Good morning, everyone.
Thank you so much for joining us.
I see you all trickling in.
Good morning, Peru.
Today is Monday, March 17th, 2025, and this is your 14-day focus.
I see a bunch of people trickling in, so I'm just going to give you a couple of minutes
to come in.
Delia, Daniel, Cindy, Tracy, Pru, Andy and Brenda, Haley, Darlene, thank you so much
for joining us.
Good morning, Pedro.
I love that you're joining us.
Thank you so much.
Let's get into it then.
This is our 14-day radar.
My name is Gabrielle Kane.
I am the program advisor here at Keyspire, and I'm going to start off with my seven days.
The last seven days, personally, I went to a stand-up comedy show.
I was really excited about this.
This is something that I've been waiting for since last year.
The date got pushed out, so on and so forth, but we saw Nikki Glaser in Hamilton, Ontario.
She's really funny.
I love stand-up comedy, and even though I don't feel like I need medicine for the soul,
I always feel like laughter is the perfect medicine for the soul, whether you need it
or not.
I had a great time, thoroughly enjoyed the city, thoroughly enjoyed the weather, the
sun, everything.
It was so beautiful, and I really appreciated that.
I've also had my son.
You guys have heard about Hunter.
He finally finished the active investing course because there are 12 modules in there,
so we kind of broke it down for him, so it was a little bit easier on his very hectic
teenage schedule, of course, so I'm really glad that he's finished that one.
The next in line for him is going to be the Four Ways to Win, and he's a numbers guy,
so I know he's really going to appreciate this course.
In the next seven days, I'm really focusing on graduations.
We have workshop group 18, who will be completing their fourth quarterly workshop tomorrow.
I'm really excited for them.
It's a really big deal.
I know that we've been building these relationships with our fellow members in our workshops for
the last year, and for those of you who have graduated, you know how exciting that is and
what a big deal it is to be talking about what you've accomplished and reflecting over
the last year and what you plan to accomplish over the next year.
I'm really excited about that.
I see a bunch of good mornings from everyone in the chat, so thank you.
Daniel, Robert, Jardine, Candice, Sal, Cindy, thank you all very much for piping in and
wishing everyone a good morning.
With that, I would love to take the opportunity to introduce my guest.
This is a personal and professional friend of mine.
We all are familiar with our beloved trainer and speaker, Mr. Stephen Libman.
Stephen, would you like to say good morning?
I would love to say good morning, so good morning.
You always make me laugh.
Thank you so much for joining us today.
I'm going to start off by asking you what you have accomplished personally and or professionally
in the last seven days.
Well sure.
Okay, well, personally and professionally, let's see.
They're so intertwined.
My life is always chaotic by design, so we have a great t-shirt right at Peace Bar that
says my lifestyle is by design.
My chaotic lifestyle is by design, so some people say, how do you live that life?
It's like it's a life I choose to live and I love every moment of it, but what I would
do to, so it does require focus, so thank you for having me focus on that.
In the last week and in the coming week, one thing is common.
I've begun training for the Ride to Conquer Cancer, which is going to be in Toronto June
and I'm doing a 200k ride as part of a team of other people that are either have had cancer,
survived cancer, still have cancer or supporting somebody that's had, has or whatever cancer
and I've lost another friend of mine in the last few months to cancer, so it's a big deal
for me to be able to do that and also get into better shape at the same time and help
out, so that's going to be ongoing, that continues my moving forward, but I'm very
excited personally and professionally, but not in real estate.
I've been consulting for two of my sons, actually three of them for years and one of them is
in the production business of TV, film, commercials, et cetera, and I'm excited to share that he
landed over.
$1.2 million were the contracts this month.
So that's tremendous.
You work on that for like eight months, nine months,
and then you start to see what happens from it.
So I was really excited for it.
And on the real estate side, I helped my other son.
So that was Daniel.
I helped my other son, Brandon, to acquire his first house.
And he and his girlfriend just put an offer.
They got it accepted.
And where did I come in?
Well, I came in helping them to negotiate,
but it's kind of funny
because I didn't want to help them negotiate
because emotional buying is always challenging.
And when I said, no, do this, and he's like, no,
what if we lose the house?
It's like, oh, geez.
Okay, here we go.
What if we lose the house?
All right, so I had to temper my normal approach
to buying property with my approach on the emotional side.
So it was a good compromise.
And he got the accepted offer.
We're in due diligence phase,
and we'll see next time what the update is.
Wow, congratulations.
That's really exciting news.
May I ask a quick question about that?
Anytime.
How do you find that happy medium
where there isn't too much emotion involved
when it's a personal purchase,
but still manage to make sure
that it's maybe a decent price
so that you're not overpaying for the property?
Yeah, so I run the numbers.
My kids know this.
I call them my kids.
They're in their 30s, right?
So my kids know this.
They know if they're gonna come to dad
and ask me to help them evaluate a piece of real estate.
Now, I went to the real estate, which I never do.
I walk in the real estate, which I never do.
I go with the inspector, which I never do.
These are all things I would never do as an investor
because I have teams that do this.
But for my son, and it's local in Montreal,
I'm gonna go ahead and I'm gonna do that.
So that's one big difference is just being there to support
and just walking around and just pointing out things
that he may not be aware of.
And that's the big stuff.
It's like, okay, well, don't worry about that.
That might be pie, right?
Let's get that check.
The roof we can't see, but there is ice damming on the roof.
So that means your insulation is shot.
Let's have, you know, so all these things like that way
is just being supportive.
When it comes to the numbers though,
that's where it's tricky.
So the seller was originally asking 1.2
and I thought that the property was worth,
well, I thought the property was worth every bit of 1.2.
Let me start there.
I just don't like paying full price for properties.
So, and there is a lot of movement
in the marketplace in Montreal.
So I said, look, let's go in.
And I convinced him to go in at 1.1.
And that was a big deal.
I said, listen, if I were me,
I'm going in at 1.1 on this property.
And the people started countering and they got down to 160.
And I said to Brad, I said,
now make your realtor work for it.
And I said, your realtor is getting paid, you know,
to do this, tell the realtor you're not countering
and tell the realtor to go, you know,
by nine o'clock tonight, that was their deadline.
Show you that they can earn the money
or you're gonna be moving on, you know,
and looking at another property.
And sure enough, the realtor, you know,
got a fire under their butt
and was able to get the price dropped below that,
below the 160.
I really don't know exactly the final number.
I'm gonna guess it probably,
he got it probably for about 140,
which to me is $60,000 less
and possibly a hold back for a furnace
and depending on the roof inspection.
So, you know, as an investment property,
we both agreed it's not an investment, it's your home.
I've told people this forever.
Your home, do whatever you want,
pay whatever you want, furnish it however you want,
finish it however you want, it's your home.
And then as you build up equity,
consider borrowing that equity
to make your home pay for itself.
Other than that, a home is just not an investment.
And that's why we call them homes
and we don't call them properties
or we don't call them houses.
So don't know if that's helpful,
but I hope it's helpful to other people
that might be helping family members to navigate that.
And I do understand that there's emotion there.
So where I would normally get a little bit more assertive,
I just pull back a little bit
because at the end of the day, it's my son
and, you know, it's our relationship
that's more important than another 20 or 30,000 bucks.
Very well said.
Thank you for clarifying.
I think it's really important to find that balance
and I think it's very important to our listeners as well
that they, I mean, we all want to purchase our primary
or already have purchased our primary,
going to purchase.
more and add to the portfolio, which is separate. And to learn how to separate those two and find
that balance is really important. So I think it's valuable. Thank you.
You bet. One thing I should throw on there just for fun, Gabrielle, is this,
is I was also helpful, as was his girlfriend, Nat, her father, because he's a businessman
and he's invested in some real estate. We were also helpful in creatively
helping him come up with enough down payment so as not to get hit with the insured mortgage fees.
So to make sure that even though it was a bit of a struggle for him to do, we showed him a
creative way that he can come up with at least 20% down. Because as you could imagine, almost
every house in Canada today is over a million dollars in so many different markets. So when
I say 1.2 million, some people think, oh my gosh, what kind of house is 1.2 million? Well,
if you're in Montreal, it's a nice house, but it's not a top end house. If you're in Toronto,
it's a shack. If you're in Vancouver, it's an outhouse. We all kind of get that, right? If
you're in California, it's going to be like literally a changing room outside of a pool.
But what's important is that you don't want to pay another X percent on top of your mortgage
payments if you can avoid it. So we helped him find a creative way for the down payment,
which is going to work for him to avoid all the mortgage insurance.
That sounds like a whole other subject and another weekly focus and calling it done.
It can be.
Perfect. So your focus for the next seven days, Stephen, what will you be looking at?
I'm still working. Obviously, I'm training, eating better, things like that for the ride.
But there are two things that are coming up. So I'm involved with these two things every single
day. One is my own personal community, which is my money brand, which is my community,
which is called Money Moves. And my brand, which is Let's Talk Money, all about how money works,
how we can use it better, how we can use it to invest correctly. It's not focused exclusively
on real estate, but there's a lot of real estate in there. So I'm doing a foundation or a founder's
launch coming up this week. Is it today's Monday? Yeah, this week. Looks like I'm doing a founder's
launch. And then we'll open it up in the next couple of weeks. And we had a bit of a delay on
that, but a delay for good reasons, meaning that it wasn't ready for prime time and we're not going
to launch something that's not ready. And the other thing is Canadians investing in the US,
especially for our members that are interested in investing in the US. It looks like we have
a firm date right now of doing our preview to that, which is going to be, I think, April 10.
So I'm not 100% certain, but the pent-up demand for investing in the US has been massive. And
we are going to be launching a program. You'll start seeing it in your emails probably over the
next week or so. So that's caught me busy for the next several weeks as well. So those are the two
big items. That's really exciting. I did join the one, I think it was last year or the year before,
and I loved it so much. I'm going to be joining again. So thank you very much for working on that
and putting in all the research and due diligence that you do so that we can benefit from that.
Yeah, it's going to be great. I'm excited to be working on that.
I'm excited to be able to benefit from it. I know that everyone else, well,
there's a lot of people that have been asking about it. So this is going to be high on demand.
Yeah. People have to set aside, by the way, people just have to set aside politics and
governments and all the crap that goes on, all the chaos that's outside of us and realize,
excuse me, the US is on sale. I don't know why you wouldn't go get a bargain,
but we'll talk more about that come April 10th. Absolutely. It sounds like you're saying to remove
the emotion. A hundred percent, always in investing, remove the emotion. Well said.
Love that. So today we are going to be talking a little bit about a different type of rental
opportunity that not everyone thinks or has given thought to the possibility of navigating.
Sometimes you have to pivot. Sometimes you have a property or a strategy that you're going to
approach and you run the numbers and you think everything's going to work and you have multiple
exit strategies, but something changes that you didn't account for. And sometimes you have to
pivot or there's an entire market out there that you didn't even consider to run numbers on.
Steven, would you like to speak to that a little bit?
I would love to be talking about midterm rentals. So most people are familiar with long-term
rentals, long-term buy and hold, and they know the challenges and the benefits of long-term
buy and hold. And I'm sure almost as many people know about
short-term rentals, whether they be the more well-known short-term vacation rentals like Airbnb
and VRBO, et cetera. I'm sure many people are aware of what the upsides and downsides are of
short-term rentals. A lot of people don't talk about or even know about something that's called
midterm rentals. The reason that it's important is because the market shifts and demand has
increased from, let's say, remote workers and traveling professionals and relocating families.
And we, as an investing community, it's not that we've neglected them. It's that we haven't
thought enough about it to consider whether or not we should put some of that in our strategy.
So I just want to share something. We're going to call it MTR, just like we call STR,
midterm rentals. I'm going to share a little bit about how to increase returns,
reduce vacancy, reduce some turnover headaches and things like that with midterm rentals,
because there is a high demand and people are missing out on that opportunity. So that's our
topic for today. Perfect. Thank you very much. How did you get into midterm rentals, Stephen?
Well, I started noticing that a lot of people in the short-term rental world
were losing their short-term rentals for a number of reasons. Number one,
they weren't well-trained, so they didn't really understand how short-term rentals move
as far as a revenue. They do the math, they find out that they can get $300 a night,
and somehow they're multiplying $300 a night times 365 nights. And they think that it's like
a long-term rental, when in fact, a good short-term rental is actually 60% of your year.
So if you can rent out your place for 60% of the year, those are the numbers you're supposed
to run and not 100% of the year. Well, between that and laws that have changed, as I'm sure
we're all very well aware all over North America, laws have changed where it is making it more
challenging for people to own and operate short-term rentals. I got to thinking,
I understand short-term really well, I understand long-term really well.
And I've been familiar with executive rentals for years. And then because of the executive
rentals, I started looking into, am I limiting myself? Is there something more than executive
rentals? And then I realized that there are business travelers, there's traveling nurses,
there's traveling healthcare workers, there are this thing called digital nomads now,
that's amazing. There's people that are relocating and professionals that are relocating.
And they just need a place short-term, but not very short-term, not for a week,
but they need it for a few months. And another one I came up with, and it dawned on me from
people I know that had a problem with their own home, they had a fire and they had to move out.
But insurance claim placements, where displaced homeowners, and I started to think to myself,
oh my gosh, there's like a dozen categories of people that are really not being well-served.
And then I thought, okay, what are the websites that I can go to? And you know what? I couldn't
think of one. I couldn't think of one website off the top of my head that I knew was for midterm
rental. So I started doing some research and I found out there's a bunch of websites where people
go for furnished apartments, furnished this, that, et cetera, not just short-term. And I found
as many in the U.S. as in Canada. And I realized, oh, there's a market that
we as professional investors are missing out on. So I looked at also some of the rising trends that
were coming up. I think, you know, I'm a bit of a researcher. And today with AI, I have to say,
if you know how to use AI as an effective tool, meaning you train it properly,
it can become a great research assistant. So I did some research with my assistant. By the way,
I call my AI, its name is Jarvest. Now people may not know how I came up with Jarvest,
but Jarvest is Iron Man's AI. And I said, I need one for investing. So I call it Jarvest.
So I actually talked to my computer, I say, Jarvest, show me this, show me that. So this
little nutty thing that I do, because I'm a bit of a propeller head. So I noticed that I started
pulling trends, you know, recent trends on this thing called remote workers and digital nomads
post-COVID. And they're everywhere. And then I looked at, there's actually a shortage of corporate
housing. Then I looked at the traveling professionals that are government workers.
And I should have known this from my government contracting days and healthcare contracts and
nurses and things like that. So I started looking at all of that and the trends were telling me.
that these people are not very well served.
I also noticed that the rents that you get
are anywhere between 50% and 100% higher
than the rents that you would normally get
on long-term rentals.
So imagine getting short-term rental amounts
for a longer-term lease, if you will.
And you also get some lower operational costs
because you can build in a lot of your costs
into your rental amount, and you have fewer headaches
because you have less turnover
because you don't have the short-term rental issue.
You have fewer complaints because I have to tell you,
these people are not complaining.
If everything's good within the first three to four days,
you're not gonna get any complaints.
It's the way it needs to be.
And we avoid pretty much
most of the short-term rental restrictions.
As many of you know, one of the things that in Canada
and the US, one of the rules that came in
is they wanna stop short-term rentals under 30 days.
Well, midterm rentals, they start at 30 days
and they go to 60, 90, 120, six months, et cetera.
So that avoids a lot of that thing.
And the exemptions that the Airbnb,
they're exempt from the Airbnb bans
because of the length of time.
So I know that was a long answer,
but that's kind of halfway through the why
and the what and stuff like that.
And the rents are marked the way that they are
because the insurance pays for it, correct?
Well, if it's insurance placement, yeah,
but think of it this way.
Somebody else is usually paying for it.
So it's within a, I'll give an example.
A $2,000 rent would very reasonably be 3,200
as a midterm rental.
We're talking about monthly rent.
So if you're renting a place right now for $2,000, right?
You have a tenant in for $2,000
and you could use it as a midterm rental,
it's very reasonable to get $3,200.
If you're actually renting someplace out today for $3,000,
then it's very reasonable to be able to get more like 42
or $4,400.
And in Canada, particularly,
and in higher priced markets in the U.S.
like New York and Illinois and California
and some other states,
you're gonna find where long-term rentals just don't,
they just don't work on single family homes.
They will work on single family homes
and they will work, of course,
even better on duplexes and things like that.
And also managing is a lot easier
because you have these longer term tenants,
but they're not long like, you know,
one year lease renewing and stuff like that.
That's really interesting.
Okay, yeah, because not all of them
are going to be insurance.
What if it's a medical placement
or someone who's traveling
that just needs to be there for a while?
Exactly.
And they're all furnished.
One of the things is that they're all furnished.
So your costs are gonna be higher,
that your startup costs are gonna be higher
than a long-term rental,
but your startup costs are gonna be comparable
to a short-term rental
where you're doing furniture anyways.
So there's just a difference there,
but it's not a major difference.
You amortize that furniture over 10 years
and it's not that significant.
That's interesting.
So now I've got the wheels turning in my head.
Do you think that maybe there,
this would also be a good market
for those who work at airports?
Yeah, it's really anybody that,
like there's actually a whole market
that I'm aware of and I was aware prior to all of this.
You mentioned airports, flight attendants.
I had a number of units for a number of years
where they were really long-term apartments,
but they were servicing flight attendants.
And what they would do is they would all,
there could be six flight attendants
or eight flight attendants all sharing this one apartment.
And because of their schedules,
no more than two or three of them
were there at any given moment.
And we were able to generate more rent
because it was being paid per person.
So I always knew about that.
I just never attached the two of them together.
So that's another way, by the way,
maybe a show for another day
on how do you make a long-term rental more valuable?
Because that's a strategy for that.
But yeah, so think about any type of corporate housing,
any type of hospital.
relocation, think about families that are traveling
for medical treatment and things like that.
And also, it's just such a big picture
that the short time that we have today won't do it justice.
So I'm gonna give everybody my action item,
my call to action early instead of at the end.
Learn more about midterm rentals.
Do some research on midterm rentals
so that you find out for yourselves what that looks like.
How do you manage tenant expectations?
Like, what about pre-screening tenants
and what about lease agreements and things like that?
And what about the guest experience?
It's, you wanna treat midterm rentals
like a hotel alternative.
And I think that's just a mindset we have to understand,
but it's a hotel alternative with a home-like feel.
And that's why a lot of those hotels we've seen today,
those are home-away-from-home type of hotels.
We've seen those become very, very popular,
but we're not necessarily in the hotel business.
It's our version of that.
Okay, so maybe you're furnishing this space
for a midterm rental.
Does it need to be fancy like a hotel?
No, no, it needs to be fancy like an embassy suites.
So if you-
It needs to be comfortable.
It's gotta be, look,
the one thing I tell people all the time is,
you know how when you renovate a house,
you put most of your energy, sorry,
most of your dollars go into the kitchen
and goes into the bathrooms and obviously the curb appeal
so people can see the property.
Well, you wanna put most of your budget into the mattress.
I kid you not.
I have seen write-ups and write-ups.
Just read short-term rental write-ups
and you'll see that the biggest complaint is mattresses.
So yeah, you go out, excuse me,
and you buy a $3,000 mattress
and people are like, are you crazy?
Nope, I'm not crazy.
You are not gonna have complaints.
And if you did have a complaint,
at least you can tell the people,
listen, that's so unusual.
It's a $3,000 mattress.
We don't cheap out on the mattress.
So it's amazing how people consider the mattress.
I once tried to buy a mattress
from the Hard Rock Hotel in Las Vegas
because that mattress was the most comfortable mattress
I was ever on in my life.
And they refused to sell me a mattress.
I offered them $5,000 to buy the freaking mattress.
I offered to bribe the guy if they would tell me where,
and it was an industrial mattress supplier,
so I couldn't buy one-off mattress from them.
I was so angry, but I have to tell you,
I love that, I mean, I still talk about it today.
I just did a free ad for the Hard Rock in Vegas.
I just did a free ad, nope, right?
Because of the dang mattress.
That shows how important that mattress is.
So it, look, it's gotta be neutral.
It's gotta be, it's not a short-term rental in Disney
where you're putting up Mickey and Minnie Mouse.
It's gotta be easy to manage, easy to maintain.
You're not putting carpets in,
you're putting in hardwood floors or tiles
and stuff like that.
We could do a whole other show
just on how to furnish one of these.
And there's packages,
just like there are for short-term rentals.
You know, your packages can be anywhere
between 20,000 and 50,000 for,
depending on the size, right?
Of course, I'm always talking about size
because normally, unlike a short-term rental,
which often has four or five bedrooms,
your short-term rentals do not have
to have four or five bedrooms.
You can do a two-bedroom and a three-bedroom's huge.
So you can do a one-bedroom, you could do a two-bedroom.
You could be like literally with that $3,000 mattress,
you could be under 15,000, including the appliances.
Because again, you're gonna have to have
the appliances in place.
It's gonna be that type of a thing.
It's gotta be turnkey and it's a hybrid version
of short-term.
No, that's perfect.
Okay, I'm starting to get the feel for it
because it also depends.
I mean, you want it to be comfortable,
you want it to be functional.
And what's the first thing that people ask?
How did you sleep, right?
So I love that you put that on our radar.
And the criteria as well, you're thinking,
this is a minimum of 30 days.
So you have to have good quality sleep,
especially if you're working.
Maybe it's an insurance claim and you're stressed out.
You need a good sleep to be able to process everything
during your stay.
What is the maximum amount of time
that someone can stay at a midterm, Stephen?
Interestingly enough, they can stay indefinitely.
And there are cases where people are staying indefinitely.
But when we were doing executive rentals,
you would lease the property out to the company
on an annual basis or on a multi-year contract,
and they would put in and they would manage the people
that are going in from their company
because it's like a corporate apartment
where you have people from that corporation.
They might be staying for a week,
they might be staying for two weeks,
but it's a corporate apartment,
so it's the corporation that manages it.
But generally speaking, three to six months
is probably the sweet spot with 90 days to 120 days.
And again, depending on the group of people.
So this thing, these digital nomads that I learned about,
they might show up, they might be there as little as a month,
they might be there more two, three months,
but again, it depends on who it is.
If you're renting this out to an entity
and they're filling it, that's one thing.
If you're, for example, making sure that you're near hotels,
you're near corporate hubs, you're near universities,
you're near military bases, all of these,
you're looking for one to two bedroom condos,
you're looking for townhomes,
you're looking for small single family homes.
And if you can provide that,
you're gonna get people probably
in the three to six month range.
Okay, that really allows for the type of planning
that you wanna do when you're running your numbers.
And yeah, so perfect, thank you very much for that.
Now, I know that we have to wrap up
and time flies by on these focusing calls
and I have so many questions for you.
So I'm gonna quickly ask you just a couple of questions
from the chat that we have here.
Rosario asks, can a tenant suddenly claim regular rental
and then you're under the RTA in Ontario?
So people who know me know
that I will never answer a legal question
because two reasons, I'm not qualified
and you wanna get the answer from your local authority
because we are broadcasting today
to the entire United States and all of Canada
and the local laws will govern the use of midterm rentals.
So I'm gonna encourage you Rosario's
just to check the local rules
and wherever they have their short-term rental,
their long-term rentals, et cetera,
it would be managed in a way,
it would be managed in your case of the RTA more than likely
but again, find out what their rules are on midterm rentals
and you'll find them a lot more flexible
than short-term rentals.
You usually find them very similar to long-term rentals.
Now, does that mean you can have squatters,
you can have this, you can have that?
Listen, it's still up to you to work with a legal team,
make sure your contracts are good,
make sure your tenant verification is top tier.
I can't begin to tell you when I do my three-day bootcamps,
we spend a good amount of time learning
to be a great landlord that doesn't have problems.
So I learned that directly from Scott McGillivray
who literally told me from thousands of units,
he couldn't count on one hand
how many evictions he's had to deal with
and that just shows what an amazing landlord he is
as far as a technical aspect.
So become a great landlord and know what you're doing
and rent to the right people
for what it is you're actually doing.
Like if you have a corporate lease,
it changes the game completely
because corporate leases don't fall under the RTA
in the same way.
So again, do your research, do your due diligence,
this is the type of thing if you haven't done it before,
definitely do your homework on it
and then familiarize yourself with that
and because you're Key Spire members,
get together with your coaches
and have your coaches walk you through some of this
so that you don't make some of the mistakes
just like anything else you haven't done,
you're gonna make mistakes if you're not paying attention
and it's a really great opportunity
to generate more revenue from existing long-terms
and when you're looking at new midterms,
you'll find that some properties will now make sense
that didn't make sense before.
So just keep all of that in mind,
it's definitely a great question,
I'm sure it was on everybody's mind.
Yes, thank you very much, I appreciate that
and the last question that's in the chat,
I'm gonna say that it would summarize doing your research,
it kind of branches off of that,
what the tenant profile is going to be.
The question from Ed is, can I use a four bedroom house?
Would you like to maybe speak to that a little bit, Stephen,
before we end the call today?
Yeah, absolutely.
And if I was coaching you, I would say you can use a four-bedroom house, but I wouldn't.
Because it's more space than most mid-term rentals require. A four-bedroom house is
phenomenal for short-term rental, but could also be phenomenal for university rental,
for college rentals. Because depending on the local bylaws of how many unrelated people you're
allowed to have in the same dwelling, for example, you might be able to have eight unrelated people
in the same dwelling. You could have two per bedroom. You have eight people each paying
a much higher rent than one family would normally pay. That could make sense,
although we don't consider college rentals as mid-term rentals. We consider them annual rentals.
But nonetheless, since we're talking about rentals anyways, that's where I see it
coming into play, is doing something like that. Now, does that mean that a company
would not be interested in a four-bedroom? If you have a four-bedroom already,
not most people. The upside, like I always find the silver lining, the upside is
most people don't use them for mid-term rental. So if you did do a little bit looking around or
did market a little bit, you might find somebody who says, oh my gosh, we've been looking for a
four-bed rental for mid-term. This is perfect. So it's not a black-white answer like everything
else in real estate. It's not black and white, but I can see an opportunity for you.
And I can also see in looking for new ones, I wouldn't look for four bedrooms. I would look for,
as I said, like one to two-bedroom condos, townhomes, small single-family homes. Those
are the ideal ones, semi-detached, make sure they're furnished, put your money into the mattress.
And obviously there's other tips and tricks that go along with that and use inner circle folks
to be able, I'm sure a lot of our members have done midterm rentals, use the brain trust that's
inside the inner circle to feel out some other things that we're not able to touch on today
in the short time that we have. Yeah, absolutely. Thank you. I could talk to you forever about this.
There's a lot of feedback in the chat and unfortunately we don't have enough time to get
to everyone, but Stephen, I feel like we could just talk about this. We're probably going to
have to do another weekly focusing call just to cover the rest of our bases. So I'm going to take
this opportunity to thank you, Stephen, for joining us today. You have been truly amazing.
You're an inspiration and you've really opened my eyes to the possibilities that I haven't
otherwise considered. I want to thank everyone on the call today for joining us. This has been
a treat in my opinion. I think Stephen is just a wealth of knowledge and we all thank you very
much. You're getting a lot of positive feedback, thank yous in the chat, Stephen. So thank you all
for joining us. I hope you guys have a wonderful and productive week. Take care everyone and we'll
see you next time. Thank you, Stephen. Take care. You too. You're welcome.