Welcome to the Gold Collar investor podcast with your host Pancham Gupta. This podcast is dedicated to helping the high-paid professionals to break out of the Wall Street investments and create multiple income streams.

Here’s your host Pancham Gupta.

Hi, this is Tom burns, author of why doctors don’t get rich. You’re listening to the gold collar investor podcast with punch him guca

Pancham: Welcome to the gold collar investor podcast. This is your host, Pancham. I really appreciate you for tuning in today. Let’s get into the show a decade ago. When you use to go for vacations, you would look for a good hotel or a resort. You would go online and search for a place that fit your criteria. Be the price, location, size of the room amenities or quality of the place. Within the last decade or so, we have seen short term rentals emerge as a new industry. Airbnb being one of the leaders in the space. Airbnb has made it very easy for the host to list their houses and make it discoverable to the people who are looking to stay for their vacations or who looking for the places. Many of my friends who were very, very skeptical about this industry would have bet with me not to stay in any of these renters like five years ago, and they have completely transitioned now. They now only stay in short term rentals because they like it so much and have had an amazing experience. It depends on your personal preference. And there are both pros and cons of staying in a short-term rental. To learn more about this industry. I have invited Tim Hubbard to the show is it Founder and CEO for Midtown Stays, a short-term rental accommodation company which has successfully accommodated over 10,000 guests with excellent reviews from all over the world. He continues to expand with the help of his team and manages everything remotely from his home in Medina, Colombia. That’s pretty amazing actually outside of us. He also teaches others to do the same and shows them how they can successfully increase their income, three, four, or even eight times by implementing the right strategies to convert existing long-term renters into nightly renters through his live events and podcast. He has traveled extensively throughout the world in over 70 countries. I would love to do that, by the way, Tim, and stayed in hundreds of different short-term rentals. He is a co-author of the Amazon best-selling book, Resilience – Turning your setback into a comeback. And he has a degree in international business and an MBA from University of California Davis. Tim, welcome to the show.

Tim: Thanks for having me. And, quite an intro.

Pancham: Thanks for your time, Tim. Are you ready to fire up my listeners break out of Wallstreet investments?

Tim: Absolutely. Let’s do it.

Pancham: Let’s do it. All right. No, that’s great. So before we get started, can you give my listeners your brief background and how and why you decided to make Colombia as your hometown. I’m not even sure if I’m pronouncing it right.

Tim: So, go ahead. Everyone says it differently. Well, most people said madding people that actually live in many instant messaging, so no, that’s quite all right. Yeah, you know, I, I’ve been investing in real estate for a long time over a decade now. And it was always sort of a means to be able to travel freely, passively and to have the income coming in. So I traveled a lot in many things, essentially just one of my favorite places on earth. You know, I’ve been going there for years. And I decided a couple of years ago to make it more permanent. And so I kind of settled down there. 

Pancham: Wow, what’s so special about Medina?

Tim: There’s a few things I would say. First, the weather’s amazing. They call it the city of eternal spring because it essentially doesn’t have big changes in temperature. I think the average is around 73 year-round. It’s not very humid. It’s not, you know, there’s no snow, the rainy season. They have a couple rainy seasons, but it just keeps everything green and it’s so it’s beautiful. It’s in a valley and then the people the people are amazing. This is just Colombians in general, they are so nice. They’re so friendly. It’s a different pace of life down there for sure. So the people, the climate, the cost of living, it’s hard to argue that one, I mean, you can actually, especially earning American dollars. 

Pancham: So, ya know, it’s funny to hear that someone who went to UC Davis talking about eternal spring and living in Colombia and talking about the weather. That’s pretty awesome. So, you know, like, how did you get into the short-term rental business? Give us that background?

Tim: Yeah, sure. So while I’ve been in real estate for a while, I had already acquired quite a few rental properties, mainly small multifamily. And I’ve been staying in short term rentals for a long, long time, you know, in all my travels and all around the world. And I think the main point was, I was, I’m from California, and I was looking for markets outside of California quite a while ago. Go, I was looking for better returns essentially. So I went across the US and went to a handful of different cities that I thought made good markets, not with property managers. And while I was doing those tours, I was staying in short term rentals. And I remember staying in one, and I knew what I was paying per night, and I looked up what the property costs. And it just dawned on me like, Oh, my gosh, this guy’s making a killing, you know, and so I started doing that and, and I actually started with a couple of my rentals in California, I converted them to short term rentals. And I realized that I was in Tennessee where I discovered like, they still got really high nightly rates, and that’s really across the board across the nation. And I realized that you know, the nightly rates they were getting in Tennessee were not that much different than California. But the property was like 25% of the costs or something. So from that point, I just I started looking for properties that that worked as long term rentals, you know, that have good tenants. And they made sense for long term, but then also work to accommodate short term renters. And then I started converting them.

Pancham: Wow. And you made it your full-time gig pretty much right? Pretty much.

Tim: Yeah, I mean, I still I like real estate in general. So I just closed on a commercial property, actually, which is new for me, but it is my main focus for sure.

Pancham: Great, thank you for that background. And that story, you know, for the benefit of my listeners, like what is a short-term rental? Like, how do you define that? Just real quick?

Tim: Yeah, good question. Most people define it as a stay that’s 30 days or less. 

Pancham: 30 days, 30 days or less? 

Tim: Yeah, because in a lot of states, and you actually have to be careful with this. Like in California, for example, someone stays in your property more than 30 days, even if they’re short term guests. They get tenant resident rights, you know. So most people define it as 30 days or less and it’s, you know, furnished rental essentially.

Pancham: Got it. Got it. So let’s dive a bit deep into this, like, how does the model work really like, you know if you can give us an example of how does it work and how do you go about this?

Tim: Sure, well, I always start looking for a property that makes sense as a normal rental. So almost all the properties I’ve acquired have long term tenants in them, they just were in areas that I find work well for short term rentals for travelers or also for business travelers, which I focus a lot on. So I find a property I’ve been specializing in small multifamily properties. So you know, four unit up to 12 or could be 20. Could be could be even higher than that, but I found that most you can get the best reviews and the best rates when you property’s unique. Sometimes the big apartment buildings aren’t quite in demand. It all depends on supply and demand because there’s a lot of cities that don’t have enough adult combination. So it doesn’t even really matter. At that point. If there’s enough demand and not enough supply, you get really good nightly rents. So essentially look for a property that works well as a long term rental and then go in and either in the leases or do a little bit of renovation if the property needs it, and then furnish it and then put it up on I use multiple listing platforms like Airbnb and homeaway. Next, I have my own website. So put it up online. And then there’s quite a bit of setup on the back end, but that’s essentially how I start the process.

Pancham: Got it? So once you have the you know, I’m sure you have a process around furnishing the place and like being away in Colombia and bind here and then furnishing like, do you like travel Then look for this or you have a team who will take care of this for you like how does that work? Like, you know, buying all the furniture and really even before buying the furniture, buying the property itself, like, do you physically go and visit it? Or do you have your team visited? Like, how does that work?

Tim: So I’ve tried many different ways. You know, likely most of they’ve all been successful and knock on wood. So buying the property, I like to be there for that. But I’ve also bought property that I haven’t actually seen in person as well. And in that situation, I just have someone that I trust a broker that I’ve worked with a long time, do a video walkthrough. And if the numbers make sense, I mean you can rule out most properties before going to look at him just because the numbers maybe don’t make sense. So that’s the first step is just doing the financial due diligence, and then after that makes sense and offers accepted can either have someone you trust Go through. I like to be there in person but sometimes I haven’t been and you really uncover all of the main issues when you do your inspections which you’ll do with any property anyway so you have a professional inspector go in there that can ensure that the property is what they say it is got it got it. So once you do that, let’s say you close on the property, then furnishing the place putting it up on Airbnb or home away or any your website all of that, that can be like buying it and all that can be done remotely, but physically setting up the place if the paint job is needed and putting up pictures and like decorating the place and all that all that you handle that remotely for that also you prefer to be there yourself. So I’ve done that I’ve done that multiple ways to I mean, the very first ones I set up myself I actually the very first short term rental I had it was a property that I was planning on living in it was a down town property that I was renovating because I was living in the suburbs at the time. And I want to live downtown. I like the lifestyle So, but I had also been considering this idea of doing short term rentals. So I furnished it. And with the idea that I would put it up on Airbnb are short term rental sites, that’s a word, I keep it that way. But if not, I just move into it because I kind of want to live there anyway. And I put it up and it was like, it’s just been rented forever, like every day, you know, and then more and more. So I furnished the first few. And it depends on what stage you’re at, in this investment path because at some point you develop a team and your team can certainly help you with a lot of things. We can order furniture from wherever we are, I think that’s easiest, you know, Amazon, IKEA, deliver and then even if you don’t have a certain person on your team that you know good at putting together furniture, for example, you can hire someone on TaskRabbit or you know all these different websites online, or you can hire an interior designer. So it depends on what type of property you’re getting and how big your team is if you have a team, but you can definitely do it remotely. There’s no doubt about that.

Pancham: Got it. Got it. So, you know, we’ll talk about running Airbnb remotely in a bit but let’s do take an example if, if you will, you know, like, run through some numbers like how does this really work? Like, you know, for a person like me, myself, I’m very used to long term rental model like we at this point, buy apartment complexes, but you know, I do have single family homes as rental still in my portfolio. So how would you for a person like me or you want to explain it to a layman like person has never invested? How would you explain that in terms of numbers sampling?

Tim: Well, let’s take, you know, like a duplex, for example, someone buys a duplex and maybe it has long term tenants and already each side is paying $1,000 a month. So you can get a pretty good idea if that property is profitable with the long term tenants is the 2000, covering the mortgage taxes, insurance and all this thing. Now, there’s quite a few websites that have popped up. And they’ve been around for years with short term rental data to where you can go on and see okay, a property in this zip code would rent for $100 a night, let’s say. So if it was fully occupied, one of those duplex tenants was maybe making $3,000 a month with short term rent. Now, there’s lots of places where it can be much much better than that. I seriously properties where I chage 8x the amount of long-term rent right after. 

Pancham: Wow

Tim: Mine is shorter. So that’s the first step you can do some data and easy searches. You can go on air. DNA is a big one. And they sell reports that are very inexpensive for a zip code. So you can get a great idea of historic occupancy, nightly rates, and based on what size property it is. So we go back to the duplex, we can see from there the numbers in Yeah, it gives you the occupancy as well. And then, as far as furnishing, you know that there’s some other expenses that you’re going to have to consider as well. Maybe it’s making $3,000 a month per unit, but you’re also paying for utilities, you’re going to be paying for internet because they have to have internet. So there’s a few extra things that you’re going to be paying for, like cleaning as well, right? Like you have to finish this thing the whole 30 days of the month. 

Pancham: That is an amazing thing. But you have to have that turnover every week they’re changing, right? 

Tim: Definitely. Yeah. So housekeeping expense is one of the biggest expenses, right? It is something that you know, as you grow and you get more properties, you can lower that expense. For example, if you have the duplex, it’s probably unlikely that you’re going to hire a full-time housekeeper. Because you’re only going to need them maybe a couple times a week, few times a month, it depends on the nightly stay. But let’s say you had 40 units in that same city. Now you can hire housekeepers by the hour, and then you can cut down those expenses a lot. So and there are systems that I use to manage all of that. So it can be passive, and you don’t have to be in there. But if we go back to that duplex example, you’re probably going to be working with a professional housekeeping company, I would imagine and so you’re going to be paying a per unit or per clean price, which is going to be higher than what it could be in the future. So housekeeping, definitely a big expense. And then, as far as furniture, I have some, and this again, depends on the type of the quality of property that you’re creating. You know, if it’s a extravagant vacation rental, they might not be as happy with IKEA furniture or something, you know, I recommend urban rentals not in downtown areas traditionally, and not out in the suburbs. And I have some benchmarks for what that furnishing cost should be a studio, for example, I mean, I think you can furnish for 3000 to 3500 bucks all in, you know, kitchen utensils and bedding and the whole bit and maybe up to two bedroom, it might get up to like 6000 or so. But you can calculate all that up front your extra expenses and the projected rents in that area. And then you know, how much better it would be in the long term.

Pancham: Got it in a nutshell, hopefully that…yeah, no, that covers that. Basically, if I were to summarize that, like I have some notes here, that you would look at a property just like you would look at that property in general and then go into this study of how much per night would cost you know based on the data from your DNA or some other websites and then you figure out, oh you know what can you 3x, 4x or  8X to rent and then see if your expenses…yes you factor in for those expenses that furnishing costs and all that then really see how much it’s all you do the math and math will tell you what to do like are my mentor they say that you know, all the time, and it applies here too, like you do the math and you see if it makes sense and if it does, and you would just go and do all those things. After that it’s all operations and managing all the logistics around getting the furniture and setting up the house cleaning stuff and you know setting up the processes on Airbnb or home away all that right. So is that pretty much what you would say?

Tim: That’s pretty much it and what I love about this too is that you let’s say you got your numbers wrong with the short-term rental on there. You know, first of all, there’s a point at which you would want to do it, I would say I wouldn’t do anything unless I was projecting at least three times a long term rather. But let’s say you got it wrong, the property that you’re acquiring, it’s still a good investment to start off with, you know, so it’s like the ultimate backup plan. But you know, that’s basically it. In a nutshell, you run the numbers, the numbers will tell you what to do.

Pancham: Yeah, no. So you mentioned a great point that as a backup plan you already have, you can always go back to the long term rental play, right? But in that case, do you buy all this furniture you rent it? Like what do you do with this furniture? Like you would have to sell it right or return it? Like do you in your case, you buy it or you rent it out?

Tim: Yeah. I’ve always bought it all. Okay, I would recommend buying it. I’m not sure I’m sure it wouldn’t take very many months before your break-even point, you know, on actually buying the furniture versus renting the

Pancham: Yeah, you know, like I was just getting to a point that if you’re not sure Whether this model is going to work and you want to test it out for a couple of months, like, would you recommend a person renting that furniture first and see if it works? And then just go and buy it? Like, have you seen people do that?

Tim: I probably, I think if someone was that cautious about not wanting to buy their furniture, then that deal probably isn’t a good enough deal, I would think that you would, you would know, after running the numbers on the deal, that this thing’s going to work even at your most conservative level. So you just go ahead and buy the furniture at that point. And then if it didn’t, for whatever reason, you could sell the furniture. You can also there’s sort of a midpoint in between that long term rental and the short term one, and that’s renting to executives or traveling nurses or people displaced because of insurance reasons that maybe stay for two, three months at a time, in which case they would walk The furniture, it’s not a short term rental. It’s not a long term one per se. So there’s multiple, I guess, kind of levels in there. 

Pancham: Okay. All right. So in terms of I’ll ask you, you may or may not have these numbers on top of your head, but it’s a very subjective question depends on the location depends on the property type. But in general, for a short-term business, what are like your benchmark numbers? In terms of okay, it has to make x percentage cash on cash return, before you even look at the deal, right? Like, do you have certain criteria like that, that you would look at? And so that’s my first question. What are your basic benchmark numbers that would have to be met before you even look at the deal? And second, like how has it panned out over the years for you like and how long does it take to break even in terms of the money that you’ve put into the property including the purchase the purchase and finishing it and all that.

Tim: So it is depends on the property. Yeah, I would say. So before we get into the short term rental component, the properties that I’m acquiring are in pretty good areas. There are most of them are in Midtown areas. So they’re between downtown and the suburbs, and they have a little higher price point. So the return like the cash on cash return for those, I mean, I’m acquiring properties or maybe only making 5% cash on cash. But you know, when we factor in tax write offs, depreciation and interest write offs, and all those that return we know is actually higher than 5%. So I’m okay. Giving up some of that cash on cash return to get a better property or in a better location, I should say because that better location is going to make it much better for the short-term rentals. Right. So the first step is getting the property I would sacrifice a little bit of the returns. Turns there knowing that I can get higher ones on the short-term rental, I wouldn’t get one of those properties, I would say minimum, I’m looking for three, or even like four times the long-term rent, I tend to recommend small units. So like a studio, for example, I think multifamily properties with smaller units for me have worked much better. And I’ve tried, you know, big, bigger units, and I’m in multiple cities. So I’ve tested this quite a bit. But I like the smaller units because for one year, your furniture cost is less, your utilities are less, less chance of parties, someone coming in, you know, and they’re more attractive to business travelers who are more consistent. So I would say I wouldn’t pick up a property that had small apartments or studios in it if I didn’t think that I could earn three or at least at least three or four times the long term rent. And if those returns, it doesn’t take very long to pay back your furniture costs, if your furniture for that unit was, you know, $3,000 and you’re earning four times the rent that you were minus expenses, it doesn’t take very long to to pay that back.

Pancham: Got it? Got it. No, that’s great. Thank you for answering that question. So really summarizing it like for you, you’re looking for a smaller unit and four times the long-term rent to kind of go into that and you would sacrifice the cash on cash return for a good location. 

Tim: Right, okay. But you don’t have to it depends on how much work you want to put into because, like you can get a property in a good area that needs a lot of renovation. And so has a you know, you can still get a really good cash on cash return as a long term rental if you do the improvements and the value add. So just because you’re in the little better area doesn’t mean that you automatically have to sacrifice better returns. If you have the time and the experience and you want to do the value-add component that works really well also.

Pancham: Great. Well, thank you for explaining that. So now I want to switch gears and move and touch on a topic that I’m sure is I don’t know if it is affecting your COVID-19 situation, Airbnb laying off 25% of their workforce. Right. And so how is it impacting your business? Like your portfolio? And are you doing something different now that you were not doing before? It’s compared to what you were doing before? You know?

Tim: Yeah, great question. And it’s no doubt affected the industry. I mean, it affected travel more than any other thing in our lifetimes. You know, I was in I just got back from Brazil. I was there for three months, because I can’t go back to Colombia right now, because of the quarantine. So it’s definitely definitely affected travel. But what I found in the US all my short term rentals are in the us is that my properties that had more history, and that had more reviews, they did pretty pretty darn well through the whole thing even in like the thick of it, you know, or they were still getting reservations now, the reservations that type of guests are getting changed completely. Getting people coming in from Europe, you know, or South America, they were all locals. And before that, we actually would not even rent to locals. 

Pancham: Right. 

Tim: Avoided at all causes, because a lot of times we find that if someone’s local on their book in your apartment, maybe they want to throw a party, there’s not a lot, you know, they don’t want to use their own residence for some reason and they want to use yours and they live in the same city. So it’s a little fishy. So before Coronavirus, we didn’t rent to people locally. Now it’s pretty much all that we’re renting to. Well, I would say in the thick of COVID-19 when everyone was on quarantine, we’re only getting locals. Now we’re a little bit past that some cities are opening up. And we’re getting people from around the us again, but still not internationally. So my properties that had good history that had been around the longest did well, are the type of guests we changed and also the length of the reservation. We weren’t getting one night stays very often. You know, they were longer people wanting to quarantine from their family. Possibly, yeah. So it really, really changed. But the beautiful thing, Pancham is it like the break-even point versus what it would have been as a long term rental was so low, you know. It’s like okay. If we get 25% occupancy, we’re still doing just as well as we did with the long-term rentals. Yeah. So I had a, I had a newer complex, actually, that was 12 units, and they’re all converted into short term rentals. And it was pretty much vacant for six weeks. And it’s just now starting to get more occupancy. And my reason is, it’s just one of my newer properties that didn’t have a lot of reviews. So when a company like Airbnb has so much power on, you know, they spend millions and millions on advertising right to get people’s listings out there. And when the travel demand drops, they boost the properties that have the best history. So from what I’m what I’m gathering is that those properties didn’t rent because they didn’t have a lot of history. But now they’re already starting to rent again.

Pancham: Yeah, I think it’s not easy to discover those because there is so much of supply and it’d be probably is showing only the ones with which had good history and good reviews.

Tim: Exactly, exactly right.

Pancham: Yeah. Okay, great. So now I’m glad to hear that your portfolio did not have that much of an impact and that it was at least doing better than a long-term rental status. So that’s pretty awesome.

Tim: You know, it kind of excites me about this, though, is that a lot of people that maybe weren’t really serious about having short term rentals or they were using another model lease arbitrage, which in a nutshell is renting an apartment not buying it and then subleasing it. So their costs to hold that property are higher, a lot of these people stopped or they turned their rentals into long term rentals. So the supply that’s actually available now is far less it has to be far less than what was pre COVID-19. So as travel comes back We have less available rentals, I think that they’re going to do, they’re going to do very well. And a lot of people aren’t staying in hotels, right? Because they have big open common areas that made people a little, you know, weary versus having a an apartment with its private entrance and no shared areas. So I’m excited for, you know, the next next couple will really I think travels change forever, but I think short term rentals will continue to do very well going forward.

Pancham: I know that’s great. Thank you for sharing all your knowledge on this team. Anything you would like to add before we move on to the next section of our show?

Tim: Check it out. And if you’re considering real estate as an investment, if you’re not already in it, consider running it with this model too. And I think you’ll find that it can work really, really well.

Pancham: That’s great. Thank you, Tim. So we’ll be back after this message. If you are an accredited in investor and have been thinking about putting your money to work for you. Then I have good news for you. I have created an investor club which I call the gold collar investor club. I will be putting together investing opportunities exclusively for the group. These are the opportunities where I have done the due diligence for you and will be investing my own money alongside you. If you are interested, please sign up on thegoldcollarinvestor.com/club. I repeat thegoldcollarinvestor.com/club. I will reach out to schedule a 30-minute phone conversation to discuss your investing goals. Once you sign up, this can be a good opportunity to diversify and take some chips off the hands of Wall Street to produce some passive income. And in case you are wondering, what is an accredited investor? An accredited investor is someone who has earned more than two hundred thousand dollars as filing single or more than $300,000 filing jointly for last two years. Another way to qualify as an accredited investor is if your total net worth is more than $1 million, excluding your personal home. It includes your stocks, 401, K’s, IRAs, cars, etc, just not the equity in your personal home. If this is you, I would highly encourage you to sign up the team. Let’s move on to the next section of our show, which I call taking the leap from. I ask these four questions to every guest on my show. And my first question for your team is When was the first time you invested outside of Wall Street?

Tim: So I got into real estate pretty early and I almost kind of went into Wall Street and real estate at the same time, I guess, you know, reading money magazines and doing all these things. And so my first investment, I bought my Early 20s in real estate, and that was kind of at the same time as I got into Wall Street but you know, it was interesting. Like the more time I spent with my wall street investment stocks and stuff, the more time I spent with that the worst I did, you know, like trading more and I shouldn’t have been versus real estate, like the more I learned and the more time I spent, the better I’ve done so yeah, hopefully that answers that, guys.

Pancham: All right, great. So what my second question is, what fears did you have to overcome when you first invested outside of was cheap?

Tim: So I would say my my first investment outside wall street was a four Plex. And I was a young, young guy, mainly in the tenants was kind of one of my fears that I understood the numbers pretty well. And so I could see that that part was okay but as a young guy going in trying to be a landlord, that was a little intimidated.

Pancham: Got it. Got it. Cool. All right. I think everyone has the intimidations like the fears when they first invest I had similar a long, long time back. So my third question for you, Tim, is can you share with us one investment that did not go as expected?

Tim: Yeah. So I would say so I bought a property in Colombia, actually, sort of. So I love Colombia, as we mentioned in the beginning. So it was sort of a personal investment. And I did it a lot for the diversification. But I also you know, it’s a real estate deal. And I was looking at the end game how this thing would do. And I didn’t really consider the currency exchange factor. So I bought it in Colombian pesos. And it wasn’t cheap. You know, it was an all-cash deal. And just in this last year, really just in these last two for five months, the US dollar has gained so much value, I’ve probably lost 30% or more of that property purchase just based off the currency change. So I would say on a numbers basis, that’s the worst. That’s the worst deal I’ve done today. Doesn’t mean the you know, the currency the dollar will weaken again, but on a number’s basis, that was that’s the worst one.

Pancham: Yeah. So when you say on numbers basis, let me understand that part. So if you benchmark it against US dollar, but let’s say you benchmark it against pesos, and you calculate cash and cash everything on pesos on the day you bought it in the way it’s doing today, how would you say is it still worse than what you had thought? Or it’s doing okay? When you consider that, If I take the currency change out of it, then it’s still it’s still a good investment. 

Tim: Okay, but really just the currency exchange and that’s really true complicated topic for me, I know there’s so many things that can go into it. That’s a hard one to sort of evaluate before going into it. But it’s also now something you know, when I buy more properties international wherever that I will definitely consider big time.

Pancham: No, absolutely. I tell you my experience like I’m originally from India, I was born and brought up there. I came here for my masters and you know, so I do have a bunch of investments back in India. And, you know, I have experienced this firsthand, and, you know, dollar getting appreciated. Even though the properties over there might be getting or stocks doesn’t matter. Profit, like any asset might be getting appreciated, but if it is not appreciating at the level where the currency is depreciating, and then you’re still, you know, in or all US dollar terms, you’re kind of losing. So it’s really hard to factor that in and turn I know you do and you learn, you know? Yeah, that’s great. My last question for you, Jim, is that what is one piece of advice would you give to people who are thinking of investing in Main Street that is outside of Wall Street? 

Tim: Main piece of advice would be to run the numbers. And the numbers will tell you what to do. I mean, it really, and if you don’t know how to run the numbers to get help, or advice from someone that does before you jump into something that you don’t know how to evaluate.

Pancham: Great, no, that’s great piece of advice. Well, thank you, Tim, for your time here and how can listeners reach you they want to connect with you learn more about you or your business and, you know, really want to like learn from you?

Tim: Yeah, definitely. So you can go to restmethods.com. I have a free eBook on there that I wrote about finding what I think makes the best property for short term rentals, so you can get that on there. And then there’s also information on the live events that I’ve been doing. They’ve been really great. We have a group of people come in, I fly back, if I’m down in Colombia, fly back to the States. And we go through quite a few of my properties. And we spend a weekend just evaluating how to find them, how to set them up, and how to manage them passively. So you can go you know, live and do whatever you want. So restmethods.com. And then also I do have a podcast with short tidbits on actionable items for the short term rental industry, and that short term rental riches. 

Pancham: Great, thank you for mentioning those. We will definitely put them in the show notes. And thank you again for your time. Thanks so much for having me on. It was great.

Does this excite you to jump into short term rentals definitely has piqued my interest. Thank you for listening. I really appreciate you if you have question. Email me at p@thegold collar investor.com. I repeat p@thegoldcollarinvestor.com. This is Pancham signing off. Take care.

Thank you for listening to the gold color investor podcast. If you love what you’ve heard and you want more of Pancham Gupta, visit us at www.thegold collarinvestor.com and follow us on Facebook at the gold collar investor. The information on this podcast are opinions as always, please consult your own financial team before investing