She's Got Assets | MTR Playbook Case Study | Patty

We have a very special guest tonight. We will get started, but I'm just really excited to talk to you and you have a great story and you really are in it. So I love that.

Excited.

Yeah. Awesome. This is gonna be a good case study. I'm, I'm excited myself.

I think we are all excited.

Yeah. Awesome. Lots of sharing tonight. And just a heads up, uh, my kids, I fed them pizza, I bribed them with ice cream, but if they barge in, I might have to take a break. I tried to get—

I'm glad you actually said that because if you guys hear some noises, those Those are my parents. I put them as far as possible from me. I have 3 of them.

Okay. Oh, okay. You have a full house. Yes. I guess at a certain age, like parents, kids, same thing. Yeah. So, so tonight I have, this is, you know, the weekly livestream for the Midterminal Playbook. Usually it's me just sharing some strategies and tips and, but tonight, like whenever I can, I love to have people on that have been really successful. And, um, tonight we have Patty on who has a really inspiring story to So Patty, if you want to introduce yourself and then we can dive into questions, I would just love to hear your story and how you use the strategy in your business.

Sure. So just a little something about me. Hi guys. Hi everybody. I moved here to Las Vegas last year in July, and I was in New Jersey before for a while. Originally I'm from Slovakia, from Europe. So yeah, it's been, I think I'm here since 2004. So a lot of years, but real estate was my passion since beginning. I remember when I came here, my dad introduced me to interior design. So that's what I actually went for and I studied. Once I finished it, was working in for companies, but real estate, I was always obsessed with. So then later on I became real estate agent and I was helping everybody else. I was flipping houses for them. I was wholesaling for them. It was like so much buying and hold, but then I was like, why I'm always just like for them? I want to have something too because I saw nice income rental. So me and my husband, we bought a house, two-family home in New Jersey that I converted just a few months back to midterm rental, one unit as well. And the second unit, it's coming up, so I'm excited. We need to renovate it first, and then it's going to be midterm rental too. Since Shauna, thank you Shauna, by the way, uh, so I am absolutely in love with midterm rentals.

Once you have the bug, right? You're like, so how do I have that?

And I thought I am like STR junkie. No, I became MTR junkie. But I hate that because I absolutely love MTR so much better.

So why do I have to ask, right? I have just tell me, okay, tell me your reasons why you have changed your strat or what you love about MTRs. I'm curious.

So STR, it was very fast turnaround every single time after one night, after three nights, whatever. Then it was just too much. And money-wise, yes, I was having about, I would say net profit from that one condo that I had. $5,500 a month, but so many times cleaners in, so many times something broken, I have to replace it. And just people was like, oh, it's like hotel room. It's one night. I can do whatever I want to do. It was just annoying. Very annoying. Now with midterm rental, I get people from anywhere like 30 days and like I just got 6-month one, the other one 4 months. Uh, now it became 8 months. It's like, I love it. It's never more than 8 though, but I love it because guess what? Long-term rental, I right now absolutely hate it for another reason. People move their furniture, destroy walls. I have bags of garbage in front of the house when they move out. So it's insane. And then just tickets from the town. Oh, it's not garbage day. So you have to hold everything in the driveway. And I'm like, oh God, no. So midterm rental is literally the mid section of between short-term and long-term, but it's great because you, you're going to renovate your house no matter what, so you can get as much possible. It just has to look nice and be functional. And then decoration, I shop most stuff on Amazon, guys.

Right, exactly. It's there. It's fast. It's really stylish and it's affordable. Like a fancy light fixture that looks like it was a $300 fixture.

Yeah, and it comes included.

Right. And order the light bulbs with it because hunting down light bulbs for some of those lights really sucks. But yeah, me too.

But you know what? Even if you go to Home Depot, it's so hard to get those LEDs, those stylish ones, right? Because you need certain specific ones. So on the, when you go on Amazon, you literally just type what you need and it pops and you just pick the style, pick the color, and it's coming tomorrow.

Right. It's true. Yeah. Oh my gosh. I love kind of making it look fancy, but like doing it like on a budget. I get a little thrill from it.

Yes. And another thing is what I, why I love Amazon shopping there. I just have right now another midterm rental in New Jersey that I have someone there. And for some reason I forgot, forgot I was thinking that coffee machine make hot water too, but some people don't like it because they just want a lot of tea. So I forgot the tea kettle. So the lady, is there anywhere tea kettle? And I'm like, oh, shit, can you look somewhere? Maybe you'll find it. And then she's like, yeah, there is nowhere. I said, don't worry. So I quickly went on Amazon and it shows it's coming tomorrow. So I bought her even nice, like little packages of teas as a gift. Sorry.

Oh, that's super thoughtful.

I gave her like little teas with it and she received it next day and she was like literally messaging me like, oh my God, now I know why you are super host on here. Little things.

Little things. It doesn't take much, you know, subtle details. Yeah, you click, it's like a 2 minutes on Amazon, but you're, it's thoughtful. And the fact that you put tea in it, like I always leave like a welcome package because it just sets the tone and it's Hey, I care. It's just a little thing. And it sets you apart. So I love that really.

It means so much, but I really love midterm rentals now. So guys, when I joined different group of real estate investors, I met Shawna and I was literally like, everybody was saying Shawna is the guru for midterm rentals. So I was like, I need to get together with her. So when I was messaging her, we started messaging each other and she was giving me Maybe for her is like little, some tips and tricks or websites, whatever. But guys, seriously, the stuff Shawna has, and I can't even go in details exactly because she has so many resources where you need to put your place on that I didn't even want to dab into insurance. And when I saw the list, I literally from that list, I clicked only the first one. Bam! It was right there. So I've— it's really great. The list is great.

I love that. Yeah, I tried to really like, I'm like, I downloaded my brain and like, what? Because it's a kind of, there's a lot of places and knowing where to list. And that's where I think as a coach, I can really be like, this is what you're looking to do. And it's once you do it, you're not always doing it, but you just never know where you're going to get a lead from. So marketing is It's so important and you can't just stick it on one site and expect to get business, which I think is what is natural. Like, oh, I'm putting on Furnished Finder. There's more to it than that.

Furnished Finder is great too if you know what you're doing, how you're doing it. And again, Shona helped me with that as well. Like, how are you supposed to put where? There, there is so much resources. I can't even tell you. Too many, but like I said, I want to be in corporate rentals, right? What's in corporate rental, like the big corporate rentals when I was researching and everything, you need to have at least 10 properties. And I was like, oh my God, I can't, I cannot put anywhere. That's how that went again. A list came. I was like, you can actually do it with less than 10 properties. I can do it with one. I was really impressed. But like I said, insurance. That was like, I didn't want to even tap it because I was like, oh my God, do I have to talk to insurance companies and this and that? And then because of Shauna, I realized that you cannot actually talk to like insurance companies directly because you can if you want to, but you're going to get nowhere.

Absolutely nowhere. Right. Yeah. That's, there's a reason they have third-party companies.

That's right. Yes.

Yeah.

So third-party company. And they all, insurance companies goes to them and then they look for it. I just got, I literally converted my house. My dad got dementia, so I had to move, uh, from different house to whatever living situation. So I was having two houses now. So I was like, yeah, I need to do something. So I converted the one where I was living without pool. No pool. No, I moved to the one with the pool. I'm sorry.

Yeah.

So that house that I, uh, rented, I posted on, uh, the website for the third party. And, um, I was shocked within one week. I, one week, I never heard that before. I heard people waited for a month or two and then they reach out to them. But within one week, literally, I received an email and I'm looking at the email. I'm like, They're like, is this property still available? And I'm like, I didn't move my stuff out of the house yet. I was expecting like a month later.

But wait, right? Like you have time. Yeah.

Did I have time? So I said, yes, it is available. So they sent me the questionnaire, like how much per month and this and that. And I'm like, I don't remember how much I put it on the list when I was submitting. I just.

I don't know.

I really don't remember. So I was like, what I'm going to put. I said, okay, so my mortgage is $3,000 a month. All that stuff that I need, electric, gas, let's say $100 because I have solar panels and everything. So internet and everything. So let's say $2,000. So $3,200, right? That's what I have to pay for everything.

Just your costs. Yeah.

That's my cost. So I'm like, okay, so how much I should put? I said, I feel bad. My husband is like, just push for $4,000. Maybe $4,500. And then he looked at my face and he knows if I don't make at least $1,500, then I cannot, I just cannot, absolutely cannot, you know. I'm not doing it.

It's not worth it.

He did it for me. So then I was like, okay, so what can I do? And I'm like, I'm going to just put $6,000. My husband almost choked. So I put in for $6,000 and then they were asking like, They have pets, so do you want any pet deposit? So I was like, sure, $200 non-refundable every month because this is how much it costs me to clean my place. Yeah. So I was like, I need to cover that as well. So I said, okay. So then they said, okay, so let me send for approval and I'll get back to you. So not even, I don't know, a few hours later, I got an email back, like it was approved. Approved, but as when I was reading the email, my phone was ringing. The potential tenants called me like, hey, when can we see the place? And I'm like, oh my God. She's like, can I come like in an hour? I'm like, I still have my stuff here. I was like, I can't, I really can't. So I was like, okay, what I'm gonna do? I said, can you come tomorrow? She's like, yeah, I can come during the lunchtime. And I'm like, oh my God, looking at the clock. I'm like, I have a few hours to move my Excuse me, my language, shit off of the house.

Right. That's a big thing though. You were living there. Is that, you were actually living in it?

I was actually living there.

So that's okay. Nothing like a deadline though.

No.

Yeah. And I'll just tomorrow here. Yeah. This stuff moves fast. Like midterms, like insurance plans are fast. People come on contracts fast. You gotta be ready to move. Like when you get that opportunity, don't be like, oh, I'm not ready. And that's where I. That's what I've always done. And I coach people like, you just gotta, even if you take pictures of the furniture, like you get it right there, you get it. So you were fully living in the house?

Yeah, fully living. And I literally, I was like, okay, so I called any help possible I could. And I can tell you, I still have some luggages in my garage that I'm in here in the other house in a garage where I don't even know what's in there because I just dump everything, whatever I could. I have so many boxes and everything. I should seriously take a picture and send it to you guys. Yeah, it is what it is. I'm like, $6,200, guys? Of course. Oh, I still couldn't do, take stuff from the fridge because I have full fridge here. So I was like, oh, hope they not going to open the fridge and freezer tomorrow. I don't even know how fast I got everything done. I even called like last minute photographer. She did a great job for me the same exact day. I was like, I'm paying you extra. I don't care. Just please come and do it. So it was, yeah, I was exhausted. I wish I had a picture of me looking how I was looking that day. I was exhausted.

Did you rent like a moving truck or just have friends kind of pile?

No, thank God my oldest one has a big van. So we were, we still had to go. I think 5 times trip around. It was everything.

That is, like, hands down, that is inspiring that you hustled and it worked and that's the thing with midterms and I just want to point out you were smart. Taking pictures when you have it empty. Don't like book, if you get a booking and then you can't get in there to take pictures, make sure you get your tours. I would say video tour. I had some other tips, but you have to do that. You have to think ahead.

Yes.

Um, that's really smart. Yeah. Because you think, oh, I'm going to booking and then you have your next one. You don't have any, you have some crappy iPhone.

I just, honestly, I just want to have those pictures just in case if those people tomorrow, and I don't know why I panicked and I called the same day, but I just did it. And I'm glad I did it because I don't have pictures and I could look at them, but I already have the renters there. So next day when they came, Uh, they literally walked in. It was just couple. Um, so when they, uh, email you, they tell you about the family, who they are, what's going on. So it was only couple with one girl, teenage girl. I think she's 16 or whatever years old, 15, 16, something like that. But their house got flooded.

Okay. Yeah.

So when she came with the husband, she just opened the doors and her face was priceless for me. Ah, yeah, it was priceless. She was like, oh wow. She, she just walked to the kitchen and then she's like looking at her husband. She's like, honey, we're taking, right? I was like, in my head, I was like dancing, right? And then there's, I always keep showing them house. They're like, oh no, we're okay. I'm like, no, you need to see the whole house. You can't just say yes. So I dragged them everywhere, looked, and they're like, oh my God. Like they, she was literally walking, not even out of the door yet. And she was already emailing the lady from that third company for insurance. Yes, we want to take it, what we need to do. And I was like asking, and she asked me like, what I need to do? And I'm like, I have no idea, but fake it until you make it. So I said, you know what, the best would be you contact the lady that we were in contact. I had no idea her name, nothing. I just, I just saw the chitchat numbers. So then she reached out to the lady right away, called me like not even a few minutes later. She's like, Patty. They loved it. I'm like, yeah, they're still like in my driveway. So she's like, they wanna move in tomorrow. And I'm like, oh my God. I'm like, out. Okay, next problem.

Fast. Yeah, that's—

they were living in hotel and yeah, they have also two dogs. One is very tiny, one is like big, but still pretty small. Not too big. But yeah, she was saying that. The places she saw, they smell bad, like by, for some cigarettes. And they were asking a lot of money and I'm like, really? So you see how important it is to, and you can get money. The lady told me, Patty, why did you discounted yourself so much? And I'm like, I did? And she's, yeah, you put $8,000 on the application first.

You're like, shoot.

Yeah. So yes, guys, they paying premiums.

They do.

They do.

Yes. Because for they, their responsibility is to put families in a comfortable house. And most families have big houses. They have good policies, right? And there's a piece of their policy that they need to be in. And it does. I'm glad we're talking because it does come down to that person being able to see it and falling in love with it. And you have, I looked at your listing. You definitely, I'm, I thought you staged that thing. It's, you have to make things nice. You can't expect to get a premium for crappy old furniture, or you just have to think about staging a listing. It's the same way, somewhat, especially higher-end listings.

I always think that way, like, what if I'm the tenant? Would I love to live here? So I always want to make sure— I used to be a tenant, and I used to hate when people, you know, put like crappy, like you said, furniture in it. So even when we go for, like when I stay in Airbnbs, when I was traveling or whatever, and they put like really crappy furniture, but pictures look so gorgeous. I'm like, no, just do it how it is. And the funny thing is that every time, no matter what listing I have, whichever house I'm putting on, people say, oh my God, this looks exactly the same. Like even comforters, same. Like, I'm like, yeah, that's what I'm getting. What do you see?

Totally. I get the same comment and I, I actually say that on the phone. I say, this is what I do. I'm very meticulous. Like it is exactly, cuz I get that. I think a lot of times pictures are taken maybe 3 years ago and things have faded and it's a little bit. So I think that's just so important. And again, just wanna emphasize like you are attracting a very high quality, I call them guests, right? Cuz they're there for the short term and you're really, you're helping a family out, you're maximizing your rental, and you're again, not dealing with turnover every 2 nights because that, even though on the scale of numbers is great, it's just exhausting.

Yes.

So I agree.

So my next one is the one where I am in with the pool. So I was already asking because she's like, Patty, do you have any house with the pool? I'm like, yes. I wish I didn't sell my condo, but I would move to the condo and give you this one. But it, I can actually rent it out for like about $10,000, if not a little bit more. So that's a lot of money. And it's a 4-bedroom, 2-bath.

How many bedrooms?

This one is 4-bedroom, 2-bath, but the one that I just rented out for $6,200, did I ask for 8? I just didn't remember.

It moved so fast. And again, I think that speaks to like insurance. It's an, it's a negotiation, right? No matter what your list price is, because you're you're really keeping it off the market and it is somewhat seasonal, so you need to be compensated for that for sure. So yeah.

Money was for 6 months.

It's a dream, right? And that's, yeah, I mean, to make that money and STR, just that, the amount of work and hassle and everything.

No, I don't have to. I still, the one little tip if I can give to everybody, and I do this with Every single unit I have that I'm renting it out, no matter how many months people are coming in, I do have a contract with my cleaning ladies. Every single month on the beginning of the month, they need to go there and clean the house. Because when I had it only one time cleaning for, let's say, 4 months, the place, they can destroy your place. But if you keep up clean every single month. Then when they move out, it's pretty clean.

And it, yeah, totally.

And ladies always, those cleaning ladies are telling me like, I can spy on my guests. Are they dirty?

Are they clean?

And they're always like, mostly they say, well, you know, it's normal, but this is, you see even dust. If you don't dust every month, then if you go 4 months, 6 months, 8 months, oof, I don't wanna even see what's in there.

Oh, like, yeah, I just actually, you know, I have longer stays and even if they are clean, that dust builds up. And, but I will say also, even if, and that's a great tip, but even if you don't do that, I walk into my MPRs and I'm like, was anyone even here? And I know there's dust, but like they're left so clean, like long-term tenants.

Oh no.

They don't really have that same vibe. They're like, ah, whatever. And they just, they don't clean the fridge and there's just crumbs. And I just, it's a very different turnover. Yeah.

It just, I, this is just a little feedback that I got it back from those people that they really appreciate and they're like very, they said this is great because cleaners don't just come clean, they also switch their sheets and give them new ones every month. So you, you see, it's like for the same price.

Yeah. And it's those extras. And then they're going to go back and count. That company, hey, she was great to work with. They had a great experience and they want their clients to be happy. So those extra things, because if you're difficult and no one wants to work with people that aren't going the extra mile or if a guest didn't have a good experience or didn't fix things. So yeah, it's really important.

Yes. And add a little tip, if I may say, please, if you guys have those keypad entries, please change batteries every time the new tenant comes.

Yes. Oh my God. It always happens a week after they move in. They're fine. Then you're like, and then you see me. I'm like the stupid chick. I leave batteries in there actually, and because I don't wanna change them, I just, I always happen. Never fails.

Yes.

And then they get locked out. Yeah.

I know. Yeah. It happened after 2 days and I was like, oh my God. Like seriously.

But I will say like the other just weighing the STR risks and MTR. If something does happen or you have to fix something with an STR, you have to be in there within an hour. They're not gonna wait for you. There's no, if someone's living somewhere, they're like, okay, yeah, you need to get your contractor, your handyman. Yes. There's some leeway, but if you're on vacation, they don't wanna wait for anything. I've had to go buy a fridge like on a dime.

Oh my God.

Because I think last year, and I never got bad, I didn't get bad reviews. I was like an A+ thing, but you were always worrying about that random bad review for no reason.

Absolutely. Oh, I don't know. Am I allowed to show them the proof?

Yeah, that's awesome. I'm sure everyone wants to see those.

Okay, so my thing is, guys, that whatever, wherever I went and somebody was talking on those Live, whatever, or sometimes it was not live. They always were talking, oh, I was getting this much money. I'm like, prove it to me. And everybody was staring at me like deer in the headlights. We're not allowed to show it. Why not?

Right?

Watch this. Okay. Wait, I don't know which way. Yes, you are allowed to.

That's impressive.

Okay. Yes, you do get it. So. You get.

And I will say, just to tie it back to having a mentor or a coach, like the, it just, you get online that much faster. You avoid all those mistakes and insurance moves real, all these things move very quickly and you have to be ready to go. And it's just, it's helpful to have all of the pieces that you need to do and just be, get yourself out there and market yourself properly because it, otherwise you could miss out on a check like that.

I love what you said, market yourself properly. That's such a key. I can't even tell you. I was marketing my houses and I have a few of them. So many different websites that I literally got it. Like I lost track where I was like there. And then I'm just getting random emails and they're like, oh, you posted this and it's available. And I'm like, oh shit, did I forgot to change the date? And I'm like, I'm like, no, I have someone there. You said it's available. I'm like, I did. I'm like, do you mind me to ask you like which website? She's like, you don't even know where you're putting yourself. And I'm like, oh my God. Because you know, when you're done now, you're done now.

But you were like, yeah, yeah. And they syndicate out to like multiple places. So you put it on one site, which I, and I do that strategically. I teach to do it strategically, but they all go to different sites and Insurance company looks, they look in a lot of places too for rentals. So it's not just, you need to do, yeah, I coach not to do it, but you, they definitely, they look in certain places. You need to know where they're looking. Right. Yeah.

Right. And I really like that list that you are providing as part of coaching, that you also have, like what you should have in a house or where to even get it, all those links. This is, this guy is so much helpful. I can't even tell you. It's really big help.

I'm glad to hear that. Cause I, I learned the hard way. Like my first one took me, I don't know, maybe 3 months to get it fully just like I'm ready. And the next one was like under a week. I'm like, because, and you forget if you don't have that little thing for a guest, it's annoying and you want them to have a good experience. So I think. Having like downloads and checklists can just save you so much time and get you online faster and you make your money back in spades. I have done so many courses and I feel like it's so foundational. Every course and things build on each other and it, yes, I wouldn't be where I'm at today. I, I know a lot, but I'm also always learning and I'm always being coached and taking courses.

Oh, me too. The one thing I learned and One thing I learned so many things, but one another additional thing that I learned is that you always have to educate yourself. So believe me, I'm still spending money on coaching. I have to, because you know what? It's not what was teaching a few years back. Today is completely some different things. Look at these chats and everything. Like you have to go with the era, whatever you are in. So honestly, the education is never going to stop. So it's constantly adding and putting money into the coaching. I'm in coaching right now for actually two different things. So yeah, we all are.

And you, it's just, it's an investment, but I know that I would not be where I am today without that investment. And sometimes it's with MTRs, it's pretty immediate, but this, and you think all the strategies or you think I can do MTR. Yeah, it's a furnished house. It is, but there's a lot that goes into it and you can spin on things like what smart lock to buy. Like I did, I was like, my husband, can you just get a smart lock? And he was just like, there's so— you go to Amazon, they're just like, there's so many smart locks. Or like what mattress? Like I have a mattress story and I found a mattress and it's just my go-to, comes in a box, no fuss. I get great feedback on it, but that you can also spin on that. What do I go? High end. Well, right.

So since you're mentioning mattress, so I tried so many different ones and then I had that Green Tea mattress, the foam one.

That's it.

12-inch. And I'm like, okay, let me try it. So you know what? I bought it for myself because people are like, oh, it's so good. And I'm like, is it really that good that people cannot stop talking about it? So my husband, we need to buy it. So we bought it for ourselves and I'm like. Oh, it is good. So whenever my husband is moving, I don't feel it.

Oh, that's great. Yeah. No, when you find that thing right, and then after that you don't even look, you're just like, you know, your mattress and then you can just do your thing, right? Yeah.

That's it.

I, yeah. My mattress story, I was, I was furnishing an Airbnb and I had ordered a mattress and I had guests coming in 2 days and I was like, again, this was when I was starting out and I didn't Do you mind? I was just scrambling and not being strategic. And I was like, I, where's my mattress? Like I have guests checking in, like, I'm so grateful. And so I got through the whole Amazon support web and I got this lady and there's like a big shipping department or large item department. She's like, let me tell you, honey, this is the mattress you want. And so she gave me the link. She's like, I get great feedback on it. And then it gets better. So then I got the mattress, but then there was some glitch. So I kept getting mattress. Oh no. I got 4 mattresses, so I started selling them because you can't return them. They're too big. Right. I just had this side mattress this— a minute.

Another one.

And like, I wanted to gift tax like a mattress distributor. I'm like, what? Again?

Yeah. So everybody has their own mattress. Yeah. But then I absolutely love my Green Tea. It's literally called Green Tea Mattress. And it's a 12-inch. They have 10-inch. They have king, queens, whatever you want. So I love that thing.

But it's just having that go-to thing and then you just don't have to think about when you're first starting. There are like so many options and they can be expensive and they can be— and you have to really watch your budget because you don't recoup those costs right away. It takes a while. Yeah. Is there anything else we didn't cover about your story or tips or anything before we open it up to questions?

Um, no, just one last thing that about the check, because they want to move next day. So the lady overnighted and I told her that they cannot move until I get it. So she's like, let me go send it right now. And they even put extra money. So by 9 AM, I had a check home.

That's yeah. The motivated. Yeah. No, and that's hard because you need to, you can't know the checks in the mail. That's the class. I'm sure insurance is different, but still being professional on that level. So I also just, if anyone's watching is interested in my program, I coach women real estate investors how to like fully book their rentals with really high quality guests to maximize their cash flow. And so I really love doing this. And if you're interested, I have a a quick call you can jump on. We can go over the program. It's a strategy call. So if you have any like burning questions or you just want to see if it's a good fit for you, but as you can tell, there's definitely value in having someone get, get you along. And this is, it's just a great strategy and you have to either get it or not. It's not for everyone, but it's the sweet spot, right? Is what I think as far as real estate and strategies, buy and hold.

Yes. And if I may say, it's not just for beginners. I am not beginner for sure. I already have rentals, but I was beginner at the midterm rent. Like I didn't understand them. So even though I understand houses, I understand buy and hold, flipping and all that stuff, like in real estate and even renting short-term rental, I already knew how to do it long-term too. But midterm, I was like, what the hell is midterm? That I didn't know. You, it is though. It's, it really gave me big value, your resources that you have, like big time.

I really appreciate that. Yeah. And I think it's easy to think, oh, that's just, we can, it's a midterm rental, but yeah, I spent like years, you know, making a method that I've used. So it's, it's, and I, it took me, and I'm a longtime landlord too. I thought I'm like, I'm pretty savvy. And then I was like, what's the middle str— I was calling it like a hybrid strategy. I didn't know, it wasn't like really that well known and it kind of caught on. Yeah. So, and now I feel like it's as STR laws are changing, everyone's getting on board. It's becoming more well known, but yeah, I was like, what is that? Like, how do I? But once you get a taste of it, I think you're like, it's hard to go back to STR.

Yeah. And it's funny you mentioned that because I'm literally under contract. We're closing on October 4th with The studio at MGM on the Strip. I'm in Vegas, right? Yeah, but you see, they're like vacation and short-term rental, but I am so planning to use this permit. Oh, badly, because you know what? This is the studio and they do have like couples or like singles, like they do have people all different sizes of the houses that they need to put in. Why not?

Oh, for sure. And I think that's, I think people often wonder like what site, what's the best property and there's no magic number because there's There's such a, there's so many niches for this. So it can be really tiny. It can be a full house. There's, it's not, there's not like this magic formula and you just have to do your research. But yeah, I just know because one bedroom can do really well.

Absolutely. But doing research on your own, good luck. Yeah, I've done it and I've gotten nowhere. And then I met Shona and I got somewhere.

I appreciate that.

I have to really thank you because honestly, if not you, I would not have that and I would not change my mind. To those midterm rentals, I knew I wanted to do corporate, but I was stuck on corporate, but I never understood like, no, midterm rental is not just corporate. Midterm rental is anything and everything, even Airbnb. You can put midterm rental on it. Vrbo, the same thing. So it's not just for short term. It's just literally the term how long people are staying.

It's so true. And I think there is, I think it used to be like Corporate, but it's a very different niche, right? Because it's a lot, it's a wider audience. It's not just like corporate executive being relocated. Like I have homeowners that are fixing their kitchens, families that are coming to stay with their grandkids. Like it's, and it's not necessarily corporate, right? But it's that kind of fully furnished. So yeah, I'm glad you brought that up because I think there is a concept misconception that corporate is. But it's not, and that's what I love about it, right? It's pretty flexible. So we're, I know going over here, we're just trying to cover a few questions. I could talk about real estate like all day.

I know, me too. That's my problem.

Right? I don't have any hobbies. My kids think I work all the time.

That's a hobby. My husband says, when are you going to start working? I'm like, leave me alone. I love doing real estate.

Yeah. It's like a bug that you get, especially when you figure out like this kind of strategy, like, oh, there's like passive income. Then there's like actual, and then buying and holding, which I think is actually building that financial freedom we all want. So yeah. And I just love the community and stuff that we're in. So let me just scan the questions here and see if I, before we have to, let's see. I see a question about Airbnb. So Airbnb is also in the midterm game. It's a little not that well known, but they are realizing it's a trend and of course they're on it. So you can set your settings to whatever. Minimum you want, right? They're definitely in the game, so that's definitely something you can adjust. Um, I think as far as demographics, my experience, I put it in 3 buckets. You have traveling nurses, they're here for 3-month contracts. Then you have digital nomads or maybe corporate people and they're looking for somewhere to hang out for a few months. And then you have this, the last bucket is the most lucrative. It's a displaced families and they are looking for nicer houses. It's very lucrative. I will say it is, you can't predict when someone's gonna have a flood and hopefully no one does and disasters happen, but you have to get out there. You have to be in a place where they're gonna see you, but you can't really say, oh, I've got like an opening coming up. I'm gonna get an insurance claim. And I think sometimes that's a perception. So it's just, it's very last minute just to put it out there, but those are of the big buckets, but I think it's, it's, there's a wide audience for it. Let's see what else. Other questions. I'm just scanning the comments here. I just wanna say thanks to everyone for joining. If I haven't mentioned it, Monica, Aisha, see if we, I'm trying to do two things at once. Yeah, I'm not, yeah, I think mostly just people saying, so I just wanna say thanks to everyone for joining us. It's just been fun. I hope everyone else got as much value out of it as We had fun talking. Yeah, Patty, thank you so much. I just, it's really, I love your story and that what you've been, what you're working on. It's really fun.

So can I just mention something? I realized that the last question was about arbitrage and I have to say something about it. I have a friend who did arbitrage on some property. Me personally, I am not big fan of it. I like buy and hold for one reason. When you buy and hold, that's your house and you can do whatever you want with that house. When you arbitrage the property, the problem is, and that happened many times, people get divorced. Now guess what? They selling the house. Now you're out of commission. You not having P or anything happens, right? Somebody can die or they just don't want to do it anymore. And another thing is that when you arbitrage, it doesn't matter if you have someone or you don't have someone, you still have to pay monthly rent no matter what. But if you own your place, yes, you might have mortgage, you might have some private money lenders or whatever. But like I said, when you go by the list Shauna is giving, it's like literally one. And I used only two things on that list and I got right away, like within a week, I Oh my God, Shona, I didn't even go rest of the—

but let's get to the long list.

It's a long list and I have a few properties, so it's like putting all these properties on a— it's just too much. One thing at a time. But yeah, are we trash? I am not. I used to love thinking about it, but I really don't like it. Buy and hold is definitely the way to go. Sorry.

I actually, I agree like 1000% with that. I have the exact same problems with that. And I also don't like that you are furnishing a house, that house. If you fall out of contract, it's how, where do you put all that stuff? It's like rented income. It's, you don't own that. You don't have the control of that. To your point, like you don't know how that, they're a landlord. You're basically subleasing someone else's property. You don't really control it. What if something big breaks? It's just, it's, to me, I want to, I don't love arbitrage for all those reasons. I know people are very successful at it, but I think you're at the mercy of whoever you're leasing from and, right. I personally, I know a lot of people teach it. I just like the buy and hold because I feel like that's also my goal is to be able to retire on this and arbitrage will not, that's not building, that's not building a portfolio.

And guys, another thing that Shona does, I see another question that is there, how you determine the, like what rents will be. So you need to do a little research and there are a few sites where you have to go and figure it out, the rent. It's not just, I'm going to pop it like my husband. Oh, let's do it for $4,000. And I'm like, ooh, we're going to be only $1,500 plus. I'm like, nah, I don't go under $1,500. Like I mentioned, you just have to, you just have to look in different places and you will know. And plus Shawna has a lot of experience with this, so she can help you out to figure it out where it should Yeah.

And I think oftentimes I'm always on the higher end and I do a lot of metrics and data testing because you just, it is, it's not like Airbnb. There's a lot of tools. Your nightly rate, your vacancy. This is, there's tools being worked on, but it's art and science and you have to use a little bit of gut and you have to test and there's ways to do that that I figured out, but it's, that's, it's just, there's not like one go-to place. I think that will be changing.

No, unfortunately not. I wish.

I know, me too.

I'm sorry, there is one way to go to. Show enough. Thank you.

Yes, no, I will. I, and I'm all, even in my long-term, I'm always seeing why, because I have nice properties and I really take good care, but I'm always like, it's a risk to have renters, right? So you need to be compensated for that in my opinion. So yeah. Um, yeah, well, I think Uh, how much is my class? Yeah, I'm, if you wanna book a call, I can certainly go over that with you. I'll put the link in the chat again. I'm, I'm happy to cover that. There's a couple options in it. I just like to talk to people to make sure it's a good fit cuz it's a pretty specific program to really get you up and running quickly and it's not for everyone, but if you're the right student, it'll pay off and it's very streamlined and I really want you to be successful. And a lot of students that work with me, they're like, oh, and yeah, I, I got booked like really fast. And there's something about, I don't want to say, but there's an energy that you put out and you want to get it rented and you have to market it and you have to just, you have to be okay with waiting a little bit. And that's the game with midterms.

It is, yes. But be positive. Do not fall. Listen, like Shauna said, whatever you put it out there, that's what it comes back to you 10 times or maybe 100 times back. So always be positive, be patient. One, my friend, she did it with you as well. And she said it like, oh my God, I still don't have a call. I'm like, when did you list it? Yesterday. I'm like, please be patient. Some people say months, some people a little longer, some people one week, some people two days. It's really, it depends what, when they need it. And if your house is good, but it will happen eventually. Yeah.

Well, I think there's ways to Pre-market it. Don't wait. Again, like I, I help people get it out there. Like I put houses on the market when, once I'm about to close, I'm like out there with it. I'm not waiting for even closing. I'm like, because it takes time to get people. I've bought and gotten a property under contract the next day, papers, and I handed the keys over less than 24 hours after closing. That's my motivation. And I don't, turnovers are very quick. Because it's inventory and that's cash flow and that's the business we're in.

Since you mentioned it, the one I'm under contract, I am actually, I didn't close it. I'm closing on October 4th, but guess what, guys? I'm booked whole October.

Right on.

I'm marketing now.

Yeah. And that's the thing. If you work with me, I can help you get it out there and you're not, you're not going to be hemming and hawing over what style or what furniture, because That could be one month of rent, right? And that's when you think about it and just the peace of mind, because when you're sitting on a property and you have a mortgage to pay and you have expenses and you're not getting money, that starts, that's stressful. I don't like that feeling personally. I don't want students going through that. So yeah, you have to, and then you're, and also I oftentimes will have something rented before I even furnish it. That's how scrappy I am. And that's what I teach, because I feel like It's an investment to buy furniture and you don't want to do that if you're not going to get really what you want for it. I have some ways to test that, that I teach. Yes. Yeah. I was, I feel like we could go on for another hour.

I know. Sorry.

Me too. I just, I like this. It's so fun. But yeah, thanks again for your time. I know it's late for a lot of you, but to anyone that's interested, reach out, book a call. We can chat more about the program and how I can help you. And, but you can see like when you dive in, this is well worth it.

But you have to guys, take an action because if you're going to be sitting on it and literally do nothing, you can pay how much you want it, but if you're not going to do it, you're not going to do it. You have to do it. Action. Put that fear aside. Just dive in.

Yeah. And I think I just, I'm under contract on a deal and I think about it like I have a coach and he was just giving me the nudges that I needed to get it under contract and to take the action. And I don't know without him if I would be under contract on this deal. That's a really great— I just needed that, that guidance and it really gets you further along.

So, yes.

Awesome.

Very cool.

Thanks again for joining and yeah, this has been like a total pleasure and I really appreciate the feedback and stuff.

So thank you for having me here.

Yeah. Thank you so much. Have a great evening everyone. I'll catch you soon. All right. Good night. Bye. Bye.