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If you're able to start getting into
real estate investing, it may not replace

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your income the first year, but
by the year five you should be well

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on your way to leading the nine
to five grind. Because if you think

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about it, let's say you make
sixty thousand dollars a year. Okay,

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well that's roughly five thousand dollars a
month. You know a good airbnb somewhere

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would pay that, and if you're
managing that yourself, then you've replaced your

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income. You're listening to Carrie Letz's
Financial Survival Network, where you get valuable

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00:00:30,879 --> 00:00:36,359
information you just can't find anywhere else
to thrive in today's trying times. You

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need the Financial Survival Network now more
than ever. Go to Financial Survivalnetwork dot

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com and get your free newsletter and
gift. Financial Survival Network now more than

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ever, and welcome you are listening
to and watching the Financial Survival Network.

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I'm yours, Carrie Lutz. Hey, you think about getting into real estate.

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Maybe you've had a couple of brushes
with it in the past, but

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you're not quite sure what to do
and how to do it. Well,

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I've got a fellow attorney on with
me, written a book, a book

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that you're definitely going to be interested
in. Highly recommend it. It's called

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Replace your Income and it's by Brian
Boyd, the attorney in the Great State

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of Tennessee. Brian, thank you
for coming on the show. I know

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you're a fan and it's great to
have you on. So when you say

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replace your income, what does that
mean exactly? Yeah, and that's a

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great question. A lot of people, you know that they have to be

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tied to the nine to five job, and you just don't. If you're

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able to start getting into real estate
investing, it may not replace your income

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the first year, but by year
five you should be well on your way

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to leading the nine to five grind. Because if you think about it,

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let's say you make sixty thousand dollars
a year. Okay, well, that's

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roughly five thousand dollars a month.
You know a good airbnb somewhere would pay

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that, and if you're managing that
yourself, then you've replaced your income.

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Now you get into this idea of
scaling and you put two or three airbnbs

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together, then suddenly you're making a
lot more than you were at year nine

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to five by managing those properties.
But if you're notged in the airbnb market.

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You know, buy a duplex and
live in one side, rent out

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the other, and that's a great
way to house hack your way into real

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estate investing because the other side of
that duplex is going to pay part of

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your mortgage, is it not?
I think the answer is clear. It

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is. Moreover, the tax benefits
associated with real estate investing cannot be found

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in any other asset class that I
know of. And you're an attorney,

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you're a former New York attorney.
You know this is as well as I

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do. That real estate investing provides
you a tax incentive to invest and provide

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housing for people that otherwise can't afford
it. Now, I say that understanding

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that people are out there listening.
What do you mean people can't afford it?

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Well, there is a need for
affordable housing in this country, and

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if you're able to meet that need, you'll have grateful tenants. You'll be

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able to purchase additional properties and continue
to scale, And I think that's where

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you'll see the rewards of real estate
investing, not only through depreciation and cost

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aggregation studies that will all set your
income, but you'll also create generational wealth

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there's no other asset out there than
does this all right, So when you

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talk about airbnb, though, hasn't
that sector gotten very saturated? Is it

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harder to make money at it?
Now? I seek your You've got a

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point there that there are certain markets
throughout this country that are saturated and it's

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a lot more difficult now to make
good money. But in cities like Nashville,

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Tennessee, where we are the bachelorette
capital in the world, metal tab

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Yeah, you're gonna get run over
by a pedal tavern if you get on

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town. But those properties in the
airbnb market in nashvilltonn See are doing just

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fine. Another example of properties doing
well in the short terminal market is Gatlinburg,

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Tennessee. That place remains in the
top ten of every list out there

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for great investments in short term rentals. Blue Ridge Mountain, Georgia, there's

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another great location. So I would
say, well, go find the right

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location, find the property, and
I think you're going to be just fine.

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Now, are you going to be
in the same profit range that you

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were during COVID people were looking to
get out of their houses and go somewhere.

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No, but that's for everybody.
But there are still good markets for

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short term rentals. So what kind
of cash on cash return can you get

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from an airbnb in the places you're
talking about. So let's just use one

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that I just did. I just
bought a place in downtown Nashville. We

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did a ten thirty one exchange from
a triplex in Knoxville. Flip that over

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to an airbnb in Nashville, and
we're going from making thirty six thousand dollars

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a year in rent for that triplex
to a historical number of one fifteen to

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one hundred and twenty thousand dollars a
year for the airbnb in Nashville, Tennessee.

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So you know it's a substantial increase
for you. Okay, So but

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you've got higher management costs because you've
got to clean this place and you got

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it linens, you got to sure, you got dishes in it, you

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got to and people with it,
all the things right, right, So

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it's much more management intensive. How
do you manage it? Well, we

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have a property manager for that one. He takes eighteen percent. But if

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that property kicks out one hundred and
twenty thousand dollars a year, let's say

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sixty thousand dollars goes immediately to pay
the note, and then another eighteen percent

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from there. So let's say we
end up walking with fifty thousand dollars.

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That fifty thousand dollars is profit to
us that exceeds thirty six thousand dollars we

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were capped at in Knoxville. Right, So we've increased our revenue, even

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our net revenue I think. And
by the way, not only that,

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but we've stepped up our basis to
do a cost segregation study to depreciate the

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asset. So we're going to shelter
all that money anyway, it's a great

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way to go. Okay, So
and how much did you put down on

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that property? You go, we
put two hundred and twenty six thousand dollars

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down on that property. And so
what's the net cash flow on it?

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The net cash flow after we pay
for the note and the property management fee,

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it's probably kicking out three thousand dollars
to four thousand dollars a month net

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after everything's paid. That's pretty good, pretty good. So that's like a

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twenty five percent the cash on cash
return. Yeah, I mean it's look,

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it's not like it's down on the
Vegas Strip. It's not one of

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those kind of properties. Is not
a penthouse property. But for Nashville,

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Tennessee, it's a good little earning
property. And who could use it an

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extra forty eight thousand dollars a year? Right? Heck yeah, heck yeah.

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So what are the things that people
do wrong when they go into the

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airbnb market? Yeah, that's a
great question. I'm glad you asked it.

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They tend to overbuy. They they
go and they look at a property

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and they're like, oh, this
is perfect. It's a four bedroom,

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four bath, it's got a half
bath, it's got a pool, it's

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got a hot tub. Well,
there's a certain niche in the airba world

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that will stay there, but it's
not going to be consistently rented because if

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you have four bedrooms, four baths
or they're probably talking at least eight people

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stayed, right, and how many
groups of eight do you typically have?

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Not a whole lot? Those Those
sound like party houses, is what they

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sound like. I am encouraging people, Hey, buy a two bedroom,

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two bath. You know, you
and your kids go for the weekend,

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spend one hundred and fifty bucks a
night. You know, you get a

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whole house and that will be a
great little earning properly for you. Don't

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swing for the fences. A'm small, mist small. Buy the small house

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that you know is going to generate
good money, it's going to pay for

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itself, and it's gonna kick out
a little bit of profit every month.

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If you can do that and get
comfortable with that, then think about scaling

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up. But too many people just
want to go swing for offences and then

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suddenly they've got a house that's not
renting and it's not paying for itself.

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That's not a great investment. You
need to look at the numbers. You're

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a numbers guy. Look the numbers
don't lie. Do the numbers. Do

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the numbers? Do the numbers?
Hey? So what about the concept of

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rental arbitrage? Oh? Man,
I know quite a bit about this.

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A lot of people are cracking down
on this rental arbitrage. And while I

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think it is a phenomenal business plan, I mean you've got to be really

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smart to have gotten into that.
I think it's probably going to go away.

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A lot of these buildings that they're
renting these units and are getting wise

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to it, and they know you're
not actually staying in this property, and

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the hoas are cracking down on it. Owners are cracking down on it because

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instead of having one tenant in one
unit, you're getting multiple tenants on a

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regular basis, and the wear and
tear is going up. So a lot

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of the owners are saying, hey, stop that, and that's not what

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we rented this stright, right,
But there are people who perhaps you're having

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problems renting at a single family home
in a non HOA community and someone comes

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along and says, hey, I'm
going to do this, and I'll pay

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you an extra one hundred or two
hundred dollars a month to do it,

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then it's kind of win win,
right, Yeah, absolutely could be.

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It just depends on what is tolerance
level for you know, the wear and

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tear that goes into your unit,
right right, Yeah makes sense. But

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hey, then you get to all
the benefits of the airbnb, being an

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Airbnb host or hostess without the initial
upfront investment. Right. No, that's

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true. I mean it's really it's
going to take an economic analysis for you

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to decide is this worth it for
you? Because you could become a SuperHost,

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right and you don't even own the
property. And then you start scaling

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your SuperHost across multiple platforms with houses
here, apartments there, penthouses there,

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and look, it's a great way
to make a living. I know people

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are making a killing doing Airbnb arbitrage, but there is a crackdown on it

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right now, especially as Airbnb in
the short term rental market has kind of

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pulled back and you know, last
eighteen moments, it's not quite as lucrative

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as it was, and so you
just got to figure out is it worth

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it to do this? Yeah,
and so if you're not owning the property

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and you're just gonna arbitrage. And
we should specify rental arbitrage as when you

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rent a property rather than buying it
with the sole intent of renting it out

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as an Airbnb, realizing the difference
in the monthly rental that you pay from

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the daily rentals that you get on
Airbnb, and obviously in certain places works

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better than others. You want high
demand. You know. When I look

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at the pages, though, like
in Florida, it looks like everybody in

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their uncle our airbnbing their properties.
You know, do you wonder No,

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I am, I think you're right. You know, I was in Miami

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last fall and you know, whenever
I go to a town, I try

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to figure out what's going on in
this town to the airbnb's And there's some

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gorgeous properties in Miami that I know
aren't owned by the airbnb host because there's

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one guy I was falling on social
media and he was like, a I

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don't own it, I just arbitron. And you know this one particular guys

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like, look, I'm netting ten
grand amarn't. I'm like, well,

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that's wonderful. But to your point, I think Florida is full on Airbnbs.

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There's a popular destination called thirty A
down on the Gulf Coast, and

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you know, I know people that
have multiple properties down there because the rental

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market is so strong for short term. So it's yeah, Florida is a

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great place to invest if you're looking
to invest, but be careful about the

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saturation of the market, and maybe
it's better to go to less popular destinations

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like Miami, Fort Lauderdale, you
know, West Palm Beach, Yeah,

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Slee Lessert, the lesser traveled ones. I mean, I have a friend

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who's making six figures she owns or
well, it's funny story, Brian,

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she bought her home, single family
home. It had been added on to

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it's in court Saint Lucy, and
she split it down the middle basically and

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put in a kitchenette and it's two
bedrooms, separate entrance and separate driveway.

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And so then she bought two or
three more and it's cleaning clock. Her

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average Delhi rental is one hundred and
sixty five dollars a day, which ain't

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bad. And Scott ninety five plus
percent occupancy rate. Wow, that's that's

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impressive. A ninety five percent occupancy
rate. That's incredible, super host like

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no bad reviews. I always like
to see one or two bad ones because

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that makes your your positive reviews that
much more credible. And yeah, ninety

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five percent. There is even expansion
potential in some of these, you know,

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putting in a pool, putting in
a cabana which wouldn't require a wouldn't

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require rezoning or anything because temporary structure. But you know, just cool things.

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And Port Saint Lucy is like,
you know, but you know what

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it is as people that go there
to visit relatives and all that. Not

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a lot of hotels there. What
about the fact that airbnbs have become as

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expensive as hotels in many places.
Now, well to that, here's what

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I would say is you're getting an
entire house or an entire unit, right,

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it's not just hotel room. You're
getting kitchens and like in some of

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my airbnbs, we have hot tubs, kitchens, game rooms. You know,

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there are a lot of ancillary things. I have one air view b

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that I offer a vehicle with.
So if you don't have, you know,

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a rental you're flying into town,
you can you can rent them when

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that comes with the house. And
so for touro or no, we do

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it straight through the property manager out
there, you know, just gives your

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licensure your give us your license,
give us your insurance, sign this waiver

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and you can use the vehicle.
And we do that because that particular property

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has kayaks that you can go kayak
the river with. And so you get

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that truck, you can put the
kayaks in and go, you know,

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kayak the river. But you know, it's just one of those nice things

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that we provide along with the house. That's pretty cool. I heard of

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people doing it with kayak, but
not direct like that, but that's interesting.

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Hey, So besides Florida, Tennessee, what are the markets who're seeing

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like real growth in well. I
think you saw a lot of growth out

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in Montana over you know, the
COVID years. I think it's started to

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slow down. Bozeman is still growing
pretty quickly, even though they passed an

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ordnance not allowing airbnb in certain parts
of the town. But it doesn't mean

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there aren't private residences that are still
airbing being their houses. So I think

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you're going to see continued growth out
west. You know, the Denvers,

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the Vales, the Bozeman's, the
Missoulas, the boiss You know, people

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want to get out and want to
be in the nature h you know,

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the rivers, the mountains, the
streams, you know, the wildlife.

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You know, you're seeing a lot
of that explosion out west of people just

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saying, hey, we'd like to
get out and see something else. I

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do think that there are still growth
opportunities in places like Tennessee, Texas,

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Florida, South Carolina, North Carolina
over like Asheville, North Carolina. Even

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the Outer Banks region of North Carolina
is a good little market. Charleston,

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South Carolina is a good market.
North Georgia, the Blue Ridge Mountains are

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a great market. I think Austin
is definitely pulling back. I think it

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got oversaturated during COVID, and I
think they're passing ordinances now to limit airbnbs.

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I know Dallas passed one, you
know, in December, basically banning

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airbnbs. So there's still a lot
going on in the country. I know

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people aren't really pleased with California right
now, but California is a gorgeous state.

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It really is. And there are
places within California that, yeah,

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you could probably kill it in their
B and B in your neck of the

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00:19:02,799 --> 00:19:06,720
woods in New York, the Finger
Lakes, Regent gorgeous in the summer,

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gorgeous. You know, is it
Lake George that you guys have up there

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that is you already? I mean, that would be a beautiful place.

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You know. Let's look at Michigan, the Upper Peninsula. A lot of

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people like to go there. There
are still opportunities out there, but you

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got to think outside of the box. You gotta think outside of your region.

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Okay, all right, well,
hey, we appreciate your coming on

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00:19:30,319 --> 00:19:37,240
again. You should check out Brian's
book Replace Your Income and it's on Amazon

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00:19:37,720 --> 00:19:44,079
and sold wherever find books used to
be sold. And got a question for

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00:19:44,240 --> 00:19:48,920
Brian or myself. The email address
is kl at Carrie lets dot complication.

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00:19:48,079 --> 00:19:53,519
Answer quick and Brian, just tell
us your site where we find you.

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00:19:53,960 --> 00:19:59,359
Yeah, you can find me on
social media on Instagram at Brian T Boyd

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00:19:59,559 --> 00:20:02,920
and that's also on TikTok. If
you want to find me on Facebook,

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00:20:03,079 --> 00:20:06,359
it's Brian T. Boyd. You
can just type and replace your income.

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00:20:06,359 --> 00:20:08,880
It'll pop up. If they need
to talk to me for a legal issue

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00:20:08,960 --> 00:20:12,839
or tax related matter. You know, I'm at Thompson Burton. It's a

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00:20:12,880 --> 00:20:18,039
firm here in Middletonnessee, and they
can find me here. That's where I

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00:20:18,039 --> 00:20:22,880
am right now. And not to
mention your main site, which is a

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00:20:23,039 --> 00:20:29,440
Briant Boyd dot com and the link
is in the show. That's this interview

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00:20:29,519 --> 00:20:33,079
on Financial Survival Network dot com.
While you're there, please sign up for

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00:20:33,079 --> 00:20:37,680
your free newsletter. Brian A total
pleasure, Thanks for stopping by, Thanks

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00:20:37,720 --> 00:20:41,279
for having me here. I appreciate
it. Thanks for listening to Carrie Letz's

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00:20:41,279 --> 00:20:47,920
Financial Survival Network, your solution to
today's trying times. For the latest,

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00:20:48,000 --> 00:20:53,599
go to Financial Survivalnetwork dot com.
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