Use Short-Term Rentals to Break Free from Your Job - w Tony Stancato

Are you bold enough to leave your "secure" job and jump into the dynamic world of Short-Term Rentals (STR)? 

Well our guest today, Michigan entrepreneur Tony Stancato did just that and is thriving. 

It may be your next life chapter.  

Discover the strategies behind his property investment empire, from leveraging tools like AirDNA and Price Labs to his unique property grading system and risk mitigation tactics. 

Tony delves into the crucial aspects of STR, sharing insights on patience, timing, and preparing for the unexpected in the investment journey. 

Connect with him on LinkedIn or explore his offerings at michiganshorttermrentals.com for a deeper dive into profitable property investment.


Tony’s Profile

linkedin.com/in/tonystancato

Email

tony@bookngather.com

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Transcript

Johnny Nelson: 0:02

Hey, hey, hey. Everyone here at the Investing Stuff you Should Know podcast, we bring you expert insights into the world of investing and beyond. My name is Johnny Nelson and today we are thrilled to have Tony Stancato as our special guest. Tony, thank you for joining us today.

Tony Stancato: 0:16

Hey, thanks for having me on, johnny, excited to be here.

Johnny Nelson: 0:19

Amazing man. So Tony is committed full-time to the some people say Airbnb or, more generally, the SDR or the short-term rental space. He was, he had a background, a technical background in production and other things, and he can explain that we're going to get his insights into why he thought he'd go from a probably a well-paid professional job taking care of the family he's got kids, a wife, all that kind of stuff and he committed he was bold to the SDR space in an area where many think, oh, it's too cold, it's too wet, it's not for it, it's not the sunny beach of California and he's killing it, he's crushing it. So, tony, thank you for being here. Give us a little bit of your background, of where you grew up and where you kind, of your professional background.

Tony Stancato: 1:03

Yeah, absolutely so. I grew up in the Cadillac, michigan area it's kind of a small town and then once I turned 18, 19, moved down to Grand Rapids, michigan, and for about 14, 15 years I was in the manufacturing space, 12 of that being in Grand Rapids, and then I got an opportunity to work for Striker Medical in Kalamazoo. So moved to Kalamazoo and put in a couple of years at Striker, but in the meantime, my neighbor in Grand Rapids. We'd always talked about buying a short-term rental and you know. So our thought was let's look for one. We wanted a travel hack. Let's look in Tennessee, florida, the same place everybody else looks right, right.

Tony Stancato: 1:48

We were just looking at these numbers and it just seemed like the home prices were all $500 plus the projections that we were seeing. They were less than 100,000. And so you start running those and it's like it just doesn't really make a lot of sense. So we're like you know what? Let's just cut our teeth in our backyard, let's start looking in. You know, kalamazoo, grand Rapids, look for places on lakes, that kind of stuff. So started doing some digging and my wife just sends us this property somewhere we've never even heard of and it's called Stevensville, michigan. And we're like where is this? And we start looking, we run the numbers and we're like, wow, that's incredible, that can't be right. It's not on the water or anything like that. And, really cool, had a sauna, a hot tub, cool fire. You know, probably the best fire pit in Michigan.

Johnny Nelson: 2:39

Was it set up? Was it kind of just an ejector, Tony? Was it set up as a short-term rental, or was it just? Like it was not, I mean it was, but they would actually use it as a short-term rental and you have an old-time job and Undiscovered and Undiscovered, jim, almost all the amenities in that area that you would want as an FD operator, but just not on the platform.

Tony Stancato: 2:57

Absolutely, and it was under $400,000. And we're like, wow, this is, this is incredible. If those numbers are right, like this could be a real opportunity. So there was four of us that bought it me and my wife, my business partner and his wife and we all went to the inspection. I was the only one that said hey, let's not do it, but I got outvoted so we decided to go with it and so we closed mid-June, had it open for the July 4th weekend and when we got started we were like, hey, if we could get 500 bucks a night, we'd just be to the moon.

Tony Stancato: 3:31

Our first booking came in $1,000 a night for three nights, and we're like, wow, this is incredible. We're not on the lake, we're not on a river, anything like that. It's like literally a 1930s farmhouse with cheap laminate and outdated kids Added kitchen in the middle of nowhere. And it was getting $1,000 a night. And we're like, wow, this is pretty awesome, so fast forward. I mean our best night on that property ended up due in 1650 a night for the weekend, and again astonishing.

Tony Stancato: 4:02

Yeah. So that first year, that first six months, we did 72,000 in gross at that property and so we're like, oh wow, this is awesome. So we started looking at buying more. So we bought another one, and now we're buying multifamilies and converting them into short-term rentals as well. And so, fast forward, we have nine doors. We've actually sold our single families because it didn't fit our criteria. We're looking to manage $30,000, $100,000 properties or more.

Johnny Nelson: 4:34

And you say $100,000, that means you cash, you rock cashflow right Gross rep. Gross rep, ok, sorry.

Tony Stancato: 4:42

Yeah, and we have some smaller ones like a two bed, one bath. It just was never going to do $100,000 in rent, so we've sold those ones. Now we're doing more. We have two multifamily properties and we manage another 12 doors from Soggytok down to new Buffalo.

Johnny Nelson: 4:59

Amazing man, Tell us, describe for the audience and myself, what is the region like there in the Grand Rapids, the Michigan area there, or where you said Bevanville, I think. Just describe like is it like lakes and beautiful like pine or coniferous forest? Like give a thought to that, yeah.

Tony Stancato: 5:16

So it's all Lakeshore area, lake Michigan, and I'll tell you, I post some pictures of the lake there. You would think you're in the Caribbean when you see those pictures. It's just phenomenal. And I'll tell you, I'm over there all the time, probably three, four times a week. I'm about an hour away from the properties that we hold or manage.

Tony Stancato: 5:34

I'm still discovering new beaches, and they just have some of the best beaches in the United States or even the world. So that's the big drop Over 90 minutes, which I call the perfect vacation, driving distance from the third biggest city in the United States, which is Chicago. Yeah, so I would say 75% of our guests are from Chicago, and then Indianapolis and Detroit.

Johnny Nelson: 5:57

That's awesome, man. You told it just to, and we're going to drill into this because I want people to obviously discover or realize the path you took. You're committed to your job and then you're. Did you actually let me ask that question Did you win and did you exit your full-time job?

Tony Stancato: 6:16

So I did exit. So we owned two properties and then we were onboarding two or three more at the same time to manage and we made an offer to somebody else. We're like, hey, I can't be taking phone calls at work anymore and kind of doing this. It just wasn't, didn't seem right, right. So it's like something's got to give. So we made an offer to somebody to join the team full-time and they declined the offer. So I was like, hey, I guess next man up, so decided at that time it was March of last year that I put in my notice. It was supposed to be like a 30-day notice. It takes them a while to backfill, but as of June 10th or something, they still hadn't backfilled. So I actually said, hey, all right, I got to leave and went down to the short-term rental conference down in Nashville.

Johnny Nelson: 7:06

So but that was awesome, man. So you just dropped a bunch of incredible information. So we're all done with that. And it just confirmed was you had enough revenue and maybe it wasn't your first choice. You saw the potential revenue to exit your job. We're going to drill into the details of what to look for, even if it's not near a lake or other things like that.

Johnny Nelson: 7:27

And you mentioned another one. You dropped all these amazing tents and breadcrumbs here, like near a major major city, that where people want to get away from it could just took a major city it could be Vidalis, it could be Atlanta, it could be Chicago. Like a major population area where people need to get within an hour and a half so you're not like driving like six hours. That's quite the time commitment that most people can go in. Just about an hour, an hour and a half away, you feel like you're out of the major metro area. It's fun, it's refreshing, and you just spoke to it just again.

Johnny Nelson: 7:59

Just kind of make a real-life lesson here. You mentioned the bad or the like, the kind of negative attributes of that first property. But what did it have? Why is it generating such amazing revenue? Because I want people to learn that like oh, it's not near a lake out, it's not new enough out, you know it's like all the knots, but what does it have? What should the people looking for? And again, that's a large, large question, but what did you find for this one?

Tony Stancato: 8:20

Yeah, so the big thing is it was an experience in of itself where they, yes, they can go to the beaches for the day and come back, but they're not going to be bored when they're at the property. Again, it had a cell on a hot tub. We converted the two-store oversized garage into a fun room. They had basketball, ping pong, you know just all kinds of fun stuff to do. And then again, the best fire pit in Michigan. I mean eight-foot bare sculptures, carved trees and that kind of stuff. So custom carved benches and all that stuff. So just a really unique property where people can go. And it was two and a half acres, so it's like they aren't you know, there isn't neighbors right next door and they could kind of let loose and have a little bit of fun. And yeah, it was just a fun place.

Johnny Nelson: 9:12

That's amazing, man. And then. So I want people to have a sense of creativity and insight. So we want to like see this conversation with these ideas, these insights that you have, that you've learned, your team has learned, and because there's so many things we can just check out the boxes for and say, oh no, there's none of this. That's my criteria. But, you know, with the right, you know with the inspiration, there may be some value to be unlocked with the right amenity, with the right view, with the right vision, like that's really, really exciting where people like maybe everyone passes on this, that's what that property by, but there's real value to be, you know to be, to be unlocked.

Tony Stancato: 9:47

Yeah, and the hard part is like, obviously, who doesn't want to be on the water right A river or a lake? The problem is you almost double the price of the property by doing that.

Johnny Nelson: 9:58

So that was my next question. That's like, what is that equivalent? You know, roughly equivalent property that's on the water being rented for and, like you just said, like, is that true? Like, so nearly doubled in what you found. So we we manage.

Tony Stancato: 10:10

we do manage one on the water. It does very, very, very well. But what it would cost to acquire that property, it would not make sense as an investment. It is the homeowners. It's their, their fun place. They like to go there, they like to spend time there. You know they block off the most expensive week of the year to go there with family. They don't care. So they just like to offset a little bit of the expenses with some, some revenue. And even with blocking off and not accepting every reservation, they just still just crush it.

Tony Stancato: 10:44

But again it just wouldn't make sense at the purchase price. So here in Michigan I would say, if you're going to buy a place, even not on the big lake the big lake is you're going to pay one and a half million dollars for the lower end and up and you'll probably get anywhere from call it 175 up in terms of you know, rents for that property. Smaller lakes, you're going to get less, less in rent and then it'll probably be at least double the price of a property that's not on the lake Right.

Tony Stancato: 11:16

Right so again, if you can find, if you can get I mean, we just started managing some properties this year that have a pool if you can find a cool place that has a pool, a hot tub, those kinds of things people love that. We listed a place in at the end of July and I think we got 14 bookings in seven days or 10 days, something like that. So if you can find a pool, even though it's in Michigan, the good news is you won't have the pool expense for, you know, eight months out of the year, because it's only open for four months.

Johnny Nelson: 11:47

but you'll drive a little revenue.

Tony Stancato: 11:48

You're probably going to drive 70% of your revenue in three months alone.

Johnny Nelson: 11:53

That's amazing. That's really really good insight, very good insight here. Did you have a I guess I'll turn into a question now that I was thinking? You talked about how you looked kind of in all the normal spots you had your kind of your buy box and you looked in your own backyard and just kind of you kind of uncovered it and unlocked. Did you? When you first kind of grabbed that or saw that, that first opportunity, tony, did you see yourself at something? Did you want to do that, or did it just kind of happen kind of organically and, like you said, you were the next guy out there.

Tony Stancato: 12:24

Did I want to exit? Yeah, so technically I left. I was in a spot for 12 years in manufacturing. I tried to make the leap. Once doing something else ended up having to go back, so naturally you make it back into manufacturing. So it was kind of an industry that I was no longer like having fun in. So once you get that little taste of owning your own business and kind of operating on your own terms, it's a hard thing to go back to.

Johnny Nelson: 12:55

Yes, for sure. Could you share I know this is probably proprietary information can you share your buy box that? You've mentioned three or four things already here. But again, just to kind of give a bullet point of like, how are you looking and find it, what do you look for? And then, of course, when it fits those things, then what are the next steps there after you do find something that fits? Check 90 percent of the boxes that you have.

Tony Stancato: 13:18

Yeah, I can actually share a calculator that we built out for other people.

Tony Stancato: 13:23

We get that question a lot. So we're like you know what? We're going to build a calculator that grades a property based on the way that we look at it, and that's all that is is how we look at it. Somebody else might look at it different and say, hey, this is a great property. But the first thing we look for is again, prices have gone up, interest rates have gone up, so it's a lot more expensive these days to own a property. So what we like to do first thing is hey, that property should project out in revenue 33 percent of the purchase price. So if it's $300,000, we want to see it close in projected rents $100,000. And that's just going to be our rough like hey, how close is it? Should we continue on with it? But if we find something that's like, hey, 10 percent, it's only you know it's 300,000 and it's projected to do 30,000. We're just going to walk away and not even continue looking any further.

Tony Stancato: 14:17

But nowadays it's like, hey, we kind of found our sweet spot. We're not really looking to buy outside of. You know the Saga Tuck down the new Buffalo area. So we're really familiar with that and confident in what it can produce. But after that it's like hey, is it unique? Does it have the opportunity to be unique? If you're looking to just kind of buy a standard home in a standard subdivision and if you're going to do mediocre design and not have fun stuff to do, then it's probably not going to work out for you. So you just really want to make sure that that property can be again an experience in itself and, you know, be kind of a place where people can go. Otherwise you're just competing with hotels, you know.

Johnny Nelson: 15:00

Yeah, for sure. What I've been told is by some other operators in my area, which is Minneapolis, minnesota, with region you know, yes, a lot of lakes here, so there's some similarities to Michigan. Are you targeting larger bedroom counts, like three and above or four and above, or is that something else within the criteria?

Tony Stancato: 15:21

So for what we want to manage and own, we want those properties that are going to do over $100,000 a year in rent. So those almost always have to be larger bedroom counts for it to make sense. But if that wasn't my objective, if somebody else said, hey, I got a smaller budget and I want to get started. One bed, two bed the good thing about those. During the off season and again we have a pretty big off season here in Michigan you can do a lot of midterm rentals, and I was just talking to somebody this morning. We do. You know we get a lot of midterm rentals but a lot of times it's one or two people looking to either come for, you know, maybe they're a nurse looking to work at a hospital or a contractor working to work, but it's almost always one or two people. So if you have a six bedroom, it's going to be really hard for it to make sense for any of it out to someone that only needs one or two beds.

Johnny Nelson: 16:15

Absolutely.

Tony Stancato: 16:16

So it can definitely work. The smaller ones can definitely work for people where that kind of fits what they're looking to do in their budget.

Johnny Nelson: 16:25

Right for sure. What? How you discuss the kind of you started to manage other people's properties, is there something that was part of the you kind of incorporated is in the growth of the company? Did you kind of want to do that? And so three questions here. And then do you see yourself, you know, doing more of that and just kind of baking all that cost into the ones that you own and manage?

Tony Stancato: 16:52

Yeah, we love managing. We love again. We're looking to manage properties. I do 100,000 in revenue or higher, so we're looking to manage more of those premium type of properties. And what was the other? What was the other question?

Johnny Nelson: 17:09

Was that part of the? Did you, I guess, intentionally go there? So first it was kind of like you know, own and manage, and then if you were discussing, you share, like hey, we're actually managing a few others, like that one family that has the late-front property, you know very high-end, you know beautiful, very expensive, you're managing that for people. Is that something that you kind of wanted to grow into and do you see that actually adding revenue? Probably because your your efficient profit fees that are already existing. You can just like streamline that Is. That is that part of the business growth too?

Tony Stancato: 17:36

Absolutely, because most investors their biggest constraint is capital, right, I mean, we can't go buy 30 properties quickly that can do that kind of revenue. So we knew that managing other people's property was going to be a big part of growing the business.

Johnny Nelson: 17:56

For sure and if you don't mind sharing, what is the the management fee I get? I've asked multiple managers here in Minneapolis. I'm about to rent out my own home, or at least part of it, and other. You know students that I have here, that I that I help coach, some are doing, you know multi-family, some are doing Airbnb. What is that difficult? What, what, what, what, what rate are you charging up in Michigan?

Tony Stancato: 18:17

Yeah, I would charge 20% on the nightly rate.

Johnny Nelson: 18:21

Okay, yeah.

Tony Stancato: 18:22

And I know it can go all the way. I've heard of bigger companies, you know, maybe the one of the big three in the United States property, vacation, rental, property managers charging upwards of 34%. Yeah, I also have heard of down in Florida. I think it can go lower to like 12 to 15%. So we're kind of right in the middle there. I would say Michigan it's probably averages 20 to 25%.

Johnny Nelson: 18:47

Oh gotcha, Okay, yeah, so that's awesome. So I love that insight, which I didn't even think of. It was like, yes, like you're going to be limited to your capital, you know how much capital you can deploy to buy your own properties, but how could you grow the revenue of the business and, like you said, you know you can take out other properties and get that cut? What tools have you found to be the most instrumental? Or maybe just like mainly online tools, Tony? What are some of your favorites? That's something else people always want to know Like, oh, using, you know, AirDNA or these other, these other platforms. What are some of your go-to tech tools?

Tony Stancato: 19:19

Yeah, so AirDNA, what is the? What we use for? Like the rough projection initially. Again, when we get to that 33% rule of the purchase price, that's the tool we're using to just get a rough gauge on whether that makes sense or not. But AirDNA or not, airdna Price Labs is a big one for us. It's something we use right out of the get going. Like I said, when we started we were like, hey, if we can get 500 bucks we're going to be to the moon. But we would have never guessed we could get $1,000 a night for that property, or you know, definitely there's no way we would have ever set it at 1650. So without, like a dynamic pricing tool, we would have left a lot of money on the table, that's amazing, that's amazing yeah.

Tony Stancato: 20:03

Yeah, and then the other one. I mean just a good property management software. So we use owner rest right now. Don't love the user interface. It looks like it's maybe from 10 years ago and hasn't been updated. Once you get familiar, we tried it and then left it and then came back to it. But once you get used to it you really start to like it and it has a lot of power to it. So, yeah, okay, that's your go to Good to use. Rank breeze is a good one. So that's something that we use to just kind of track our properties where they fall in the Airbnb, like ranking. It's like Google, right? If you're on page five, nobody's going to page five of Google. So rank breeze actually will show you where you rank inside of the Airbnb platform. So whether you're on page one, position one, or if you know, we've taken properties that were on page eight and brought them all the way up to you know first page, you know top five listing and that's where you want to be. You want to be in those top five listings.

Johnny Nelson: 21:08

So awesome, awesome, and can you shed insight on how does one boost their ratings on the platform? Is it just all digital, like trickery, or is it like actually just like hard work and like just doing a good job? Or is it a combination?

Tony Stancato: 21:20

Yeah, it's a lot of testing stuff. So there sometimes it's like you'll just tweak the title of the property right, and I was looking at one the other day and they were talking about winter in the summer. It's like, oh, you got to get like nobody's looking, especially in Michigan, nobody's looking to rent a winter retreat in the summer, so you got to get rid of that. A lot of times it's photos like people can have like squares, or there's one I was working with the other day that six pictures as their cover photo and it's like, well, most people are on their iPhone and it's super small to see. So right.

Johnny Nelson: 21:55

This collage is like what is this like? Micro, micro grid thing here Right.

Tony Stancato: 21:59

Yeah. So you know, sometimes it's getting better photos, switching out the photos, changing the description and just adding more keywords. Again, it is a searching, a place that you can search for, and then a lot of times it's like I've seen so many people just leave off a ton of amenities that you know they have. You're like, okay, you don't have any smoke alarms in that entire place, okay, I don't believe that. Or you forgot to click your fridges and amenity, like, you want to make sure you have all your amenities checked, all that stuff. So. And then pricing obviously is a big one too. So if you're trying to get a thousand bucks a night and everybody else is at 500 and that's where like ranked breeze will show you, hey, the top 10 positions, this is their pricing per night how does your stack up to that? Like, then make that adjustment and a lot of times pricing all give you a big boost too.

Johnny Nelson: 22:49

For sure. No, that's amazing. Well, cool man. This has been an amazing episode of knowledge and sharing and kind of used your journey as well. If someone was to get into the if they're kind of fall and there's a lot of people that have a dream, have a vision or talking about it if they were to follow what you did, what would you like? Hey, come in here, I'll have a cup of coffee. What are the five things they should consider as they're in their full-time job? And then kind of the steps to perhaps exiting and going full-time into the SBR business, which is what you're doing. You have management, you have multiple properties, you have partners. Give us the five, six, seven, whatever steps you would kind of like go through to guide someone.

Tony Stancato: 23:31

Yeah, step number one is to be patient. I've seen a lot of people. I've seen a lot of people, some people that have wanted to work with me and like, hey, I want a property and I'm just not sending them properties fast enough and they just want to get in the game and it's like, well, there's a reason. It's because, especially what I like about the Southwest Michigan market is not a lot of properties come out so you just can't go in there and buy five properties today and make them a short-term rental right. So it can be tough if you want to get into that market, but it's great from a competition standpoint that you know it's not going to get over saturated. So one, be ready to be patient. Number two again be conservative over project on your expenses and maybe under project on the revenue.

Tony Stancato: 24:16

Air DNA, I think, focuses a lot on previous years and we are coming off a couple of the biggest years here in terms of rents. You know COVID, people just went gangbusters on the short-term rentals. I mean there's still a huge demand for it. There is more properties out there though, three. I mean I guess I would go look back at what we did and say, hey, get out of the mindset of I need to be where everybody else is. Yeah, west Virginia Beach, gatlinburg, orlando, florida, that kind of stuff, it's like that's a tough place and the competition is really steep. Yeah, over here, you know, in our market, you can still see, like the marketing, the pitchers, the design, the decor it's still like probably five years behind where Gatlinburg is. You know, you can really stand out pretty easy in this market. And we have a client that they have a design background and they just crush it.

Tony Stancato: 25:13

So, number four I mean I think you got to build up the bankroll right. I mean that might be more at the first part, but it's not a cheap asset class that you can get into. Yeah, when you buy it you can do a 10% down loan, but you got to get the furnishings. But you also have to make sure that don't skip on the furnishings and design. Hire the designer. Hire, you know, don't take your own photography, that kind of stuff, especially if you don't have a background in that. But if you're not going to put your best foot forward in design, then you might will not even be in it. But I would say you're going to spend at least 70 to 100 to get in to short term rentals. In my opinion, again, asset prices are just so high right now.

Johnny Nelson: 26:01

Do you think partnerships are key or do you think maybe you've seen it go both ways, but you think there's an extra strength if you have partners? That's a real question, a genuine question.

Tony Stancato: 26:13

I can see it going the way, I don't know I am Mr Conservative and, like I said, if it was just me on that first one, I would have said after the inspection, I would have said no, everybody else was gung-ho about it, and so we decided to go with it, but I'll always find a reason not to do a deal. My business partner is a little more on the optimistic side, so we balance each other out nicely and then in terms of capital, like we have, there's just three of us that have partnered on it. So anytime we can get three people together that all have some good, call it cash ready to deploy, it makes it easier to buy properties or capitalize on an opportunity when it comes by.

Tony Stancato: 26:57

So I would say yes, you just got to make. My partners are probably a couple of the best business partners you could ask for, so, but I've heard of some terrible stories with business partners as well, so you just got to make sure you know who they are. We're all friends from like 10 to 15 years, so it's an easy relationship to manage.

Johnny Nelson: 27:18

Yeah, and one other thing that you didn't mention it but you kind of hinting at was the spreading of risk. You know, if I kind of check for 100K, whatever it is, I mean to most people that's a lot of money, you know. But you know, maybe everyone shipped in, you know 33,000 or whatever. Maybe you do have 100,000, but then you only deploy the third of it and if that property goes down or there's some other unforeseen, yeah it's very unfortunate and it hits you, but not quite the impact that could take you out versus bringing that risk around to multiple people. But multiple people's resources, really what that is. You know their businesses, their connections, their bank account, things like that. So you can, your longevity and your ability to withstand top things increases, at least in my opinion, with some solid partners.

Tony Stancato: 28:00

Absolutely. And then the last thing I would say is just be ready for the value of despair on short-term rentals, because you're gung-ho, you're excited about it. We did a whole podcast about it, but everybody gets super excited, right? Hey, I got it under contract and once the work begins, once you have to start doing some, you know you almost always have to put in some work, some, some paint, some flooring, whatever you got to put the work in. That's going to cost money. And then you got to start outfitting. This entire property Doesn't have a napkin. You got to outfit it for multiple call it guests, right, some are going to be all friends, some are going to have babies and they're going to need a pack and play and that kind of stuff. So you have to equip it for a lot of different types of people. And it's expensive and you're like when is the spending gonna stop?

Johnny Nelson: 28:47

Yeah, when you get a quit, stop swiping the credit card to Amazon or whatever it is like, stop. And then you're like but you might need the crib or you might need that high chair, right, or whatever it is.

Tony Stancato: 28:59

And just when you think you're done, there's probably another 5 to 10,000 to go, and so there's just part of it where you're like, dude, is this ever gonna end? And so the biggest thing is just be ready for that. You know mentally and I know our first one again we closed in, I think, june 15th and we're like, okay, we gotta get it turned around ready for July 4th. And that was incredibly difficult. And looking back, you know you almost need the deadline to get it done, otherwise it drags out. But there was a lot of stress involved in that. So just be ready, cause no matter how many times you do it, it's always the same.

Johnny Nelson: 29:37

Oh my gosh, it's an almost done, so yeah, Well, that's a fantastic place to wrap up the show, tony, with all those. That list of things. That last section was really, really helpful, kind of you know again, bullet pointed, crystallized all the things you talked about and gave a lot of insight and shared your story, of course. So what's it like for people to book a room or a place with you and to learn more about what you do? I know you have a podcast and clearly you have properties and I want people to go there if they're traveling into Michigan. What's drops? Some good contacts after work place.

Tony Stancato: 30:10

Yeah, so the best place to connect with me personally is LinkedIn. Tony Stan Cato on LinkedIn probably be in the show notes. If you want a, if you want to book a property, you can go to michiganshorttermrentalscom. We have all our properties on there. Our property management company also, booking Gather, has those listed. But our podcast is Michigan short-term rentals. So that's kind of the content side and we do share all the properties on the Michigan short-term rentals website.

Johnny Nelson: 30:41

Amazing. Well, that's all for now, folks, and we thank you for listening to another episode of the Investing Staff you Should Know podcast, where we can bring you amazing guests like Tony and others, and they share a lot of knowledge and a lot of. We certainly appreciate your time, so until next time, tony, thank you. Thanks for having me on.