00;00;09;21 - 00;00;32;09

Unknown

Welcome to the Profit First for Real Estate Investing podcast. Every week we bring you top investors and experts sharing how they create clarity, cash flow and consistent profit. This episode is brought to you by simple CFO. Profit first. Profit always. Lets go. We have a very special guest for you today, Kirby Atwell, who if you want to hear his episode.

00;00;32;09 - 00;00;49;06

Unknown

In the past we talked a lot about his background and everything, but in this episode we got to the brass tacks. If you want to either build a short term rental portfolio or have short term rentals and you want to squeeze more dollars out of it, or you want to know the best practices to keep more of the money.

00;00;49;08 - 00;01;05;28

Unknown

Kirby is someone who has implemented Profit First heavily, but he also teaches profit first on how to buy a short term rental and how to think about it up front. He's got a different 1% rule than I've ever heard on anything that I've been a part of, and I've been a part of the real estate investing world for the last 12 years.

00;01;05;28 - 00;01;24;22

Unknown

So this is an episode that can put more money in your pocket on the front end. If you're looking to buy these types of properties, or if you're looking to keep more of the cash as well too, I want you to listen to this episode and glean a lot of this wisdom that Kirby gives. Enjoy the show. Hey, welcome back to the first podcast, Kirby.

00;01;24;23 - 00;01;40;06

Unknown

It's great to see you again on the podcast. Thanks for being here today. It's awesome to be here, David. Thank you for having me. Yeah, well, I know we've done this years ago and now I want to get into some of the stuff that you're doing today. I love your brand, living off rentals and how you really have leaned into that.

00;01;40;07 - 00;01;59;00

Unknown

You've helped hundreds of students. Now, how many students have you worked with just off the top of your head? Do you know, like how many you worked with over the last few years? Yeah, it's just under 400 since we started coaching students through this, this short term rental strategy. Them and talk about today we started almost exactly five years ago now.

00;01;59;02 - 00;02;18;01

Unknown

Oh wow. Very cool. Yeah. And I'm there at like the seven year mark. So I feel like we've been especially when the book first came out you were a big proponent back then. We're on the podcast, so if you want to get Kirby's full story, we'll go into that in that podcast. So just to look for Kirby's name back then, but I want to get into what you're doing now, today and what you're really seeing in the market.

00;02;18;01 - 00;02;37;08

Unknown

So like let's just jump right into this, because when I ask you some of the questions pre-show, you said you'd rather by the highest cash flowing short term rental than the prettiest one, which I think is great. So why can you give us a real comp, maybe a pretty property you passed on versus an ugly one that made more money?

00;02;37;10 - 00;03;03;20

Unknown

Do you have an example of one of those in person? Absolutely. I can give one from from this week from a member of my program actually. So if for most people, like when you say the term short term rental or Airbnb, most people's head is going to go straight to the mountain, single family home, you know, beautiful cabin in the woods, luxury properties typically, or the beach front location or the desert oasis and Joshua Tree.

00;03;03;22 - 00;03;31;23

Unknown

These are all like the most popular ones. And so people just assume that that means Airbnb, but they don't recognize that there was 500 million bookings on Airbnb alone last year. Wow. Not including Verbo or direct bookings. And in a lot of those were non leisure travelers. You know, there were just people traveling for work, a wedding, a funeral, visiting family, you know, staying at a hospital, you know, staying near a hospital because they're getting treatment, tons of reasons.

00;03;31;23 - 00;03;56;22

Unknown

And so a lot of those go overlooked in meanwhile, a lot of those are the most by far the most profitable compared to the luxury vacation rentals. So to compare, you know, if you were to buy something that's say, you know, seven, 800,000, the typical cabin in the woods, it's going to be single family. It might bring in, you know, it might gross 70 or $80,000 a year.

00;03;56;24 - 00;04;21;27

Unknown

Somewhere around there. You're probably not getting cash flow very much on that. But to just to compare it to one that that a member of my program brought on our Monday call, we have a Q&A calls on Monday and go over deals. It's in South Dakota, in Sioux Falls, South Dakota, and it's like a it was $234,000, but it's a two unit property.

00;04;21;27 - 00;04;46;16

Unknown

So we target multi-unit, small multi-unit properties in, you know, secondary or tertiary markets generally just outside of the bigger cities, but where there's still some local draws, like I said, like people are still traveling there for work, for funerals, visiting family. You're not out in the middle of a cornfield somewhere. And with these types of properties, you have elevated income per unit that cost a lot less.

00;04;46;16 - 00;05;10;22

Unknown

So all your expenses are lower, your taxes, insurance, everything is lower. But yet on a property like that, you could still bring in $70,000. So same amount of money you're bringing in because that's 35,000 per unit, which is very that's not a extravagant amount of money. I mean, that's like $130 average nightly rate with like, I don't know, 60, 65%, 70% occupancy, something like that.

00;05;10;24 - 00;05;32;21

Unknown

And you can have a really it's turnkey, really nice property that's just inexpensive that nets that property. As we ran the numbers, it was going to net right around $2,500 a month. Wow. So, you know, you're netting 2500 a month on a $230,000 property, compared to the 700 or $800,000 cabin in the woods that brings in the same gross.

00;05;32;21 - 00;05;51;19

Unknown

But it nets nothing or loses money on a on a monthly basis. So we focus on the highest cash flow possible. Yeah. So what would that same property if you ran it for a long term rental? What do you think that the cash flow would be on that. Yeah. So it would be a few few hundred bucks. I mean it would do okay.

00;05;51;22 - 00;06;09;26

Unknown

But and that's what we always look at as a backup option. Yeah. Because if I own a $700,000 cabin in the woods and I build a portfolio of those and then Covid 19 or Covid 20 or whatever the next, you know, shut down or war or financial crisis or whatever that causes people to stop traveling happens. Then what?

00;06;09;27 - 00;06;31;20

Unknown

You know, you can't convert those to long term rentals without losing thousands of dollars a month per property. But all of mine, my entire portfolio, 43 of these I could convert tomorrow, and they all have positive cash flow, so I would never lose my properties. Now I'd give up, you know, to your point, like, you know, two grand of of cash flow on on that particular deal per property, which would suck.

00;06;31;20 - 00;06;58;17

Unknown

But I'm not going to, you know, lose my entire portfolio. Yeah, exactly. And I love that because real estate. Right. It's so versatile and it's so great because you can have these different backup options where it sounded like in that scenario, even it's not occupied 100% of the time during that month. And you're allowing for, you know, obviously, vacancy during the month and you're still being able to net and cash flow that well.

00;06;58;17 - 00;07;15;15

Unknown

And it sounds like you're going more stable and where people travel and where people really want them versus like the luxury. And that's really the bread and butter of what you focus on, which, yes, I think a lot of people get into it for the shiny objects right there, like, yeah, one of a very cool thing or something on the water or whatnot.

00;07;15;15 - 00;07;38;07

Unknown

And then they end up eating their shirt. And that's where it sounds like you have a much better way. Now that goes to my next question. So you have a 1% rule for the short term rentals. That is pretty different than the standard 1% rule. It seems like for the long term rentals. So can you give us that formula and maybe what number you have to hit before you underwrite a deal for the short term side?

00;07;38;09 - 00;07;57;11

Unknown

Yeah, exactly. That's I'm glad you brought that up, because a lot of people asked me over the years are like, what makes a good short term rental, in your opinion? And, and you asked nine different or ten different people and you get nine different answers. And what makes a good short term rental because everybody's goals are different. But and then price points are different, obviously.

00;07;57;11 - 00;08;20;15

Unknown

So I wanted to create a rule that was commiserate with the it worked. No matter what price point you're at. So there's the standard 1% rule for long term rentals that most people know that if you buy a property for, say, 200,000, it should rent for $2,000 a month. And so you're making 1% gross of the purchase price on a monthly basis, and then you subtract out your expenses and you're left with a few hundred dollars.

00;08;20;16 - 00;08;43;01

Unknown

And that's considered a good long term rental. But I never really understood that because to your whole focus on your platform, all I care about is what's left over, right? End of the month, the profit. Like I don't care about gross. So I wanted a rule that in expenses are different everywhere, right? Like taxes are different, you know, so you can never like really like, compare apples to apples.

00;08;43;01 - 00;09;03;12

Unknown

So I wanted a rule that I could compare net profit. And so I started to realize as I got into this, this small multi-unit strategy, that if I bought the right small multi-unit, you know, again, just outside of these cities, not in the cities where it's four times as expensive, but just outside where the nightly rate and occupancy is still pretty elevated.

00;09;03;12 - 00;09;28;14

Unknown

But yet I'm buying it for a fourth of the cost. I could net 1% of the purchase price. So that same property that I just talked about in Sioux Falls, you know, if you're buying it for 235,000 and it brings in 2500 a month, that exceeds 1% net of the purchase price. And that's after mortgage taxes, insurance, your cleaners, your utilities, your lawn maintenance, you're set aside for maintenance on a monthly basis.

00;09;28;16 - 00;09;54;06

Unknown

Every expense that you can possibly think of, even set asides. That won't be an expense today. But yet your furnace is going to go out three years down the road, and so you need to be setting aside maintenance costs. There should be 1% net left over, and that's what I consider a great deal. And if you look at, you know, I tell that to to most short term rental investors and they look at me like I'm insane because they're used to buying the Gatlinburg, you know.

00;09;54;07 - 00;10;15;24

Unknown

Right, $700,000 property like 7000. I barely break even. What are you talking about? 7000 a month? And I'm like, well, you're buying the wrong properties then. That's awesome. Now, I love that it's profit first, right? I mean, apply to your buying formula, not just your cash and cash management. You've applied that same principle to the front end of how you make money even before you buy it.

00;10;15;24 - 00;10;39;15

Unknown

It sounds like, because at Sioux Falls, Deals is a great example of that, where you knew going into it, it had that potential to hit the 1% net rule, not just the 1% rule that most people have for long term. I absolutely love that. Which leads me into obviously, you're a profit first practitioner. Now I hear it on the front end, not just the back end, but I did want to ask, okay, profit first the actual system.

00;10;39;15 - 00;11;04;14

Unknown

So managing the money. What did your accounts look like before versus after. And like just that whole journey and then making sure you help us understand what did the system expose that you weren't seeing something like that. Yeah. Yeah, that's a great question. And I'm so grateful to you for writing the the book for real estate investors, because I read Mike's book initially, I think it was like a year after it came out.

00;11;04;20 - 00;11;22;17

Unknown

Read it. I think another time, a few years later, understood the concept, loved the concept, but never implemented, you know, and I always had like questions around like, well, what about investor money? How does that work in there? And, you know, things that were specific to real estate investors. So once you wrote that book, that's really when I got serious with it.

00;11;22;17 - 00;11;42;18

Unknown

And I still use the spreadsheet here. That is the free download that you offer that I just filled in on the on the taps, you know, the difference between the caps and the taps. And and so every first and 15th I go in there and I take all the money that's hit my income account and I just divide it out.

00;11;42;18 - 00;12;09;22

Unknown

And so since doing, I mean, that that really was kind of the tipping point for me of when things really took off in my business. Prior to that, I was flipping properties. Things were a mess. We've talked before about how, you know, our backgrounds kind of are similar in terms of the company you worked with initially and, and the company that that I had a couple of partners in, that was a flipping company, and we had 20 different projects going at a time.

00;12;09;22 - 00;12;35;28

Unknown

We had money everywhere. We, we you know, I mentioned on my podcast, I over $1 million one time in our checking account and had no clue if any of it was profit, if all of it was from investors, because different investors would give you money up front, some would give you and draws. You know, we had 20 different projects going on and it was, you know, you feel like you got a bunch of money.

00;12;35;28 - 00;12;53;01

Unknown

But then at the end of the day, once you figure it all out, there's there's not much left over and you always feel like you're robbing your business anytime you take money from it. So once I implemented this, then the clarity was just it was like the clouds part in terms of clarity. And I could actually work on the things that drove the highest profit then.

00;12;53;01 - 00;13;20;24

Unknown

And so I have two different accounts that I run profit first out of. I've got my Active Income LLC account. Awesome. So, you know, any if I do a flip, I rarely do a flip anymore. But if I do, I'll run it through there. But like any YouTube income, any coaching income, any affiliate income, anything that's active money goes into that, that LLC, it's taxes and S corp.

00;13;20;25 - 00;13;52;08

Unknown

Then I've got my main rental property investing account, which is a pass through entity, and I run profit first out of that. And so I've got different percentages like for the active income account, I've got 25% for owner's comp, I've got 15% for profit, 15% for taxes, and I'm 45% for expenses. And so, you know, first and 15th, I'll pay my team members and I'll separate it all out into those buckets.

00;13;52;08 - 00;14;16;21

Unknown

And it's amazing being able to watch, you know, your your profit account grow, your owner's comp grow. All the accounts really grow over time. And then the real estate account I've got owner's comp is 35%, profit is 10% taxes 5%, expenses 40%. And then a repairs set aside for 10%, which I don't have in the the other one.

00;14;16;21 - 00;14;39;00

Unknown

So. So yeah. So now like my repairs account right now I think I've got 15 grand sitting there that I don't have designated for anything, but it's sitting there in case like, you know, that furnace does go out and it it just feels good to know that I'm covered, you know, and I don't have to worry like, oh no, I've got to dip into like, my expense account now to, to pay for this furnace.

00;14;39;02 - 00;15;01;28

Unknown

That's that's separate. So that's how I do it really went from chaos to clarity, where you really now understand where every dollar is going, and you have that peace of mind for the reserves and really being able to take stuff in stride. Now where before it's like, okay, what is this mine? Is it not mine? I have $1 million here.

00;15;01;29 - 00;15;20;19

Unknown

$1 million is a lot of money, it sounds like, but not if you feel guilty about taking the money out. It's not very much so. I love the journey there around profit first. But you also mentioned when I was asking a pre show that it kind of coincided with outsourcing some of the day to day of your business.

00;15;20;19 - 00;15;38;08

Unknown

So do you want to talk about that? Was it a coincidence or did profit first help push you to be able to get out of the day to day or, I don't know, help you hire people? Let me know if that coincided with that or if it was just a fluke. Yeah, well, I think it's not super intuitive.

00;15;38;13 - 00;16;02;09

Unknown

You know, right off the bat that that that happens. But, you know, initially when I basically converted from flipping to doing short term rentals around like 2016, 2017. So, you know, almost ten years ago now, and I was doing everything myself, like we started with our first property and our, the basement of our, our home worked out really well, but we were doing everything ourselves.

00;16;02;09 - 00;16;24;04

Unknown

And, and at the time, I remember making a stretch goal of 30 short term rentals and I was like, oh man, if I could get to 30, like, we are set for life. Like that's like, you know, that's felt like like I thought about the work involved in one. And I was like, I don't know how that could ever happen, but if we could get to 30, well, now we are about to list our 43rd short term rental property.

00;16;24;06 - 00;16;50;03

Unknown

And I tell people all the time, I do way less today than I. I'm on all 43 properties and I did on our first one. And it's because as we grew, we started to implement it lends itself the short term rental business lends itself well to implementing organically implementing structures. As you grow, they grow with their business. So we didn't go get a property manager.

00;16;50;03 - 00;17;07;21

Unknown

Instead after we got to 4 or 5, then we hired our first virtual team member who started to take it, you know, the bookings for us. And then, you know, as we added more, we added a second virtual team members. They started working in shifts and then they started hiring the cleaners on our behalf. And then they started, you know, coordinating with contractors.

00;17;07;21 - 00;17;32;01

Unknown

And now we're to a point where we have four full time team members. They're based in the Philippines. They're phenomenal. Team members speak perfect English. They have years of experience doing short term rental management and, you know, very affordable. I mean, a tiny fraction of the cost of what a property manager would be across all our portfolio. And I don't I'm not involved in any of the day to day.

00;17;32;02 - 00;17;53;19

Unknown

Like we just hired probably 4 or 5 new cleaners because it's a peak season, super busy summertime. And I, I've never met them. I've never talked to those cleaners. They're doing a fantastic job for us. Five star reviews on them and they manage the entire process. They found them through referrals. They interviewed them, they did a trial clean with our head cleaner.

00;17;53;21 - 00;18;24;09

Unknown

And so yeah, I talked to people who have 2 or 3 properties and they can't imagine that. So once we started seeing that, we had the ability to hire, you know, like it was clear to us, okay, we do have the margin here in our, our expense account or in our profit account or wherever we wanted to pull that out of, you know, to, to allow us to start to grow organically and in our margins, actually have gotten better and better over time because we've gained economies of scale with more properties.

00;18;24;11 - 00;18;47;12

Unknown

But it it kind of it wasn't possible before we had profit first because we couldn't see where the different dollars were designated. And you didn't feel comfortable bringing on staff members. Okay. So it helped you with the hiring process. And then other systems started to take over because as you grew, it sounds like a lot of it, like you said, it was organic and that you had to put these systems in place and like there it just lend it to it.

00;18;47;12 - 00;19;18;27

Unknown

And there's a lot of good softwares out there today that helped to manage this. And then sounds like you can train people and no matter where they live in the world as well to help you with this process, which is also incredible, I wanted to know when you teach people, when you work with them, is there usually an amount that you're trying to get them to, whether it's in number of short term rentals or a number of cash flow or something like, is there something that you're usually working with them on, like as a first big goal?

00;19;19;00 - 00;19;39;23

Unknown

Yeah, that's a great question. I, I've talked to like I talked to anyone who's interested in the program and do sort of an interview before we allow them to come into the program just to make sure it's a good fit, because I don't want somebody and who's it's not a good fit. It doesn't align with their goals. And when I talk to them, I was asked what what the specific goal is.

00;19;39;24 - 00;19;55;14

Unknown

And for most people it is financial freedom. It is being able to step away from their full time job. And so for a lot of people, that's 10 to $15,000 a month for for a lot of people like that, that gives you the ability to step back and, and, and leave the full time job and what that does.

00;19;55;15 - 00;20;26;25

Unknown

And I don't think people understand how that's 40 plus hours a week. Now that's freed up in the perpetuity times, 52 times how many ever working years you have left in your life, like that's tens of thousands of hours that you just freed up by getting a handful of these properties. So taking that again, going back to the Sioux Falls deal, like 2500 bucks a month, you do four of those, you're at ten grand a month, and now you just freed up tens of thousands of hours that you no longer oh, somebody else just to survive.

00;20;26;26 - 00;20;46;03

Unknown

Like before. You were working 40 plus hours a week just to bring in enough to pay your bills. And and then you had a little bit of extra time. Now that's already taken care of. So those 40 plus hours a week are given back to you to make your own decisions with. And it is it's a life changing event.

00;20;46;05 - 00;21;04;09

Unknown

It's incredible. That's what we got to about five years ago when we, you know, before we started this program because our goal, you know, we had four kids and we live on a farm and we wanted to stay home and, and, and spend a lot more time with our kids and do doing meaningful things. And we couldn't do that before working full time jobs.

00;21;04;09 - 00;21;42;06

Unknown

And this has just given us so much more flexibility now. I love that, and it sounds like in your life and your business, it's very much you begin with the end in mind and being intentional to build things around that. And it does sound like to that when you're helping people, it's very realistic that ten or less properties can get a lot of people out of their financial, you know, the financial chaos that they're in or like not having enough to escape their W-2, especially if a lot of them are like the Sioux Falls ISU falls an anomaly or is that typical or I don't know, I just want to know if that one's like

00;21;42;06 - 00;22;12;18

Unknown

2500 or 1000, like what's typical for a lot of the short term rentals that you see on average. Yeah, that's a great question. So the sweet spot for this 1% net rule that I've found over the years is kind of between 200 at the very low end, up to about 500,000. So if you're buying a 2 to 4 unit property, which we target, and it doesn't have to be like a duplex or triplex, it could be like a house with a finished basement or a finished garage or a, you know, even a tree house or Adu in the back.

00;22;12;18 - 00;22;37;02

Unknown

I've got a barn, right? Or I'm in a barn and I've got a Airbnb on a that we built into the corner of the barn, like my podcast studio and office is in this corner. We've got a gym and the other corner, and so it can be super creative, but multiple streams of income. And if you find a 2 to 4 unit in that price range, that's in a, you know, relatively affordable area.

00;22;37;02 - 00;22;58;02

Unknown

I see the Midwest and Southeast is like the main bread and butter where this is possible. That's that's very doable. So it's I'd say the Sioux Falls one. I don't know that we've done too many others in South Dakota, actually, the girl who's who's buying this one, she did one other. She's from there originally. She lives in, I think, in the South now.

00;22;58;04 - 00;23;25;17

Unknown

But yeah. Any any towns along the Rust Belt, the Great Lakes, like, you can buy a really nice turnkey 2 or 3 unit property for three, $400,000 that produces that type of cash flow. That's awesome. So that you've narrowed it down to where when you help someone, you're really helping them in that 2 to 500 space to to 500,000 and trying to get that 1% net rule, which is a total profit first mindset of like, okay, we're beginning with the end in mind.

00;23;25;19 - 00;23;44;01

Unknown

We want to get this net and then we're able to distribute from there in the profit first buckets. Honestly, I recommend Kirby a lot because he sends my book out to every person that becomes part of his. You know, that's part of his coaching. He sent out, I think, about 400 year books. So yeah, which I am just incredibly grateful to you.

00;23;44;01 - 00;24;04;13

Unknown

So I wanted to publicly thank you. But then you're also a test of a two profit first, because you run it yourself and then you're also passing it on, but then you've also adopted it in your program, where from how they acquire deals as well to it sounds like from up front, which I absolutely love that which I'm just very thankful that there's people like you out there teaching people to do it the right way.

00;24;04;13 - 00;24;27;01

Unknown

And beginning with that end in mind and helping them manage the cash while they also build a great revenue machine as well too. And thankfully, when they work with you more deals does not mean more chaos necessarily. It means that you're putting them in the best chance, best position, and then they just have to listen to you. They just have to listen and follow your model, which is incredible.

00;24;27;01 - 00;24;49;05

Unknown

But before we give people that link, I just wanted you, since you have such a wide array of knowledge in the short term rental space and with profit first, if there's a short term rental owner out there and they're still doing everything themselves, what's one profit first move that can help get them out of them doing everything themselves the fastest?

00;24;49;07 - 00;25;15;04

Unknown

I just talked to somebody actually not too long ago. He's he's in Arizona, and he and his brother and I went out and bought several short term rentals, and he, like, couldn't wrap his head around what he thought. I was kind of lying when I was describing what it is that I do because he's he's like, there's no way like, he's like, we clean every one of our properties and we're running around like we are killing ourselves.

00;25;15;04 - 00;25;54;07

Unknown

We're still working full time because the properties barely, you know, make any cash flow. And and I don't see how it's possible that you're, you have all this time and you're making so much money and and I was like, you know, it all goes back to picking the right properties. And so if you're a short term rental owner and you're killing yourself and there's no way that you can extract yourself because there's no there's not enough income to support, you know, a cleaner and, you know, a, a team, then I would evaluate it and say, is it is it maybe does it make sense for me to do maybe a 1031 exchange, sell these properties

00;25;54;07 - 00;26;11;28

Unknown

and start looking at properties that do generate this type of income? Because, you know, you start to get in this mindset of, well, this is the way I've always done this. This is how it actually this is how short term rentals are. And I hear that all the time. Like you look at any of these, you know, influencers online like Airbnb bust, you know, short term rentals are dead.

00;26;11;28 - 00;26;35;00

Unknown

And I'm like, yeah, a lot of them, the majority maybe are. But there's niches where this can just be super profitable. So I would say start with that 1% rule and don't keep doing what you've always done just because that's the way you've always done it. You know, it may be worthwhile to actually liquidate your portfolio and start fresh with one that's super profitable.

00;26;35;00 - 00;26;56;24

Unknown

And it's it's like a light night and day type difference. That's awesome. So don't get stuck in those same mindsets. Have the growth mindset versus the fixed mindset right. Like go out there and make sure that you understand that if it's not working today, is there a better way to do it? It has someone proven it? I love that you have like 43 properties because that is usually not how many short term rentals someone has.

00;26;56;24 - 00;27;21;27

Unknown

Where there's a guy I worked with years ago, he got to like 19 and he's like, nope, too much work. And I bet if he would have followed your principles that he would probably either still be in it or could have sold them for more when he did sell his portfolio later on. And because you've got such a great system up front to acquire, and then obviously on the back end, being able to not just run out of cash six ways from Sunday, like a lot of people do.

00;27;21;27 - 00;27;54;01

Unknown

So this has been amazing. I think a lot of lessons learned. Number one, like make sure that you understand what you're getting into with the short term rental and that you follow best practices. Don't just follow the social media like you said, you know, Airbnb and bust and all the different things out there where it's like, this is someone who really understands the space, but who also knows the best practices, the best properties to get into making sure that you have a profit first mindset from buying the property all the way to when the money hit your bank account as well too.

00;27;54;02 - 00;28;13;12

Unknown

So I think this was a great episode to go back to listen to. If you're thinking about getting into short term rentals, or if you're already a short term rental owner, here's some great things to be thinking about that you might have never have thought of before. And if you need more info from Kerr because you're like, yep, I need someone to hold my hand or I need someone to train me on this.

00;28;13;12 - 00;28;35;06

Unknown

I need a coach in this. Kirby, where can they find you? Yeah. So I just created a web class recently that just walks you through my entire strategy. So, like, you know, there's probably questions as I'm describing this or like, yeah, but what about management? What about, you know, this and that. And so it's it's like I think it's 90 minutes and it's comprehensive.

00;28;35;06 - 00;28;55;15

Unknown

I go through example case study deals that we're doing or members of my program are doing. So you can go to living off rentals forward slash start again. That's living off rentals start. And you can check out that web class. And then you know, if you have questions after there's a link to my calendar there. So if you have questions after you watch that you can always set up a call with me.

00;28;55;17 - 00;29;14;29

Unknown

So it sounds like they can get even more info or really understand the full scope here and get to know you a little bit more as well too, and specifically on this topic. But another reason I bring people on here. If you're listening to this, I want to also showcase people that are real in this space, that have a good business behind the scenes and are just trying to sell you something.

00;29;15;00 - 00;29;35;06

Unknown

They're really here in order to help you get to where you want to be, especially the people that practice profit first, because they're not just out here helping you get more deals or get more revenue. Someone like Kirby is helping you keep more cash. Really, at the end of the day, and helping you escape your W-2 or helping you escape the things that you don't want to be in and stuck and feel stuck right now.

00;29;35;10 - 00;29;51;23

Unknown

And even if you're a real estate investor, this might be another tool on your tool belt, whatever it might be. So this has been awesome. Kirby, I want to thank you a lot. And then if you're listening to this and you need help on the financial side and you're like, hey, this sounds great. And I love that Kirby is promoting profit first.

00;29;51;23 - 00;30;09;28

Unknown

But what is that all about? So profit first we can help implement. It's a system to control your cash. If you want to keep more of your cash you could go to simple. We have a full accounting department, whether it's bookkeeping, fractional CFO or taxes. But honestly my favorite part of what we do is implement profit first. So you have a story like Kirby.

00;30;09;28 - 00;30;31;07

Unknown

So if you grow to 43 it's not 43 and chaos it's 43. And clarity of where your money is going. So that's simple CFO. Com thank you so much for listening. And then Kirby, thank you again for sharing your wisdom here today. Well thanks for writing the book. I really appreciate it. Yeah. Well it was my honor. And go out there, if you're listening to this make profit a habit in your business.

00;30;31;09 - 00;30;43;08

Unknown

That's it for today's show. Be sure to subscribe, review and share this episode. If you're serious about financial systems and keeping more of your profit, visit simple.com to take your free discovery call today.