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7) What Running the Numbers Means & Overcoming Hustle Culture
Manage episode 379129702 series 3518553
Kandungan disediakan oleh Lauren Keen Aumond and House Money Media LLC. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Lauren Keen Aumond and House Money Media LLC atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
Real Estate Is Easy Interview
Lauren interviewed one of her short-term rental cleaners, Jasmine Jordan. They talked about the differences between regular residential cleanings versus short-term rental cleanings. Jasmine mentioned the best thing you can do is communicate with her. Together, Lauren and Jasmine did the math: over 5 years she does about 3500 cleans. Her favorite part – somehow – is making the bed. Perhaps unexpectedly, Jasmine’s house isn’t perfectly clean. She said the cost of cleaning should be based on size and expectations. Get this: Jasmine is pleasantly surprised when the places are left nice, rather than upset when they’re left a mess! Lauren is truly grateful for her relationship with Jasmine.
Mortgage Minute: Jasmine answers the question: what is APR?
House Money Weekly
In this week’s House Money Weekly segment, the hosts discussed a blog about running the rental numbers. They focused on long-term rentals. Alan suggests “bracketing” when figuring out the rent. Find a nicer place than yours and a less nice place when compared to yours. You can use Zillow or Rentometer for this. Lauren suggests having long-term rentals as a back up plan for your short-term rentals. Tom uses the 1% rule, meaning the unit(s) rent(s) for 1% of the purchase price every month. Lauren suggests analyzing 5 properties per day to get comfortable and using this “rule” as a hurdle rate to dive deeper into other metrics. Alan says expenses will be 40% of rent. Lauren mentions that this is more like 60-80% for short-term rentals. Lastly, figure out what the mortgage payment will be. There are calculators online, or you can speak with a lender.
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Teatime with Tom
Tom brings up the topic of the “hustle culture” to the “take breaks/self-care group” and everyone in between. You can learn from both sides on social media and find what works for you. Alan points out that taking a break from hustling to post about it on social media is counter intuitive. He recommends using frugality early on, but focusing on making more money is more productive.
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