October 14, 2025 • 27 mins
When Scott Morse’s Airbnb bookings started to slow down, his cash flow became unpredictable. He needed a more consistent way to generate income from his properties. That’s when he discovered the power of renting by the room.
In this episode, Scott shares how he converted his former Airbnbs into co-living rentals and why his cash flow is now more consistent, and even higher than before.
He explains how he finds tenants, how he manages his rentals with very little vacancy and how easy the turnovers are between tenants.
Scott also walks us through the changes he made to his houses to make them work for co-living and compares his Airbnb revenue to what he’s earning today.
Scott also shares how he's finding deals today.
https://rentalincomepodcast.com/episode543
Thanks To Our Sponsors:
Ridge Lending Group - Making investment Mortgage process simple and stress-free.
MidSouth HomeBuyers – Turnkey Rentals In Memphis & Little Rock. Instant Cash Flow On Day One. (Priced between $100,000 to low $200's)
Rental Accounting Software Made Easy. Free 30 Day Trial.
In this episode, Scott shares how he converted his former Airbnbs into co-living rentals and why his cash flow is now more consistent, and even higher than before.
He explains how he finds tenants, how he manages his rentals with very little vacancy and how easy the turnovers are between tenants.
Scott also walks us through the changes he made to his houses to make them work for co-living and compares his Airbnb revenue to what he’s earning today.
Scott also shares how he's finding deals today.
https://rentalincomepodcast.com/episode543
Thanks To Our Sponsors:
Ridge Lending Group - Making investment Mortgage process simple and stress-free.
MidSouth HomeBuyers – Turnkey Rentals In Memphis & Little Rock. Instant Cash Flow On Day One. (Priced between $100,000 to low $200's)
Rental Accounting Software Made Easy. Free 30 Day Trial.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The inspiring interviews with Today is Top Landlord, this is
the Rental Income Podcast, and now damnly.
Speaker 2 (00:09):
Scott, tell me what happened with your airbnbs.
Speaker 1 (00:13):
Yet, we needed more consistency as the kind of the
market's gotten tighter, and I think really American duallets have
gotten tighter. The amount of bookings that we were getting
weren't what they used to be. And so we started
looking at some of our other performing assets and we said, hey, man, listen,
if we take this exact same property, get rid of
the airbn by a bottle and move it into co living,
(00:34):
we should be able to convert these underperforming properties that
scare us every month into something that actually can put
cash in our pocket.
Speaker 2 (00:41):
Scott is consistently profiting anywhere between fifteen hundred and two
thousand dollars a month on each single family property that
he owns, and on the show today, we're going to
figure out how he's doing it. We'll talk about ways
that he's maximizing revenue. We'll talk about what he's looking
for in a property and how he's finding deals. Today
(01:03):
we'll also talk about the platform that he's using to
find tenants and manage his properties and we'll talk about
how he's managing his properties from outside the country. Scott
is currently living in Columbia, but he's managing properties in
both Virginia and Florida. Joining us on the show today
from Columbia is Scott Morris. We'll take a quick break
(01:25):
to thank our sponsors. We'll come right back and we'll
talk to Scott. It's a lot of work to find
a really good rental property, and when you actually find
that property, you want to make sure you're working with
a lender that can get that loan closed. The lender
that I recommend is jay Ley Ridge from Ridge Lending Group.
She's a nationwide lender and her specialty is helping investors'
(01:46):
finance rental properties. She has a ton of loan programs
and she can find something customized to you for your situation.
If you want to find out more or you're ready
to get started today, just go to Ridgelendinggroup dot com.
That's our Idge Lendinggroup dot com and MLS four two
zero five six. Are you thinking about investing in rental
(02:08):
properties but maybe you don't know where to start. My
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(02:31):
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(02:55):
I've bought five properties from them and I couldn't be happier.
If you want I want to talk to someone that's
been through the process, feel free to reach out to me.
I'm happy to answer any questions or if you're ready
to get started, just go to midsouthome Buyers dot com.
That's midsouthhome Buyers dot com. Scott, So, what happened? So
the airbnbs were working great, they were making lots of
(03:18):
money and then things just kind of changed.
Speaker 1 (03:21):
Yeah, I'd say probably almost a year year and a
half ago, I think we saw some words start to
appear on the wall, as they say, the writing's on
the wall, and we held through it, and we held
through it. But the booking ratio, the amount of rooms
that are available, everything, and I mean every place in
Florida that we had a property, all of them systematically
(03:42):
started seeing drops. Even during like really good performing months,
we all of a sudden had vacancies that we never
had before.
Speaker 2 (03:48):
Why do you think it was? Are people just staying
at hotels or are they traveling less? Like why did
things drop off?
Speaker 1 (03:55):
I think a lot of it is kind of Airbnb fatigue.
You know, what started was a really great product, and
it still is a great product. I think they have
consistently not only gotten the reputation, which is probably worse
than the actual part, but I think people just feel
like they're so feed to death and there's some other
operators out there that really are sticking it to the
guest that has started to get this reputation. At the
(04:17):
simultaneous time, the economy is kind of constricting a little bit.
I think people just aren't willing to be nickeled and
dimed on something like this where they get either a
surprise fee or just a surprise experience.
Speaker 2 (04:27):
To the negative side, so when your bookings dropped off, like,
were you thinking, Okay, we got to pivot, we got
to do something else, or did you think maybe it's
just a slow month and things are going to turn around.
Speaker 1 (04:40):
You know, I can genuinely say in the beginning, I
was just a little bit in denial because the margins
still there were better than a traditional single family. So
you know, it was performing better than our single family.
So even if it drops, hey, it's at least dropping
to the same as the rest of this asset class. Genuinely,
I didn't envision that they would start to underperform my
traditional law terminals.
Speaker 2 (05:00):
Right right, All right, well, I want to talk about
what you did to pivot, but let's talk about your
portfolio real quick. What does your portfolio look like?
Speaker 1 (05:09):
Not the biggest in the world, but we have just
in residential properties, we have forty two rentals. On the
non commercial side of that, there's a handful that are airbnbs. Still,
we're six co living properties right now, and then the
rest are still long term that we're considering either pivoting
ultimately if the municipality allows it, into co living, or
(05:33):
ultimately just sitting on them and peeling them off when appropriate.
Speaker 2 (05:36):
So we So some of the airbnbs are still doing
good or have you just not gotten around to they're
all doing bad?
Speaker 1 (05:43):
Yeah, they're all doing bad. There are enough to still
kind of pay the bills. But what what the forces
us to do is just hold on to them just
so that way we can cover what we're in for
it and then just sell them in the future or
put them on the market. And but none of them
are something that I I'm proud of it this moment
where I don't think, Man, if I could co live
in this place, i would, but it just doesn't allow.
Speaker 2 (06:06):
Right, Okay, all right, So tell me about the co living.
So are you finding a group of people to rent
a house or do you just rent out each room
to just random people?
Speaker 1 (06:18):
Yeah, it's definitely the random people. And it's super cool.
Like I didn't even know this concept, Like I had
heard of hostels and boarding houses and all these other
verbages before, but I'd never heard of like a true
traditional co living where I walk into the house and
then there's a bit of a commons area, but I
go to my room and there's a fingerprint little scanner
on my room, and only I can enter my room,
and it's like, okay, cool, because in this economy right now,
(06:41):
we're seeing a lot of people who are just like, hey,
I'm kind of not necessarily down on my luck, but
I need a place where I can kind of recalibrate
for a month or two, or maybe even just a
week or two. It is what it is, and so
that's how it works. It's literally like you'll come in,
you'll go choose one of our properties. Well, you put
you through this really neat process to protect us and
(07:03):
also protect our other value guests, and then you get
your room. You get the utmost privacy, and it's already
furnished and it's a it's a good, safe, clean place
for you to stay by the week.
Speaker 2 (07:12):
And so by the week, so are people literally like
in and out constantly or do people kind of get
settled in and stay for a while.
Speaker 1 (07:22):
You know. I think it's one of those life preservers
that once you have it on, you kind of almost
get comfortable. Like I know, there's a lot of people
that come into these thinking they're only going to be
there for a week or two. And I think what
I hope that we provide is such an economical value
that it's like, Okay, I'm paying this per month, where
else can I really get it? Yes, it's a small place,
(07:44):
but this is a nice house. It's in a great
part of town, and so I think they just get
acclimated to it. And so we'll have people that are
in there literally from the moment the very first time
that we open the doors to the public.
Speaker 2 (07:54):
And do you have to change the house because I
imagine if you have an airbeing be and it's set
up for a family or a group or something, there's
like a certain look that you're going after, where when
you're renting by the room, I imagine it's different. So
do you have to reconfigure the houses?
Speaker 1 (08:15):
Definitely have to reconfigure the houses. You know, the objective
is not and this may sound bad, but there's a
really good reason why is we don't really want a
commons area. There really shouldn't be a congregation point, and
so what would normally have been a living room most
of times that's getting converted out. There's obviously washers and dryers,
(08:36):
and there's a place to cook, a refrigerator, et cetera,
but there's not this kind of like hangout area, and
so you're you're conforming to maximize the square footage while
also maximizing privacy and safety. And so I would just
say is that, yes, we do. We change the layout
more than we improve the quality. For an airbnb, you're
(08:56):
putting you know, AstroTurf in the back, a little puputt,
you're doing all these great things. You have people paint
murals in the rooms. You're not doing that with co living.
The thing is is can they have a safe and
private place amongst strangers?
Speaker 2 (09:08):
Wow? Okay, so there's no living room in the property,
there's no dining room. Those become bedrooms.
Speaker 1 (09:15):
For the most part. Yeah. Again, it's to limit the
interactions and it's it's really just to provide everybody the
ultimate kind of safety. And everybody knows each other. And
what's really cool about the platform that we do our
co living through is you actually get to leave ratings
on your neighbors or you know, your housemates and so like,
and if you wanted to kind of complain about somebody,
you could do it anonymously back through the app to me.
(09:38):
And then I could you know, reach out to and say, hey, listen,
we've had some concerns about x Y or Z or
if they're doing something bad, I get them out of there.
And so it's it's really cool because it's almost like
you're on a team of people inside of your house
who are all vested to make sure it's a good experience,
because if you have a bad guy or a bad
girl who's destroying the property or leaving a mess, then
they're gonna quickly report it to you because they don't
(10:00):
want to live in that type of situation.
Speaker 2 (10:02):
Is it a lot more of work for you, like
just constantly showing the property to people, dealing with maybe
some of that drama. Is it just more work than
an airbnb?
Speaker 1 (10:15):
No, No, not at all. I think that people on
vacation who haven't been to the beach in a long time,
and yeah, I don't know. I think some vacationers are
a rare breed, some of them that they can be
just as unique to deal with as somebody who's doing this,
because I think too, we're helping people who need help,
(10:36):
and when you need help, you're not quick to kind
of bite the hand that's helping you. And so no,
I really would say it's not more work per se,
and it's definitely more enjoyable.
Speaker 2 (10:46):
And for the bedrooms in the house, like getting rid
of the living room, dining room, Like how many bedrooms
are you putting in each property?
Speaker 1 (10:55):
So I have one that we just closed on Tuesday
of last week, and it's a three bedroom, like eighteen
hundred square feet or so. We'll be turning that into
a six bedroom, one of them being a really small bedroom.
The other five ultimately will be the bigger ones, and
they'll have different price points, right, So like the one
(11:16):
with an indoor shower not a community shower. Those two,
because there's two with their own private showers, those we
rent for more week. The ones without they have to
go to the community shower. It's different. So we just
make sure again that there's always a really nice room
and all the rest are kind of just like baseline,
because you will get a situation where somebody who needs
weekly for a month or two, they're going to nursing school,
(11:38):
they're a family member sick, and they're going to go
visit them. They don't want to do the hotel experience,
but they also want something a little bit nicer than acceptable,
and so those will always keep one really good rock
star room.
Speaker 2 (11:50):
What about zoning? Is that a problem? I get that,
do any of the counties have problems with you having
so many bedrooms and having people as so many people
in there.
Speaker 1 (12:02):
Yeah, you know, I haven't ran into it. I know
of it, and I think that I also know of
a lot of people who were operating co livings in
these places with restrictions against it. I'm personally not And
the overarching truth is there's such a need for affordable
housing that more and more counties are coming online to
this concept, and I think that's almost what needs to
(12:24):
be done. The issue becomes like street parking and driveway parking,
and that does it look like there's a parking every
day of this house, et cetera, et cetera. So there's
communities that are a lot better for it, like the
one that we just did. It's a six bedroom. It's
literally the first house off of the main thoroughfare, and
there's a bus station right here, and so most of
the people who live in there actually probably won't have
a car, maybe two or three. There's plenty of street
parking there, but the rest of them are going to
(12:46):
rent this because of its proximity to the bus line,
so they can go to the casino and do their
daily job come back, boom, and then that that's how
the city needs it because there's not enough affordable housing
in this particular area. The community kind of accepts it
because it's going on already.
Speaker 2 (13:02):
Let's take a look at some numbers. So with with airbnb,
Like when let's talk about one of your properties, So
when it was an airbnb, how much were you profiting
on it?
Speaker 1 (13:14):
Yeah, when people ask that question, I say what month,
what year, because it's it's probably the most volatile. Like,
we also do self storage with my business partner in Orlando,
and we actually had a he sent me a photo.
Actually I saw it on Instagram firston and then I messaged him.
But he was like, he said, said something about one
of my pipes busting our rentals today because it was corroded.
(13:35):
And he said, I never have this issue with self storage.
And I'm like, man, he's so right because some of
the inconsistencies that we got with let's say Airbnb, we
never had with long term or these other ones. So
the long story short is I always tell people on
you know, one in particular, we might be in a
bad month. You know, we were maybe five hundred profit
(13:56):
to the after mortgage and expenses and everything, and a
great maybe fifteen hundred or more, but it was never consistent.
It wasn't like I knew that we could peel off
x amount at least over the past year or so,
just the consistency fell through the floor.
Speaker 2 (14:10):
And so with the co living, so it is way
more consistent. You've got even with people turning over sometimes
every week, you're filling those properties or those rooms right away.
Speaker 1 (14:24):
Yeah. I don't know if I've ever had a back
to back one week at a time. The one week
thing really doesn't happen much at all. But the turnover,
because it is just a square, small room is really easy, right,
you know, it's not like I'm turning over a whole house.
I'm doing carbets, I'm doing repainting everything. No, like, as
long as they treated the room good, we're going in there.
We're turning over and making it clean ready to go,
(14:45):
and then it's on So it's really really quick. We'll
get it done in a couple of hours. It's not
a big deal to turn over a room.
Speaker 2 (14:51):
Just a good cleaning and then and then you get
when you put it on pad split, you get people
right away that are looking to rent it.
Speaker 1 (15:01):
Yeah, it's a great point. So that is the platform
that we've chosen to use. We've analyzed doing it on
our own, and in the particular markets that we're in,
patspl it's like really really popular and so it really
drives all the fulfillment. If we have a room that's
available for any period of time, it's a surprise, and
if I do just tweak the numbers a little bit,
(15:21):
then I'll get it moved. But it's also one of
these platforms where you can see what everybody else is
rent in their room for. So if they're at like
one seventy and I needed mine's been vacant for more
than a week, I just put it up for one
sixty and then everybody in that place gets an alert
new property available one hundred and sixty a week and
then boom.
Speaker 2 (15:37):
And all right. So if you were to look at
your average profit on a regular month with renting on PadSplit,
how much are you making every month?
Speaker 1 (15:49):
So we're in Virginia and Florida, but more I would say,
double than every single single family that I have. And realistically,
you know, I use the one in Florida that we
were talking about before we hopped on this call, it'll
bring in fifty three hundred gross. After pad Split, it's
going to be about forty five hundred to me. So
(16:11):
fifty three hundred forty five hundred. That same property doesn't
even rent for twenty five hundred, you know, So like
you go to Zilo, you cauld see my neighbors can't
even rent theirs for twenty five hundred. So the same
house that they can't rent for twenty five hundred, we're
bringing forty five hundred to us. But really pad Split
was able to help us move this at fifty three.
Speaker 2 (16:30):
Hundred, okay, So I for it's after you pay your
mortgage and expenses, cleaning, whatever else.
Speaker 1 (16:38):
Fifteen hundred, two thousand, just depending.
Speaker 2 (16:40):
Fifteen hundred two thousand, okay. So yeah, so you've got
to consistent fifteen hundred to two thousand versus an inconsistent
five hundred to fifteen hundred.
Speaker 1 (16:51):
Yeah, And it's the inconsistency. It's the part that scares
me the most, because you know, we're all going to
have some type of repairs. There's always going to be
something going on. But if I were a gambling man,
and I don't want to be pessimistic to this at all.
I say, Okay, from the way I've watched the trend
line of the economy, do I see more compression forcing
people into some of these smaller living or do I
(17:13):
see so much less compression that paying for overpriced vacation
rentals with the additional fees out the wazoo is going
to be more of the play. And so that's why
I'm really pushing towards this co living aspect.
Speaker 2 (17:24):
Yeah, yeah, I mean, I think it makes a lot
of sense, and especially if you're in an area where
maybe the numbers are tight and you just can't make
enough money, like this could be a good way to
make a property profitable where otherwise on a traditional long
term rental it wouldn't. So I really think it's a
(17:44):
good idea. So all right, let's talk about finding deals.
So how how are you finding properties today?
Speaker 1 (17:52):
You know, how I find properties and how I think
the average Joe should find properties. I think are going
to be a little bit different. I'm talking can you
from a big, huge real estate office. We have a
ton of outbound cold callers. We're PPC, We're direct to
seller like champions, Like that's how I source all of
mine out there. I'm I'm way way knee deep in
(18:14):
the off market direct to seller vertical for most people
out there, though, if they want to be off market,
they should probably work with like a wholesaler or go
to a really popular wholesaler website. And so when people
come to me like, hey, man, I want to do,
what you do is just don't give yourself a brain damage.
Why don't you buy from guys like us? And then
I always postion them to a website called Investor Lift
(18:34):
Lift and it's a great it's like the absolute best
off market wholesaler, if you will, but off market depot
of distressed properties that will be perfect for most of
everybody's out there bybox.
Speaker 2 (18:49):
So so where like what should somebody target? Like, so,
say someone wants to try to do some direct to
seller deals, what's the best way to find some of
those properties?
Speaker 1 (19:05):
You know, again, it's just really appetite, So talking about
the worst pain. It's cold calling, but it's actually one
of my favorites. I love it. And so what we'll do,
Dan is we'll pull a list, We'll take our zip code.
We'll say, hey, we want to be in Petersburg, Virginia.
We want homes built after nineteen twenty through nineteen eighty
because they're right amount of the kind of rough edges
to them, if you will, and it's got to at
(19:26):
least have two thousand square foot et cetera, et cetera.
So we'll pull this list and say, hey, how about
give us all the divorce, pre foreclosure probate absentee owners
equity of one hundred percent or higher purchase more than
thirty years ago. Two stories like you can look at
all this cool stuff in the data. And then we
pull those lists and then we call those homeowners and
just say, hey, listen, we're local investment company. We're buying
homes there. Just see if you'd be open to an
(19:48):
all cash offer for your property. You got to kiss
a lot of frogs to get the princess, as they say,
but that's what we do, and that's how we're able
to get a lot of those direct to seller deals.
Speaker 2 (19:56):
So I mean, you guys are even you've got a
company where you're doing this, So I mean you're probably
really good on the phone. I'm sure your team is
really good on the phone, but like, how many calls
do you have to make before you find someone that's
willing to sell their property.
Speaker 1 (20:13):
Well, I can tell you that it typically takes about
ten thousand addresses for one deal. Wow wow, yep, like
a real deal, like something you want to take. But
ten thousand addresses. Of those ten thousand addresses, Dan, you're
only going to get a fraction of those people ever
on the phone. So of those ten thousand, maybe you'll
(20:34):
get I don't know. I would say three thousand people
you would get on the phone. Of that ten thousand,
of those, you'd probably generate about twenty interested people who
are open, of which one of those is like exactly yes, Yes,
it's perfect for your buybox, your off mark, low price
(20:57):
works for them. For whatever reasons, everything just matches together.
So I know that it's a big number. There's anybody
who's in this space say it doesn't take me that many.
But I think if you just sat down and said, hey,
here's ten thousand addresses, here's these phone numbers. I'm gonna
call these until I get through these, I promise you
you'll walk away with the deal. That's like gorgeous.
Speaker 2 (21:15):
Yeah wow, that is a lot of calls, And I
mean that almost seems overwhelming for someone to do on
their own. I mean, like the thought of me sitting
down and making ten thousand calls, like, it's just never
gonna happen. I'm going to give up after maybe a hundred,
So I go, what keeps you going to make those
(21:39):
those extra calls? Is it just that you know the
payoff is going to be so good that you're going
to get a ridiculous deal? Is that what keeps you going?
Speaker 1 (21:48):
No, it's a dialer manually dialing ten thousand calls. Yeah,
now you put them bad boys in the dially press play,
sit back, and every few seconds somebody answers wrong number,
right name, blah blah blah, blah blah. It it'll take
you a month. And again this is like worst case scenarios.
But if you could sit down in front of a
computer in a month, like if you wanted to get
(22:08):
six deals added to your portfolio, You're like, I don't
want to come out of really any pocket. I don't
want to spend a lot of marketing, and you know,
I'm willing to put in the legwork. Like I work
for a month, I get a deal, I go flip it,
and I come back to the next third month, and
I work for a month, I get a deal and
then I do my thing. Literally, you could go through
ten thousand records easily as a one man show or
one woman show. Knock it all out on a dial,
(22:30):
or have some breathing room, have good days, have quality
conversations with people, save the ones that we're close for later.
And now you got a pipeline. But it's a really
cool way to not spend a lot of money. And
the same thing happens with people who drop mail. When
they drop mail, you'll drop ten thousand pieces of mail.
You should get a deal out of ten thousand pieces
of mail. That's a way less effort, you know. Could
(22:52):
You're going to get inbound calls on that one, but
the cost are going to be way higher. And so
if somebody's like, hey, I just need to preserve call
and I really don't have, you know, fourteen thousand dollars
to spend right now, what's the cheapest way, I say, Hey, man,
cold calling?
Speaker 2 (23:06):
Yeah, yep, yep, Or like you said, find a wholesaler, find.
Speaker 1 (23:11):
A whole siler.
Speaker 2 (23:12):
Yeah, it's the truth a lot easier. So the last
thing I want to ask you is your living situation.
So you live in Colombia and you're buying rentals, so
your rentals are wearing Virginia and.
Speaker 1 (23:26):
In Florida, Florida.
Speaker 2 (23:27):
Ye, how did that happen? Like, how did you end
up in Columbia?
Speaker 1 (23:34):
I think like most men who end up in Columbia.
It was a Columbian woman. I met my wife. She
went to UCF. I was living in central Florida at
that time, Dan and I met her. She just graduated
college there, an American citizen and stuff already. And when
I got into the RII space, which is only about
five six years ago, actually be six years in January,
which is crazy to think. But when I got into
(23:55):
the space, I was telling her I was having problems
off outsourcing some of my marketing because they were just
doing a really crappy job. Like I was outsourcing some
of them marketing to Pakistan, Egypt, the Philippines and it
was just tough. And she's just like, well, why don't
we just take it to Columbia, Like you'll pay more,
but it's still not going to be near shore on
shore prices, and you know, we can bring jobs back
(24:16):
to my hometown. So literally, like we're in this place
called Patata Columbia. It's in the Coffee Triangle, it's the
middle of the Amazon's and I'm in an office with
one hundred and some hyper fluent English speaking kids that
are working like a job where they're more paid than
any of their friends. And it's just it's been a
really cool opportunity because without real estate, these kids wouldn't
have the roles that they have, and I wouldn't be
(24:39):
able to do what I wanted to do, which is
make an impact to where people were appreciative of it,
but also give me and my family a lifestyle where
it's like, hey, I can do a lot of this
from my laptop. Now I don't have to physically be
in an office. In real estate kind of opened that
door for me into a different channel I hadn't been in.
Speaker 2 (24:55):
So then, how are you managing everything? Do you have
a property manager that's helping you? Are you managing the
properties from Columbia?
Speaker 1 (25:05):
I mean other than a boots on the ground need,
Like I'll have one of my business partners up there.
Just go and stop buy a property like we just
started this one, the property that we just picked up,
the latest one that we've got closed on last week.
I went there one time because I just happened to
be in town. Other than if I hadn't been in
Virginia at that moment, I never would have seen the property.
We got our photos, we ran our numbers, I got
(25:26):
my funding right through KIAVII, and then I'll walk, I'll
go to that property out of curiosity, but I just
don't need to. Like, we do a good enough you know,
virtual inspection, our TC's are here, transaction coordinators, our DISPO
managers are here, a property manager. Everything is done here
internally and with the help of the pad split platform.
It's super easy, so you can do it from literally
(25:48):
anywhere in the world.
Speaker 2 (25:49):
And the tenants pay you through pad split.
Speaker 1 (25:52):
They pay pad split. Pad Split takes their margin and
then the balance goes to me.
Speaker 2 (25:56):
And then you have like the boots on the ground person,
a cleaner, basically exactly to go in there and do
whatever needs to be done. If you want to reach
out to Scott or if you want to check out
his website to learn more about how his company can
help you find motivated sellers, I've got a link to
everything on my website. You can find it at Rental
(26:18):
Income podcast dot com. Slash episode five forty three. I'd
like to thank Chaley Ridge from Ridge Lending Group for
sponsoring today's episode. If you're looking to buy a rental property,
whether you're just getting started or you want to add
to your portfolio, definitely reach out to Chalelee right now.
She's offering a free thirty minute strategy session to help
(26:41):
you get a plan together to build your rental portfolio.
If you want to take advantage of that, just go
to Ridgelendinggroup dot com NMLS four two zero five six.
Thank you so much for checking out the podcast today.
Make sure you hit the follow button. I put out
a new interview you every single Tuesday, and if you're
(27:02):
following the show, you'll get notified when the next episode
comes out. My name is Dan Lane and this has
been the Rental Income podcast
The inspiring interviews with Today is Top Landlord, this is
the Rental Income Podcast, and now damnly.
Speaker 2 (00:09):
Scott, tell me what happened with your airbnbs.
Speaker 1 (00:13):
Yet, we needed more consistency as the kind of the
market's gotten tighter, and I think really American duallets have
gotten tighter. The amount of bookings that we were getting
weren't what they used to be. And so we started
looking at some of our other performing assets and we said, hey, man, listen,
if we take this exact same property, get rid of
the airbn by a bottle and move it into co living,
(00:34):
we should be able to convert these underperforming properties that
scare us every month into something that actually can put
cash in our pocket.
Speaker 2 (00:41):
Scott is consistently profiting anywhere between fifteen hundred and two
thousand dollars a month on each single family property that
he owns, and on the show today, we're going to
figure out how he's doing it. We'll talk about ways
that he's maximizing revenue. We'll talk about what he's looking
for in a property and how he's finding deals. Today
(01:03):
we'll also talk about the platform that he's using to
find tenants and manage his properties and we'll talk about
how he's managing his properties from outside the country. Scott
is currently living in Columbia, but he's managing properties in
both Virginia and Florida. Joining us on the show today
from Columbia is Scott Morris. We'll take a quick break
(01:25):
to thank our sponsors. We'll come right back and we'll
talk to Scott. It's a lot of work to find
a really good rental property, and when you actually find
that property, you want to make sure you're working with
a lender that can get that loan closed. The lender
that I recommend is jay Ley Ridge from Ridge Lending Group.
She's a nationwide lender and her specialty is helping investors'
(01:46):
finance rental properties. She has a ton of loan programs
and she can find something customized to you for your situation.
If you want to find out more or you're ready
to get started today, just go to Ridgelendinggroup dot com.
That's our Idge Lendinggroup dot com and MLS four two
zero five six. Are you thinking about investing in rental
(02:08):
properties but maybe you don't know where to start. My
friends at Midsouth Home Buyers make it simple for over
twenty three years. They've been selling fully renovated, turnkey rental
properties in Memphis and Little Rock. We're talking new roofs, plumbing, electric, kitchens, bathrooms.
Everything is brand new and done right. And here's the
(02:31):
best part. Every property comes with a well qualified tenant
in place before you close. That means you get cash
flow from day one. Plus mid South continues to professionally
manage the property for you after the sale, and they
back it up with two powerful guarantees. You get a
one year total maintenance warranty and a lifetime occupancy guarantee. Personally,
(02:55):
I've bought five properties from them and I couldn't be happier.
If you want I want to talk to someone that's
been through the process, feel free to reach out to me.
I'm happy to answer any questions or if you're ready
to get started, just go to midsouthome Buyers dot com.
That's midsouthhome Buyers dot com. Scott, So, what happened? So
the airbnbs were working great, they were making lots of
(03:18):
money and then things just kind of changed.
Speaker 1 (03:21):
Yeah, I'd say probably almost a year year and a
half ago, I think we saw some words start to
appear on the wall, as they say, the writing's on
the wall, and we held through it, and we held
through it. But the booking ratio, the amount of rooms
that are available, everything, and I mean every place in
Florida that we had a property, all of them systematically
(03:42):
started seeing drops. Even during like really good performing months,
we all of a sudden had vacancies that we never
had before.
Speaker 2 (03:48):
Why do you think it was? Are people just staying
at hotels or are they traveling less? Like why did
things drop off?
Speaker 1 (03:55):
I think a lot of it is kind of Airbnb fatigue.
You know, what started was a really great product, and
it still is a great product. I think they have
consistently not only gotten the reputation, which is probably worse
than the actual part, but I think people just feel
like they're so feed to death and there's some other
operators out there that really are sticking it to the
guest that has started to get this reputation. At the
(04:17):
simultaneous time, the economy is kind of constricting a little bit.
I think people just aren't willing to be nickeled and
dimed on something like this where they get either a
surprise fee or just a surprise experience.
Speaker 2 (04:27):
To the negative side, so when your bookings dropped off, like,
were you thinking, Okay, we got to pivot, we got
to do something else, or did you think maybe it's
just a slow month and things are going to turn around.
Speaker 1 (04:40):
You know, I can genuinely say in the beginning, I
was just a little bit in denial because the margins
still there were better than a traditional single family. So
you know, it was performing better than our single family.
So even if it drops, hey, it's at least dropping
to the same as the rest of this asset class. Genuinely,
I didn't envision that they would start to underperform my
traditional law terminals.
Speaker 2 (05:00):
Right right, All right, well, I want to talk about
what you did to pivot, but let's talk about your
portfolio real quick. What does your portfolio look like?
Speaker 1 (05:09):
Not the biggest in the world, but we have just
in residential properties, we have forty two rentals. On the
non commercial side of that, there's a handful that are airbnbs. Still,
we're six co living properties right now, and then the
rest are still long term that we're considering either pivoting
ultimately if the municipality allows it, into co living, or
(05:33):
ultimately just sitting on them and peeling them off when appropriate.
Speaker 2 (05:36):
So we So some of the airbnbs are still doing
good or have you just not gotten around to they're
all doing bad?
Speaker 1 (05:43):
Yeah, they're all doing bad. There are enough to still
kind of pay the bills. But what what the forces
us to do is just hold on to them just
so that way we can cover what we're in for
it and then just sell them in the future or
put them on the market. And but none of them
are something that I I'm proud of it this moment
where I don't think, Man, if I could co live
in this place, i would, but it just doesn't allow.
Speaker 2 (06:06):
Right, Okay, all right, So tell me about the co living.
So are you finding a group of people to rent
a house or do you just rent out each room
to just random people?
Speaker 1 (06:18):
Yeah, it's definitely the random people. And it's super cool.
Like I didn't even know this concept, Like I had
heard of hostels and boarding houses and all these other
verbages before, but I'd never heard of like a true
traditional co living where I walk into the house and
then there's a bit of a commons area, but I
go to my room and there's a fingerprint little scanner
on my room, and only I can enter my room,
and it's like, okay, cool, because in this economy right now,
(06:41):
we're seeing a lot of people who are just like, hey,
I'm kind of not necessarily down on my luck, but
I need a place where I can kind of recalibrate
for a month or two, or maybe even just a
week or two. It is what it is, and so
that's how it works. It's literally like you'll come in,
you'll go choose one of our properties. Well, you put
you through this really neat process to protect us and
(07:03):
also protect our other value guests, and then you get
your room. You get the utmost privacy, and it's already
furnished and it's a it's a good, safe, clean place
for you to stay by the week.
Speaker 2 (07:12):
And so by the week, so are people literally like
in and out constantly or do people kind of get
settled in and stay for a while.
Speaker 1 (07:22):
You know. I think it's one of those life preservers
that once you have it on, you kind of almost
get comfortable. Like I know, there's a lot of people
that come into these thinking they're only going to be
there for a week or two. And I think what
I hope that we provide is such an economical value
that it's like, Okay, I'm paying this per month, where
else can I really get it? Yes, it's a small place,
(07:44):
but this is a nice house. It's in a great
part of town, and so I think they just get
acclimated to it. And so we'll have people that are
in there literally from the moment the very first time
that we open the doors to the public.
Speaker 2 (07:54):
And do you have to change the house because I
imagine if you have an airbeing be and it's set
up for a family or a group or something, there's
like a certain look that you're going after, where when
you're renting by the room, I imagine it's different. So
do you have to reconfigure the houses?
Speaker 1 (08:15):
Definitely have to reconfigure the houses. You know, the objective
is not and this may sound bad, but there's a
really good reason why is we don't really want a
commons area. There really shouldn't be a congregation point, and
so what would normally have been a living room most
of times that's getting converted out. There's obviously washers and dryers,
(08:36):
and there's a place to cook, a refrigerator, et cetera,
but there's not this kind of like hangout area, and
so you're you're conforming to maximize the square footage while
also maximizing privacy and safety. And so I would just
say is that, yes, we do. We change the layout
more than we improve the quality. For an airbnb, you're
(08:56):
putting you know, AstroTurf in the back, a little puputt,
you're doing all these great things. You have people paint
murals in the rooms. You're not doing that with co living.
The thing is is can they have a safe and
private place amongst strangers?
Speaker 2 (09:08):
Wow? Okay, so there's no living room in the property,
there's no dining room. Those become bedrooms.
Speaker 1 (09:15):
For the most part. Yeah. Again, it's to limit the
interactions and it's it's really just to provide everybody the
ultimate kind of safety. And everybody knows each other. And
what's really cool about the platform that we do our
co living through is you actually get to leave ratings
on your neighbors or you know, your housemates and so like,
and if you wanted to kind of complain about somebody,
you could do it anonymously back through the app to me.
(09:38):
And then I could you know, reach out to and say, hey, listen,
we've had some concerns about x Y or Z or
if they're doing something bad, I get them out of there.
And so it's it's really cool because it's almost like
you're on a team of people inside of your house
who are all vested to make sure it's a good experience,
because if you have a bad guy or a bad
girl who's destroying the property or leaving a mess, then
they're gonna quickly report it to you because they don't
(10:00):
want to live in that type of situation.
Speaker 2 (10:02):
Is it a lot more of work for you, like
just constantly showing the property to people, dealing with maybe
some of that drama. Is it just more work than
an airbnb?
Speaker 1 (10:15):
No, No, not at all. I think that people on
vacation who haven't been to the beach in a long time,
and yeah, I don't know. I think some vacationers are
a rare breed, some of them that they can be
just as unique to deal with as somebody who's doing this,
because I think too, we're helping people who need help,
(10:36):
and when you need help, you're not quick to kind
of bite the hand that's helping you. And so no,
I really would say it's not more work per se,
and it's definitely more enjoyable.
Speaker 2 (10:46):
And for the bedrooms in the house, like getting rid
of the living room, dining room, Like how many bedrooms
are you putting in each property?
Speaker 1 (10:55):
So I have one that we just closed on Tuesday
of last week, and it's a three bedroom, like eighteen
hundred square feet or so. We'll be turning that into
a six bedroom, one of them being a really small bedroom.
The other five ultimately will be the bigger ones, and
they'll have different price points, right, So like the one
(11:16):
with an indoor shower not a community shower. Those two,
because there's two with their own private showers, those we
rent for more week. The ones without they have to
go to the community shower. It's different. So we just
make sure again that there's always a really nice room
and all the rest are kind of just like baseline,
because you will get a situation where somebody who needs
weekly for a month or two, they're going to nursing school,
(11:38):
they're a family member sick, and they're going to go
visit them. They don't want to do the hotel experience,
but they also want something a little bit nicer than acceptable,
and so those will always keep one really good rock
star room.
Speaker 2 (11:50):
What about zoning? Is that a problem? I get that,
do any of the counties have problems with you having
so many bedrooms and having people as so many people
in there.
Speaker 1 (12:02):
Yeah, you know, I haven't ran into it. I know
of it, and I think that I also know of
a lot of people who were operating co livings in
these places with restrictions against it. I'm personally not And
the overarching truth is there's such a need for affordable
housing that more and more counties are coming online to
this concept, and I think that's almost what needs to
(12:24):
be done. The issue becomes like street parking and driveway parking,
and that does it look like there's a parking every
day of this house, et cetera, et cetera. So there's
communities that are a lot better for it, like the
one that we just did. It's a six bedroom. It's
literally the first house off of the main thoroughfare, and
there's a bus station right here, and so most of
the people who live in there actually probably won't have
a car, maybe two or three. There's plenty of street
parking there, but the rest of them are going to
(12:46):
rent this because of its proximity to the bus line,
so they can go to the casino and do their
daily job come back, boom, and then that that's how
the city needs it because there's not enough affordable housing
in this particular area. The community kind of accepts it
because it's going on already.
Speaker 2 (13:02):
Let's take a look at some numbers. So with with airbnb,
Like when let's talk about one of your properties, So
when it was an airbnb, how much were you profiting
on it?
Speaker 1 (13:14):
Yeah, when people ask that question, I say what month,
what year, because it's it's probably the most volatile. Like,
we also do self storage with my business partner in Orlando,
and we actually had a he sent me a photo.
Actually I saw it on Instagram firston and then I messaged him.
But he was like, he said, said something about one
of my pipes busting our rentals today because it was corroded.
(13:35):
And he said, I never have this issue with self storage.
And I'm like, man, he's so right because some of
the inconsistencies that we got with let's say Airbnb, we
never had with long term or these other ones. So
the long story short is I always tell people on
you know, one in particular, we might be in a
bad month. You know, we were maybe five hundred profit
(13:56):
to the after mortgage and expenses and everything, and a
great maybe fifteen hundred or more, but it was never consistent.
It wasn't like I knew that we could peel off
x amount at least over the past year or so,
just the consistency fell through the floor.
Speaker 2 (14:10):
And so with the co living, so it is way
more consistent. You've got even with people turning over sometimes
every week, you're filling those properties or those rooms right away.
Speaker 1 (14:24):
Yeah. I don't know if I've ever had a back
to back one week at a time. The one week
thing really doesn't happen much at all. But the turnover,
because it is just a square, small room is really easy, right,
you know, it's not like I'm turning over a whole house.
I'm doing carbets, I'm doing repainting everything. No, like, as
long as they treated the room good, we're going in there.
We're turning over and making it clean ready to go,
(14:45):
and then it's on So it's really really quick. We'll
get it done in a couple of hours. It's not
a big deal to turn over a room.
Speaker 2 (14:51):
Just a good cleaning and then and then you get
when you put it on pad split, you get people
right away that are looking to rent it.
Speaker 1 (15:01):
Yeah, it's a great point. So that is the platform
that we've chosen to use. We've analyzed doing it on
our own, and in the particular markets that we're in,
patspl it's like really really popular and so it really
drives all the fulfillment. If we have a room that's
available for any period of time, it's a surprise, and
if I do just tweak the numbers a little bit,
(15:21):
then I'll get it moved. But it's also one of
these platforms where you can see what everybody else is
rent in their room for. So if they're at like
one seventy and I needed mine's been vacant for more
than a week, I just put it up for one
sixty and then everybody in that place gets an alert
new property available one hundred and sixty a week and
then boom.
Speaker 2 (15:37):
And all right. So if you were to look at
your average profit on a regular month with renting on PadSplit,
how much are you making every month?
Speaker 1 (15:49):
So we're in Virginia and Florida, but more I would say,
double than every single single family that I have. And realistically,
you know, I use the one in Florida that we
were talking about before we hopped on this call, it'll
bring in fifty three hundred gross. After pad Split, it's
going to be about forty five hundred to me. So
(16:11):
fifty three hundred forty five hundred. That same property doesn't
even rent for twenty five hundred, you know, So like
you go to Zilo, you cauld see my neighbors can't
even rent theirs for twenty five hundred. So the same
house that they can't rent for twenty five hundred, we're
bringing forty five hundred to us. But really pad Split
was able to help us move this at fifty three.
Speaker 2 (16:30):
Hundred, okay, So I for it's after you pay your
mortgage and expenses, cleaning, whatever else.
Speaker 1 (16:38):
Fifteen hundred, two thousand, just depending.
Speaker 2 (16:40):
Fifteen hundred two thousand, okay. So yeah, so you've got
to consistent fifteen hundred to two thousand versus an inconsistent
five hundred to fifteen hundred.
Speaker 1 (16:51):
Yeah, And it's the inconsistency. It's the part that scares
me the most, because you know, we're all going to
have some type of repairs. There's always going to be
something going on. But if I were a gambling man,
and I don't want to be pessimistic to this at all.
I say, Okay, from the way I've watched the trend
line of the economy, do I see more compression forcing
people into some of these smaller living or do I
(17:13):
see so much less compression that paying for overpriced vacation
rentals with the additional fees out the wazoo is going
to be more of the play. And so that's why
I'm really pushing towards this co living aspect.
Speaker 2 (17:24):
Yeah, yeah, I mean, I think it makes a lot
of sense, and especially if you're in an area where
maybe the numbers are tight and you just can't make
enough money, like this could be a good way to
make a property profitable where otherwise on a traditional long
term rental it wouldn't. So I really think it's a
(17:44):
good idea. So all right, let's talk about finding deals.
So how how are you finding properties today?
Speaker 1 (17:52):
You know, how I find properties and how I think
the average Joe should find properties. I think are going
to be a little bit different. I'm talking can you
from a big, huge real estate office. We have a
ton of outbound cold callers. We're PPC, We're direct to
seller like champions, Like that's how I source all of
mine out there. I'm I'm way way knee deep in
(18:14):
the off market direct to seller vertical for most people
out there, though, if they want to be off market,
they should probably work with like a wholesaler or go
to a really popular wholesaler website. And so when people
come to me like, hey, man, I want to do,
what you do is just don't give yourself a brain damage.
Why don't you buy from guys like us? And then
I always postion them to a website called Investor Lift
(18:34):
Lift and it's a great it's like the absolute best
off market wholesaler, if you will, but off market depot
of distressed properties that will be perfect for most of
everybody's out there bybox.
Speaker 2 (18:49):
So so where like what should somebody target? Like, so,
say someone wants to try to do some direct to
seller deals, what's the best way to find some of
those properties?
Speaker 1 (19:05):
You know, again, it's just really appetite, So talking about
the worst pain. It's cold calling, but it's actually one
of my favorites. I love it. And so what we'll do,
Dan is we'll pull a list, We'll take our zip code.
We'll say, hey, we want to be in Petersburg, Virginia.
We want homes built after nineteen twenty through nineteen eighty
because they're right amount of the kind of rough edges
to them, if you will, and it's got to at
(19:26):
least have two thousand square foot et cetera, et cetera.
So we'll pull this list and say, hey, how about
give us all the divorce, pre foreclosure probate absentee owners
equity of one hundred percent or higher purchase more than
thirty years ago. Two stories like you can look at
all this cool stuff in the data. And then we
pull those lists and then we call those homeowners and
just say, hey, listen, we're local investment company. We're buying
homes there. Just see if you'd be open to an
(19:48):
all cash offer for your property. You got to kiss
a lot of frogs to get the princess, as they say,
but that's what we do, and that's how we're able
to get a lot of those direct to seller deals.
Speaker 2 (19:56):
So I mean, you guys are even you've got a
company where you're doing this, So I mean you're probably
really good on the phone. I'm sure your team is
really good on the phone, but like, how many calls
do you have to make before you find someone that's
willing to sell their property.
Speaker 1 (20:13):
Well, I can tell you that it typically takes about
ten thousand addresses for one deal. Wow wow, yep, like
a real deal, like something you want to take. But
ten thousand addresses. Of those ten thousand addresses, Dan, you're
only going to get a fraction of those people ever
on the phone. So of those ten thousand, maybe you'll
(20:34):
get I don't know. I would say three thousand people
you would get on the phone. Of that ten thousand,
of those, you'd probably generate about twenty interested people who
are open, of which one of those is like exactly yes, Yes,
it's perfect for your buybox, your off mark, low price
(20:57):
works for them. For whatever reasons, everything just matches together.
So I know that it's a big number. There's anybody
who's in this space say it doesn't take me that many.
But I think if you just sat down and said, hey,
here's ten thousand addresses, here's these phone numbers. I'm gonna
call these until I get through these, I promise you
you'll walk away with the deal. That's like gorgeous.
Speaker 2 (21:15):
Yeah wow, that is a lot of calls, And I
mean that almost seems overwhelming for someone to do on
their own. I mean, like the thought of me sitting
down and making ten thousand calls, like, it's just never
gonna happen. I'm going to give up after maybe a hundred,
So I go, what keeps you going to make those
(21:39):
those extra calls? Is it just that you know the
payoff is going to be so good that you're going
to get a ridiculous deal? Is that what keeps you going?
Speaker 1 (21:48):
No, it's a dialer manually dialing ten thousand calls. Yeah,
now you put them bad boys in the dially press play,
sit back, and every few seconds somebody answers wrong number,
right name, blah blah blah, blah blah. It it'll take
you a month. And again this is like worst case scenarios.
But if you could sit down in front of a
computer in a month, like if you wanted to get
(22:08):
six deals added to your portfolio, You're like, I don't
want to come out of really any pocket. I don't
want to spend a lot of marketing, and you know,
I'm willing to put in the legwork. Like I work
for a month, I get a deal, I go flip it,
and I come back to the next third month, and
I work for a month, I get a deal and
then I do my thing. Literally, you could go through
ten thousand records easily as a one man show or
one woman show. Knock it all out on a dial,
(22:30):
or have some breathing room, have good days, have quality
conversations with people, save the ones that we're close for later.
And now you got a pipeline. But it's a really
cool way to not spend a lot of money. And
the same thing happens with people who drop mail. When
they drop mail, you'll drop ten thousand pieces of mail.
You should get a deal out of ten thousand pieces
of mail. That's a way less effort, you know. Could
(22:52):
You're going to get inbound calls on that one, but
the cost are going to be way higher. And so
if somebody's like, hey, I just need to preserve call
and I really don't have, you know, fourteen thousand dollars
to spend right now, what's the cheapest way, I say, Hey, man,
cold calling?
Speaker 2 (23:06):
Yeah, yep, yep, Or like you said, find a wholesaler, find.
Speaker 1 (23:11):
A whole siler.
Speaker 2 (23:12):
Yeah, it's the truth a lot easier. So the last
thing I want to ask you is your living situation.
So you live in Colombia and you're buying rentals, so
your rentals are wearing Virginia and.
Speaker 1 (23:26):
In Florida, Florida.
Speaker 2 (23:27):
Ye, how did that happen? Like, how did you end
up in Columbia?
Speaker 1 (23:34):
I think like most men who end up in Columbia.
It was a Columbian woman. I met my wife. She
went to UCF. I was living in central Florida at
that time, Dan and I met her. She just graduated
college there, an American citizen and stuff already. And when
I got into the RII space, which is only about
five six years ago, actually be six years in January,
which is crazy to think. But when I got into
(23:55):
the space, I was telling her I was having problems
off outsourcing some of my marketing because they were just
doing a really crappy job. Like I was outsourcing some
of them marketing to Pakistan, Egypt, the Philippines and it
was just tough. And she's just like, well, why don't
we just take it to Columbia, Like you'll pay more,
but it's still not going to be near shore on
shore prices, and you know, we can bring jobs back
(24:16):
to my hometown. So literally, like we're in this place
called Patata Columbia. It's in the Coffee Triangle, it's the
middle of the Amazon's and I'm in an office with
one hundred and some hyper fluent English speaking kids that
are working like a job where they're more paid than
any of their friends. And it's just it's been a
really cool opportunity because without real estate, these kids wouldn't
have the roles that they have, and I wouldn't be
(24:39):
able to do what I wanted to do, which is
make an impact to where people were appreciative of it,
but also give me and my family a lifestyle where
it's like, hey, I can do a lot of this
from my laptop. Now I don't have to physically be
in an office. In real estate kind of opened that
door for me into a different channel I hadn't been in.
Speaker 2 (24:55):
So then, how are you managing everything? Do you have
a property manager that's helping you? Are you managing the
properties from Columbia?
Speaker 1 (25:05):
I mean other than a boots on the ground need,
Like I'll have one of my business partners up there.
Just go and stop buy a property like we just
started this one, the property that we just picked up,
the latest one that we've got closed on last week.
I went there one time because I just happened to
be in town. Other than if I hadn't been in
Virginia at that moment, I never would have seen the property.
We got our photos, we ran our numbers, I got
(25:26):
my funding right through KIAVII, and then I'll walk, I'll
go to that property out of curiosity, but I just
don't need to. Like, we do a good enough you know,
virtual inspection, our TC's are here, transaction coordinators, our DISPO
managers are here, a property manager. Everything is done here
internally and with the help of the pad split platform.
It's super easy, so you can do it from literally
(25:48):
anywhere in the world.
Speaker 2 (25:49):
And the tenants pay you through pad split.
Speaker 1 (25:52):
They pay pad split. Pad Split takes their margin and
then the balance goes to me.
Speaker 2 (25:56):
And then you have like the boots on the ground person,
a cleaner, basically exactly to go in there and do
whatever needs to be done. If you want to reach
out to Scott or if you want to check out
his website to learn more about how his company can
help you find motivated sellers, I've got a link to
everything on my website. You can find it at Rental
(26:18):
Income podcast dot com. Slash episode five forty three. I'd
like to thank Chaley Ridge from Ridge Lending Group for
sponsoring today's episode. If you're looking to buy a rental property,
whether you're just getting started or you want to add
to your portfolio, definitely reach out to Chalelee right now.
She's offering a free thirty minute strategy session to help
(26:41):
you get a plan together to build your rental portfolio.
If you want to take advantage of that, just go
to Ridgelendinggroup dot com NMLS four two zero five six.
Thank you so much for checking out the podcast today.
Make sure you hit the follow button. I put out
a new interview you every single Tuesday, and if you're
(27:02):
following the show, you'll get notified when the next episode
comes out. My name is Dan Lane and this has
been the Rental Income podcast
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