Real Estate: How an 'Investie' AirBnb Partnership Created Instant Cashflow
Episode Summary
This week, we're revisiting one of our favorite conversations from last year. Lisa W. and Alison H. are a pair of "investies" (friends and investment partners) who put their brains together to create a real estate investment partnership in the form of an Airbnb in Austin, Texas, which led to IMMEDIATE cashflow for both of them.
Episode Notes
This week, we're revisiting one of our favorite conversations from last year. Lisa W. and Alison H. are a pair of "investies" (friends and investment partners) who put their brains together to create a real estate investment partnership in the form of an Airbnb in Austin, Texas. With Lisa's home equity, and Allison's interior design skills, they were able to collaborate on an ideal short term rental which led to IMMEDIATE cashflow for both of them.
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Transcript
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Hi guys, it's Caro Factora’s podcast editor. Today is week four of a six week series where we feature incredible women of color in the factorial community, celebrating their money wins across the board. This conversation from last summer is actually one of my all time favorites, in which Allegra chats with Alison and Lisa, a pair of investies, which is our word for investment partners and friends in the factor community, who worked together to make a slam dunk Airbnb rental unit in Austin, Texas. This conversation is incredible for a lot of reasons. But there are two major ones that I want to highlight super quickly. First, I love how specific this conversation is. We learned exactly how Allison and Lisa got this home up and running, including who contributed why, how much the glow up cost and what they're making from the rental now. Second, I love this conversation highlights a fundamental principle we talk about all the time at vector A, which is that any person has at least one of three assets to offer Time, money or talent. If you have time, you might want to partner with someone who has money or talent. If you have talent, like maybe you're an incredible amateur interior designer, then you might want to partner with someone who has money or time to help you. This conversation highlights this principle pretty perfectly. I hope you learn as much from this conversation as I did, and I will let Allegra take it away.
This is Allegra Moet Brantley and you're listening to the coffee and coin podcast where women talk wealth. I'm the founder and CEO of Factora, a company on a mission to lead 1 million women to 1 million in net worth. Because when women have more money, we'll have more power to be the change we want to see in the world. If you're ready to hear real women share their real numbers and investment journeys and have a sneaky feeling you should be doing a little more with your money, you are in the right place. Just sit back, relax and turn me up.
All opinions expressed by Team Factora and podcast guests are solely their own and do not necessarily reflect the opinions of Factora Incorporated. This podcast is for informational purposes only and should not be used as the basis for investment decisions. Team Factora and podcast guests may maintain positions in the securities or investments discussed in this podcast.
Welcome back to another episode of Coffee and coin. I have Allison H and Lisa W on the pod with me today. Welcome.
Hi, thanks for lycra.
I'm so happy to be having this conversation. This is our second investies episode. And we created the term investies because we thought there needed to be something that encapsulated women coming together and doing cool shit around money together, right? Like you're going to talk to your bestie about anything and everything but your investie you're going to focus on a financial topic or an investment. And you all have partnered and done something really awesome, which we're gonna get into in this episode. But first, I would love to know, Allison, where are you from originally? And where are you based? Currently?
I am originally from Minneapolis, Minnesota, and I moved to Austin, Texas about eight years ago now.
And what about you, Lisa?
I'm originally from Chicago and I moved to Austin 20 years ago. So I live in Austin, Texas now and have been.
You are a real Austinite I know that when I lived in New York after five years, I was like, okay, no one's trying to sell me bus tickets. So I'm officially a New Yorker. But I feel like everyone in Austin that I meet has been here maximum five years. So 20 years is awesome. You got in early on the secret. Absolutely. And
I've seen a ton of ton of Austin change. So it's a fabulous city. Happy to be here.
So okay, Alison, talk to me about what it is you do for work and how much you earn doing it because I just want the audience to get a little frame of reference of kind of what you two are about before we get into your investie partnership.
Yeah, so I left the corporate world and I knew that I had a big dream of getting into real estate and I've always loved design. And Airbnb when I was little I always said I wanted to be an Airbnb. Well Bed and Breakfast toast. So I'm making that dream come true every day. I would consider myself a freelancer in the real estate and short term rental world. I love design. So that's my main focus right now is getting people ready just like Lisa who have a empty space and need to make it a really impactful and smart investment strategy. So I help them from everything from start to finish with amazing design that works With Airbnbs, and all of the strategy that comes with it,
I love it. And what about income for your freelance world?
Yeah, so I am pregnant. And I started this endeavor right when I found out I was pregnant. So it's a little bit shifting right now. But this year with my maternity leave, because I have some passive income of my own with Airbnb is I'll be making around 60 65,000 I
love it. Okay. I also just realized when you were saying your dream as a little girl was to have an Airbnb, and then you stopped and you're like, I mean, bed and breakfast. I've been half the people who hear the name b&b on the end of Airbnb, don't realize that that stands for bed and breakfast. Lisa, what about you? What do you do for a living? And what do you make?
Sure. So I'm a user experience designer and researcher, and I work for a consulting company called McKinsey. So I've been doing that since the beginning of the year, my income is 145,000, with some bonuses, probably at the end of the year, but I'm not sure how much those would be. So it's a great living. I love being a UX designer.
Awesome. All right. Now I would like to take it back, as we always do, and the meaning of these episodes to your first money memory. Do you know him? What do you got? Who wants to start?
I know mine, I've been always kind of a hustle and bustle, or since I was little, and we had a neighbor in my neighborhood growing up, and I would always go over to her house. And she would offer me like candy and money sometimes to walk her dog Tilly. And so I would I would do that as much as I can. I expanded to our to our cul de sac and saved up money to buy whatever I wanted at the store, whether it be like a remote control car or something like that. So standing a little business of my own, that was my first money memory, because my parents were like, if you want it, you can save for it. But my allowance just wasn't enough. And I needed to look outside my front door. So
and we're both obsessed with dogs. So that makes total sense that you started a dog walking business at a young age. Lisa, what about you,
my first memory or one of them is my mom's ex husband would come around and visit every once in a while. And you know, they were having adult conversations. I was small, I don't know, maybe nine years old. But I do remember that he would always bring like some quarters. And it was just drop off like a little bit of money. Like I think it was just this spare change around that he put it a little ziploc bag and give it to me. And so after a while, I just started looking forward to his visits, because I knew I'd get just a few dollars with the quarters. And all of that was saved into an account. And I remember after maybe it was like a year, a year and a half of saving, I was able to buy my own bike. And that was such a big deal. For me, it was just like, wow, I took this money. And I saved it over time and bought this thing that I really wanted, which I didn't think I could afford as a kid. What
a good lesson and delayed gratification. I feel like we've we've lost that a little bit as adults and with the power of the Instagram algorithm that's like, Oh, this is what you want, right? Frickin now. And we're like, yeah, and we can slap it on a credit card. So we could also just buy it right brick, and now when it's being served up to me, but I love that you were like, there's a big thing that I want. So I'm not gonna buy the little stuff along the way.
Yeah. And also the power of loose change.
For sure, for sure. Okay, so talk to me about how you guys met and became investees sure I
can take that one. So I had this house, which was my primary residence. I bought it back in 2007, which if anyone remembers on the podcast was when the financial crisis was about to really hit was the end of the year. I think 2008 was really the worst of it. And it was my second home. And I loved it. It was a great, great place. I wasn't really that concerned about the financial crisis, I didn't really know about it. And I've lived in it for almost a decade. And then I wanted to rent it out because I wanted to move downtown. And so it's one of those money moves you do just because you know that you can like I knew I could rent it and cover the mortgage. And I wanted to be closer to the center of town. So this house is about 20 minutes from downtown. And when I did that, then COVID happened. And I moved in with my boyfriend. So here I had a little complicated story. But I had a couple of properties that I needed to deal with ended up moving out of the apartment, but they needed to rent the home. And I'd been renting it as a long term rental and had been really curious about Airbnbs. And can this property actually be more profitable because it was basically breaking even, like the mortgage wasn't very high, because I bought it 10 years ago, or more. And but still, it wasn't really like cash flowing. And so I went to the Factora community, I went on Slack and I said who can help me because I just started this job in January and time was really of the essence. I did not have the ability to do it myself. And I really thought go to the fact to our community. That's where I'll find the support and the help and the advice that I need and That's why I found Alison. And she was like, I can design I have experience in this, I can set it up, I can get you from empty house to a beautifully designed house and launched in a couple of months. And that's exactly what she did.
I remember that message coming through on Slack. And I immediately at handled Alice, because He's the first person that comes to mind with a project like that.
I'm so glad it worked out. Yeah. And I knew that I really was interested in the design and setup and I wasn't like so much interested in, like having it be a super long term thing. And it worked out to be so perfect. And it looks great.
Okay, so then talk to me, how did you decide to end up working together? How did this all kind of go down?
We had a we had a first introduction call and I kind of just asked you like, Okay, what's what's going on? Like what is because I didn't know too much. I just knew that you had a house and you wanted to Airbnb it. And so we had a call and learned about learned about your property, and I shared what I would be willing to do. And it ended up being a perfect fit. So we had a call. And then we were up and running pretty quickly after our first call. I'd say I think we signed a contract later that week. Because time
was of the essence for me, right? It was a vacant house. And I knew the longer would stay vacant, the more it would cost. And so when I met Olson and looked at the work, you've done, kind of your resume, like just your experience. I was like, done to done deal. Trust to do and we went for it.
And it's not even the first Factora woman you've worked with. So you already had like a little portfolio to show because I know that you've done this for another Factora woman, you've helped me with my tiny home. I feel like you're my favorite thing. I feel like you're like second name could be like tiny home queen.
Love that.
Okay, so let's get into the deal. I want to hear what exactly it was that Lisa needed? And what are all the details and numbers. And actually, I guess before we get into that I do just want to touch on Lisa, when you were talking about having now two properties and having one that was long term that you weren't cash flowing on. But you were breaking even on like that was still worth it to you obviously because you know, you're 10 years into a mortgage. I don't know, did you have a 30 year fixed on that house? Yep, 30 year fixed, you're a third of the way done. And, you know, this asset is still appreciating. So even though she wasn't getting money out of the house, and it was just breaking even like at the end of that 30 year road, there's a really great paid off asset. But I love that you were like, well, what else could I do? Like how could I make it pay me now? And so obviously short term rental can be a really awesome way to find cashflow, and what a long term rental might not be able to do. Okay, so let me turn it over to YouTube for exactly all the numbers. Imagine that there are women listening who are like, Shit, I have a property I'm not doing anything with or I have a long term renter that's ending soon. And I'm only making, you know, $60 a month after all the fees and expenses of this house. Talk to me about short term rental potential. Well, yeah, we'll
start so like we mentioned, it was a vacant house. So unlike the tiny house was Allison's done, my house is almost 2000 square feet, it's 9019 square feet. And it has an additional room, which I don't think is part of that square footage. So really is over 2000 square feet, three bedroom, two bathroom, and with a large living space, open open space. So there was a lot of design that you had to do and think about as far as going from a totally empty house to you know, the fully equipped bedrooms and dining area and living room. And so I think we had I'd looked at done some research as to how much it costs to like furnish a house. And I think Alison you gave me kind of a flat rate. So it was furnishing the home as you saw fit with everything that Airbnb needed. Plus your fee kind of rolled into one as a flat fee, which I thought was great because then I kind of knew like when we're done, this is how much it'll cost. And then from there, we'll take it to the next steps.
Yeah, and I wanted to keep it all wrapped into one because I think that's what I would want. I think it's easy if it's you know from the towels that you're going to need the sheets that you're going to need to having furniture that works in Airbnb having it all wrapped into one plus the service end of it, it's the best way to go. And so I believe the fee was 14,500 for everything
when you say everything you also meant like the guide that you produce, you helped me automate the front lock. There are hours of consultation involved in that as to how to set up the Airbnb. You hired the person to do the cleaning and kind of doing with a handyman like it really was like a full service package and one which I think really puts you heads above other people that were just offering the design. I think you're offering not just interior design for Airbnb ease but interior design plus all of these things that as a new Airbnb person I just would not have been able, like I just didn't know.
Yeah, and the strategy that comes with that too. I want to It could be anytime I work with a client, I want to treat their house and their property like I would mind. And you got to work smart, you know, to make it a really great investment because the guests notice that and it paid off big time for those reasons. So
it's something else I heard Lisa say was, okay, I have this property, but I don't have a lot of time have a new job. And so I want to try this new endeavor into Airbnb and short term rentals. But I don't really know much about that. And I don't have time to fully furnish this house, figure out how we're gonna get a cleaner, how we're gonna get guest not just contacted, but also happy with their stay. So like the guidebook they were talking about, I also have a guide book for my tiny home, which includes nearby coffee nearby best restaurants, you know, anything that they could possibly want, it's right there on the counter when they walk in. And that's such a special touch. If I had been setting up my own Airbnb, it surely would not have that. Because I had my own Airbnb in New York. And I was like, just, you know, text me if you needed a restaurant recommendation. And then usually it wouldn't be it for our so this is such a high level of service that we're talking about. But okay, so then it cost that lump 14, five to get the house furnished and set up and ready. And then I'll also I'll just say this, like, it's not just furnishing a bedroom, it's having like spare linens and all the towels. And it's just so many things that you can't imagine when you're putting these together. But then, what's next? Like? Do you manage that property for her? What's the management fee, I know that there was a little bit of renovation you came up against, because I remember following this and seeing a bathroom go from drab to fab. So talk to me about any additional stuff, you may have hit and, and those numbers.
So there was a bathroom that had some the the cocking was old, and the tile was dated. And the bathtub fixtures were lacking.
It was gross, it was just like it was a main bath. And you're just like, I think this will really impact how people like perceive your property or properties Great. This bathroom. Not so much. So thank you for being really kind but it was gross.
Well, and I when I walk through a house for the first time and I'm in the process of doing this for my my own property, since we just moved into a new one, I'm going to be Airbnb that I look at it like I would like a Karen would look at it. And you know, you're not going to redo an entire house just for Airbnb. But the things that are going to make a huge impact is important to do. So I recommended that we found a contractor and got it done. I don't have his exact price off offhand. But we can look that up. And so we did some judging to the guest bathroom, and it looks beautiful now and we didn't even do a full renovation. We just did new floors, a new toilet and a new shower.
It was just lovely to talk with Allison about like, what is the cost benefit of that right. So a bathroom remodel is one of the things that does improve your home value. So I saw it as just an investment in the property itself. But also if it makes a better impression for the Airbnb and can nudge up you know, the ratings or not jump to occupancy. That obviously was worth it. So it was a lot of the home hadn't really been upgraded. The kitchen was not upgraded, the bathrooms were not upgraded. And it was built in the 80s. So it was a bit dated, but well maintained. But I think this was a great like talking over with you Allison. I decided Yep, it's totally worth it. I think in the end it was something like 6500 and also got new commodes so in the end, I think it was about, I don't know, under 8000 somewhere between seven and 8000 to redo the one bathroom and to replace the two timeouts.
Love it. I personally look at bathrooms. I look for the bathroom photo when I'm staying in an Airbnb. I don't know if that's a woman thing or a me thing or what but our house also had a very old bathrooms situation that was uncomfortable for us to even live in because it was a clawfoot tub, which you know sounds lovely if you're going to be bathing but regular life you're showering and so it was just kind of funky and not great. And as soon as we changed out those photos for the renovated bathroom, we were actually able to charge more immediately. So that was a great benefit as well.
I was gonna say another aspect of what Allison provided is that she had a professional photographer come in she staged is the wrong word. But you made all of the photos like you had items out and art behind them like just the way the photos were art directed. And the lighting in there was just beautiful. Like I was so amazed at the photography that you and the photographer
were able to do. It's really good. But yeah, the stage momming The house Before the photographer comes is what I call it, putting a laptop out on the desk making it, I think it's really important to make it look like there's someone there because it kind of tells the story. So that lures people in without them realizing and
often touches, right? Because you use an Austin artist. So in the dining room, there's literally when you walk through the door, you can see through the house and into the dining area. And you put two really large artworks there that are often artists, which I thought was fabulous.
Alison, do you have it so that people can buy the artwork like you had in our tiny? No,
so I do not. Those weren't selling so well. So if anyone's interested, I do still have it in the guidebook, if they're interested to let me know. But I don't have the tickers underneath there anymore.
I guess people aren't necessarily coming to buy art they're coming to just see in a city,
I think the appreciation still is like the biggest part of it, if they can, you know, experience that which which is still very much there.
So talk to me then about how it's going. When did you start actually Airbnb doing it? And how much cash flow are you making? And I don't know if we ended up saying Allison's property management fee and what's included in that, but I'm sure people would love to know what short term management fees are like.
Yeah, so the plan was to have it be an all inclusive fee for getting getting the house done and put together and the consultant part of it. And then Lisa was like, you know, this, this job is a lot right now, I'm going to be focusing on that really heavily. What do you think I should do? And I was like, You know what, I'm expecting a baby in October, I can give you until September. And so I'm ending up managing it for her. So that wasn't our initial plan, but it works out perfectly for me and my situation. And I enjoy it. I love her house. Because you know, I put so much into it. It's I very happy to do that. So my fee for treating us as my own. And I make it my you know, absolute vision to make sure they get five stars for every guest, which we have so far. Yeah, that is 25%. And so that covers absolutely everything. Lisa really wouldn't have to lift a finger. And
so 25 and everything meaning like new toilet paper,
toilet paper, paper towels, have a little goodies when when guests have kids coming, I'll like to like, bring some coloring books, things like that. Make them just up the guest have a personal connection with them. And yeah, so everything and that covers the cleaning fee is separated and goes directly to the cleaner. But yeah, every everything I change up the air filters, and
yeah, she calls me and she's like, I'm heading to the house or I'm just now leaving the house, I just feel like like you're saying you take care of it as if it were your own. I think he took a four o'clock in the morning call from a tenant who couldn't get in, because maybe it had a little bit too much to drink and things like that which with my job I would not have been able to handle. But now that you've been running it for a couple of months now I will before I take over, like like you said five star reviews across the board. I feel like I've gotten a running start and the handoff. She will definitely give me lots of training as to like what's working, what isn't working, the cleaner will be established. Like I just feel like you've just made it just easy. So easy.
That's the goal seamless way for everyone to benefit. So
let's get into the numbers. How how's it going so far? How much do you charge? And how much are you making total? And then you know, what's net going to you Lisa?
Sure. How should we do this? Allison? So we have totals for June and July because July is already booked. And obviously June has just now completed as far as the rates the rates fluctuate, right? Because you using a software that helps you kind of
write Yeah, so I yeah, I can talk about how we find prices and that sort of thing. I like to get as much as we can. But also, you know, you have to play the game. You don't want to price yourself too high and then not get bookings. So I use a combination of, you know, my market knowledge for the Airbnb area in Austin combined with using a tool to help price it's called price labs. So I use the combination of amazing technology that aggregates data from all over the short term rental markets and my knowledge myself. So that combined really gives us an edge and we're able to make the most possible income. And so for June, we started like at the very end of May, so we don't have to really include that. But for June our total income so far is well gyms closed out so it's 4638 and two 54 cents. That's the gross. And then for July, it is 5354.
Wow. So what's kind of the average nightly and I know that it's going to change a lot based on what you said kind of the predictive pricing, whether there's something going on an Austin or not. And obviously a weekday is very different than a weekend. But just so that listeners know, like a three bedroom house that's well decorated in Austin, what's kind of the range?
The average daily rate for June is 221. And for July, we are at 243.
Awesome. So listeners, if you're coming to Austin, and you need a three bedroom place, well, we know of one, but we're definitely on the hook for around 220 per night. And then Okay, so what's the net going to Lisa? And how different is that then what you were doing before with your long term renter?
Sure. So the net for June was $446.11. So that was just straight up after all of the expenses after paying for the cleaning fee, Allison's management fee everything before I was making about the same when I was renting it out, my mortgage is around 1500. And that's principal, interest insurance and escrow. But I think because Alison's managing it right now, you know, a chunk of that is for her. So if I were once I take it over a month, like June, I would have made net $1,300, like $1,305. And so July, and that's after paying your mortgage and everything, after paying the mortgage after paying, you know, the Google Fiber and the electricity, like all expenses included, I would have net 1300 bucks. And for July, that number looks even better. So currently, the net income with all the expenses, including the management fee is $1,200 in profit. Wow. And if once I'm under managing it myself, it'll be like 2200. Wow, significant upside. I've yet to see what the downside is, I don't know, right? This is the peak of the summer season and Austin. But just out of the gate, I'm so happy. This is great. This is what I'd hoped would happen.
I love it. Okay, so So then how do you stay accountable to this goal and this investment? And I'm also wondering, when you guys initially met Alison, were you able to provide any insight into how much she might be making off of this? I mean, because it really is hard to know. Like, I can't imagine anyone could get it right. And I know that Allison is very knowledgeable about the market. But it's like, it depends on the season, and the guests and the reviews and the like a lot has to fall into place. But did you kind of talk about what you were hoping to see for Lisa?
Yeah. So I know on our first call, I gave you a very generalized comps type of information. So running comps, looking at what your competition is in your neighborhood. What do they have their houses like? Are they actually making bookings? Or is their calendar booked when you look at Airbnb can say, Ooh, this person is charging 400 night when really they are getting one booking a month. And you know, so that's not entirely accurate. So using my knowledge of actual market rates, use that. But I think the biggest part too, is knowing that when you can give a guest quality, a quality experience and making it a really inviting warm, charming home, that's going to bring you so much more than just looking at the numbers. And so I think that is equally as important to focus on and make sure that you're consistent with your quality and really giving them that awesome customer service. And those will show in the reviews, we just had a guest say, you know, I was kind of hesitant to booking a place with no reviews because we're a newer listing. And so when they booked there, there was no reviews. But she looked at some of the other ones and looked at the house. And she specifically said that was why she booked. So proof is in the pudding there.
It definitely feels like an art and a science for sure. Because it's hospitality and how much of it is subjective. Also, before reaching out to Allison, just to decide whether I should Airbnb or whether it was just the kind of an entrant into Scratch or whether it should just go back to long term renting, I looked at a company called Air DNA and their rental iser feature which allows you to put in your specific address and for free, you don't have to pay for their subscription at all. They give you some like estimate of kind of the annual revenue that your property could bring in. I actually found that to be encouraging, but it was really like 40% over well maybe not anymore, but it was really overinflated. And so I think that number is like take it with a grain of salt, like nudge it down by you know, a to 80% or 70% just to make sure you're kind of within that safety zone, but it was encouraging enough to give it a shot.
And so as you prepare to kind of do this handoff, Allison to Lisa, how are you guys just staying accountable to you know, making this A full investi experience because we'll always remain in besties. But you know, this house is coming to an end. And also do you have a name for this house? I feel like Alison you always name all your little Cassie does.
Yes. So this is the Kapono casa,
does it mean anything?
It's it's it's an alliteration and I love alliteration. So there's that. But yeah, there's not too much more meaning behind that.
Allison and I are actually currently looking at the same spreadsheets, we've got a Google Drive spreadsheet, where she put we put in all the numbers. So I see the guests How many nights they stayed? The total Airbnb payout, the cleaning fees, and so I feel like I have the exact same information that she does. I know exactly how much is owed to her. At the end of each month, we can look at projections forward, like we have this running all the way through, you know, October, which already have bookings for October, which is amazing. And September and August. And so we can kind of just see going forward, what point does it meet the threshold of like, hey, now we're into profitability. We've gone from the red to the green, which I think is exciting for well, it's definitely exciting for me, but I think Allison, I think you also get a kick out of it. Like, yes,
I definitely get excited as well. And like, yeah, it's a game and you know what I mean? And so yeah, definitely transparency across the board for for the transfer over of, of kind of passing everything off to Lisa, there's been complete transparency, so far. And so when we have weekly, we have pretty much weekly calls, since we started. And so with those, you know, give little tidbits along the way. And if if something comes up, I'll say, you know, this is, this is what I did, this is a learning and things like that, give her some warning of what to expect with those like four in the morning type of calls. Because I think it's good to let people know what to prepare for for sure. Because it's such a profitable thing to do, but you have to be mentally prepared for for that. And that doesn't happen too often. So making sure that she's on on the same boat every we had a Email Setup from the jump that was in Airbnb email. So I have access to the ring, the August lock that we use the shared Google Docs, and I think that's a really great help. Because all she'll have to do is, you know, just take me off that email, and she'll have everything set up, we have like a login and password document. So it should be a really smooth transition as far as that goes. And then I'm always there, if she needs me afterwards. So we'll do like an official transfer over day of, okay, this is everything. And I'll probably do like an hour of like, okay, this is what you'll expect, when you get this kind of question. The great thing is, is you have a kind of a ramped up, start already, you have a bunch of great reviews, I think that helps a lot, because getting that traction is one of the hardest things. So I think it worked out really perfect in that way to have me kind of help with that ramp up period. And you know, the customer service side of things, you can see how I've responded in the past. And I think you'll be very good to go once once that time comes,
I just want to repeat to listeners in case they may not have caught this because you said it. So in passing. But just and make sure that I understand too. But when you created the coupon casa, you also created its own email. So you could attach a ring, which is a video doorbell, and then also the lock the custom lock that they have. And like all the tech things can be attached there as well as their Google Sheets where they're tracking all of the income and expenses. So I actually think that's a really great idea for anyone who's listening, whether they're doing this on their own, just kind of separate it out of your personal email, because it's a lot I mean, I am constantly getting, we have Airbnb managers. And yet, I am constantly getting all of the alerts to my email. And I almost wish that I had a separate email for it. So I want them like I want to be able to check in and see that our management service is responding to everything, which they're they're pretty good about. But I also didn't want to in my inbox so that that's such a great idea. I love that.
And we also are co hosts on Airbnb, right? So you're talking about full transparency like I'm able to see all the communication that goes back and forth. I'm able to see the calendar, but I'm kind of shadow person like I'm not engaging with the the guests, but I can see everything else is doing and kind of learning just by kind of watching what what she's doing and how she communicates with people. It's great.
Alison, I feel like you've created a hybrid. Instead of that I feel like right now there's DIY Airbnb, or there's higher management service, Airbnb, there's not really a have someone set you up for success and then roll it over to you so that you can make that additional like Short term management fee if you eventually have the time to dedicate to it.
And that's exactly what I wanted to do. I wanted to make it, I wanted to empower people, because I think people, you can get really afraid of doing something like this. And, you know, the past people, I've worked with Christine and John, they're amazing. And I said, if you're wanting to do this yourself, like, don't be afraid that you can, you can do this, you know. And so yeah, that's exactly what I want to continue doing for people.
And also, I mean, let's share with the audience, how long have you been doing this? Because it sounds like you've been doing this for 10 years of a career like you got into this, how long ago and have become so proficient at it and what amount of time so
I left the corporate worlds, I was in the corporate tech world. Oh, gosh, 20, the end of 2019, right when COVID hit is when I left. So I'm making big moves. COVID hit, I'm like, Okay, what do I do, I initially was wanting to get my real estate license. And that is still something that will very well might be part of my arsenal in the future. But I love this. I would always give people hotel cards when they checked into our Heath coat hotel when they came over to visit. So really, I mean, my whole life. I've wanted to do this. But the design an Airbnb, I worked with an Airbnb management company, full time management was not my cup of tea, I wanted to empower people. So I've been doing just this since really since I got pregnant. So we found out back in February, and that is when I left the full time management world. And it's it's worked out perfectly, but I've had a lot of experience with Airbnb. I had my own Airbnb. So I've been in the Airbnb, short term rental world for a year in some months.
I love it. I mean, that's just proof that anyone can put their mind to something and go in a whole new direction.
Yeah. And I didn't even know that's what I needed. Right? I was looking for something from the Factora community. And I'm like, Who can I really thought I was looking for a property manager and didn't really think about the whole startup process. And I think, Alison, when we talked and you said, this is what I offer, and I'm going to hand it off to you was indeed empowering. Because I'm like, good says great, you know, I will see it happen. It'll be modeled for me, I'll be able to kind of take a look at what you're doing and learn from you. And then feel very confident to take it over myself. Which is great.
I love it. Well, is there anything else that you too would like to share about your partnership or your wealth circle experience that could help inspire other women? And actually love? You guys didn't even take the same? Well, circle. Right. Lisa, when did you take yours?
I took mine in spring of 2020. I was many circle 22.
And then I was in YouTube years
like a year later. Yep. So spring 2021. Okay, so I love
that you guys didn't even know each other from your personal well circle, and then found each other. But anyways, I just ate up my question, which was any last words of wisdom you'd like to share, we have an upcoming fall well circle. So you know anything with your experience, or the community that you feel is noteworthy.
I think it's just so important what we were talking about before empowering people to, you know, take control of their properties, you can do it, you can work with a knowledgeable partner, and you can make a lot of income and you can make it very profitable for yourself. So don't be don't be afraid. Analysis, paralysis is your worst enemy and find a good person to work with and you can do it.
Exactly find the right person to work with, you can still be afraid you can still make the big moves and be afraid it's fine, because you've got someone to talk to. And I feel like we really are like, you've been such a support for me. And I did want to mention around the theme of empowerment is that you're introducing your sister to the work that you do her sister, which it just makes me so happy that you're training her to do the same and that there'll be more people that do this very niche thing, which is so valuable and so useful. Yeah, she's
my she's my little apprentice, and she's going to be running my Airbnb business for me during my maternity leave so I can actually have a maternity leave. And yeah, it's it's great. And that's, that's what's going to be able to keep keep this going for me so
well. I love it. Thank you both so much for coming on coffee and coin and sharing your investie experience. I will see you in the Factora community. Thank you so much. If you enjoyed this episode, come join us in a well circle. It's our live online 12 week course and community where we teach you how to create a personalized financial plan alongside hundreds of other women building While it will change your life and your money for good, you can apply at factorawealth.com forward slash wealth circle. That's factorawealth.com forward slash wealth circle. See you in the next episode.