BiggerPockets Real Estate Podcast - Why This Expert Investor Owns Only ONE Rental Property

Episode Date: November 24, 2025

Mike Baum owns just one rental property, but this one property alone has changed his life. It’s allowed him to become such an investing expert that he’s constantly being asked for his opinion on the BiggerPockets forums, and he provides some of the most well-thought-out investing advice on the internet. So why does he have just one rental property, and why doesn’t he grow using his expertise? The answer isn’t that obvious. You wouldn’t know it, but Mike is permanently disabled. After overworking so hard that he ended up losing his vision, he was placed on disability for the rest of his working career. This high achiever was forced to slow down and find something else that could replace his day job. Shortly after his diagnosis, he found BiggerPockets and turned a family vacation home into a short-term rental. Now, he’s got systems and processes that help him self-manage with very few headaches, and he will probably keep this property as his one and only rental for life. Why didn’t he “FOMO” in when everyone was gobbling up real estate in 2020? Why didn’t he grow his portfolio to become the next tycoon? Mike has some clear answers for why he did what he did, and after listening to him, you might change what you want, too. In This Episode We Cover: Why you DON’T need a large real estate portfolio to find financial success when investing Why Mike tells beginner investors that they should NOT buy a short-term rental property The systems and processes Mike made to automate his vacation rental self-management (so he works less!) One thing you should do NOW before you start investing in real estate (it’s free!) The real result of “FOMO” investing and how to stop shiny object syndrome from blowing you off course And So Much More! Check out more resources from this show on ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠BiggerPockets.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.biggerpockets.com/blog/real-estate-1204 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠[e-mail]⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hey, everyone, Dave here. This Thanksgiving week, we're revisiting a few of our most popular recent episodes in case you miss them the first time around. Today, it's an investor story originally published in September 2024, but I think the lessons and insights from it are as applicable today as they have ever been. The story is with Mike Baum, who turned to real estate investing in Idaho when a health condition forced him to retire early from her career in the tech industry. But what's really cool and unique about Mike's story is that his entire portfolio is just one

investment property. This story makes for a great example of how you don't need a huge, massive portfolio to make a huge impact on your life. Enjoy my conversation with Mike Baum from last fall and we'll be back with new episodes next week. Hey, everyone, it's Dave. Welcome to the Bigger Pockets podcast. Every Monday, we like to start our week off by featuring a

member of the Bigger Pockets community and hearing about their investing journey. And today we're hearing from an investor named Mike Bown. And fun fact, Mike is actually one of BiggerPockets community's top forum contributors. He has spent over 10,000 hours on BiggerPockets.com posting and helping fellow investors learn about real estate. So if you're a frequent visitor to our website, you've probably seen his name pop up. But Mike has a lot to share on top of just what he does for the community already. And in today's episode, I'm going to talk to Mike about how an unexpected life change for Mike and a serious one started his journey in real estate. We'll talk about how he's selected his preferred strategy of short-term rentals and also why Mike has chosen to keep

his portfolio small and how not investing can be an active and strategic decision. And this is going to be a great episode because I think it provides a really helpful and interesting counter-neutral. narrative to what we hear most commonly in the real estate investing industry. And I get it. Not everyone wants to stay small. Not everyone wants to scale. But I think it's really beneficial for all of us to learn from people who are doing something a little bit different. And Mike fits that bill perfectly. So let's bring them on. Mike, welcome to the show. Thanks for being here. Thanks for having me, guys. Well, I'm very curious to hear about your journey. And so let's just start with your career prior to becoming a real estate investor. What were you up to?

So I was a engineer at Intel for 19 years. I was a product owner and what they call a technical marketing guy. So what I did was work with our IBM or Lenovo with some of those platforms and help them integrate our technology and supported our field sales staff. Plus I did demonstrations all over the country on stage and show prep and did shows and stuff like that. And then I did a ton of videos and how-toes and wrote a ton of technical documents. So that was my gig. Wow. Yeah.

And I did that until 2011 when I had a huge undertaking, was working 70 hours a week. I actually slept in the couch in our lab. just go, go, go, go, go to get a product launch completed. And then one morning I woke up and I couldn't see the next morning. I was, I could see, but I had one eye pointing up this way and one eye pointing this way. And it was a sixth and a third cranial nerve palsy. So that was the first indication. The stress of the work had put me over the edge.

So basically, Intel put me on disability short term. And then after about a year, there was no improvement. There never really is in a neurological degeneration, right? You can kind of arrest it as much as you can, but you can't bring it back to where it was. So they put me on full-time disability. And that's been 13 years now. Well, I'm sorry to hear that. It sounds like quite an ordeal.

So do that mean you were left without an income after all of that? Yep. For me, yes. I mean, it's not that we didn't have any income. Intel has a very good taking care of their employees. So there's a good, solid, long-term disability plan. And, of course, it requires that I sign up for Social Security disability, which I did. So, yeah, I'm on disability.

I had, you know, it's a pretty drastic income reduction. My wife is working, so that is good. So it's not like we're broke, but we certainly went from, you know, upper middle class to, you know, middle class, I guess you could say. We were never rich. I'm sure it was a change financially, but just emotionally and psychologically, that's like a big just life shift to being someone who's working really hard to, you know, having to manage your output in a more concerted way. And, you know, at this point, is that when you discovered real estate or started thinking about real estate? We've had a few rental houses. We've bought and sold some stuff over time.

Our vacation rental is located in Cord Lane, Idaho, on Lake Cordelaine. And I've always wanted to have, I grew up there, always wanted to have a lake house. And a bunch of things kind of lined up for us to be able to afford to buy this house on the lake. And it was a way for us to replace, because I'm not contributing to retirement any longer, right, because I have no way to return in normal ways. You know, there are certain ways, but for the most part, it's very difficult. to when you're on disability because you don't have an actual earned income anymore. So you got to do something for retirement.

So I figured, and initially we were not going to rent the house. We weren't going to do a short-term rental. And basically, bigger pockets is what turned me all around to that. Because I have three kids. We have three kids. And we have three grandkids now. So we figured, oh, we'll have this lake house and we can go and I'll hang out there. And but it's, you know, I came to realize it's going to sit empty 80% of the time.

You know, it's eight hour drive from where we're at to get there. It's not something you can just kind of bop on over. And traveling with grandkids is certainly not easy, you know, for their age. Yeah. You know, pick up, pack up and drive eight hours across the state to, to get there. It's easier now if they're older. But back then it was, you know, they were very young. And what year was this?

2017. Okay. So you, you for a while after your diagnosis, you hadn't got into real estate, it took a couple years for you to start. Yeah, well, we had a couple of long-term rentals we had sold. Okay. Yeah. So, I mean, it's not that we were completely green, but never really looked at short-term rentals. In 2017, it was kind of the, wasn't I say the Wild, Wild West of short-term rentals, but it was a different world than it is today. So, I mean, I got to get to know Luke, Carl, and, Avery Carl on Bigger Pockets. We joined, I think I joined a little after they did. And I started hanging out on the Bigger Pockets short-term rental forum and was reading everything I possibly could about doing this. And we were a little nervous.

I mean, it's a, you know, when you're first thinking about doing a short-term rental, you have this asset as like, you're, you're basically handing the keys over. It's not a 1973 Toyota Corona. You're letting your buddy borrow. You know, it's a whole house sitting on the lake, you know, filled with furniture. And when we got started, the house was completely empty. So we had to furnish it and get it all ready to go. And that took a long time, not really that long, but, you know, it's an expense and

trying to figure it all out. But if it wasn't for Bigger Pockets, I don't think I would have done it. Well, we're glad to hear that. And you've paid us back in spades because, as I mentioned at the top of the show, Mike is one of the most prolific members of the Bigger Pockets Forum communities, which we greatly appreciate. You're always in there answering people's questions. We've got to take a quick break, but stick around because later in the show, Mike's going to explain why he's almost immune to FOMO or fear of missing out. And it's super interesting.

So stick around. They say real estate is passive income. But if you've spent a Sunday night buried in spreadsheets, you know better. We hear it from investors all the time. spending hours every month, sorting through receipts and bank transactions, trying to guess if you're making any money. And when tax season hits, it's like trying to solve a Rubik's Cube blindfolded. That's where Baseline comes in, Bigger Pocket's official banking platform.

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because I imagine going from being in product development and software engineering, are there overlaps between that and managing a short-term rental? There is because 50% of my job at least was creating processes for people that needed to understand how to implement our technology. So you really just take that and you apply it to processes for short-term rental. I'm a huge believer in self-management of your short-term rental. But you have to have all your ducks in a row. You have to have everything working. You have to make sure your maintenance schedule is right on the money because the last thing you want is this X, Y, or Z breaking down. So all your hard systems need to have steady maintenance. You need to hire the right people to be a handy person to come over and take care of something. So you have to have somebody there. You have to have a top notch cleaner. And sometimes it's going to take a while. I've been through four cleaners since we started. That's actually not that bad. I think I've been through way more. It isn't that bad, considering we're really rural. I mean, we are 36 miles down the lake from

Cordo Lane. It's over an hour to drive down there. And it's a tiny little town. And there's very few professionals of this kind. You know, there's another town about 18 miles farther south called St. Mary's that has some. But the cleaner comes all the way from Cordo Lane. It's a whole day job for her drive down there, clean the whole house, top to bottom, do all. the laundry and then drive back. So that's always a key. But getting all the everything in place and all the processes in place, once those are running, then management becomes a lot easier. I'm a huge believer in personal communication with the guests. I don't rely on automated communication. I don't rely on bots of any kind to answer things. Somebody asks a question, does an inquiry on Airbnb or VRBO?

I'm the guy who answers the question. Yeah. I give them my personal cell phone number that they can get a hold of me any time. And I can count on one hand the amount of times I've been contacted for problems. Really? Yeah.

It's been seven years. Is that because the house is just in great condition or you find great guests? Both, I think. I vet every guest. We do not have auto book turned on for anybody. Everybody has to talk to me and I got to get a feel for they are.

We get a lot of fake bookings. Really? Hi, this is Steve. We are looking at staying at your house. Are these dates available? You can almost hear it. And it's obvious the dates are available. We had one just come in the other day.

November 1st through the 26th. I'm like, wow, that'd be a great booking. I've only had two bookings that long ever that were real. But I knew right away because of the wording. And then it takes them about a week and a half to get back to me when I say yes. Great. My wife and I and kids are going to be going on a vacation and my business is going to be paying for it. Can I please send you this fake third party out of country check? Oh gosh. Give me all your personal information so we can make this happen. Dot, dot, dot,

yay. And you're like, nope, only work through the tool. I only take payments to the tool. Sorry. And then they disappear. Good for you. I mean, it sounds like you've got some really good systems in place. I want to take a step back quickly, though, because you know, you're sort of in your timeline. You bought this house for personal use. You found bigger pockets. And I think one of the common challenges that a lot of our audience here is, you know, how long do you research and learn before just jumping in? Was it quick for you to just start renting it out? or are you more the type that spent a lot of time educating yourself prior to, like you said,

handing over the keys to this very valuable asset to people you've never met before? Right. So analysis paralysis is probably the biggest hurdle for most folks who have never done anything like this before. It is a gigantic expense for most people. And it's a real risk and rule of the dice. So I'm both sides of that, what you just stated, I am not risk averse, but I plan, plan, plan. If you fail to plan, plan to fail, right? You look at everything, you read everything. And I had an advantage being disabled.

I basically had time. So I could learn everything there was to learn. And being more technical-minded, it basically allows me to get a better understanding of the way finance is supposed to work and how insurance is going to play out. and, you know, and I have a couple of algorithms that I have written that hunt the web, you know, that are for data that, you know, that's why I can post Mike's deals of the day, you know, because I scrub. I can scrub the internet on my own and find stuff that, you know, takes a while to become public to everybody else. That's why bigger pockets is, you know, and I hate to keep coming back to that. I'm not trying to be a shill for bigger pockets here, but that forum is so valuable because there's so many of us, on there that have done this and been doing it. And if you have a question, you know, I can answer that question or John Underwood could answer that question or a dozen other people can answer that question. Well, first of all, Mike, if you want to be a shill for bigger pockets, you're in the right

place. This is the one podcast. You're probably allowed to shill bigger pockets as much as you want. We really appreciate it. But just so everyone knows, what Mike is talking about is a completely free resource to everyone. The forums are free. If you want to learn something about, real estate, go ask a question. I think there are a lot of people who listen to this podcast who don't even know we have these forums. Go check it out, ask a question. Go see what other questions people are asking. I promise you're going to learn something. And I think you're right, Mike. I wanted to just get back to this idea of finding the right balance between preparation and, you know, fear. You know, everyone's going to have some fear. That's just a normal part of it.

But you have to find the right level and the right way to cut it off and say, like, educating myself is not going to help me anymore. Once I've done, you know, spent dozens or hundreds of hours, whatever it is, learning and reading, listening to the podcast. At a certain point, you just sort of have to jump in. It sounds like you did that. And were you successful right away or did it take a while for your business to... It's going to take a while.

Yeah. How long? The first year was lean. We lost money the first year. year because I was a little hesitant. We're getting the house set up. We're filling the house with all kinds of new stuff. And I want to make sure that it works. You know, I went through two different types of sheets before settled on a sheet brand that worked really, really well. Because the first one really soft, super nice satin weave sheets that the first person with heels

that were kind of needed some work because they wear sandals all the time, or the heck out of the sheets. They were filled up like you wouldn't believe. So I had to toss them out after one stay, you know, things like that. So your first year, anybody who's going to do a short-term rental, your first year is probably going to be on the lean side. My area has got low saturation on Lake Cordillane. There are not a lot of places for rent on the lake.

You know, I have dozens of people in competition, not thousands. So I price everything accordingly, but even then you can have a rough year. So you just really never 100% all the analysis and all your thoughts and air DNA and the enemy method and going through and comparing everything, trying to set your prices and figuring out your occupancy and making sure you have the right amenities and the right stuff in the house isn't a guarantee that you're just going to knock it out of the park. So you have to go into it with a understanding that this is something that, you could do less than break even.

But like anything, no risk, no reward. Absolutely. And it sounds like, Mike, you got it together pretty quickly. I mean, relatively quickly in 2017. And by all accounts from what we've talked about, you've run a successful short-term rental business. But one of the main reasons I was so excited to talk to you, Mike, is that you are clearly very passionate about real estate

and about short-term rentals, you're on the forums all the time. I can hear it in your voice. But you've also chosen not to scale your portfolio. You have one short-term rental, and you're happy with that. Tell me why you've made that decision. Okay, so we have tried to buy a few other places. Unfortunately, as the farther down the road after COVID is when we really starting to look, well, the interest rates went nuts, you know, and that's,

That was crazy and property values went up and property values in an area where we were choosing to do our investing in Idaho shot through the roof. I mean, it was one of the highest in the country. Oh, yeah. It was, I mean, forever in listening, if you're not aware, places like quarterly and Boise, just some had some of the fastest appreciation in the whole, you know, the whole country was kind of going crazy during that time. But Idaho might have been like the epicenter.

I know in Austin, I think we're like the two places that were just booming even more than the rest of the country. So sorry to interrupt, but go ahead. No, no, that's okay. Yeah, absolutely. Our house is worth four times what we paid for it now. Oh, my God. In seven years? Yeah.

So, yeah, why buy poor if you're doing that well with your first one? Well, we've looked at other places. We did a scouting trip down to Sedona, Arizona, looking around there. we went out to New Mexico, Angel Fire, looked at some, you know, some things like that. And all of it, you know, we liked all of it. But unfortunately, you know, the places that we like the best ended up either selling before we even got home, started talking about it, or they got pulled off the market, or there was various different reasons.

We took out a pretty good size helock on our primary. have cash for down payment and to get the house all prepped. And now we're kind of in a holding pattern. But we found a place out on the ocean that we were looking at. It was a big successful short-term rental. It was doing pretty well. And we were ready to pull the trigger on it. Needed some updating, but we were ready for that.

And then the people pulled it off the market. That was late last year. So we looked at a couple other places. One in Cordillane. It was on a Pondere River, which is a major. inflow into Lake Ponderay, which is an enormous lake north of where we're at. And it was beautiful, it was great. And they pulled it off the market as well. So, you know, it's not that we don't want to expand it, but now we're getting to the point where my wife's going to retire in a couple of years.

And we started kind of late in life in this particular game. So, you know, had we known more earlier, I think we would have done better. You know, if you're younger, I think there's a lot more, still going to be a lot more opportunity moving forward. You know, it's a more sophisticated market now than it was seven, eight years ago. So. All right, we got to take a pause for some ads, but we'll back with this week's investor story on the other side. The rise of the tech savvy investors here. You don't need a huge team or tons of overhead to manage rental properties. Just the right tools. So I want to tell you about how I use rent ready to get ahead. For landlords who treat their time like capital and recognize the cost of sweat equity, this tool

gives you everything you need to scale. Rent collection, tenant screening, maintenance accounting, so that you're organized come tax season, and you can run numbers in preparation for future deals, and more, all in one platform via a mobile app or desktop. Modern landlords don't just own property. They optimize it. Rent Ready will keep you organized, running leaner, and ready to grow. Start with RentReady. Visit RentReady.com slash Bigger Pockets. That's RentR-E-D-I-com slash bigger pockets and use code BP 2025 to get Rent Ready's six-month plan for a dollar. For decades, real estate has been a cornerstone of the world's largest portfolios. But it's also historically been sort of complex, time-consuming, and expensive.

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And it's now available to you. Visit fundrise.com slash BP Market to explore the fund's full portfolio. check out historical returns and start investing in just minutes. Carefully consider the investment objectives, risks, charges, and expenses of the Fundrise Flagship Fund. Fundrise Fund fund.com. This is a paid advertisement. When I bought my first rental, I thought collecting rent would be the hard part. Nope. The admin rent collection, and even tenant screening, all in one place. It's the system I wish I had from day one.

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But for the most part, I look at it like, well, you know what? It just wasn't meant to be. So I'm not going to worry about it. I'm just going to move on and see what else I find. I still scan, you know. I spend actually a lot of time on Craigslist looking at buy-owner stuff and what people might have been trying to sell. I've been driving around North Idaho quite a bit down back roads, seeing if there's something interesting, just kind of floating around and I'll write an address down.

And nothing's popped up. But if you get mad and try to jump on every single deal that comes along, it's going to bite you, in my opinion. Eventually, it's going to bite you. You really got to watch that. And what do you attribute that lack of FOMO to? I mean, I think it takes confidence, right, to not be... jealous or running, chasing every little shiny object, how do you stay disciplined?

Well, I would have to say that it's easier for me being someone who is older than, I mean, most of the investors that come in that are asking questions, they're in their 20s, 20s and early 30s, you know, husband and wife or a single person trying to get started because they like the idea of short-term rentals. And, you know, when I was younger, you know, I was probably way more aggressive than I would be now. We have to plan for retirement. We can't be, you have that looming over your head the entire time. Do I, you know, do I sit there and I just take $200,000 and put it down on black? Because sometimes you feel like that's what you're doing. You're putting it all on black. Yeah. Hoping that it's going to pay out in the end. Now, it's not like that, but every real estate deal

is a bit of a gamble. You can plan and you can get processed. You can do all kinds of things. And you could still lose. And nobody wants to lose. We saw a lot of that in the last few years. I think things have evened out now. So experience and just life experience in general and seeing things come and go and come and go. And your life isn't worse because you didn't jump on this or you didn't jump on that. I mean, I don't spend a lot of time kicking myself in the butt for not buying Apple at $25. dollars. Right. Yeah. That wasn't the part of life you were in. Right. At that time, I just don't, I just don't think about it. We get quite a few young folks coming in. They want to do

short-term rentals off the bat. They're single. And my advice to every young investor wanting to get started is to not do short-term rentals. Oh, really? Why is that? Well, because there are better options to build a base off of. There was one young guy. She's 19. He's in the military. He's going to be able to take advantage of VA loans and he wants to get into short-term rentals once he gets out in about three years. And I told him what you should really do is take advantage of the VA loan or for those who don't have access to VA loan would be FHA low down, three percent down loans by a duplex, buy a triplex, by a fourplex, right? You buy something like that. You live in one and you have three renters. You do some minor rehab.

You do it after a year, you have to live in the place for a year. Then you basically exit the place, rent that last unit, and then do it all over again. You have to convert that one FHA loan to a conventional. You refinance, then you move over here and you do it again. And then you do it again. And maybe one more time. And now you've got duplexes, triplexes, and fourplexes, all of them producing, all of them income producing for you, maybe 10, 15, 20%, at this point after doing it for a few years. Maybe you have one that's paid off. You have all these assets that form this really, really nice piece of bedrock that you can build the rest. So that's, if you're young, you don't have kids, you can move every couple of years or every other year or

whatever without dragging a whole family and changing school districts and blah, blah, blah, then that's what I would do. And then once you do four or five years of that, then you can start looking at some other things. You're speaking by language. I mean, that's sort of what I did is just started with long-term rentals. And over time, I've branched out. I started investing in syndications. I do some private lending now. You know, you do some different stuff, but I feel comfortable taking risk because I have a solid portfolio of low-risk, high-performing assets. And not all of them were like amazing when I first bought them, but I bought 10, 15 years ago, and that's the beauty of real estate is over time. You hold on to these things. They perform. Yep. Well, Mike, I want to just say,

thank you because I have only been hosting this podcast for a few months, but I've been a member of the Bicker Pockets community for a long time, an employee for a long time. And it's honestly people like you who choose to share their time and share their knowledge with people for free out of the goodness of their heart that it's made the community so strong. So I just wanted to personally thank you for you. Thanks. So last question, Mike. What are you excited about in the short-term mental or real estate industry right now? I think there's a lot of opportunities. to be had, unfortunately, at the expense of folks that were overzealous in their FOMO purchases of short-term rental, as you could say.

Sometimes you can almost feel the desperation of some folks just to get out from underneath that mortgage because they bought high at the top of the market. Their interest rate is crazy. You know, interest rates are starting to drop. I think we're going to see a couple more drops in the next few months. I think it's going to be a very interesting 2025. Yeah, likewise. Well, Mike, thank you so much for sharing your story and your insights with it.

We really appreciate it. And if you want to connect with Mike, we'll put his contact information. But just go check out the Bigger Pockets forums. You'll see him all over the Bigger Pockets community. Thanks again, Mike. Thank you. Have a good day, guys. Thank you all for listening to the Bigger Pockets Real Estate podcast.

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