Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by the HubSpot podcast network with great shows like MarTech.

Today we'll be breaking down short term rental long term wealth to drop these value bombs. I brought avery Carl and the EO fire studios.

Every is the author of short term rental long term wealth and host of the short term show podcast every is a CEO of the nation's top SDR real estate brokers team the short term shop.

In today for our nation we will be talking about managing short term rental without a property management company. How to identify the best market.

We'll talk about how to calculate if it will make sense financially or not and so much more when we get back from thinking our sponsors.

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Every say what's up to fire nation and share something that you believe about becoming successful that most people disagree with.

Hey, thanks so much for having me. I think a lot of people will disagree with this but you learn by doing not by analyzing or over and realizing so analysis process.

So I would say learning by getting in there and doing things is the way to be successful.

Take an action fire nation and that's going to be kind of a theme throughout this episode as we talk about short term rental long term wealth and I think time is what holds a lot of people back every from really diving into the space.

Can we really self manage a short term rental without a property management company involved.

Yes, absolutely. So I kind of figured this out years ago because I had time a little bit but I didn't have money and I needed to be able to scale more quickly and the average average split with a property manager at the time that I bought my short term rentals in the market we were in was 40% and that was not something that I was willing to sacrifice in terms of building my real estate portfolio.

So nowadays there are a lot of really cool tools and apps to streamline the process to make short term rental self management remotely from anywhere possible for basically anyone.

So let's give maybe an example of what that looked like for you at the beginning of your journey because I think a lot of people will say, hey, like, Avery's crushing it now, like I see where she is now, but what about like earlier days, like what did it look like for you may be figuring this out in your first or second or maybe is even your third go round at this.

For me, I was making $57,000 a year working in the music business and national so newsflash if that's your dream, be prepared to get paid nothing because there's always an intern that will do it for free.

I had the drive and the wants and the heart to be able to want to be able to get out of being stuck in that job forever and so for me, it was just that so we started with a long term rental actually and that's where we thought, well, you know, hey, we really want to scale this and have a lot of these and make a business out of it.

So we kind of fell into short term rentals because we were like, well, what can we buy that will make us the most amount of money, the fastest so that we can scale faster.

And for us, it was really being able to find something that was pretty much ready to go because we did not have the extra money to be furnishing properties or doing a lot of rehab.

So choosing your market is going to be really, really integral when it comes to the least amount out of pocket. So if you're buying a short term rental in a mature vacation rental market like Destin, Florida, the smokey mountains and Tennessee, where short term rentals have been around for decades and decades and decades.

Most of those properties are going to come furnished. You're able to knock that really big, typically it's a really big line item of your expenses furnishing a property. So choosing your market in terms of price point and things coming furnished is going to be a really big part of it.

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