're selling it for 105, 10% of 105 is 10,500. And so 10,500 subtracted from that 105 actually means that you're losing a little over five grand if you sold it for that amount. And so it's better to hold it for the long-term so you can get the tax benefits, the depreciation benefits, and then have it appreciate enough that you can sell that thing and make a good bank on that.
Speaker 2:And then the last question that we got this week, at least the third one that was top of mind, is what is an eight-day unilateral? And this is something that I had no idea what it was before moving to Georgia, but I've quickly become acclimated to it, both on the investor side and as we've built out our realtor business, and the eight-day unilateral is something that's unique to Georgia. It essentially is a clause within the contract when you're under contract for a property where you can, for a few reasons, extend the contract additional eight days. Where I found a lot of value in using this is when we have a deal that's set to close toward the end of a month, say like November 25th, 26th we would use an eight-day unilateral to get us the beginning of the next month so that your first mortgage payment is not due for two months. So if you close on a property at the end of a month say you close at the end of November your first mortgage payment is going to be January 15th.
Speaker 2:But let's say you close on a property at the end of a month, say you close at the end of November, your first mortgage payment is going to be January 15th.
Speaker 2:But let's say you close on a property at the very beginning of December, say December 2nd or 3rd, your first mortgage payment is not going to be until February. It's due on the quote unquote first, but it's not late until the 15th. So you essentially have like 70 plus days to get your property fully functioning, get it turned over, have cash flow coming in before you actually have to pay out a mortgage. And so I'm always a fan of, if it works out, timing wise, trying to fit it to where you can close a deal in that first week of that month so that you get the most time. And so, with that said, that was the three questions of the week. If anybody has any comments, any questions, feel free to throw it in the chat and then we are going to open this session up to an open session. So, again, this is an open session. You can join live, you can throw questions in the chat and we will get this thing rolling, aj how you doing, man.
Speaker 3:What's going on, brother? Not much Shout out to the eight day unilateral. I love that you brought that one up, actually, because I used it on my house hack when you helped me out with my deal. So, uh one, you know, that was definitely helpful in our situation and it was so crazy because I've never heard of anything like that. But, um, you know, you brought up that something that's kind of unique to Georgia in a way. So definitely definitely something that is great to leverage, especially with, you know, depending on when you're closing on your home. So definitely excellent points on that, man.
Speaker 2:Come on now. And to that point it threw me off too, because I invested in Louisville for a long time, then I moved to Boston and then when I got to Atlanta and I was reading about this, I'm like what is this Right? Like how does this work in practice? And then I actually had to use it for one of my personal deals. I was like all right, this thing is pretty incredible. So now it's something we keep in our back pocket. Don't tell the other realtors.
Speaker 3:You know, crazy. It's kind of like a crazy wild card that you can just pull out of your back pocket and it's kind of weird to think that you know a home owner or someone who's looking to buy wants to extend their closing date. But, like you said, you know, if you're pushing towards the end of the month, it makes a lot of sense to basically pull that card out and then close on the first of the month. So then you have essentially two months until your mortgage is due and I know, for me, that allowed me to, you know, have a lot of time to set up my house hack unit without having to worry about a mortgage payment. So, like I said, definitely something that's a great, great tool to use and just go ahead and apply when necessary.
Speaker 2:Come on now, and I know that you're a big football fan and you played football as well. And one thing that I liked about Bill Belichick and the Patriots I didn't like a whole lot, to be clear, I hated Tom Brady when he was there until he just kept winning and I had to call him the GOAT. But one thing I liked about Bill Belichick is that they would find every small little piece in the rulebook that was legal right. It's not that it was illegal, it was in the rulebook. You could do this and they would push it right to that limit so that they could make the most of their plays and really win these Super Bowls and things of that nature.
Speaker 2:And I think that as real estate investors and as an investor-friendly realtor, we have to do the same thing. You've got to know these contracts through and through. You've got to understand okay, this is a small out that we can utilize here. This is something that we can negotiate a bit harder here. And here goes a way that we can structure a deal to where it makes sense for all parties if you want to be successful long-term. So makes sense for all parties if you want to be successful long term.
Speaker 3:Yeah, it's one of those things, sure man, just trying to figure out a way to win, even after purchasing a property and holding it, being flexible with the different kind of renting options available, going short term, midterm and then maybe even down the road, long term, and just having the flexibility, but just finding a way to get a week or, I'm sorry, a win.
Speaker 2:The triumphant return. Justin, welcome back.
Speaker 4:What's going on? D how you living.
Speaker 2:Super good man, how you been.
Speaker 4:Been good man, I can't complain, Just trying to get it done. Been a little busy so I've been missing the calls, but happy to be back.
Speaker 2:Come on now. We're pumped to have you back and I'd be remiss not to do this before we get too deep in the conversation. But, aj, congrats on the new role. I heard you got it. I know you're going to be starting soon, are you excited?
Speaker 3:Honestly, I'm really excited A good word to, actually. I'll summarize it in two words. So number one is relief and then the second thing is just grateful and appreciative. Well, I guess that's three words, but honestly I'm very happy with a process driven and focused in on my daily goals and treating it as if a job. At the time, you know, that was really something that really motivated me and something you know worked out and just extremely grateful.
Speaker 2:Come on now. I am pumped for you and we're happy for you. Man for real, especially heading into the holiday season. Christmas is on and popping at AJ's house.
Speaker 3:All right, the eggnog's on you everybody come my way, man, I get the check and I'm just gonna blow it off as soon as I get it can I oh welcome back, man.
Speaker 2:It's been a couple weeks since we've seen you on how you been good, good, good.
Speaker 5:I'm doing well. How's everyone doing so?
Speaker 2:super good. We're just trying to figure out why you're sitting in the dark. I don't know what's going on. You got to get some studio light in here. There we go. Okay, that is better. I think it's my. That is better, and I'm feeling the shirt. Yeah, I like the shirt too.
Speaker 4:He's trying to say on that lecture bill Nii, you know, keeping it slow.
Speaker 2:No Podcast man. We got to turn them lights up. All right, we got to show people that we can turn lights on.
Speaker 5:Let me see if this is better. Yes, kaniyia, what's new in your world man? How's the investing man? It's been a rough, rough three months, but the way I take life is every time I see like, like some, well, like setbacks. I just started looking for other ways to kind of survive and it's since September I've been dealing with I remember telling you about having bed bugs in my main listing.
Speaker 5:So a lot of things have changed in the last three months. I added three new properties, one I bought and two of my friends don't live here in Atlanta, so managing four properties now. I recently also got on hospitable, like just this week, and the bed bug is the guest actually left a review on my and that since then I've gotten not a single booking. But I've been trying to get past that. I've tried doing a new listing. That didn't work, deleted my own comments on the person's, on, like my response to the person's review, because I think my response would actually be giving more light to that um review to see how that works next. So just different things going on and I'm trying to just get by daily. It's been a rough come on now.
Speaker 2:The. The bed bug piece is super tough. We actually had a scare with bed bugs for one guest and that's one of those things where you definitely don't want it to pop up. We ended up I don't even know if it was but we but it's not impossible. After about like two weeks of treatments it should be good and ready to rock. But you mentioned you just got unhospitable. I thought you'd been using it, so you just now. Have you been messaging on the app the whole time?
Speaker 5:Yeah, I have. Actually, I tried it the first time like three weeks ago, but it kept on rescinding because I already had automated messages on my Airbnb regardless, right? So my guests were getting several messages and the AI team wasn't responding humanly enough, so I just canceled everything. But yesterday I had a meeting with one of their reps like on Tuesday, I think that was yesterday and after I spoke to her I just got back on it again. They gave me like a week trial again. So I'm trying to see how that goes and I think that's what my question was going to be to you how your experience was the very first few weeks or months. What should my expectation be like with Hospital Table? I know they've grown a lot, but I'm just wondering, based on the new developments, what should I expect from hospitable?
Speaker 2:I think this is a perfect question for the group that we have on the phone and we could just go around. Robin, I'm going to kick it over to AJ first. What are your thoughts with hospitable managing, with and without?
Speaker 3:Yeah for sure. So I'll be happy to start it off, although I'll be excited to hear from you because you're the hospitable guy, you're doing great with the direct bookings and everything. So, but anyway, I don't know any other way other than starting off with hospitable. So really I'm happy with the services that it provides. I do know that Airbnb has added some kind of automatic messaging, as you had already mentioned, but I do believe hospitable does just have like way more flexibility, has a lot more options, customizations. You can add smart locks so that you know it can generate codes for your guests to lead the direct booking, which I'm sure me will also speak to. And then I would also like to speak to just kind of the support system that hospital has right Meet bi-weekly and have town hall meetings, so every other week at 12 pm, from 12 pm to 1 pm.
Speaker 3:Basically give consumers of the product like myself, me and Justin, anybody who wants to join live, to go ahead and do a live Q&A session. And I think that's really important because it gives us just that comfortability and knowing that any questions or concerns that we may have as users of the platform we can go. That comfortability and knowing that any questions or concerns that we may have as users of the platform, we can go ahead and get answers to that. So I've been extremely pleased with the product. A lot of different tools and customizations. So I would definitely say, just starting out, kind of take it easy but spend some time every day just kind of familiarizing yourself with the space and the different customizations or what have you. But once you kind of really fully integrate your properties with hospitable, be sure that you're going to be satisfied with the product, because I've been using it ever since I started and you know I don't really have too many complaints.
Speaker 5:Okay In terms of occupancy, like, how did that improve your occupancy rates? Because I think that's what my major concern is A lot of these automations you're talking about, that of suitable has, where I've already been doing them in airbnb for the longest right in terms of messaging my guests when they book, I mean day before, even in the integration with my logs. I have all those things with airbnb. But my major and my biggest concern is um capacity rates, which is what I'm hoping to see, that's, um improved with option table.
Speaker 3:So for my, my take on that is utilizing hospitable. I don't think it's going to increase your occupancy rates, I think it's really just the management piece of it and having peace of mind, just knowing that the systems are properly integrated for your guests to check in, check out, handle different things, but in terms of like occup, I think that kind of just goes into your listings performance, having quality pictures, getting those good reviews. I know you're kind of in a tight situation with the bed bug situation, but if you want to increase the occupancy, I will focus on listing optimization, performance and then also pricing. So I'm not sure and this may be another side conversation but if you have a pricing optimization tools, one that I use is PriceLab to basically look at the market data and properly price your property, so you're not going in and manually doing it and updating it every week.
Speaker 4:Yeah, and another way, especially because you're struggling with a listing that you may feel like isn't getting bookings because of that one issue, I would say try using Airbnb's pricing tool, because they push a lot of those listings to the top. Obviously, you will lose out on a little bit of earnings for a short period of time, but if you want to just push that listing to the top, you could always switch on their dynamic pricing, because they'll make sure that you're being featured at the top of those, at the top of the algorithm, right, because they want to push people to the lowest price point so they can make their money off the top. So once you get pushed to the top of the list even if you have some maybe one or two you know bad reviews like you should be able to still get a couple bookings, because there's still some people out there that are just looking for budget options in order to find somewhere to stay.
Speaker 3:For sure, and I think that's actually a unique way to combat your bad bug situation, right? I mean, you know it happened and the review is already there. It doesn't seem like you can kind of get that off unless there's some way that you can, absolutely by all means. But at the end of the day it's about, you know, kind of reacting to the situation and then trying to basically find a way forward right, because I'm sure you're not just going to quit the business behind one bad review. Basically find a way forward, right, Because I'm sure you're not just going to quit the business behind one bad review.
Speaker 3:So maybe offering some deep discounts early on, and maybe you can kind of bury that rough review at the bottom, because that review is probably showing up. Like you said, you haven't gotten any bookings recently and that's likely because people are going onto your listing page oh, seeing a bed bug review, oh, I'm out of here. You know what I mean. So if you can kind of work on burying it at the bottom, getting more quality reviews by maybe like lowering the price a bit early on and then you kind of ramp it back up in the future, yeah, I think you're already missing it.
Speaker 4:But you, I think you're already missing it too. Keno, Sorry, my bud Just go ahead, Justin. No, no, no, you're good. I think you already mentioned it, but you can't duplicate that listing, right? Duplicate that listing and I don't know if you can hide the previous one.
Speaker 5:I did that at first, but I deleted it. I stopped Because the thing is I always had two listings right which I used one as my long term because I didn't want to do a discount on the other one. So I just used one as my long term listing. So when this issue came up, the one that was my long-term listing, I just made it a short-term listing to see how that also functions. Fortunately for me that one I did get a long-term booking on it in December to January, maybe just about almost two weeks.
Speaker 5:Then all of the bookings that I had, maybe from three months ago, a lot of them canceled, like two of them canceled right before their check-in. Then one of them actually reached out to me to ask me about the situation. I was like, oh, this has been resolved properly. They told me that they saw a concerning review and I was like, oh sure, that has been treated and you have nothing to worry about. So in terms of bearing the review, I've been doing that a lot. So in terms of bearing the review, I've been doing that a lot. I've given like really deep discounts to people that I know to sort of both use it and just leave reviews. So I think right now maybe I've done like four or five reviews, kind of like push that down and still working on that, just considering that before the end of the year. But I think I just have like a timeline to make sure that I get this sorted before the end of the year. So that's with the new year, new season, just getting ready for the new season.
Speaker 4:And Kano. Just one last question about the bed bugs Do you have those mattress the zipper, mattress protectors?
Speaker 5:Yeah, Actually the bed that is happened with my. I'd never used beds with fabric for my homes, but this particular bed was one of my beds in my visitor's rooms in Minnesota, so it had fabric on it, so that's the only one that had this issue. But immediately this happened I went to the house and I took out every furniture in that bedroom, trashed everything and bought new furniture in that bedroom too, trashed everything and bought new furniture in that room mattress and bought. I just changed everything and bought, like mattress, a bed frame without the fabric. Then I do have all the what you call them, the mattress protector for all my, all my beds and pillowcases too.
Speaker 2:Yeah, and it's painful. Man Like I've I've been through that piece, living in the bed bug capital Louisville, kentucky. We've had a couple of units that have had that and that was terrible to get out. I think you're handling it the right way. But to circle back to some of the things that you asked about hospitable, I think again what AJ was saying is spot on. It's there for management but if you use it in the right way, it's going to ease your mind so much on the managing of these properties and make it easier to onboard more. So you mentioned you're on Airbnb. I don't know, are you in VRBO and bookingcom?
Speaker 5:Yeah, I'm on VRBO. What about bookingcom? I think I've had this discussion with you on booking. Why I can't be on booking for now? True, true, true, true, true true, yeah, yeah, so.
Speaker 2:So, with that in mind, right, at least you can have a direct site. You can have VRBO, you have Airbnb and all of it can get managed directly through the hospitable, and then you're also able to do the pricing pieces that AJ was talking about and have that locked through there. But the most important thing, and the reason that I actually joined on there, was to manage the cleaners right, to make sure that they're going to be able to get those automatic text messages and those automatic like be able to see the calendar without having to do anything weird with, like, google calendars, and know exactly when the cleanings are, know exactly when it canceled, when it's altered, without any messages coming from us. That's the main piece that I've seen. And then also the fact that you can create that direct site, because now that you're growing, you've got four properties it's like you have five, six, seven, eight. You said what? Yeah, yeah, yeah, and so you're going to have five soon, and so now you're going to be able to leverage all of them and send people to the direct site.
Speaker 2:Because the cool thing about the direct site you don't have to worry about bad reviews, right, people actually will give you time to correct an issue, and typically what we've seen a lot is somebody will book maybe for three, four days Airbnb. They'll see that we have the direct site and we put signage up everywhere. And now they're starting to reach out to us and just book it direct. And once they book, once direct, we've had a couple people that continue to book, book, book, book, book because they're waiting for their house to get done or whatever. Right, and they'll just continue extending direct. And now we've got them in our circle and if anything bad happens like hey, a water heater goes out, anything like that they're not going to leave us some crazy review on Airbnb. And so that's the true key. Once you start hitting that growth period of more than four, you got to start using some type of software, otherwise it becomes a lot to mention.
Speaker 5:I think the reviews ask that's what it is for. Cleaners is one that I know that I'm still doing manually. That should be automated.
Speaker 2:It's huge and one last piece and then back to AJ is if you're going to continue expanding this thing, which it looks like you are being able to build out the team right. The reason I like having that app is one for the cleaners. They have their own section login. All they see is their cleanings and only their properties. They don't see any financials, none of that stuff. They just see when it's coming and it texts them, which is awesome. But also I have team members like operations managers, maintenance people, VAs that are helping with messaging, and they all work through the same hospitable app and they have different permissions for what they can see and what they can do, and I'm able to keep track of it through that one location, as opposed to trying to make everybody a co-host.
Speaker 3:So, AJ, I was just going to say, like I can't believe I even forgot about that benefit. Honestly, there's so many different things to hospitable and that's actually a really great one that I enjoy is the automatic messaging to the cleaners and communication, especially with cleaners, are so important. You know, making sure they're on time for checkouts and also for alterations, in case you know a guest may change whatever the case may be within a request. Looking cleaners up to date and knows when to show up on time. So that's another added benefit I also wanted to bring up because this is something I'm sure you'll be happy about me but he integrated an API where they'll pull the five-star reviews from your Airbnb listings onto the direct now. So I don't know, I don't think that was something that happened in the past, but I'm actually looking at your direct site right now and I'm seeing two of your five-star reviews from Airbnb showing up on your direct site.
Speaker 2:That's dope, that's dope, and to that point. I was looking at it this morning. I didn't know that that's exactly what was going on, but I didn't see that. I was like what the heck?
Speaker 5:this is cool, it's, it's hopefully it helps they had talked about it today, like when I did my my hospitable sites yes, so.
Speaker 2:So hospitable is partnered with google because Google's trying to get into just about everything Right, and so they have their own booking, quote unquote and so you have to enable that section though. So if you have a direct site with Hospitable, I didn't have this enabled for half the properties until like two weeks ago, so you've got to go into the settings I forget exactly how, but you've got to check all of them and once you check all of them, it'll start showing up on Google, and we've gotten one booking so far, strictly just from Google, from when I enabled it, like within the last two weeks, where it's like, okay, this person found us through whatever Google is pushing out there from a vacationing standpoint.
Speaker 5:So, yeah, it's solid. Yeah, that's how I'm hoping that it helps with occupancy. In my own opinion because I think it was after I heard that part of it that I I kind of was interested because, in terms of value to me would be closing, I feel like I'm not.
Speaker 2:My my capacity rate is so low and I'm not making enough from I should be able to at least make some profit off to pay off my debts, but I'm barely breaking even for all my houses for for the properties, the price labs and however you're using that are using price labs or beyond using price labs, but I think I'll consider using that also yeah, I would say I think justin was the one that put me on to it, justin what you got to say about the price labs, man, yeah, I mean I think pricing is going to be the most.
Speaker 4:I mean, obviously, your decor and everything is very important, but I think pricing is going to be the most important thing when it comes to these rentals, man, because that's probably the number one thing where people are looking. When they're shopping for someone to stay, they're putting in that price first. So the more competitive you can be on pricing, the better you're going to be. For instance, I got my occupancy up on my five-bedroom to about 80%, but that's because Monday through Thursday I'm dropping the prices down to like the bare minimum. But once I do that, I'm getting four or five day stays in between the weekend stays, you know. So it's like, even though I'm slashing those prices, you know I'm getting heads in beds and something coming in is better than nothing and over time it just adds up.
Speaker 4:Like just last month between my two properties we did 11,000, around 11,000. And that was like what we did the highest in the busy season and we didn't change anything, we just dropped the price. So it's just like being very competitive on the pricing, we were able to drive the occupancy up and we're getting people there like coming in for work. Like the five bedroom you get five guys that are coming in to do a construction project and they're like man, we're paying 80 bucks a night and they're probably getting a per diem and they're being able to pocket the rest of that on the back end. So that's really intriguing them to stay in a home to where they may only have two bathrooms, but they're able to save that money and put it towards some other things that they have to do.
Speaker 2:And to that point, Justin, that was an awesome area to stop off tonight. That was an awesome area to stop off tonight and with the money he's making, we're going to have eggnog at AJ's house and dinner at Justin's house. All right, oh, this is crazy To write with hospitable and we're going to get the price lab situated and after that we're going to have dessert at your house. Man, Bye, Everybody. That is an awesome. Where's your partners? Man? Hey, listen, I'm just here to come and celebrate with you guys. I'll bring the drinks. I'll bring the drinks. How's that?
Speaker 3:Okay Okay, Fair, fair, fair, fair fair.
Speaker 2:Guys, I appreciate you joining and I look forward to seeing you next week and we'll catch everybody on the next podcast.
Speaker 5:Have a good one everyone. Peace, All right. See you guys.
Speaker 1:Join us every Wednesday at 7 pm. Eastern as.
