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Would You Rather Eviction or a 1 Star Review? STR vs LTR Conversion · Short Term Rental Problems and Solutions

• Jeremiah Noll: it. You expected your guests to act like you would. You expected cleaners to be professional and contractors to be honest. Now you've realized it's not all sunshine and five star reviews. That means you are in the right place. Today, we're answering an email from DJ. He's considering converting his short term rental to a long term ⁓ And we go through some of the pros and cons of each That's because this is the community where we talk about the gross, the awkward, and the operational messes. as well as the real strategies that help you keep going instead of quitting Because you are not a quitter and this is an industry where you can win. Welcome to Short Term Rental Problems and Solutions. Let's get into today's question. Jeremiah, I'm considering converting my LTR to an STR. It's just so much work and I really don't have time for it. Over the years, I did an $80,000 renovation. I added a hot tub, $10,000 in landscaping. Then I added a $70,000 pool. The furniture is premium and it's a four bedroom house with a two car garage. The income is decent as a short term rental, but it's just taking so much of my time and it's at the worst possible times of the day. I'm I am not considering a property manager because I want to be able to claim real estate professional tax status. What should I consider before making a decision? ⁓ Well, DJ, you're not Normally I get this question from people who are struggling to make it in short-term rentals, like they are not making enough money to float the costs. But in your situation, you're actually making good money and it looks like you've had no problem in investing into the property. You talk about ⁓ pretty decent renovation that you've done, ⁓ adding in a pool and a hot tub. ⁓ sounds like a really awesome place. So the idea of considering a long-term rental ⁓ a shift in strategy, is not outside of the ordinary. It's just that if it's really just time that's holding you back, then the short answer and cutting right to the end, I would recommend considering getting a VA, growing your team, maybe some management strategies that'll save you a little bit more time. Or we could talk about property managers because depending on who your CPA is, you may be able to find a way to make this whole tax strategy work with property manager as well. getting into some of these other pros and cons though, because as a general rule, ⁓ there benefits to going long-term rental ⁓ and are benefits to going short-term rental. If you've got apartments and you want to convert one of them to a short-term rental, there's benefits to that ⁓ and know, we'll get into that today. But there's also drawbacks ⁓ and things you need to be aware of. I'm not sure that you know about this about me yet, but I do manage over 150 rental properties in this county, in this region. ⁓ the majority of them are long-term rentals. And I've been a landlord of a long-term rental and I've been a owner, an investor for short-term rentals as well. ⁓ By ⁓ I short-term rentals better. ⁓ I they do take up a lot of time, ⁓ but use professional management. Well, I guess you can say I am professional management, ⁓ but... You know, I am a real estate professional, so I don't have to not do it. story, but ⁓ do have extensive experience in both situations. So that's what I'm getting at, is that I tell you from two different perspectives. ⁓ I've people, ⁓ and also hosted guests that are terrible guests, ⁓ and I've people a long-term home, ⁓ and really appreciate it, ⁓ and also got guests that love their experience. So there's pros and cons to all of these things. So we're gonna get into of those reasons why you should consider converting. rental performance fluctuate with market conditions and economic cycles. ⁓ So we all know the 2020 craze, the gold rush phase, ⁓ had everybody getting into rentals because ⁓ supply was not quite but demand was. ⁓ So everybody was making great deal of money, but they were also spending lot of time doing it. So the time... really didn't change a whole lot, but we're talking about performance and how well they do. It does fluctuate. So every marketplace seems to have shoulder seasons. So there's times when you're gonna make less, there's times where you're gonna make more. It's just a matter of you know what positioning you have for your property, mortgage is gonna be the same every single month and it might go up every year, but ⁓ gonna be pretty baseline. Now there's. probably months when you don't cover all of your expenses and there's probably months where you exceed your expenses. So why somebody should consider converting to a short-term model to a long-term model ⁓ is because a short-term model, performance fluctuates with market conditions and economic cycles. ⁓ There's also an increased supply reduced travel demand that can compress your margins ⁓ and converting to a long-term may protect your cashflow and reduce your operational risk. ⁓ Now there's downsides to this well. Like you don't get to use it personally. I believe that one of the best benefits of owning short-term rentals is the personal use side. So you don't get to stay there over weekends. You don't get to host family and friends. You can't give away a weekend at your Poconos property as an engagement gift. You know, you can't send people up to your house for a babymoon. It's not something that you have the opportunity to do that with anymore. And if you were getting into investing, order to be a landlord, you probably would not have done this at a distance. Now I do realize that not all short-term rental owners are a distance away from their rentals, but a lot of them are. A lot of you are. And if it's two hours, four hours, whatever to get to your long-term rental property, what happens when your renters know that? Because now they're aware that you're not going to be visiting and they can kind of do whatever they want. They're not subject to frequent inspections. They know that you're not just going to be coming by anytime. And that's when, well, Dave Ramsey likes to say, that's when you find out too late that they've been changing their Harley oil in your living room. So long distance landlording is not the ideal type of long-term rentals. In fact, if you were going to convert to long-term rentals, sometimes it's best to sell your high-performing short-term rental, full package, and then invest that money, 1031 exchange, into like a duplex or an apartment building or something like that that's closer to home, where you're living, you know, ⁓ being a long distance landlord, it's just not always a great idea. If do have local management though, it's a little different, but DJ, you talking about not having management because you want to be able to take advantage of tax advantage. So you're going to be managing it either way and managing it from a distance is not ideal. But, I mean, hey, it's nice that, you know, you've got a predictable income. There's a little less risk involved. Now, furniture decor. Now, you already mentioned that you've got high-end furnishings in your home. ⁓ Guess Your long-term renters aren't going to care for that. ⁓ There's very, very slim chance that you're going to find, like, an executive for a company in, ⁓ New New York, ⁓ that's going to to... ⁓ use your home as a vacation home. That's like the only chance of somebody wanting to rent your house fully furnished, like the way it is. Now, why they would want to do that is maybe because buying a property right now is just a high interest rate and they would rather just rent your property like for two or $3,000 a month instead of paying two or $3,000 on a mortgage with having their amount due and having to deal with maintenance. Sometimes people want a vacation home. and they're willing to sign a 12-month lease for it, and they're still only gonna use it some weekends, like it's their own second home. ⁓ So that's possible. not likely though. And it's not likely because there's not a ⁓ lot of them. a lot of are just investing in these short-term rentals so they can rent it out when they're not using it. And they're using that same tax strategy. ⁓ So there's a chance, and I do have one tenant. in our whole portfolio that's in that situation where the place that they're renting a beautiful log cabin like the one I'm sitting in right now and it's a vacation home for them. It's not very likely though. Most likely you're going to get somebody who doesn't want the furniture, doesn't want the decor because they've already got those things. Think about it. If somebody's looking to rent your house for 12 months then they're going to be a tenant, you're going to be their landlord, they're going to move in. They already have a house full of furniture wherever they're moving from. you already mentioned, it's a four-bedroom house. ⁓ you're not likely to get people who are fresh out of college needing a four-bedroom house unless they've got a bunch of roommates, in which case probably not the tenants to be accepting. nevertheless, they're not likely want your house furnished. So you have to think about what are you going to do with the furniture. you need to think about challenges. So the furniture, the linens, the kitchenware, seasonal decor, even stuff that you're storing there that's your own personal property, you've got to think about what's ⁓ to happen with all this stuff. ⁓ one thing that you could consider doing getting like a $10,000 shed from the Amish, a nice big shed, ⁓ make sure that it's proofed so that and termites and things like that won't get into it. and have it dropped off at your property so that you can put your short-term rental stuff that unit. ⁓ You're creating a section of your property, assuming you have a yard, and assuming that that yard is accessible. You're now a portion of that property to store all of your stuff in case you wanna change it back to short-term rental someday. Otherwise, you should just put that stuff up for sale and sell it. ⁓ I will you though. As a package deal, you're not likely to find any buyers. But people are generally willing to spend around $500 for a good couch if it's used. They're generally willing to spend around $200 for like a bed, or bedroom set. So there's value there. And I usually shop on Facebook Marketplace for that stuff. The furniture that you're selling is probably very good quality and you probably spent double or triple those prices in order to get it in. But now that you're trying to liquidate, it's used. So you have to consider that it's only worth what it's used at. you probably already did a cost segregation. You probably already depreciated value of that furniture. So anything you get for it, it's benefit. But if it's already devalued, then maybe people aren't going to pay for it anyway. In that case, you get a dumpster. Anyway, my point is in order for you to to a long-term rental, you've got to have a plan. What are you going to do with all that furniture? I, you know, normally advertise the property with the furniture included. And I disclose to the applicants that the property can be rented furnished or it can be rented unfurnished. Most of them are going to want it rented unfurnished or They'll walk through and they'll say, I would like this pool table and I'd like the sauna and the hot tub, but everything else I'd like to get out of here. We've got a property right now renting for $3,000 a month and the property owners were converting it from a short-term rental to a long-term rental. And we had to coordinate to get movers to come down with their moving truck. And then they took it about an hour away to where storage was actually a reasonable rate and the owner's paying $300 a month. to store that furniture. Now they don't know if this renter is gonna be there for one year, two years, three years or what. But in three years, that is quickly going to exceed the value of the furniture. I don't know why they're keeping it. I told them to just sell it. But people can make their own decisions and you can make your decision as well with what you're gonna do with your furniture. I just don't see a whole lot of use for it. Consider donating it, you know, honestly. So there's some other advantages of converting. One is lower insurance costs. So we did talk about risk a little bit and there's a risk associated with bringing in new renters to your property every single weekend, whether it's snowing or whatever, because they're not responsible for snow maintenance. But if it's a long-term rental, they are. In fact, they're gonna be covering your utilities, your electricity, your gas, your sewer, ⁓ water bill, all these different things that you're used to paying right now, gone. your expenses happen to be your insurance, which will be a lower insurance. I'm typically seeing short-term rental policies about 25 to 50 percent more in premium than landlord policies. Keep in mind, too, your landlord policy does not cover any of your furniture that's what renter's insurance is for. ⁓ the assumption is that that's not your furniture. Anyway, that's also policy specific, ⁓ your landlord insurance typically will go down about 25%. So that reduces your monthly amount that you're paying in your mortgage. If you've got, the insurance is wrapped in to your PITI, your monthly payment. So it does reduce liability for exposure a little bit because you don't have people able to slip and fall on your property ⁓ your long-term renters, that they're responsible for like maintaining the snow and everything else, your maintenance expenses go down. There's also less wear and tear on the property because there's people there constantly. There's no troubleshooting. Well, there's less troubleshooting because they're already familiar with the systems. They know about the heat. They know about this and they're there every day. So there's benefits to it for sure. And then thirdly, it's also stable recurring rent. So the income from the property doesn't really go up and down. It's pretty much, if your rent is $2,000 a month, you're getting $2,000 every month. But it's, sometimes it's gonna be late. Sometimes there's gonna be a late fee. might have to go through with an eviction. It's not all that hard. I can teach what to do. I mean, I guess technically I should be telling you to hire a lawyer for that sort of thing. That's what a lawyer would want me to say. I'm not able to give you legal advice, but I can tell you it's really not that difficult of a process, at least not in the state of Pennsylvania. Other states are going to be a little bit different. If you own the property in an LLC, there's certain judges that are going to require you have an attorney. So there's other considerations and I would recommend having a conversation with a property manager locally or just hiring a property manager. But anyway, we digress With that stable income and with converting to a long-term rental, there's also less exposure to things like algorithm changes, seasonality, platform fees increasing. You don't have the same expenses and you don't have to worry about it getting plowed. You don't have to shovel it out. You don't have to worry about the electricity bill going up. Electricity rates aren't gonna affect your property anymore. it's ⁓ All those fluctuations, all those changes in real estate allow you put your mind to work with problem solving different solutions and to work through this problem and that problem and this risk and that approach. you don't get any that with long-term rentals. What you get is ⁓ a boring investment property that you don't really think about very much. But if you think about it very much, you're probably not going there to inspect the property. You probably don't really know how the renters are taking care of it, if they're not taking care of it. And they could be causing damage. Actually, no, can't. Because in estate, everything is repairable. ⁓ But at point, the house could be totaled. you don't really want that, you know. ⁓ It's a little bit likely to exceed that amount in damage if it's a short term rental because it's getting visited by your team. like frequently between every guest there's a clean between you know all those different things there's maintenance so you've got maintenance people in there as well so with short term rentals you rarely increase the rent you're normally going to make more money as a short term rental than you would as a long rental ⁓ so these are some things that transfer the value for your long-term renter is not there for a lot of the amenities that you put in if you have a sauna Your long-term renters aren't really going to care about the sauna. They're not going to pay extra in rent so they can have a sauna at the house. Same thing with the hot tub. In fact, the hot tub becomes more of a high risk in your long-term rental. And you would probably just sell the hot tub or put it in storage with the rest of the stuff because it's not going to bring in a whole lot of value for them. The high-end decor upgrades, again, those are going to go away. Your premium entertainment systems, your big flat screen TV, all this different stuff that you invested into to make it a great and high performing short-term rental ⁓ kind of going to be useless to it as a long-term rental. So it's not that it was wasted, you made your money back, right? But ROI ⁓ the effort that it took to do it, on the design, on the setup and everything that you've done, your return on investment happens over the course of years. And it doesn't sound like you really had it active as a short-term rental for that long. You're just getting a little burnt out. Now some of the things about a property that would make it worth more to a long-term renter, like if you've got a garage or if you've got additional storage like with sheds, if you've got a fenced-in yard, a lot of long term renters have pets and they really appreciate having a fenced-in yard. A practical layout for daily living. So if your house is like a bi-level or a colonial, this is just a lot more convenient. there's a lot more square footage, but still the same amount of volume compared to like a chalet, right? So it's a little bit more when it comes to heating and renters are going to appreciate something like that. You've got nice flat ceilings, drywall These are all things that would make it not that great as a short-term rental but might make it really good as a long-term rental So the shape and the style of the house should impact your decision-making because if got like a seven-bedroom A-frame, you're not going to do nearly as well in long-term rentals as you would with short-term rentals, just because people are looking for that style to appreciate for a week, but they're not looking for that style to live in long-term. mean, generally they're not. They might be retiring, and obviously there's exclusions to this. I'm just saying that in my experience as a long-term rental property manager, I've never seen somebody at a showing for a long-term rental be like, look at these nice high ceilings. I love that it's a chalet. No, not really. I think they mostly appreciate that the rent is affordable and that the bedrooms are big enough for their bedroom set and that the ceilings are high enough for their king-size bed with the posts. You know, like they're walking through this place thinking about How is it gonna be to live here? How big is the kitchen? Do I have enough cabinets? Is this more than what I had my last place? Is everything that I own gonna fit in here? Is there storage? Like they're thinking through all those kinds of questions. They're not really thinking about, well, we're really close to the beach. We're really close to the lake and a fire pit outside. Long-term renters, they don't care so much about that. I've got a pool in my community. I live in an HOA that's like kind of geared towards short-term rentals. haven't been to that pool in years and I've lived there for like nine or 10 years. ⁓ been into that pool maybe three times in that whole period of time and my kids love the pool but they don't really go to that pool because this is where we live. It's a weird dynamic, I know, but your short-term renters are going to use these amenities while your long-term rentals are not. And DJ, you mentioned that you guys put a $70,000 pool in, and that's probably improving the value of your home by maybe like 50 grand. It's probably improving the value of your long-term rental by like 150 bucks a month. And now you've got to consider how's this pool going to be maintained? Are my long-term renters going to have the pool opened in the spring? Because there's an expense to that. Are they going to clean the pool? Are they going to balance the chlorine? Are they going to take care of it? Are they going to keep it running? Is there a pool heater? Are they going to run the pool heater? Are they going to maintain that too? a large expense here. And honestly, haven't explored that idea yet, but I would probably lean towards including it in the rent. That way you're still in control of who is maintaining the pool and how it's being taken care of. I would still... ⁓ you know, continue on with the service that you're currently using for the pool maintenance and just wrap it into the rent so that the renters know that it's going to be taken care of and so that you know that it's actually being taken care of. And so that you have a representative there at least a few times throughout the summer to keep an eye on the place for you because you probably live a few hours away from your house. So things like pools, lakes, tennis courts, club houses, renters, ⁓ like people who live there as a primary home, they just use these far less frequently than vacation guests. I would say maybe if they were retired, they'd make a good renter, but people who are retired are generally looking for master suite on the first floor. They're looking for fewer steps to get into it. They're for a few amenities, like things about the house, like a floor plan that works, but they're not necessarily looking for... ⁓ like something that would be good as a short term rental. sounds like you're doing well, so you probably don't have one of those houses with the primary suite on the first floor. And you probably don't have all the square footage for and Grandpa to host the kiddos. ⁓ a long term rental, you just don't really have the same draw with the shape and the style of the house. Another thing to consider, at least in my experience, is that gated communities tend to have a lot of amenities, but for a long-term renter, it's really more of a hassle to have a gate. lowest value properties in the Poconos are properties that are behind gates. So gated communities typically cause more headache and more expense as far as like you know, HOA fees are concerned. It creates more of those things it produces in value So what you got to consider is that it's bringing down your property value and it's bringing down your long-term rent to be behind a gate in a that has a lot of ⁓ amenities and renters not really willing to pay for those amenities, especially since they're not likely to be using them They need a nice comfortable home They care about square footage a lot of them are willing to live in that gated community because that's where the nicer rentals are the more affordable rates. So what does that tell you? It tells you that if you were buying a house to be a long-term rental, you wouldn't buy it in a gated community where the HOA fees are $2,000 a year. benefits to going long-term rental and then there's the downsides. So before converting, I would just sure you know you stand on a few different questions. Is this a temporary market shift or is this a long-term trend? So if you are converting because of income, ⁓ are you to convert back someday? ⁓ So we know that COVID was a one-time thing. Hopefully it was a one-time thing. that kind of spike in demand, it's not likely to happen again. we could see the economy improve. If economies improve, ⁓ people are gonna want to go on more vacations, they're gonna have more expendable income. ⁓ in those types of situations, you are likely to get return converting the property back into a short-term rental. But otherwise, if you're going into long-term rental, just stay there. Sell all the furniture, sell the hot tub, do what's needed for your property so that you are a good long-term rental and you're not. diminishing the value of your hot tub by letting it be used and abused. You know, it's maybe five years old, right? So a five-year-old hot tub has some value, but a 10-year-old hot tub after you've rented the house out for 10 years, it's not there. ⁓ you're not getting extra rent because of the hot tub, generally speaking. ⁓ renters are more interested because you've got a hot tub, but generally they also don't know how to take care of it. We already talked about that with pools. So moving on. the property's layout suit full-time living? So ⁓ lot of the vacation rentals out here are chalets or they're contemporaries. Some people call them saltbox ⁓ they are ⁓ an A-frame, but ⁓ the houses that people want to live in, ⁓ single-family homes, the ones that they want to live in are like flat ceilings, center hall, colonial. You've got the nice layout, all the bedrooms are on one level. There's carpet or area rugs, pet friendly. Like these types of things are completely different products. And the properties, the long-term rental properties that make the most money, at least in this region, are all multifamilies. So duplex, three unit, four unit, apartment buildings, use commercial property. And like I said, you could probably, if have any equity, that is. but you could probably sell your house and take the equity from it and invest it into a multifamily apartment building that's a lot closer to home. you do invest a lot closer to home, then you don't have to be a long distance landlord, which is something that should be avoided. But there's also the layout, of course. ⁓ I know. We got a little off topic there. ⁓ So the rent cover your expenses with a comfortable margin? So you know what your mortgage is. ⁓ you know that you should consider about 90 % for occupancy. So in the next five years, you should expect to have about six months of vacancy. So could you survive for that period of time? You should estimate a cost of living increase of about 3%. You can look historically to see what your taxes have been going up ⁓ kind of gauge that as well. ⁓ you're underwriting this, ⁓ realistic numbers. the rents generally go up around 3%. Sometimes they go up more, sometimes they go up less. If you're talking with a property manager, you can get a good idea of what it's gonna rent for and what those increases should be. I know I have a lot of strategy to discuss with property owners before we list their property as a long-term rental. Another thing to consider is what is my plan for the furniture and the STR specific assets? you got to think about the storage, you got to think about ⁓ what am going do with all this furniture? What am I going to do? ⁓ Or if my do want to rent the house furnished, now what am I going to do about that furniture? So what I usually recommend is that you document the condition of the furniture, put it as an addendum to the lease with an estimated value. If you can get those renters to agree on the value of that furniture at the beginning of the lease, is way easier to convince a judge that it's a $500 couch and a $200 TV because they agreed to it and it's in the lease. If you don't write those things down, then you're setting yourself up for failure because later on you might be standing in front of a judge trying to explain based on the photos that you have and that you're able to pull back up that this is a $500 like couch. Well, the judge, It's a subjective idea. They might look at that tenant that just moved out and ruined your furniture and say, I think it's worth around $2,000 total. And you've got a bill and it's like, I couldn't replace this stuff even for $5,000. So my recommendation again is to go through what's being left to the property, document it, take photos, as well as put an assignable value on every single one of those pieces and then get your renter to sign off on that. If there's something that they want to adjust down, go ahead, adjust it down. This is not likely to get used. It's just in a worst case scenario. face a lot of judges ⁓ I can say that, ⁓ you if it's left up to them to decide, they're probably to split the difference. You know, if they have to ⁓ determine the of your property ⁓ based on photos that you're presenting to them, they're probably not gonna give you everything you're asking for because they don't wanna be just like a landlord side and they don't wanna be just tenant side, well, sometimes they do. They wanna split the difference. And so my point is if you're trying to get a judgment on the renter after they've been evicted or moved out or something like that, your best case is by having all that stuff documented right in the beginning of what the value of the furniture is. So, I mean, in total, if approached strategically, converting from a short-term rental to a long-term rental can reduce your volatility and it can create predictable income. But this should be driven by the numbers, the property design, the long-term goals, not with frustration with a single slow season. Usually short-term rental owners who convert from short-term rentals to long-term rentals are doing so because they're not making enough money to cover the additional expenses of utilities and maintenance. In your case, it's just a matter of saving some time. So since you do just want to save some time, I recommend growing your team. Change up your strategy a little bit. I think that if you found a different tax advisor, another CPA, that you'll find that you can have a property manager or can... add in a few more people to help you manage this place. One of those things I recommend is like finding a VA. Now keep in mind you only have one property, you're not going to keep them all that busy, but I'm sure you have other things going on in your life. Like if you're to find time to manage a short-term rental, you could think about what other types of things that VA can do, like maybe marketing, like maybe collecting the information from all your tenants or your past guests and then marketing for them to return and use the direct booking site. There's all kinds of things that you could do to manage your property that you're not currently doing because you don't have time for it. But your VA have time for it, you know. So consider adding one of those in. I know of a local property owner who uses a VA with a four-year degree from an American-speaking university. So they barely have an accent and they are, you know, located in the Philippines and they're working for $150 a week. Now the amount of time that they're investing into that property divided by $150 means that you're getting a lot of value for only a little expense. And these are folks sometimes that are very appreciative of the job. They're very happy to do this work with you. And can interview them. You can interview them like over Zoom and things like that. You don't have to go to a service. ⁓ lot of times these services charging you like $10 an hour, which is like $400. And what they're actually the VA is $125. So. There's all kinds of things to explore out there. I'm certainly no expert on VAs. I don't even use them myself, because I like employing people who live here. as my operation grows, I'm more likely to include them, but strategically, right? And in this situation, if you're just trying to save a little time, you could include a VA. They'll save you some time, and they can be trained to solve a lot of problems for you at those worst times. But I work with lot of VAs, so... know, I've got a cleaning service and I've got a maintenance service and I'm not just a property manager I'm all these other things too So we service other property managers and almost all of those property managers are using just VA's for everything now and then things get escalated to those property managers ⁓ You know that the VAs, you know, they do a pretty decent job ⁓ knowing what to do and you based on their training so That's something to consider another one is is a property manager. I have a few clients that are using the same tax loophole that you are, and they're able to have property management. It just means that they're also involved and they're more involved. And having a property manager that's not just one person, but it's a full team of people. Also, they could probably develop a log of hours that they're all individually putting into your property ⁓ that you can show that you're actually spending more time than they are. So anyway. This is not supposed to be tax advice. This is just to say, I recommend a CPA that's good and understands the tax loophole that you're trying to use. And I'm going to put that in the show notes so that you can see who I'm recommending and maybe figure out how to contact them. I'll probably put down his email or something. definitely for At the end of the day, based on the information you've given me, I recommend sticking it out. You're making money with short-term rentals. You should stay in it and just find a way to reclaim your time. ⁓ this episode felt a little too familiar, you are not alone. These are the problems that no one talks about when they sell the dream of easy passive income, but they're exactly the problems that make or break your operation. ⁓ you've got a situation you want to share, then please ⁓ me your question ⁓ reach out if you'd be willing to call into the show. your problem might be the next one we break down. And chances are you'll help a lot of other hosts in the process too. If this episode helped you, share it with another host who's in the trenches. That's how we make the industry better. I'd also love to see you follow on TikTok at Galvanized Investments and Facebook and YouTube at Galvanized Management. Until next time, stay steady, keep learning and keep building something real. This is Short Term Rental Problems and Solutions.