How to Automate Your Airbnb Business Out of State with Karl Pierre

How to Automate Your Airbnb Business Out of State with Karl Pierre

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Hey everyone, welcome to the tech and real estate podcast. We bridge the gap between real, estate and technology, I'm, your host area, Herrera your fellow data scientist, and today we have a special, guest. He. Is a real estate investor, a business, owner a world traveler and he's, also the host of entp. Life. Youtube, channel, please welcome Karl, Pierre welcome. Carl thanks. For having me Ariel. Really. Nice introduction world, world, traveling, real estate business, guru, yeah cool yeah. I mean, you do it all from what I've seen on your YouTube channel it's really impressive. The. Way I found you is actually just, browsing. Through YouTube real. Estate videos, and, I came across the. Videos that you have of your fix and flips specifically. In New York and then. I just kind of spiraled, into the rest of your channel and saw that you have really great content on Airbnb as well since you're also involved. In that space but, before we get into that if you could just give an overview, of what. A more about you how you got into real estate and, what makes you so excited to be in the field well. First. I guess, a little bit on me I come, from a family that is. I. Guess entrepreneurial, as well but it's like healthcare entrepreneurship. My. Mom's a nurse my father's a respiratory therapists, and they always pushed, like a career, in health care on us so, I went Stony Brook University. First. As a, pharmacology, major and then, I actually, transferred. Into the School of Health technology and management and focused in like a radiological, studies, but. It was actually through that program that I even. Got my first taste ID investing in real estate see, what happened was that the, program was had like a postback, clinical, year so we would graduate and then enrolled into a clinical, program. Where. We're now in an externship. Right so we were no longer, students. Of the university and since, we're no longer at the university we weren't guaranteed housing so. One of my buddies in the course. You. Know we were looking to rent a house and then one, of my friends, in my fraternity. Or one of my brothers in my fraternity I should say. He. Was, a mortgage, officer, loan, officer and at that time this is 2006. So. You. Didn't even need a pulse to get a mortgage right, he's. Like yeah we could we could you know get a mortgage to my company and roll but just buy a house and. It was like all right well let's make it happen and at the time I already had a healthcare, staffing firm I was doing that while I was in college and, I. Had, some, money so I had enough money to put down like the initial deposit, and, it wasn't even a deposit, it was just the binder, to show that we were committed, to making the transaction because. We ended up getting, 106. Percent financing so I got my binder, back plus. We got a hundred percent on the purchase plus, six percent towards closing this is a completely. Different different. Era completely. Different, yet because you, know you didn't you didn't need you, needed, decent. Credit but. You need to have like in the mid 6s at that time and a. Job. It didn't even had you. Just had to be employed you didn't have to verify income you could just state that your income was $300,000, a year it didn't matter. It. Was such a such a different. World back then but, that's how I got started because, we, needed a place to live and it just you, know our mortgage, was going to run just as much as a house, rental would run and we. Decided that we were going to further subdivide that house and started, renting it out to some of our other classmates and peers and, then we started to turn a profit so once. We saw that we were profitable, there we, ended up getting two more properties right, in the same Stony Brook University area. Before. The, well, one, before the market tanked and one after, the market. And. That was, really the. You. Great, I mean, that's incredible the way you started.

Your. Journey I mean you weren't even particularly looking to be a real estate investor, you were more so like hey doesn't. Make sense to rent, another, home we, can buy it and. Save. Money there and also make money, and. Your journey just progressed and I like how you say to that your family, kind of guided, you also into, the, hull space so do you have. Any of your family also involved in your business. Yeah. Some is my. Partner on the New York home healthcare company she's not involved, in a Blanche I not that's that's Avalanche, care she's not involved, in made book the, more technical, side of the company, she's. Looking to move, towards retirement so she's ready. To to, ease out and this, is some more things that I want to do but, she's. Involved in that side of the business none, of my family's involved in the real estate side. Not. Really they're. Dirty. They. Do own homes they have one, primary home in one rental, property which. Used to be their primary home. But. Outside of that there's there's no other real estate investments, there gotcha. Gotcha, all right well I would. Love to get a little bit more insight, into the, air B&B space, in particular. So. First how, did you get started in the air B&B space I know you said you have a property medi e'en and that, you've also gone, out to Italy to. Look at some property there so. How has that worked, out so far. It's. Mixed I would say I got, into I got, into air B&B as, a result. Of going to Medine I went. To Medine Colombia, for the first time I think in, 2016. And I. Stayed in an Airbnb, owned by an American guy and, essentially. Had sold some real estate in in the, States and bought. This house in, in. Like the tourist zone right and he, it wasn't it's like a house, and storefront lawyer like a real, house have you ever been to Midian. So. Gotcha. Yeah it's it's a it's a cool city you should definitely, check it I tell people it's. A place that I would live outside the United States for sure actually plan to move in there soon, but. Yeah. So I this. Airbnb, were it was me and a group of guys who we had, spent maybe $900 at night on the Airbnb, and, it was the only, one. That I could could, accommodate, a large group and, when. I started talking to the owner of it him being an American guy and also being in real estate I was, asking him on the numbers that, he was staying down there and. He. I think he had bought the property for two hundred and eighty thousand dollars, and. Like, maybe. Right out he said he sold his properties, in like 2009-2010. And then. He just relocated. To Midian so, if, he picked it up for 280 K and it's doing, nine hundred dollars a night on most, weekends, I was like this is this, is pretty great, to say and that was just one that was just one floor so, he lived in one apartment, he, had so he had it's a three floor building. So. He had like a like. A small, Colombian bakery on the ground level when the second floor was the eighth bedroom. Sort, of like apartment, and then. On, the, fourth floor were like two apartments, that like almost the same layout but split into two so. He. Lived in one and he would Airbnb, the other two out plus he was getting, the rent on the ground floor, building. Was 280 280. Wow. Yeah. 280. And and. You. Know he's living there for free and he. Had the, moneymaker was, that. Larger, apartment because for the for the bachelors that are going down for the big groups that have grown down wedding, parties etc there's. Really. Any place that you could rent that. Throw an Airbnb, or in a hotel that could accommodate a group of that size in the middle of that tourist zone so, that's, where he was he was doing well and. That's. What the idea was born so I was like man I should probably get a Airbnb. Down here too. So. Then it, turns out that my. Wife's. Cousin's. Husband, was, working in a hostel in the same neighborhood, and he. Also was having an idea of potentially, doing it so we partnered up and we, got a place in. Columbia. Ours was a rent a rental, so it's like a rent to rent tragedy we're renting and then re, renting on Airbnb gotcha. Um and he didn't want to do it as a large group. House. And I was like it's it's it's a way he had the hostile, thinking he was like no the you. Know the people who are visiting or looking for value I don't I don't see them paying 800, or $900 at night and, I was like dude I just did it like, yeah I'm, sure I'm sure they'll pay that price so. We. Opted not to do that so we ended up doing a restaurant, on the ground level and then, five.

One-bedroom. Apartments, in, the building. And. That was the beginning that's like my first, jump. Into Airbnb, and was. A bad jump I would say I didn't, I didn't go with my my, initial idea which, would have made money like we we had been break-even for, the past two years and. Kovat. Hit and now. They're. Not even allowing, travelers, into Colombia right we. Have we. Have no revenue yeah so we're about to give that that one up so it's been, a complete, failure. And. That's where I got started but once. I once, I started, with Airbnb, and saw. Kind. Of how easy it was right, because they're though what they all, you need to do is is host right, after that they're. Gonna start routing you your, first your, first like, they actually even promote you first so. If. You're new they want to get people into your apartment they want to get you monetize as quickly as possible I'm. Gonna get you some reviews and then, based on that is kind of how they push you a little further right so no matter what they're gonna give you an initial a big-time, initial push just. To get you excited about being a host and. Then there's. The continuously, market you as long as you're with yous are good and you're doing a good job. Okay. So, yeah that's a good comprehensive of, how. You got into it to begin with unfortunately, I mean you couldn't, see Kobe 19, coming as to why travelers. Couldn't go. But. It is interesting, how you had to have this whole different mindset of, how you were gonna have this property, set, out unlike. If you are doing a traditional like rental property. Here versus, like an actual vacation spot. So. I also want to get into a bit more detail the technology, aspect how, was it getting the property listed, on Airbnb collecting. The payments communicating. With those. Those. People that were coming to the property as, a platform, Airbnb. Is really, good, in my opinion very. User. Friendly easy to use, setting. Up an apartment it's no different than I don't, know posting. On Craigslist for, instance it's it's, literally, or. Generating, an email it's probably the better way putting it's like generating, an email so, you have your subject line you have your meat, and potatoes about you know in the body of the email and, then, your attachments, or photos, and. That's. It. Once you get all that in Airbnb, also recommends. What, your price point should be based on your location and the, amount of units that you have so you don't even have to do too much research, on, how. You should value yourself they, kind of know, what the range is and they, do something, called like. I. Think, it's called like flexible. Flexible. Rates where. They will. Flex up and down your rates based, on, what. Is the current, area. So. You don't, have to you don't have to think about it so like if they're super bowl over there or there's like a soccer, tournament there and a lot of people were booking they, would start to enter up your rate so to. You. Know make up for that supply and demand inequality. Then. After that like. I think. Within. Within. A day you're gonna start getting bookings. It's. It's that fast so, I. Don't. Know if that answered your question yeah, it seems, like it's pretty easy to set up they have the algorithms, in the backend that help to extract.

That Whole piece for you the market research for. Events like you said and that, it's pretty easy like the UI and everything to start using the platform which is excellent I did, want to ask like so. Even, though going. To like, foreign countries right now there, are restrictions I, mean, there's a possibility that people don't, want to work from home within there homes maybe they want to go somewhere else, locally. So. Do you think it's easy well seems like it is for, someone to, maybe, rent out their, one of their rooms in, their house so you get some more income during this time and, allow. Someone else to stay. There for a bit of time I see. What you're saying like people people who are moving. More towards being digital nomads in a way where like I can work the man yeah what, am i doing working from New York City or from, San, Francisco or whatever I might as well go to I, don't, know the desert and work, from there because I want, to change up my me, exactly, so go to the desert I see the sky on in, Texas or something and he has an, extra bedroom that he's putting out and, I can go for walks like when. I'm asked, I don't, work so. Do you think for people who it's their primary home, and maybe there's gonna rent out a subsection, of it like it's pretty easy for them to be able to get onto the platform yeah. I think it's I think it's really easy to get onto the platform. It's. It's totally simple because with, Airbnb you could list a bedroom, or, a whole apartment or whole house right so they don't really restrict you on on like. You can't couch surf but, you have, to at least have a bedroom so, if, somebody wanted to whip up an additional space just, to get. People in they can do it really easily and, do, I see people kind of taking, that leap of faith and saying oh you know what let me just continue. To work remotely sorry, you know give up my apartment give up you. Know all my attachments, to my city I. Think. A few people would do that you know that might this might be the a ha moment for the block hey you know what my. Job is let me work from home now and, you. Know I'm working better from home so. What. Am I still doing in the city it may be a small, percentage of people might. Start to move into that market I don't, think it'll happen and it'll, happen in like waves, that. Would be exciting right, so, what do you think in your perspective. Would. Be the shift for Airbnb, as we see like probably. The. Foreign Airbnb, investments, might, not be the best. What. Areas, do you think will, be better if people were looking to get. Property specifically, for that. Um, I think, I. Think. The foreign, can work as long. As there's. Value, there right because things. In Colombia, are so cheap that. Even. You know really good hotels are cheap so, if, somebody who's, traveling, from Europe or the States is going there you. Know. Even. The pace sixty dollars were a really nicely appointed. One bedroom apartment, is kind. Of high, right, meanwhile, my, Airbnb in New York City, I charge. Like, an average of 130, and night and that's, cheap compared to a New York City hotel so. There's. The value proposition, there that Airbnb, offers, and I'm able to make a spread but in, a country like Medellin, or plum, bureau or like Brazil or I would. Say most of South America, you're not gonna get much value, but if you were in Paris, or. Nice. France or. Rome. Where. Where. The currency, is worth more and prices are generally inflated, London, I think it could do well yeah so I don't think is necessarily about it, being domestic, or foreign it's just what, quality of the city are you in how expensive things are like I I would totally imagine that in Thailand for instance it would be super, cheap because I could get hotels in Thailand for 25 bucks a night like, how what is it you'd be gonna charge right, yeah. You, know I think it that's a. Little. Yeah, that that's my take on that but, where, do I see things going, for, the Airbnb industry. There's. People who are saying that you. Know more. Like secluded. Bookings. There or they're seeing more bookings. In secluded areas but that might have been people just running away from the cities to get away from Cove it here. In Florida. Where I am, people. Have. Stopped caring about COBIT. They're. Out the beaches are opening up.

So. You. Know I still. See people, visiting. Densely, populated places, my, Airbnb, starting to get booked up again in New York City out into October, nice so, people have an appetite, for for. You know reintegrating. Back into society so, that. Idea, that more, rural. Destinations. May. Pick up there's. There's gonna be that population of people who are still afraid so, I think they might kind of choose, a. Rural. Part, of New York versus New York City, as their. Vacation, and maybe just commune to New York City one day or twice and, the rest of time somewhere else but. I think, the overall trend, that you'll see is a, huge, shake out of. Like. Barely. Making it host, right. And you'll, also see that a, lot, of super hosts that had maybe like 20 or 30 spaces, mm-hmm. May be cutting, out that extra inventory right. Because. I'll. Give you an example so my New York City apartment, my. Rent is 2300 on a typical. Good month I'll generate. About 35. To 3800, in, rentals. So, yeah. Nine hundred thousand dollars a month I end, up walking away with clean right so, I've been vacant, for, since. I just got a guest checked in on May, 17th. And my, last booking, was March. 13 so I've been vacant for two months. So. That pretty, much is like. Four. To five months five. Months of, profits. Right. Yeah if Airbnb. Was my only revenue right and I couldn't absorb. Waiting. Right, cuz I have from now till the end of October. And booked so. If. I, couldn't absorb, that then. I would have given up my apartment right right. And just, the way that I'm giving up my my, my, unit in in, Medellin Colombia so. I think there's gonna be a lot of super hosts who, move, away from. Having. So many apartments especially, their. Apartments that would lower margin, apartments, they probably gave those up, and. They, might have been other people who like. I was I was promoting, Airbnb, to my friends in in, New York and saying hey you need to do this again more, more, income it's easy super, easy it's ooh it's so freaking ease. But I was like you should do that had they they were actively, looking in January in February had. They booked they would be they would be wiped out already yeah and they would fact they would never come back onto the platforms so. Anybody who, had, mild, success or just got started, might have, given, up so I could see there being almost like even a shortage. Of Airbnb. Apartments, I've even had people book my, apartments, because their hosts canceled on them so.

People, Are like oh I'm just clearing my schedule, I'm no longer taking in guests and. Sorry. So. I'm getting those. Bounced off so I feel. Like the the. The. Hosts who are better capitalized, in market. Said they make a larger. Margin, are, gonna stick around and I'm gonna thrive I think. Stays. That are kind of unique like. I've been thinking about getting, like a boathouse, or like. Or like a sailboat, I think. Those. Sorts, of stays. Or treehouse days like they I stayed in I stayed in an Airbnb, in. Brazil. That was a container, treehouse. Really. Yeah how's that it. Was cool man it was 40 bucks a night to, me. That was cool is like on outside. It like it part, of Rio section. Cold Neil hey get on Jay it's like a the, Big Island I guess, but. Yeah. That you know it was a pretty, cool spot so. I think kind of weird. Spots like that will do well, and. Then I also, think, like. Like. Thing. Like the sailboat thing I started thinking about cuz I've started, to learn how to sail and, I was like man during all this I would have been so cool to just hit. The sea for a month right and live aboard my boat rather, than be. Quarantined down in my apartment in my office so. I, felt like, that's. Something that could have that, that, could. Have worked in this time period and will, work going forward because I think a few people's minds may have been open like like we spoke, about earlier people. Who are looking for you. Know getting out of the major cities they might entertain something like that. So. As in like they would book a boat, to, to, say really. They have that now yeah. I had, no idea like for. Instance so I live in downtown Fort, Lauderdale and there's, this river that runs through, downtown, Fort Lauderdale that, empties out into the ocean, right and, all. Along this river there's a bunch of boats anchored. Up and, there's. Even like water. Access, and electrical, ports, and there's people who live in the. River, literally. So. People. Live on sailboats, you know there you could be a nice 45. 48. Foot catamaran will have four bedrooms kitchen, living room.

You, Know it's it could accommodate a pretty big group and a, boat like that you could probably get a decent cat, for like two. Hundred thousand. Finance. Over ten or twenty years probably ten years and, you. Might be perentie alfred, 309. Four hundred night and. Maybe. Even provide, a you. Know a captain of people want to be skippered around so or they. Could just stay there right on the bone right. Docked. Right up so i think that. For, me it's cool so. I might try, it and see and I've looked up there's not that much inventory. As far as boats are concerned so for. Someone who has, the ability to sail and, who might want to like, I could sail from Fort Lauderdale to the Bahamas, for instance right. It's a really, just yeah, it's only, like 50. Miles so. Off, the coast of where, we are so gotcha, someone who had the skill set might make, that their vacation right, so I think things like that could work and if they don't want to go that far out they. Could just stay right in downtown Fort, Lauderdale mm, except just stay on the boat and say it you know this was a cool experience so. I think I think stays, that are more experiential, in nature. Like just to stay itself is an experience, I think. Have. A higher probability, of op ticking, yeah. I I am, a little bit mind-blowing about this whole boat part I love it as. An alternative, and I, completely, agree with you those areas. That are unique. Well. Locations that are unique or desirable, and then also like Airbnb stays, that are unique like the tree house and the bow or even, just. Like. In Metairie in the first place that you sit at how it was one of the few that can accommodate a large party. So. That is I think, going to be where Airbnb, goes I did have a question for you particularly, since you're residing. In Fort Lauderdale and, you, said you have a Airbnb, in New York, how. Do you manage that you have someone show the, who's. Coming like how to get in or it's all, like such a keypad, and they just walk into the door it's actually, it's actually cooler than that I, used an app. Called key cafe, and. Key. Cafe, it's. Pretty--it's I pay like I don't know 300. Or 400 dollars a year for it but. Essentially I leave my key inside. Of a locker at 7-eleven. And this, 7-eleven is only four blocks from my apartment so. I just. Upload. The person's email address the, length of their stay the check-in, time to check out time and I. Just route them to the key cafe they, pick up their key they. Go through the apartment they key themselves, in. That's. It I don't I never, see my guests I don't think I've ever met a single, guest yet.

In, New York at least in in Medi Ain it my, partner he owned. A hostel three doors down so he would handle the key administration, but, key cafe and that key Locker works really nicely in New York because if 7-elevens, all over the place yeah of course and there's. Somebody else who's doing Airbnb, in my building and they have a lock box like, on one. Of those little fences. That border. The trees and. I've. Seen somebody checking checking themselves, in off of the lockbox but key, cafe I see when they pick up I see, when they dropped off. And. There's. Really not much to the, interaction, and then, what I do to also manage it is that I have the, person who does to clean up before my apartment, I just share the schedule with her and, she. Just knows. To go there between like. Once. Like the key scheduled to be dropped off at 11:00 a.m. so, she. Goes to the she goes also to the key cafe picks up the key. Duster cleaning drops it back off next guest checks in that three o'clock so. It's. Pretty, seamless. For me I don't. Do, anything the only the, only work that came in was, the setup like. Buying. The furniture. Staging. The apartments, taking the initial pictures but. I. Was thinking about ramping up big time I was looking to get 12 more apartments, in three months right. Before a covert hit think I think, God that. I didn't, because I that would have really, been bad but. What. I'm planning on doing is I'll. Hire like an interior decorator and. They. Will be like my primary stage here and then, I'll hire a, real. Estate photographer. And then. The same cleaning person and all. I will do is apply for the apartments, remotely, like I'll work with you know agents that I know in New York just, apply, once. I get the okay, just. Activate, that team and they could set up and I feel like if, I do that and even if I was adding two or three a month in that way. It'll. Keep them busy keep them interested and. I. Wouldn't, have to ever do. Anything and. Kind of just. Keep, it going like that and then. I also have a call center in Venezuela. That I set up to assist me and both my real estate venture and and home, health care. So. I. Was. Gonna have, one dedicated. Resource, to. Kind. Of interact and deal with the guests because it's basic questions like how do I turn on the heat how do I treat. Yeah. Yeah. So this the same like I either was gonna have my property manager, that's. In Venezuela do it or have, this one person who's dedicated to the Airbnb side, since it is more touchy. Than. Your. Regular tenant. Because once your tenant moves in it's pretty stable unless there's a problem but, they're they're always gonna have those same things like how do I what's the Wi-Fi password again. Or, a. Little. Weird things. How. Could I get a package delivered here it, lets type of questions you get so, I was going to have somebody outsource, to handle that so then I would do anything other than approve.

Which. Apartments, I take, on right. Yeah. That's crucial in order to expand and to grow you have to be able to build that team and, to be able to hand off responsibilities. To them you put the upfront work and then you just have to manage it going forward you, can that really seamlessly, it seems like so, the, thing about me is that with my home, health care company it's forced me to learn how to systemize, everything, that I do right and. You. Know when. You're starting out at your business you tend to do everything yourself, and of, course, you can't do everything by yourself when you scale so. Now, when I'm getting once I'll type once I identify that, I'm in a business that can scale I'm, automatically. Looking, to. Do so by by eliminating, myself by being the guy who does everything I just do one prototype and then. Say okay well how how, would I create. An organization, around this. This particular business with this concept of making money so. Once I saw that my Airbnb in New York was working and how easily it was working I was, like okay I could I could just start steamrolling through this and getting as many apartments as possible, so, and, that the cool thing when and this is something I want whoever is listening to to, pay attention to is that all. Of those people aside. From the outsource resource are. Going to be fee for service so. They're, not you know the real estate agents gonna be getting, their commissions, through the transaction, right, sometimes. You know especially if it's landlord. Paid right. You could even have me focus on landlord. Paid leases. Or. Are you gonna just pay them for the finding, you the listings and handling it that way the. Decorator. Also, is going to be paid per house the photographers, can be paid for an instance so it's not like you're carrying these salaries it's just your usual, startup. Cost and if, you're doing it right to rent you could probably do the entire operation. Let's just say it costs about seven, or eight thousand, to, do one apartment in New York City between, security deposit, first month's rent furniture. Furnishing. Yeah. About seven grand you. Can just swipe that all on a credit card and what. Are you gonna be paying on on seven, thousand dollars on your credit card a hundred, bucks a month so. Now you're making a spread of $800. A month rather than nine but yeah, it's virtually, you. Swiping your card, also. Making out great really good yeah, yeah exactly so it's like you, know. Month. Like. You're almost doing a hundred percent on the year you could, exceed a hundred percent on the year on the type. Of apartments. You don't own anything but. You. Know there's definitely value there so you. Know if this is something you're gonna want to do as a business. I. Definitely. Recommend I, definitely. Recommend it but. Really, organize, yourself in a way that it's, not dependent on you. Okay. That's excellent advice. Organization. Look. For fee based versus, a carrying, cost that you would have and have you always been someone who's very organized, or could come not. A later point I'm. Like, the most disorganized, person, ever. Personally. I'm very disorganized. But. I. Write. So my channel is called entp life right so I'm, a. Myers-briggs. Personality type, of INTP and one of the things that, is notorious, about us is, that we, are extremely. Messy. And. We. To. The outside, look to, lack of focus because we get involved in so many different things, and. Then once something new comes about we, get involved in that and like we neglect everything behind us so it's like a Tasmanian, Devil almost, just, kind of, in. A way but. Before. I knew that was my personality type what. I, realized. Was I had this pattern of starting. Really cool things and whether. They were making money or not, abandoning. Them once. Something, else took my interest right and I, would get criticism, from partners. Or criticism, from family, like oh you're always starting something and like why do you don't you're not focused, yeah, and and, it's not to say that I'm not focused, it's just that I'm no longer interested, so. I realized, that my attention. Span was about six months and. I was like well anything, that I do from here on out has. To be able to off. Forward me to. Pay for those type of people that I'm not those. People who are organized, those people are consistent, those people who don't mind routines.

And. I, don't, like messes. I just hate, cleaning, more. Than. I dislike. The mess yeah, so what's. Gonna happen it's, gonna be a mess right unless, I pay somebody to keep, it organized so, what I do now is everything is designed, that way to kind, of almost. Engineer, my companies. To. Kind. Of eliminate. My natural, flaws right so I build my teams around, where. I'm strong and where I'm weak right. So I'm strong at starting I'm strong at seeing the opportunity, I'm strong at solving. You know complex, problems, in clever. Ways, and. Then. I make, sure that everybody around me is consistent. Orderly, and in. Order, for them to not like cuz I don't even want to be bothered with an old venture right it's like Amanda, they're calling me about, everybody. Moved past that Mensa lever already moved past it so I realized. That while I'm still motivated, I need to build the systems yeah, because I'm gonna be interested at that time so now that what I'm done I could just hand off, you. Know guidance, to the next person and they're able to to kind of operate on their own so. It, may seem like I'm organized. It's. Just a skill, that I learned to. Kind of support myself but, as far as my, day-to-day organization. Like. You, know yeah, it's not good. That. Is such great advice I'm gonna take that into consideration as. Well because I've been told many times like. When I say an idea oh there you go again always with new ideas. But. And I never heard someone phrase it the way that it's not that you don't, want to pursue this idea anymore just not interested, anymore so, it's about trying to systematize that before you get to that point, just to let your mind work creatively, and solved a complex problem then, put it down on paper or, whatever format, in order to be able to hand it off to people who their, strengths, lie there yep, on just. Day-to-day, routine, kind, of things like that that's misery. For me is to do the same thing every day so. That's, why real estate works nicely for me because it's always a new project, I'm. Always looking at bigger projects, different projects, so, that, keeps me interested once, it starts to get routine, then. It's just like there's. A noise me like my flipping operation, in New York I. Found. Myself like, getting tired of doing like single-family homes all over and over and over again so I just hired out a project manager, to now, start managing, those projects because I would start to just say whatever man I don't. I'll. Finish that next one I even saw projects. Getting finished slower and that's. Costing me money sounds like hmm I might as well pay somebody rather, than paying interest to. Just, manage these projects for me so, it's always the same the same pattern do you know what your personality type is I don't. I believe I've taken this eye exam, before um. For. A company that was that but I remember what I got yeah. I take. It again yeah yeah take, it again I have like a like. On any, of my videos that, are actually, talking about the personality, types yeah I have a link for it so I would, encourage you and anybody listening. Take, take, the personality test, because. It lets you know truly. Where, your frames are and where your weaknesses are and if you know what, your weaknesses are then, you you can team build around that and say okay well I'm weak at organization.

Or I'm weak at ideas some people you, know just can't ever come up with ideas so. They need an ideas person on their team right. So, once you know what your personality type is and what your strengths and weaknesses are you can start to craft a life. That that. That, fits you so exactly. Yes I'll have them to show notes and I bet it also helps to know that other personalities. Not even your own to know how to speak to people and, interact. With the, way they expect. To see the world yep yeah see the world exactly. So. This has been great Karl and I want to announce psych, way over to the Telo we get to know a little bit more about you and, what makes you so successful. So. The first question that I have for you is what, is your daily habit. None. Yeah. I like. For, me habit, is. My habit, is to be inconsistent. I. Like. There's some mornings like one thing that I kind, of do regularly, is. I'll. Do like my language learning right, so right, now I'm learning Italian, with. An application called penciler and, I'll. Do my pencil lessons in the mornings right either, before. Everybody else wakes up it's half an hour a day so. I'll. Do my Italian, lesson but. Not every morning I'll do that sometimes I'll do it at night sometimes I'll skip a few days it's, just who, I am I. Don't. Eat breakfast everyday I. Don't. Even like to be in the same city every day so. I move, around a lot I travel. A lot, so. There is no typical. Day I guess every day starts with, with. Like thinking. About whatever, is the. New sexy thing for me right like right now I'm looking, at buying a few home care agencies and that's. What's on my mind is a common interest okay, I'm in recent money how am I gonna fund, this exciting. Cetera what's the long-term plan who would be interested what. Like so, my mind starts working. On whatever is. Freshest. To me so no habits I don't read books I don't do yoga I don't run. Or take walks no, I just wake. Up and I start my day and. If anything I'll I'll, do, something to learn maybe so it's it's, gonna be focused more on that gotcha. Okay, so that's good it keeps you on your toes and, if it's not a particular, habit you are consistently, always learning. So I guess skipping over the, book portion, because. Like seems, like you're not really that much of a big reader as, of, right now or, is, there a book they maybe you've read in the past that you feel, like has transformed, you. Or. It's not even a book maybe if, there's been some advice that someone, has given you in the past or. I've. Got so many I got so many examples, okay so books I'll give you some books and, I'll give you. Like, people, so. As, far, as books are concerned. Business. Books obviously. Rich, Dad Poor Dad is, one of the staples. That, you. Know get gets, the juices flowing, like mentally is like what mindset do you need to have to be successful and, really. Accumulate. Wealth. Think. Big and kick ass by Donald Trump, was. The first Donald Trump book that I read whether. He writes some or doesn't write them the books are entertaining. So. Think think, big and kick ass is a good book, also. The art of the deal I've read all of his books because. They're they're really, entertaining and they tell a pretty. Interesting story about. How. You. Know DT functions. So. I like his book so I write I usually recommend, if. I was gonna recommend one of the Donald Trump books I recommend. The. Art of the deal cuz, it's like a it's. Like his early, like. His early stage and it, whether. Or not it's you, know people will debate, that it's that, it's accurate. Or inaccurate I think, the art of the deal is good because. It actually starts out with like a day in his life like. Like, his day is the first like, chapter, like, 6, a.m. I wake up I do this blah, blah but, it shows, you how he got involved in real estate. How. He learned, and why, he likes to manipulate the media so much I would, I think it's a valuable, lesson because he's. That's a tool that he's been using ever, since he was in his 20s, because. He had like an aha moment out. Of a random event that. He was like wow oh my. God this is this. Is like the, best commercial, that I can ever get and is freakin free and like. From that point on everything that he did and said was to grab media attention because, it's free advertisement, that's the way that he sees it so that's why he'll go out there and say outrageous, things, does, he know somebody's gonna pick it up so I like Donald Trump's books not. His politics but I like his books. Another. Another, thing another, book that I like. The. Lean Startup yeah. It's a great book yeah yeah. The Lean Startup is good I'm. I've. Listened to it. Unless. Yeah. There's any other business, books now that's that's pretty much it on the business side on. As. Far, as people you. Know I'm like a hip. Hop child so. I, think definitely. Kanye. West is one of them that's like this this one video clip I'm gonna try to send it to you I, have, it stored on one of my YouTube accounts it's.

Kanye West's, before. He's, rapper. Kanye, West and he's. Like, in a full-on rant, about. Stop, comparing, me to other, producers, I'm not like that he's like when I started, making. Beats I sucked. And right. Now I'm focused, on rapping. So. Because, I have this point of reference where, I sucked, at making beats and I worked on it and got better mm-hmm. I know that if I work on rapping, I will, get better and. I for, me that's it was like such a powerful thing because sometimes, you. Need those personal, points of reference it's. Like I went through this hard time that. Was the hardest time in my life nothing, else compares to that so what, this, struggle is nothing, to me so I I, definitely. Have always. Paid, very close attention to, his, career because, I used to be a hip hop producer as well so. That. Was then I was always kind, of like mirroring. That, the top talent in Just Blaze Tim Allen, Kanye. TT, premier Dre, those kind of guy so I was always studying. You, know the the leaders in that space, how, do they how do they arrange tracks, what. Equipment are they using so, Kanye, West was one of the guys and, watching. His career and how he's evolved, and how he just. Approaches. Creativity. And, business. And. The. Mindset I like it so it's. It's he's one of the people that I definitely look up to. Not. Necessarily because it's like strong business acumen because I don't think it's very strong business acumen I'd. But. Samantha, more, so mindset, and that like resilience, seed or resilience. To to, not, quit. And that, if you actually do put your mind on a certain goal and you work towards it that, you typically, you. May not even hit the goal but you'll get pretty damn close so, if your goal is to make a billion dollars but you fell short at 750. 750. Million is still sounds good is. Still, not bad you, know sounds like so. Yep so that that's that's me on the where. Do I draw inspiration and, knowledge I guess that. Is great. I, have, one final question for you here, and it's. Gonna be if you can give any piece of advice, so. Our listeners, are those who, are either. Already in real estate or, coming. Up to it maybe, have had their businesses for a long period of time they may be investors. Or agents. Or maybe, property, managers anywhere in the space but. Still on the smaller end not, in a large space yet if. You have any piece of advice whether, it's real estate or. Technology. Or just life in general what, would that be. If. You're a real, estate investor. Small, what. Would my advice be. My. Advice would be to keep doing deals because. I think, if. You're. If you're just getting started you have, to actually do a deal right, once. You do a deal you. Start you, truly start to learn about what you're. Good at and what you're bad at and how. Does the market work what are the mechanisms, of actually, being a real estate landlord. Right a, lot, of people have like misconceptions, about it but once you read once you've done one transaction. And. You're. Not, dead right you didn't die from. That transaction yeah, you. Start to say well you know what was all of the fear and you, know what was all of the amazing that I got from everybody I'm gonna get horrible tenants up you. You you dispel all those myths and you learn something and then. You learn even whether or not is for you, but. Once you've done that that, deal really, pay attention and, and, start thinking well how could I do more because. That's gonna be like the next question rise like man this is working out it's me, you know $500, in cash flow $1,000, in cash for a month if, I just got 12 of these I could quit my job or if I got five of these I could you know live, in Spain. And, that's it you. Know so once. You once. You get to that point of doing, your first deal it starts to like open your mind to like, well how do I get more I did my first deal with FHA, but, I could only do that once hod how. Am I gonna get money to do the next deal cuz I got my 20%. You get 30% you start to get creative you, start to ask questions you start to meet people in the space, and. Once, that starts happening you. Know it's like a it's like this snowball, rolling. Down a hill so. Once, you once you get started you just you just you know planted, that seed and if, you follow it through if you nourish it a bit you're gonna get you know the. Fruits of your labor for sure so. That's, my little advice get started and and. Learn, from whatever happens, good or bad because you know there's gonna be you might you might hit it out the park on your first deal or. You, might you, know do. Really poorly on the first deal yeah it's kind of hard to do poorly in real estate you know I was like.

It. It's, very predictable right, you can know. How much of property is worth right. You can look that up you can know how much you get rented for and if, you know how much you could rent it for and that is number is higher than. Your rent I mean then your mortgage payment, you've, got potentially. A winner, in your hands and for the most part people pay their rent. You. Know I would say more, than 95%, of the tenants are gonna be, you. Know current on their rents you know even, if some of them are there's, the guys who are a little late every month but. The. Majority of tenants pay, if. Not there'd be so many more homeless people right so right. Most. People pay, for their, rent, but. Once once, you know all, right I'm I could make money here. You. Start to you, start to be able to refine yourself a little more and you start to realize how easy it is that, you. Know for the hour of work that it takes to be a landlord per property, a month and that and then hours, and exaggerations, more like 15. Minutes. You're. Collecting, you know thousands of dollars, typically, for, relatively. No time and when you start to compare that towards your your. Actual salary you, start to say wait a second I'm on this property I'm doing $2,000, a month in it I waste, 15, minutes of time just checking. To see my rent deposits were made. Making. Sure that all the bills were paid because their own auto pay. And. My. Land my tenant didn't call me this week, you. Know your life is good you know 15 minutes you collected 2 grand maybe. You get to keep 400, of that the, 1600. Goes into paying, your bills but. That's, the easiest for, most people that's the easiest to grand they'll make for the month so. Time, set by 20 times it by 70 or what however. Many units you end up getting to, but. It all starts with actually doing something so, don't. Stay on the sidelines, you, know even, if even if you crash and burn it's, only money it's only credit those. Are two things you could get back mm-hmm. Right. And, there's. Enough things that you could do to salvage a bad, deal you. Know get. A second job to pay for it if you need to get, a part-time gig like I. My. Overall advice is don't be scared do a deal. That's. Incredible, advice there's too much upside so be scared and not move forward, so. Thank you so much Carl I really, appreciated that advice I'm gonna be, definitely. Taking some, notes when I watch, this back on how. I can implement, some of what you had said and I think our users our viewers. Will as well so. And. One, more thing yeah I'm, sorry like I like to talk oh sure. Yeah. Another. Software, that I use is, one. Called avail avai. L so. And their avail dot Co. I'm, not sure if you heard of avail no. I haven't it's a thought where it's a property management platform. So. I I do my lease, management, on there I could post my, apartments. On there so, if I pull I could post to like red, fin Trulia, Zillow. Directly. From there I could do, like. Market research let's, say I picked, up a property in a new city and, I.

Could Just pay for you know what is the, the. Range of rent all the market data for that particular, address, and. I could collect my rent from there so, and I also could manage my my, tickets from there and. It's pretty cheap so. You. Know if, those of you who are looking for software, to manage your. Your. Properties with I highly, recommend, a veil and a cool, thing about a veil too is what. Somebody has been. In a veil tenant, they, have like an unveil profile, so, they can apply start applying with that profile to their next property so you'll find nice that, you send somebody the the. Application, and they, just sign in with their information. And, they gets repopulated, with their their, rental history their, employment, history and it, makes the application process that, much faster so. You, know if you were looking for so offer it just to manager, your portfolio, with. You. Know they say, it's kind of good for people with smaller portfolios mm-hmm. But you. Know I have quite a few tenants on there more. Than 70 and, that's. More than what they recommend, it for and it's working out fine for me and before then I was handling everything with spreadsheets and you. Know the. Good old fashioned, way right this is a lot to me that this was like this, is I. Heard. A cozy before. I've. Heard of cozy but I haven't checked out the platform okay. I've. Heard of that one happen checked out I checked, it out I haven't checked out the one that you mentioned I'm definitely gonna do. A future episode of comparing, the two see, what sounds better also. Definitely do it in yeah. Before we wrap up could. You please let, the viewers know where they can find you Karl yes, so, I, can, be found on YouTube at E, n, TP. Life. So. Echo, November tango, papa life, like, living life. And. So. I think is the same on Instagram but I I can't, stand Graham so I, don't, really maintain, my Instagram page but. That's where you can find me on youtube and I'm also. You're launching a program on. How. To invest in real estate it's, called killing the American dream it should be out any day, now it's just getting like vetted, by the software, company that I'm using - that's gonna manage. The. Course so. It's about 15. Hours long, 14. Episodes 15 hours of how. To invest, in real estate one, to four family homes. It's, gonna, be a paid program but, I made it cheap enough that you, know for people who, want. To spend very little money it's only $97. Refundable. Whatever. And then. If they want to buy in completely, like for, that platform and anything. Else that I produce actually, like so if you buy into killing the American dream and I, also did a I'm thinking about doing one for home health care as well. You. Know you get, access to anything, that I've produced any Content that I produce permanently. That's 2500, and within. That program I do something unique that I wish, they. Had. Offered me when, I was kind of going through like the seminars in the training circuit. Was. An, invest in learn option a lot. Of these like. Flip. Flip, that house guys and, Rich, Dad Poor Dad even they're, pretty scammy with with. How they approach their seminars. They, focus, on upselling. You, into. Mentorship, that. You're paying for them you actually pay for a mentor and I went to one of those guys and I. Was like you're trying to charge me $25,000. For a mentoring to, teach me a guaranteed, system to make money in real estate. Why, don't you let me invest in a deal with you and then, I'll learn and then, you could keep the profit from the deal and. I get my 25k, back and. They're like no absolutely, not that's not we. Don't do that and from that dales you know what if I ever do this I'm, gonna do it that way because I don't, think it's necessarily, right, to, charge somebody for, access. To you like. Either either hiring me as a consultant and I'm gonna charge you directly for that but. Don't don't. Just sell me on this dream being. Your mentor and I'm not even doing a deal with you like that, 25k, could be your deal money yeah, why why are you spending it on a mentor so I, ended.

Up Coming up like in the, middle, of the course it's like you know what I'm gonna let people do, deals with me and, if. They want to do a deal with me they come up for with a certain amount depending on you know what's required for the deal and. Then they'll work on it on the deal with me hands on and we'll be partners in that transaction. They, could see exactly how I work, access, to all my resources etc, etc so if that, was something that people were interested in if, you, go to. Entp, Well, I guess it's my website where this, is kind of hosted, you, could either pre-register. Depending, on when this comes out or register. Or whatever, level of access you want. III. Don't think there's many other programs, like it. Because. I'm just sharing the. Same the same kind of content that I share on YouTube except. It's it's actually more detailed more focused, than my you know randomness. My YouTube channel but, it's a it's a complete course but it's designed, to, walk, you through it as if you've never done a deal and all. The things that I've learned along the way in a orderly. Fashion, so, that by the end of the. Entire program you have all the tools all, the resources. In place for, you to go out and do a deal and if you are afraid to do it on your own then you could do one with me and that's kind. Of where they could find me. Is. Incredible, congratulations. Coming, it up yeah, and I'll have that in the show notes as well, all. Right hopefully. Be up soon, yes. Well. Thank you so much for your time Karl to spin a pleasure I can't wait to follow, more of your journey and, thank. You very much, for taking the time out to, to. Uh to actually bring me on you know like I said I'd like to talk and hopefully. I've, inspired, you know somebody. At home to either take, the dive into air B&B or or, even owning real estate, excellent. Welcome. Take care.

2020-06-05 16:49

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