Digital Social Hour - The REAL Reason Entrepreneurs Are Moving to Miami | Colin Wright DSH #544

Episode Date: July 9, 2024

🌴 The REAL Reason Entrepreneurs Are Moving to Miami 🌴 Why are successful entrepreneurs flocking to Miami? Tune in now to discover the surprising truth! Join Sean Kelly on the Digital Social Hour podcast as he dives deep with Colin, a thriving entrepreneur who's making waves in the Airbnb market. 🚀 In this episode, Colin shares his journey from Canada to Miami, revealing the secrets behind his incredible success in rental arbitrage and how he's scaling his business remotely. From tax hacks to leveraging properties for masterminds and studios, this conversation is packed with valuable insights you won't want to miss! 💡 Why Miami is the ultimate hotspot for entrepreneurs. 💡 The ins and outs of Airbnb arbitrage and maximizing cash flow. 💡 How Colin manages 65+ properties across multiple states. 💡 The best strategies for negotiating with landlords and sourcing furniture. Don't miss out on these game-changing tips! Watch now and subscribe for more insider secrets. 📺 Hit that subscribe button and stay tuned for more eye-opening stories on the Digital Social Hour with Sean Kelly! 🚀 Join the conversation and level up your entrepreneurial game! 🌟 #EntrepreneursMiami #AirbnbCashFlow #AirbnbProfitability #AirbnbSuccess #AirbnbTips CHAPTERS: 00:00 - Intro 00:40 - Airbnb Units Overview 03:06 - Risk Mitigation Strategy 04:50 - Purple Cars 07:19 - Moving to the US from Canada 08:06 - Airbnb Popularity in Canada 12:08 - Health Journey 14:58 - Diet Tips 16:11 - High School Sweetheart 17:30 - Next Supercar 19:50 - Free Cruises Tips 22:00 - Using Amex Points 23:20 - Future Plans 26:09 - Furniture Hack 28:30 - Closing APPLY TO BE ON THE PODCAST: https://www.digitalsocialhour.com/application BUSINESS INQUIRIES/SPONSORS: [e-mail] GUEST: Colin Wright https://www.instagram.com/agentwright https://wrightbnbacademy.com SPONSORS: Deposyt Payment Processing: https://www.deposyt.com/seankelly LISTEN ON: Apple Podcasts: https://podcasts.apple.com/us/podcast/digital-social-hour/id1676846015 Spotify: https://open.spotify.com/show/5Jn7LXarRlI8Hc0GtTn759 Sean Kelly Instagram: https://www.instagram.com/seanmikekelly/ Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

I actually qualified for like a huge house. For a person in your position where you can do that. And I see a lot of really successful entrepreneurs using their house for masterminds for their studio because then you can expense a lot of it. Yeah. I'll be able to write off more than 50% of the house. Yeah.

So I think it makes sense at that point. If you're someone starting off and you're looking to create cashflow, I don't recommend buying a house for you to personally live in. Wherever you guys are watching this show, I would truly appreciate it if you follow or subscribe. It helps a lot with the algorithm. It helps us get bigger and better guests, and it helps us grow the team. Truly means a lot. Thank you guys for supporting,

and here's the episode. All right, guys, we got Colin right here from Miami. We're going to talk Airbnb today. Yeah, how's it going? Good, man. Colin right here from Miami. We're going to talk Airbnb today. Yeah, how's it going? Good, man. I didn't know it was still thriving, to be honest, because there was a big boom a few years ago. Yeah, there's definitely a big boom and it's still thriving. There's just a little bit of negativity around it because people that are inexperienced are getting in the business, kind of not knowing what they're doing, and then they're getting right back out of it.

So that's where you're seeing a bit of that. There are lots and lots of people that are thriving in the business. And I think it's gotten more competitive too. Definitely a little bit more competitive. You can't get away with just throwing in some crappy Ikea furniture, taking cell phone pictures anymore.

You've got to do proper staging. You've got to spend a bit of money on furniture. And you've got to run the business properly. It's a hospitality business at the end of the day and you have to make sure that people are happy you're getting the five-star reviews and that's how you succeed. Absolutely. Certain cities are strict on it. Vegas is pretty strict. Definitely. I do know a lot of people that have units here in Vegas. Restrictions can be worked around a lot of the time. Usually those restrictions are just put in place to appease, you know,

like the Karens that are going to be calling on the Airbnb units. Like, let's be real. A lot of cities do have a permitting process so you can go the legal route. But then again, a lot of cities, they don't enforce the restrictions. Yeah. So you can still operate. Absolutely. So when did you get into this?

How many units do you have now? I got into this about a year and a half ago today. Oh, so pretty new. Yeah, not long. September 2022, I did my first mentorship and I got my first unit by January of 2023. Okay. As of today, currently I have 40 live and I have another 26 signed over the next two months. So it'll be about 65, 66 within eight weeks. And these are all in Miami? Not all in Miami. I only have six in Miami. Majority are in Texas. Oh, so you're not even like hands on.

Yeah, I just moved to Miami. So I'm just getting started in that market. But originally we planned to move to Texas and I like the market for Airbnb there. So I started scaling there. Got it. And are you able to do this remotely, like not hands-on you think? Yeah, for sure. I'm originally from Canada. So I started sourcing the units in Texas while I was in Canada. Oh, wow. Yeah. And then I ended up going down to Texas to set up my first seven homes. And then since then, I haven't really been back. I built my team there. I've been living in Florida while still expanding in Texas. Yeah. And what's the risk mitigation strategy? Because like some people watching this might not have a ton of money to invest in this. Yeah, it's, it's very, it's, it's probably

one of the least riskiest real estate investments you can do because there's not a lot of upfront capital. It's mostly just your furniture. That's your big expense, right? So you're leasing the property. So you're safe. I'm sure you've heard some horror stories of people that have purchased Airbnbs and then cities have brought in restrictions and they don't know what to do. They have to sell their home, take a big hit. They can't operate anymore. With a lease, you simply just walk away, right? You're not going to lose hundreds of thousands of dollars. If a city brings in restrictions, you move that furniture to a different Airbnb. You lease another property in another city.

You're not out hundreds of thousands of dollars. Right. So you're getting a lease. So you're only putting down a couple months of rent. Yes. I'm doing rental arbitrage, and I'm actually getting free rent most of the time, too. That's what makes the deals even that more insane. So how does that work?

I basically go in, negotiate with the landlord or property manager, tell them I want to take multiple units. I usually ask for eight weeks free. I'll settle for four weeks. But if I can get deals with eight weeks free rent, I can essentially get my entire investment back within eight to 12 weeks. I never even knew you could ask for that. Yeah. Well, there's so many vacancies. So if you're going into cities that, you know, an apartment complex has 20, 30 units, they're going to say here, sure. Take 10. I'll give you eight weeks free. Interesting.

Yeah. And you're just finding their contact on Zillow and then setting up an in-person meeting. Zillow, apartments.com, hotpads, realtor.com, anywhere, even Facebook marketplace. I've found some great deals on there. People list their house. Single family landlords. Wow. I didn't know that. You can find anything on there. People buy cars on there too. Everything. Yeah. Speaking of cars, you're into the car, specifically purple cars. I love cars.

Yeah. The purple car thing is kind of new. Um, I happened to buy a purple Huracan STO and that kind of started the trend. Um, I had a purple SVJ offered to me not long after that. And I was like, well, just makes sense to go full purple now. And are you doing the same strategy where you're asking for a couple of weeks for free? Yeah. No. I wish. I wish. Yeah. Unfortunately, nothing with the cars comes free. Yeah. But are you financing, leasing? Yeah. Leasing. Definitely. I try to put down as little money as possible. I'd rather keep the, instead of like a lot of people say to me, well, if you have the money, like, why don't you just pay the car off? Yeah. Because I use that capital instead of paying the car off, I go invest it into products like Airbnb. Right.

And that makes me more returns than what the higher returns I should say than what the interest on the lease is. Yeah. I think it depends on your financial situation. For you, leasing probably makes more sense. Yeah. And there's lots of, you know, opportunities with write-offs and to put the cars through the business and stuff like that too. So leasing makes the most sense. So you could write it off? Because I thought it had to be over 6,000 pounds. It depends. Like I'm using the cars for marketing and branding too, right? So I have that, you know, I'm not necessarily using them to drive around as a company vehicle. I might have to buy a digital social hour Lambo then.

Yes, or wrap it, wrap it blue with your logo on it and stuff, and then you can use it as a write-off. Damn, it's that simple? I'm pretty sure. I'm Canadian, right? So I'm not too familiar with the US tax code. I'm learning as I go. It's probably different over there. It's a little bit different, yeah. But from what I understand that there's more opportunity in the U S when it comes to like branding and building yourself up and, and, and, you know, even using things like watches in a lot of your content, I think if you're using it more, you know, like on an everyday basis, I think that it's okay. You don't need to go with the 6,000 pound rule. I think that's more for like businesses. Yeah. I've seen people write off watches actually. Yeah. Like a hundred

thousand dollars. I was told even like, if you're putting your, every, every time you go to a restaurant, if you're putting it on your Instagram and showing your food and stuff like that. Oh, that's it. Yeah. I'm pretty sure like there's, I do that anyways to it. Yeah. Yeah. I literally do that anyways. So I'm curious because like, I haven't, uh, I've only, I've only done like one tax year since I started this Airbnb business, but now I'm starting to invest into things here in the U S and obviously looking for write-offs wherever you can to, you know, expend some of that income that I'm generating from Airbnb.

Yeah. So did you move to the U S full time or are you still full time ditched Canada? Yes. Yeah. You like it better here on going back for a while. I've heard some wild things lately about Canada. Yeah, I mean, we can get into that.

There's a lot going on. I'm getting feedback from both sides. A lot of people are like, oh, it's worse over here. I want to go to Canada. There's people here that want to go. Really? A lot of people I know from Canada are coming here. I think in the end,

I think it's, I think it's bad in both countries right now. Like it's, there's no doubt, you know, it's tough. Times are tough. Um,

but I think at the end of the day, I just wanted a change of, of scenery and, you know, so many winters in Canada, just getting tired of that and wanted to change up and, you know, have,

have nice weather, you know, majority of the year right is that was the biggest decision for us yeah is airbnb popular in canada too it is yeah but the usa is definitely a better market yeah there's more vacancies there's more tourism there's more people right in canada we only have like 35 37 million people last i checked right so texas is almost has as many people as all of Canada. Damn. Right. I didn't know that. Yeah. So there's a lot more opportunity for business. I think

people in the U S are a lot more business friendly, a little, a lot more entrepreneur, you know, minded. Um, so it's definitely easier to run that business in the U S. Have you run financial comparisons to other real estate investment opportunities like Section 8? I am not overly familiar with Section 8, but that's more of a long-term investment. You're buying the property, you're probably putting down a little bit more cash. And in the long run, you're going to have that asset that's appreciating. Airbnb arbitrage, a little bit less capital intensive at the beginning and it produces more cashflow, right? Because you're taking advantage of the short-term rental market. There's always going to be more cash with short-term rentals versus long-term rentals.

Yeah. Cashflow is really good to have because then you could get loans, lines of credit. That's it, right? That's the starting point. You got to create the cashflow and then use that cashflow to build the long-term assets. Yeah. Like I was really worried about buying a house because as entrepreneurs, you know, you want to write off everything, right? And to qualify for a big house with salary is kind of hard as an entrepreneur. And you've talked to Grant Cardone about this, right? Like you've seen his stance on buying your own home, like to live in. That was definitely in the back of my head when I was buying. Yeah, for sure. Right. Like I, I've always owned my own home up until this year. And I finally said, I'm not doing it anymore. I'm investing, you know, because I had to put down a big chunk of money on my own home and then I'm paying property tax,

mortgage, all these, you know, unrecoverable costs when I can just invest the money that I have in that house into, you know, things like Airbnb and other things, and that cash flow pays for me to rent and then some. So I'm not out of pocket to live. Where when you own your own home, you're out of pocket every month to live. Especially if that's a majority of your net worth. That's where I think the big problem is because most families, that is a majority of their net worth. And you're banking on that long-term appreciation, right?

That's the old school mindset is like, you know, go to college and then buy a house, pay down your mortgage until it's paid off and then use it for retirement. Yeah. Right. Where the younger mindset and I think people that are, you know, becoming more wealthy, they're leveraging everything they can. They're leveraging their real estate. They're not paying down their mortgage.

They're taking money from it every time they can because they're using that debt to invest in to other businesses. Right. And that was my mindset behind the house going back to cashflow. So I couldn't qualify for like a good house, honestly, with my salary because I write off a lot. But the cashflow, dude, since that was decent, I actually qualified for like a huge house. And now I can build out a studio in there, use the backyard for masterminds. I can build out a studio in there, use the backyard for masterminds. It makes sense for a person in your position where you can do that.

And I see a lot of really successful entrepreneurs using their house for masterminds for their studio because then you can expense a lot of it. Yeah. I'll be able to write off more than 50% of the house. Yeah. So I think it makes sense at that point. Plus the safety and family aspect.

For sure. It just depends on your situation, right? Yeah. If you're someone starting off and you're looking to create cashflow, I don't recommend buying a house for you to personally live in, right? That's why I rented for the past seven years

because I was still in that stage. Yeah. And now I'm comfortable enough to- And I think in the US, you guys have a great product, like what's it called, an FHA loan? Yeah, the first house is 5% down, I believe. Yeah, and you can get up to a four unit with that loan.

I'm pretty sure, right? So a lot of guys starting out, I would recommend even going into a product like that where they can live in one unit, short-term rent some of the other units, or even long-term to cover their expenses. And then they're not out of pocket and they still get that long-term appreciation too yeah i want to dive into the health side of things so you got quite a journey you said you're down like 40 pounds yeah 55

actually yeah i was down 60 i put back on 20 vegas will do that now i'm back yeah i'm the food man it's so hard sometimes but yeah i'm down a total of 55 right now since last year. In a year? Since last year. And was that majority diet? Yeah. Intermittent fasting, pretty much exercise. I didn't exercise actually for the first 40 or so pounds. I was just switching my diet to intermittent fasting, going from snacking and basically eating crappy food to two meals a day. Okay. Yeah. In an eight hour window. And that's how I lost majority of my weight. And then when I got down about 40 pounds, I started exercising and now I'm going to the gym daily, starting to put on some muscle. So the

scale's not moving down as quickly as I thought, but I can see the changes in the fat coming off. Nice. And have you seen that affect your mental performance? Oh, for sure. A hundred percent. Everything that I'm doing right now, I'm performing a lot better in business is getting a lot better. I'm making a lot more money since I started taking my health seriously. Yeah. There's, there's a correlation, I think. Oh, for sure. Just the confidence level, you know, you're feeling better. You look in the mirror, you're, you're more confident. It comes out whether you, it comes out. You don't even necessarily think about it, right? It just starts to happen naturally. Yeah, there's a good balance. Some

people take it too far and they're too into health and then they lose money. So you got to find that balance for you. I definitely have a healthy balance. I like to enjoy life, but it's like you said, it's like finding that healthy balance, right? Like not eating like crap all the time. But, um, as long as you're exercising, I think you can pretty much get away with whatever you want within reason. Yeah. Calorie in calorie out. I saw you eat a burger with big Mike. Yes. Yeah. It was really good. Where was it? Uh, that was at their pop-up shop in Miami. Oh, okay. So he made the burger? Uh, not him, his team. He was just there saying hi and doing, yeah. Got it.

I saw him announce he was starting a burger company, right? Yeah. 10, I think it's 10 out of 10 burgers. Okay. I got to try it. Cause he's traveled the world eating burgers and just came up with his own

recipe now, right? Yeah, it was good. I got to say, well, okay. Yeah.

I'm pretty strict on burgers, man. Yeah. What's your favorite burger chain in America? I'm not overly a big burger guy. Oh, you're not? I, I'm a pizza guy burgers man what's your favorite burger chain in America I'm not overly a big burger guy I'm a pizza guy man pizza yeah that's tough because that's not really a chain thing yeah I haven't had too many burgers

since I got to Florida I've been to Miami Slice if that's what you're talking about that's good that's in Vegas too they're my favorite spot in Vegas but I got the best spot in Miami for people watching this for pizza what is it mr 01 mr 01 it's better than any pizza i've had i'm gonna have to try it ever even better than new york pizza dude oh my god get the stracciatelle one yeah yeah i love pizza man it's like are you interested in coming on the digital social hour

podcast as a guest we'll click the application link below in the description of this video. We are always looking for cool stories, cool entrepreneurs to talk to you about business and life. Click the application link below and here's the episode, guys. It's the one thing I can't replace. Same. It's like I have to have it every once or two weeks. Same. I hate eating carbs now because it just messes up my day, honestly. So I was like that for a long time. I did keto as well with the intermittent fasting, like within reason. Like I would probably do keto for like two, three weeks, and then I'd have a pizza and I'd ruin it.

But mostly stayed low carb that whole time. I noticed the increase of energy. But what I've been doing recently instead of intermittent fasting is I've been doing like the pre-made meals, like four or five calories. Yeah. And I've been eating more meals, but smaller meals. Interesting. Still kind of intermittent fasting, like 12 to 14 hours a day, not as long as before. But I find that I'm, I have more energy. I'm feeling better that with the carbs, but eating smaller meals. I could see that. Yeah. I try to stay away from like sugars and stuff like bad sugars. Same. Um, but yeah, just that's been working well for me lately, especially trying

to put on like muscle and stuff. Absolutely. Yeah. Uh, I saw you married your high school sweetheart. That's not pretty common anymore. Yeah, no, it, I don't think it is. Yeah. We've been together for quite some time and, um, I owe a lot of my success to her as well. Yep. Yeah. Cause you guys are business partners too. So not only did you do that, but you're doing business with her, which is also another rare thing to pull off. For sure. Yeah.

She's definitely, we work well together. You know, where I kind of lack, she's, she, she's kind of what's the word I'm looking for? Supplements. Yeah. Like we have. Yin and yang. Yeah.

You know what I'm trying to say like um you know where i lack in certain areas she prospers right so we kind of you know conjoined together and we split tasks based on our strengths and weaknesses yeah i'm the same way with mine we met in college yeah um but i love being like the face of things yeah putting my reputation on the line and she's more behind the scenes she doesn't want that pressure that's kind of like us too yeah but i work amazing under pressure so yeah yeah i feel like i feel like that's almost the exact same as us and and she's more of like like you said behind the scenes you know doing the computer stuff making sure like uh i'm going to you know not missing meetings and stuff like that more like the scheduling that's like kind of where i suffer yeah yeah the organization yeah yeah we're very similar in that regard what's the next supercar

for you oh i don't know at this point like uh the svj was a dream of mine and uh yeah i accomplished that not too long ago and i know everyone talks about bugattis and stuff like that but i honestly i i don't even i don't even have that dream yet for a bugatti or something like that svj was kind of like the top of my where i was dreaming so i'm not really sure i think i would be happy with that for the next few years at least yeah yeah bugattis are like a million right oh the ones that the guys are buying now are like four or five holy crap yeah it's more than a mansion yeah yeah like the svjs are up. They're about a million dollars now. Yeah, when it comes to that point,

I'd rather have like a mansion or... Yeah, I did that already. I had a big house. I had a basketball court. Oh, yeah. Yeah, putting green, all that stuff. I built all that before I decided to do Airbnb. We were in our pool in September in Toronto

and it was cold. And that was, we, me and my wife looked at each other. We're like, do you want to move to Texas? What are we doing here anymore? Both of our businesses are like online and we can do our investments passively. I was flipping homes and stuff like that. So I was like, we can do this from anywhere in the world. Like, why are we staying here? Like, let's go somewhere warmer. So it was basically Florida, Texas, or Arizona was on was on our list nice i think you'll like miami we do and i even like we've only been there for six months but i've already made so many amazing connections like the networking there the car scene there's so much money there everyone's hustling like we we really enjoy it and

we actually had a few of our friends relocate from canada to as well. So that kind of pushed us from Texas over to Miami. It was like, well, let's go see how we like it there first because we know some people already. Yeah, Texas is a slower vibe, right? It's definitely a lot slower. It has a lot of pros as well, but Miami just outweighed in the pro category for us right now where our life is. Yeah, Miami for me, the cons are scams and weather.

But other than that, the networking is great good young energy food is great yeah you're close to fly to other countries that was a big thing for us too we love to cruise so i'm going on one out of miami next month yeah it's the it's the easiest to cruise out of like you said you can fly to everywhere out of it it's very easy it's affordable yeah our family's coming from Toronto, too. So it's a lot cheaper from Florida to Toronto versus, sorry, Toronto to Texas. Yeah. What's the best cruise line, in your opinion? I've done Royal Caribbean, Carnival, and MSC. And we like Carnival, the newer Carnival ship.

Carnival has a very bad rep. That's what I thought, yeah. But we love the Celebration. It's an amazing ship. It's newer. And Royal Caribbean's great, too. We, but we love the Celebration. It's an amazing ship. It's newer. And Royal Caribbean's great too. We've done Wonder of the Seas. We're going to do Icon of the Seas soon as well,

the big boat that they got. But yeah, they're both good. I would have never expected Carnival. Neither would I. But I think the bad rep is from the cheaper boats. So they have levels of... Yeah, like the Celebration is their newest boat. And the newest boats are always going to be the most expensive

for any cruise line, right? Because they have the newest amenities, the newest restaurants. Yeah, I'll send you a site that gets you 90% off cruises. Oh, yeah? Yeah. You got to wait though. So it only pops up like a couple weeks before.

Yeah. So if you're flexible, it works. So I actually don't pay for my cruises. Really? Yeah, and Carnival gives great offers. All you got to do is gamble a little bit. Whoa, so you kind of pay in a way. You do pay in a cruises. Really? Yeah. And Carnival gives great offers. All you got to do is gamble a little bit. Whoa. So you kind of pay in a way.

You do pay in a way, but you can win. There's lots of ones that I went on where I've left with money and still get free cruise offers. So if you go on a cruise and gamble, how much do you have to gamble to get offered a free cruise? Every cruise line is different and they work on a point system. So someone actually told us about this on one of our cruises not too long ago. And then we started to get offers.

So Carnival, I usually bring like two, three thousand bucks with me oh that's it each yeah and depending it doesn't matter if you lose it or or you leave with money you you still rack up the points and that's how the system works right so they offer me um free balcony rooms five hundred dollars free play free uh drinks throughout the whole ship for the whole yeah so it's they're good offers i'm gonna see if my cruise on virgin coming up has a casino if they do i'll bring a couple thousand yeah because once you establish with the cruise line like they just send offers like crazy to get you back you can also status hack in vegas so if you have like a good card here you could status match and then carnival will offer you a free cruise yep and then there's the status

matching game is that's what i did too originally because we cruised with Royal for the first couple times and I sent them my play to Carnival. And then they gave me some offers. Yeah. No, people sleep on status matching. I've done it with airlines, with hotels. Yeah. I get the highest status right away without spending any money.

That's crazy. Yeah. There's a site that tells you like what status matches you could pull off. Like if you have an Amex Platinum, you can status match with hotels. yeah that's good to know i'm all about travel hacks man yeah i have so many mx points but i don't know how to use them dudes you could get 5x on that isn't that crazy how would i go about doing that so you transfer it to a specific airline yeah and they'll likely have a deal at least once a year where you could do 5x points on that yeah so i'm flying to egypt this year and someone told me how to do it and it saved me like 5 g's so i heard using it for like bar trips like

dubai egypt and stuff that's where you maximize the points exactly get the first class or run out of the business yeah you got to see if the airline has an offer and then if they do you just transfer it to the airline's website yeah yeah it's pretty nuts and you can buy status because like i've just been racking them up and i want to spend them no i was such an idiot i spent a million amex points on a cancun all-inclusive vacation and that was probably the biggest mistake yeah i was gonna say because i can probably get you like 10 dubai flights i know it was such a waste whenever i tell credit hackers that story they cringe oh yeah it takes a while to build up a million points yeah but you could also buy united 1k status on Cobalt for like 400 bucks.

Really? Yeah. So I buy that, skip all the lines. I board first. And then you can match the 1K status to every other airline. Okay. I'm going to have to hit you up. Yeah. I'll send you the site. I'll link it below. It's a little travel hack for people watching this. It's always good to know. Yeah. What are you working on next, man? Just continuing to grow

the airbnbs i've gotten into mentorship as well so i got a um you know 35 students i think at this point uh built out a coaching program uh probably one of the best airbnb courses i think that's on the on the net because i had a few mentors so i I learned, you know, even being in real estate for 15 years, I still hired a mentor prior to going into Airbnb, two of them actually. And I did a couple masterminds as well. So I'm always learning, but I do think that, you know, the course I've created and my students are having some quick success already with it. I think it's probably one of the better products that you can get. Yeah. That's cool that you have that mindset because it probably saved you a ton of time and money to pay a mentor.

Yeah, that's where mentors come in handy is they've already went through the mistakes. You know, they've got years of knowledge that you're inheriting, you know, in a quick time frame. So that's why I was able to, you know, go from one unit to 30 units within six months and scale from zero to 100,000, you know, in a state that I've never even been in before while I was in Canada. Right. So that comes down to, to mentorship because there's lots of free information out there online that you can learn. But the problem I see with people is they don't know how to implement it. They don't know, like you can go on YouTube and find all the information, but it's like, you know, what,

how do you go step by step to get to the end goal? Right. And with a mentor, you know, you can go on YouTube and find all the information, but it's like, you know, what, how do you go step by step to get to the end goal? Right. And with a mentor, you know, you can always text them, call them, answer your questions. Like I'm, I'm building out a community kind of like what you have on WhatsApp. And, uh, I think you got discord and stuff now. I used to have discord. Oh, telegram for the crypto one. Yeah. So I'm building that out for Airbnb, but I'm using circle. Yeah. There's something powerful when you have a group of guys just all with the same mission. For sure. I mean, you just learn so fast.

And I've always learned that way through my mentors communities as well too, because I go in there and I see what problems other students are having, how they're solving them. You know, if this deal's available or this person's going to this conference and I've networked with so many different people

and deals have come from that. Yeah, so many deals. I mean, I get offered them daily. Now it's a point where like, if I want to take it or not. Yeah, for sure. But 10% a year isn't enough for me anymore, to be honest. No.

I used to have that mindset of, oh, I want to get 10% a year. But when you factor in taxes, inflation, everything, it's actually like 4% a year. It's terrible, yeah. I was doing private lending for the longest time and I was getting 15% and I was really happy with that for a long time.

Yeah. But now I'm like, no, need at least 50. The guys you're lending it to are making 50%, right? Yep. Yeah, I say for people watching this, at least 20 is what they should aim for. For sure. And Airbnb arbitrage is anywhere from 50 to 100%

in year one. That's pretty crazy. Yep. So you could be profitable in the first year? Oh, 100%. Yeah, because there's no- You'd be profitable in months. The furniture, where are you buying that?

Mostly Amazon, Wayfair. I try to stay away from Ikea. Wayfair has a lot of good products, and Amazon has a lot of good furniture now too. And a lot of stuff you can get from Amazon really quick, which is nice too. If a package gets stolen or something happens, they reimburse you.

There's a lot of great benefits by using Amazon. And here's another furniture hack. So my friend Jason Wong owns a sourcing company. So you send him any photo of a furniture on someone's site, say it's 5,000 bucks. He'll source it for you in China for like a thousand maybe. That's amazing. Yeah.

So I just bought a new house, so I'm going to use them and save like 80 Gs on furniture. There's a site like that called, is it home area or something? I haven't heard of that one. It's like that, like executives, like that really luxury furniture. But I heard that they get it from China and it's not like what it is in the pictures and stuff. So hopefully your guy, it's like, you're getting quality stuff. They're getting their furniture from China.

So you're just going to the source. These furniture companies are marking it up 300 to 500%. That makes sense. So they're selling a $5,000 couch when they make it for like 500. Yeah. to the source. Yeah. These furniture companies are marking it up 300 to 500%. That makes sense. So they're selling a $5,000 couch when they make it for like 500. Yeah. That's crazy. Yeah. So rather just go to the source.

Yeah. But I understand why you'd buy an Amazon because the customer refund would be easier. Yeah. It's just so easy, right? Even Wayfair is almost as good as Amazon. Yeah. Usually a lot of the furniture is in stock. It comes quickly.

You know, if there's any issues with stuff being damaged or not showing up, you get refunded. You get a new product. Yeah. From China, there's more risk. It takes weeks and then it might be damaged. Who wants to go to a store anymore and stand in line and they've got two employees and then, you know, they don't know what they're doing. Yeah. I'll go there just to test like the comfort, but that's it.

I will never buy from a store. Unless I need something like that day. Yeah. Like I'll run to like i don't know if you heard of a chain called burlington i have they have like a factory right yeah i go there for like artwork and plants for my airbnbs because it's very cheap you can get like big pieces of wall art for like 30 40 bucks damn that's good to know and the fake plants little like decor items that's the spot to go if you have burlington yeah i thought they sold coats man

hobby like stuff like little thrift yeah there's a hobby lobby have burlington yeah i thought they sold coats man lobby like stuff like little thrift yeah there's a hobby lobby out here yeah yeah i went once it was super cheap i was like holy crap yeah because if you try to buy like artwork and stuff and plants on amazon you're gonna spend too much on amazon yeah yeah because the shipping probably right shipping and yeah it's just way more expensive like for little pieces of art like 100 bucks you know fake plant 80 120 bucks like it's it's too much yeah that makes sense yeah you've got to try to save Like for little pieces of art, like $100, you know, fake plant, $80, $120. Like it's too much. Yeah, that makes sense.

Yeah, you've got to try to save somewhere. Yeah. Dude, it was a blast. We'll link all your stuff below. Anything else you want to close off with? Yeah, I just got my free e-book that we just finished. So if anyone's thinking about getting into Airbnb arbitrage and you want a step-by-step guide, I've basically put it all out there for free.

And yeah, you can comment ebook below if you want to get a copy of it. Awesome. We'll link below. Thanks for coming on, man. Thanks, man. Yeah, thanks for watching, guys, as always. See you tomorrow.