Starting an Airbnb business at the age of 21 (Ep566)

During my conversation with Bailey Kramer, we delved into various aspects of real estate financing and networking. We explored the rationale behind opting for a 30-year amortization with a five-year balloon payment, as well as the flexibility and creativity involved in real estate financing. Bailey explained that they chose the 30-year option to gradually pay down the principal while keeping the payments lower. He also highlighted that there is no right or wrong approach, and they could have gone for a strictly interest-only loan if they desired.

As we discussed different financing methods, I noticed that there is no one-size-fits-all approach in real estate. The key is to find a solution that satisfies both the seller and the buyer. I found this aspect of real estate financing to be fascinating, especially considering that such flexibility is not as common in my home country.

Bailey also shared his experiences in raising capital from a private investor and emphasized the importance of networking. He highlighted that people with excess cash are often on the lookout for investment opportunities, and by presenting a good deal and promising returns, it becomes a mutually beneficial partnership.

We agreed that networking plays a vital role in real estate. Building a personal network is crucial, and it involves actively engaging with individuals who share a similar interest in real estate. Bailey mentioned his early days of reaching out to people on platforms like BiggerPockets, attending meetup groups, and joining public speaking groups like Toastmasters. By being vocal about my real estate endeavors, I hope to foster connections and learn from others in the field.

Bailey also touched on the significance of online communities, Facebook groups, and podcasts as valuable resources for networking and gaining knowledge. He graciously offered his Instagram profile, The Bailey Kramer, as a platform for connecting and further discussions about Airbnb and real estate.

In the next three to five years, Bailey aims to own 10 Airbnb properties and expand his property management business. He emphasizes the importance of enjoying the journey and maintaining a balanced life while striving for growth.

I am grateful for Bailey's insights and the inspiration he provides through his success at a young age. If you'd like to connect with Bailey or learn more about his experiences, you can reach out to him on Instagram @TheBaileyKramer.

Jasper Ribbers:
Welcome back to Get Paid for Your Pad. Today I have a very young guest on the podcast, but he's got already a lot of experience in the short-term rental space. He's a true Airbnb rock star with 13 units, two owned based out of North Carolina. And I think he owned his first real estate at the age of 21, which is very impressive. So Bailey Kramer, welcome to the show.

Bailey Kramer:
Woohoo, thank you so much for having me here. Super excited.

Jasper Ribbers:
Awesome, man. Yeah, I'm excited to have you on. It's inspiring. When young people ask me for the best advice I can give them in life, I would say, try to own real estate at the youngest age possible. Because it's just a wealth generator over time. So just to hear that you got your first property at the age of 21 is really awesome. So I really want to dive into your story. I know you have a lot to share here. But yeah, give us a quick background. How did you get started with all of this?

Bailey Kramer:
Yeah, so basically I knew I always wanted to be an entrepreneur. That was like, no doubt in my mind, I was going to have my own business. Like the show Shark Tank back when I was a teenager, that was like, I was like, geez, if I can just be one of these sharks, make the shots, make all this money. That's the dream. And then I went to college because that was just like the thing to do. And my first day of college, I actually made a video. I didn't tell anybody about the video, but I made a video on my phone. just like kind of selfie style saying, I'm in college, I'm gonna work my butt off so I don't have to be sitting in an office chair when I'm like 30, 40, and I can be on the beach and doing whatever I want. So I had that goal like from the start, and I actually posted that four years later on my Instagram after I ended up dropping out. But to go back a little bit, I knew I wanted to like be an entrepreneur, didn't know any idea what exactly I wanted to do. My parents, my dad worked a nine to five. My mom was like more of a stay at home mom, um, but no entrepreneurial ties really. So found the book, rich dad, poor dad, the most cliche in the world. But when I saw him talking about real estate, I was like. He is the smartest man alive. Like this just makes so much sense. So long story short, I went down a huge rabbit hole over like a year and a half while I was still a sophomore in college of just learning, listening to podcasts, going through bigger pockets, the whole thing. And I ended up thinking that apartment complexes were the way that I wanted to go. So I went all in on apartment complexes, joined a mastermind group. and was basically hunting for the apartment deals. Fast forward like six months of hunting, a lot of great practice, but no results to show for it. And at this point, I was like a junior in college and I was like, okay, my time's kind of ticking here because my goal is to leave college, having enough income coming in where I don't have to get a job. And I just didn't see the path to it through apartments. So someone in the mastermind group said, Hey, I do, I do single family properties. Do you want to help me cold call and find deals? So that was kind of the kickoff to it and we can go more deep into it. But with that partner, we bought six houses together over the next like couple months. And then two of them were fix and flips. Two of them were long-term rentals. And then the two of them at the very end were short-term rentals, which was ultimately my introduction to short-term rental. while I was a junior in college.

Jasper Ribbers:
And those deals, tell me a little bit more, did you invest any money into that or what was your role in those deals?

Bailey Kramer:
Yeah, so when I was, and this is kind of like a big thing for what I would tell myself again and for a lot of young people, or honestly, regardless of the age, is when I was doing that, I had like literally like no money. I was a college student. I didn't really know exactly what I was doing, but I had like the hustle to network and talk with people. So before I met this partner that we ended up buying six houses together, First of all, like I said, it took over a year and a half from what, or a year roughly from when I registered for that. So nothing, nothing overnight, but in between then I was doing a lot of like. Tasks and helping people out for free. So someone was like, hey, I have like this newsletter Do you want to help me write it? And I'm like sure I'm a terrible writer, but I'll try it So I was just doing all these little things for these different real estate investors Just trying to get some experience didn't know exactly how I was gonna get in but I was like I'll need to do something So then that happened nothing ended up panning out but with this one guy he said hey, um, I have some experience buying properties um but Right now i'm having a hard time finding a deal Plus he didn't have a lot of money. He didn't have great credit. I didn't have a lot of money. I didn't have great credit. So we ended up going the creative financing route. So basically doing seller financing. We did like two subject two deals and we bought one property cash, which was the fix and float. So we ended up going the creative financing route. So basically doing seller financing. We did like two subject two deals and we bought one property cash, which was the fix and float.

Jasper Ribbers:
Right. What's a Sepik 2 do?

Bailey Kramer:
Subject to deal is something that honestly, I don't even love that much. It's really, it's a unique structure. There's, it's a odd one though. So basically in the simplest form, we approached an owner. So this was basically like literally cold calling people who either like their houses were vacant. We call people who houses were on the market for a long time. All these different like niche lists you can pull. We were basically pulling them, calling them saying, hey, we want to buy your house, da da da. So we found this one person, this is leading to the subject too. And he said, great, like I'm looking to move right now because I just got a new job down south, I think something in the military. And he said, my only problem is I don't have, I just bought my house like a year ago. And if I sell it, I'm gonna be losing money on it after commissions. all those fees, everything like that. So he's like, I'm having a hard time and I don't have any really cash in my name right now because he bought all these fancy toys, cars, trucks, all these things. So the solution to that, for us to take over his house and to give him the win-win of being able to go buy a property down in Texas where he was moving was we ended up saying, okay, you just bought your property, you have no equity in it and you wanna move. and buy a new house, but you have no cash either. So what we'll do for you is we will take over your existing mortgage that you just got, a nice VA loan. So super low interest rate. I think it was like a 2.9, something like that. And we essentially took over the payments. And that way when he was, when he moved down south, he was able to apply for a new mortgage and show the mortgage company that he's no longer, he no longer has the liability of this debt because we're taking it over now. So that's kind of subject to in a nutshell.

Jasper Ribbers:
Is it still is the original market still in in his name though? Or do you literally take it all the way over?

Bailey Kramer:
No, it's still in his name.

Jasper Ribbers:
okay and even though it's

Bailey Kramer:
Morgan

Jasper Ribbers:
in his

Bailey Kramer:
is still

Jasper Ribbers:
name

Bailey Kramer:
in their

Jasper Ribbers:
he's

Bailey Kramer:
name.

Jasper Ribbers:
able to get another margaret's because he could show like a i have a deal with these with these other people were now paying the monthly payments

Bailey Kramer:
Yeah, basically, and I'm definitely not a subject to expert. It's not, again, it's a super like creative in-depth thing. Pace Morby is like the guy that I watch for this stuff. But yeah, so the debt's completely in his name and basically he goes to the loan officer and he just has to essentially prove that he's not obligated to that debt anymore via our contract that we have. And then when they're seeing how much he can qualify for, they take off I think 80 or 90% of that debt. out of his personal profile so that he can now qualify for something else.

Jasper Ribbers:
Got it. OK. Yeah, and creative financing is something that I wanted to get into. It's something Eric and I are currently looking at a deal where we're figuring out some sort of way of creative financing as well. And I know it's very, it seems like right now with the interest rates being so high, it's more common for people to seek out these creative financing options. So I'd love to. talk a little bit more about this. This subject two thing is one way to do it. But I think you've done other type of creative financing deals, right?

Bailey Kramer:
Yeah, I've done two really other types. I mean, seller financing being the most typical one. And I think that's like the most common one, especially right now, interest rates super high. I think seller financing is like, in my opinion, like the best way to go about creative financing. And yeah, that's actually the first Airbnb that I bought was bought using seller financing.

Jasper Ribbers:
All right, let's hear it.

Bailey Kramer:
Yeah,

Jasper Ribbers:
Curious

Bailey Kramer:
so

Jasper Ribbers:
to know how you structured it. Ha ha ha.

Bailey Kramer:
yeah, this was a fun one. So basically, again, this was like the cold calling, we were texting different owners, and this house that we bought was on the market for like 300 days or some really long period of time. And at this point, we didn't really have, we weren't going for short-term rentals, we weren't really going for anything specifically, we were just like, if someone wants to sell and we can make money on it, let's do it. That was just like the start not mentality and we found this house and we found this guy who'd like really wanted to sell But he couldn't sell because he was so stuck on his price. He went down a little bit But he was so stuck on it, but we we we found this house. It was right on a lake It was a pretty big property had like an outdoor full-size basketball court Couple acres it was it was a really I had a guest house six or seven bedrooms, it slept like 20 people. It was like a, it was a big property. So we were looking at it and we're like, okay, how can we make money from this property? And we're like, okay, well, we can do Airbnb. But I guess going back on the financing piece, we said, okay, well, I guess really, when we were talking about our strategies to even buy the property, that was important because it needed some work. So we're like, could we fix and flip this property? And we're like, and if we were to do that, we would just raise money cash. Cause again, we are not mastermind group, which helped a lot from that. So we'd raise money, fix it up and then flip it. But we were like, honestly, the property is listed at like $800,000 and the previous four houses I bought with this partner were all between like. 60 and 180,000. So to go to that leap of buying a house for 800,000 and taking that risk of a fix and flip, we were like, no, thank you. Then we're like, all right, well, what if we just bought it, held it as a long-term rental? We're like, eh, wouldn't be the best option. So then we went to, okay, could this be a short-term rental? It's right on the lake. So we did some research, saw that the next door neighbor had their property on Airbnb and theirs was like a lot smaller. It was nice, Anywhere near where this property could have been if we fixed it up So we literally went on Airbnb looked at and this is not what we do anymore But we literally just looked at how much they're charging per night and it was like $1,300 per night in the summer And we're like, okay, even though our property is bigger better all this stuff What if we just got a thousand dollars a night? We ran the numbers and we're like Holy smokes, like if we could just do a little bit worse, even though we have a way better property, this would be a home run. So we kind of checked the box of like, okay, like this is, we're gonna go for this as an Airbnb. So when we pitched the owner, we basically said, listen, like we can't do. the $800,000, the price is high, but what if we did some type of creative financing? And this guy happened to be, he's probably in his 70s, maybe 80s, probably 70s, but he's had tons of business experience and he was like all for it. So for this one, truthfully, there wasn't like a whole convincing, he was like, sure, yeah. So we did… 12% down or it was roughly a hundred thousand something it's like 11 point something or 12 point something a hundred thousand down and we put $80,000 into the rehab we got a 3% interest rate on a five-year balloon amortized over 30 years, so basically 3% interest rate we had to either refinance it or sell it within the five years, but we had a really solid rate and was able to get up and running super fast.

Jasper Ribbers:
Can you explain what a balloon is and how that works?

Bailey Kramer:
Yeah. Yeah. So a balloon is basically, um, if you think about a traditional mortgage for a house, they, they take the, you know, it's amortized over 30 years. That's like the traditional, like you can either have a, I mean, there's a lot of different options, but you can have a 15 year mortgage or a 30 year mortgage. What this basically means is those payments are broken up, um, so that you pay off the entire property in 15 years or The 30 year option is it, they structure it so that after 30 years, the property would be fully paid off. So we had the same thing with this owner where we spread out the payments so that hypothetically speaking, if we paid it off, if we paid every single month for 30 years, we would pay it off. That's kind of how it was structured, but the balloon piece where that comes in is we don't have 30 years to actually wait and pay it off because the balloon, what it means is think about the, you can kind of think about it like an actual balloon, how it, it'll, it'll pop if it gets too big. Or if you think about it in this case, after five years, because that was our agreement, it pops and is no longer valid. Basically our mortgage is no longer valid with them. Meaning the only way to continue running the property or Staying afloat then would be to either sell the property and then pay back the lender, the seller in this case, or it would be to just refinance with the traditional lender, like we're talking about just 30 year classic mortgage. Um, so getting creative, there's all these different levers you can kind of pull.

Jasper Ribbers:
So I'm curious to know like if you have that five year balloon, why didn't you just, wouldn't it be simpler to just get a five year loan from him and pay him interest? Why is there the construction with a 30 year amortized and then the, and then the five year balloon

Bailey Kramer:
Yeah. So I mean, the 30 year, the 30 year, uh, year amortization, the reason why that is important is because number one, we're, we're, we're, we're paying down principle. So it's not just like, you know, we bought it for 800. It was really like 790, but we'll call it 800. We put down a hundred or a hundred. So now we owed him 690. So we wanted to, we didn't want it to be a straight debt deal where It was interest only. We wanted to pay some down over time and we also made one to make sure it was over 30 years because That means the payments are lower than if it was like a 15 year mortgage So yeah hypothetically though, they're like there's no there's no really right or wrong. We could have done like a strictly interest only loan if we wanted to I Guess we just didn't really I don't know. I think partial part of it was like the principal pay down that we kind of wanted But yeah, that's definitely an option.

Jasper Ribbers:
Right. Okay. Yeah. No, just kind of curious. And, you know, one thing I don't have much experience with, this is all new stuff to me. So that's why I'm asking all these,

Bailey Kramer:
Yeah.

Jasper Ribbers:
you know, basic questions. But,

Bailey Kramer:
Yeah.

Jasper Ribbers:
but one thing that I've noticed, you know, as we're looking at creative financing and talking to different different owners of different deals that we're looking at is that there's no one way of doing it, right? It, on the end of the day,

Bailey Kramer:
Bye.

Jasper Ribbers:
you just have to find a way where the seller is happy and you're happy, right? Whatever

Bailey Kramer:
Yep.

Jasper Ribbers:
it is that you agree on, it could be anything, right? Which makes it a very interesting way to finance a deal. It's also, to me, it's also very interesting because I feel like this is very unique to the United States. You know, like back home, like we don't have any anything like this stuff. You know, like

Bailey Kramer:
Ha ha

Jasper Ribbers:
we don't

Bailey Kramer:
ha!

Jasper Ribbers:
even have 38, 38 mortgage, like, and definitely not a fixed rate for the mortgage. Like our mortgages are like at a maximum. There are 10 years. And then. You know what I mean? It's either very choose variable interest rate or it's 10 years and it's, it's very difficult to get a mortgage. You can't really do those types of deals where it's like, Oh, you take over the payments and I get another mortgage. So like all that creativity

Bailey Kramer:
Right.

Jasper Ribbers:
and flexibility doesn't exist. Um, so, you know, it's really fascinating to me and I'm starting to understand why, especially in the United States, like, you know, owning real estate is, is such. you know, so beneficial, right? So, and it's more, it's more doable. Like in my country, if you don't have any money, like there's no way you can buy a house. This is basically,

Bailey Kramer:
Right.

Jasper Ribbers:
unless you find an investor who's just going to entirely finance the deal, you know, like,

Bailey Kramer:
Right.

Jasper Ribbers:
so yeah, it's very fascinating, creating lots of, it's a loss of opportunity.

Bailey Kramer:
For sure, for sure. But what you just mentioned with like finding an investor to just fund the deal for you, kind of a funny story on that. So back in, I don't know, like six-ish months ago, I bought a property and it was a, it's a midterm rental right now. And I had, so this was like, it's kind of, you kind of go back and forth because. At the time, it was back in October, I had the money, so I just put up all the money myself. It was like all in, like $30,000 to $40,000. And I was like, oh, okay, I'll just fund it myself. No big deal, whatever. And then I just did a deal like two weeks ago and I needed $100,000 for it. And I just raised that. So yeah, the whole deal was $100,000 I needed for it. And I just raised that capital from a private investor. And we'll go back to the networking thing too of how I found this person. But it was honestly so much easier for me to, like in a moment. it seems easier like, eh, I have the money, I'll just use it. But when you can like make yourself get more creative, even though I have, you know, money to do more deals, if you can get more creative and use other people's money, it can just go a lot farther because now I don't have to like cap out at how many deals I do. It's just, I can only possibly cap out of how creative I want to get with them. So with this, with this lender in particular, I was like, hey, I need a hundred grand. It's gonna be about six months. I'm gonna do some renovations and then I'm gonna refinance it, have no money into the deal and I'm gonna make just as much money, honestly, probably more money than the deal that I have my 30 to $40,000 locked up. So the private lender route is super, I think it's super powerful. Um, the one other thing I'll say about this, cause everyone's like Bailey, like your, your rich uncle must've given you the a hundred thousand dollars,

Jasper Ribbers:
Hahaha

Bailey Kramer:
which is, which he did not the way that I actually found this, the private lender. And this is just like, I guess general, but really applicable to anybody. From the moment I read that rich dad, poor dad book, sophomore year of college, I made sure everyone knew that I was like, doing something in real estate. Whether that is me just posting on Facebook about it, even people I didn't even really know that well when I'd see them, they'd be like, oh, you're doing like real estate, right? Even though if they didn't know exactly what I was doing, they knew I was doing something. So that was definitely a huge piece of me just talking about it. And then I was in a group called Toastmasters, which is like a public speaking group.

Jasper Ribbers:
Mm-hmm.

Bailey Kramer:
I think it's actually international. Really awesome group. And in that group, and at the time when I was in it, more of like the, well, I was doing a fix and flip at the time. So I was like the fix and flip guy. Then I was a long-term rental guy. So like my identity might've shifted a little bit within it, but ultimately I was a real estate guy to them because they don't know all these intricate details. So, um, just by having conversations with somebody or with people, one of the people in the group said, Hey, if you ever looking for, um, you know, private lenders or whatever, feel free to reach out. I might be interested. So that was like. literally a year and a half, maybe two years ago now. And when I needed money for this deal two weeks, or yeah, two weeks ago, I literally called him up and said, hey, I know we chatted about this a little while ago. Are you still looking for an opportunity like this? And I called a couple of people, they weren't interested and this guy was. So point being is like, it's not impossible to raise private money. You just have to be vocal about it. And… You don't have to have family members, any of that stuff. You can just do it from your network.

Jasper Ribbers:
Yeah. Yeah. I think one thing that I've learned over the last few years, you know, raising money and everything is people who have a lot of cash that they're looking for opportunities, just like we are. It's an opportunity for both parties, right? Um, whereas

Bailey Kramer:
Mm-hmm.

Jasper Ribbers:
I think a lot of people I talked to who haven't raised any money yet, they're just, they're in a mindset of like, I need something from this other person, but I don't really have much to offer where you do actually have something to offer if he can, you know, if you can put together like a really good deal and deliver a good return to the investor, then you know, they need, they need you just as much as, as you need them. Right.

Bailey Kramer:
Oh, 100%.

Jasper Ribbers:
Um,

Bailey Kramer:
100%.

Jasper Ribbers:
and that's the case with the center financing too, right? It's like, cause if you. For example, the deal that you did with the person who has like with the $800 house, right? $800,000 house. I don't know the house that he was looking to buy in Texas. Texas it was, I think. If that house would be

Bailey Kramer:
Yeah.

Jasper Ribbers:
only like 300,000 or something, he'd be left with a half a million that he then needs to invest, right? So it also creates, because you don't really want to have too much cash lying around, especially now with the inflation, you know, kind of being out of control, right? So it's a two way, you know, it's a two way thing. So yeah, let's go, let's talk a little bit more about the networking, because, you know, that's also the number one thing I learned is like in the end of the day, like network, it's all about networking, right? They say like, your network is your network, right?

Bailey Kramer:
Yep.

Jasper Ribbers:
And a lot of people, when they think of raising money, they're like, oh, there must be a place where you go to meet that person, right? Almost like an Airbnb for people who want to invest or something like that. But it's really not like that, right? It's really just building your personal network. And like you said, just letting the world know what you're doing. So let's talk a little bit more about some strategies that you've used to kind of build your personal network.

Bailey Kramer:
Yeah, for sure. So, I mean, starting from like very like brand when I was brand new, literally 19 years old. I just started learning about this thing called real estate. And I was just like, I had no idea what I was doing. I literally went on bigger pockets and I would message, um, each day I did more and more and more I would do. I don't even remember at this point, how many people I messaged. I ended up having like hundreds, if not a couple thousand messages in my inbox from bigger pockets of just people that I reached out to just trying to spark up a conversation that was like step number one, just talk to people. Going to like meetup groups. If you're, if you're, if you're brand new, like don't know. anything, this is one of your first instructions in real estate, like meetup groups are great. Even if you have experience, meetup groups are great. But like having conversations with people are huge. That's number one for just like getting yourself exposed in the real estate world because what I find too a lot is everyone pretty much like. I'd say a lot of people know about real estate, especially like if the older you are, the more you know that the more that you just know real estate is a good investment, whether you have properties or not, people just know real estate as a good place to make money. So the problem though is a lot of people don't necessarily have people around them who do real estate. So they're kind of just like, they want to get into it, but they don't really have people to get around like them who want to get into it. Go to these meetup groups, go message people on bigger pockets. And then also like community, Facebook groups are huge. I met so many key people throughout my journey, literally just through Facebook groups, interacting, asking questions. Podcasts, I used to, every time I listened to a podcast, I would message the guest of the podcast, say, hey, I just heard your story. Do you have 10 minutes to chat? And I talked to so many high level. getting myself familiar with it is number one. And then once you figure out, I mean for the audience, when you're figuring out exactly which route you want to go, because you can't do Airbnb, self-storage, multifamily, and mobile home parks all at the same time brand new. You got to pick one route and at least commit to it for a little while. Then that's when you go all in on that niche. So if it's like, if you're like, listen, I want to get into Airbnb's, like obviously you're in the right place right now listening to this podcast and then go all in like Jasper, I don't know if you have a Facebook group or other communities that you host, but that's what I always recommend for new people. That's what I did on the multifamily side, although I didn't actually end up going through with it because after a little while I realized it really wasn't right for me. It's okay to pivot, but I went all in. I joined a mastermind group. I got myself surrounded by people who could just Expedient my journey and get me there faster. So that's kind of my my overall Spiel on it is figure out what you want to do from talking to a ton of people once you figure it out Get super narrow and then go all in

Jasper Ribbers:
Yeah. Yeah. It's the biggest, uh, biggest things is, uh, you can't, you can't figure everything out by yourself. Well, you can, but it doesn't take so long. Right. Um, and you're probably going to get some people reaching out to you now, cause you know, the podcast guests you were on, I saw you were some other podcasts, uh, people go reaching out to you like, Hey, Bailey, you have 10 minutes.

Bailey Kramer:
Yeah, I'd say a year and a half ago, two years ago, I would talk to people for an hour. I would have conversations, I had conversations. Now it's a lot more limited, but no, seriously, if you guys are listening and wanna reach out, feel free to do so, because I will talk to you, especially, I mean, no matter what stage you're at, but when I started out and I was… I got 19, some huge people in like the multifamily space gave me like 30 minutes of their time. And I was like, whoa, like this is crazy. It was like completely free. So I definitely believe in the power of giving back, but it's also, yeah, it's huge.

Jasper Ribbers:
Yeah, and you gotta be… you gotta be willing to ask for help, right? A lot of people wanna help, you know? A lot of people get fulfillment about, you know, helping out other people, right? So it's, you know, that's where you have an expression that says you have no and yes is what you can get, right? So it's like, if you don't ask, you know, like you're not gonna get it. So

Bailey Kramer:
Right.

Jasper Ribbers:
yeah, just putting yourself out there and reaching out to people and knowing that like, yeah, maybe like only 10% will respond and give you some time, but those 10% of the people that do a huge difference in your life, right? Like you said, like an accelerate your learning, your growth and your opportunities like massively. So,

Bailey Kramer:
Yep.

Jasper Ribbers:
um, awesome, man. Well, love your love your story. Um, and congrats on, yeah, congrats on your success, man. It's, it's, it's really

Bailey Kramer:
Thank

Jasper Ribbers:
amazing

Bailey Kramer:
you.

Jasper Ribbers:
to see like your age, you know, you're doing all this stuff, a very inspiring, um, what's a, what, what's your, what's your goal for the next, like, I don't know, three to five years, like you have, I know you have 13 properties now, like you, you own two, you manage 11. Um, you've got quite a bit of experience. Like, do you want to just keep growing your portfolio or do you have like a for what your life is going to look like in the next three to five years.

Bailey Kramer:
Yeah, three to five years. So, I mean, really my goal right now is to, I mean, I have so many different things, but. My whole goal right now is to get to at least 10 Airbnb's I own by the end of the year. So 10 Airbnb's I own by the end of the year. And these properties I'm going for are more on like the smaller side. They're like $100,000 properties in like the Midwest. So super low properties, great cashflow. And that's kind of my first step. Once I have that cashflow, 15 to $20,000 per month coming in, from those properties, then I want to adventure out into larger properties, cooler places, and stuff like that. And then also on the management side, gonna continue to scale that as well. For sure. I'm in like four or five different states right now. So I don't wanna grow in any more states. I don't wanna get additional state. I just wanna continue growing in the places that I'm already in. Makes

Jasper Ribbers:
Mm-hmm.

Bailey Kramer:
the management side a lot easier. But yeah, and then three to five years out, geez, it is so, I mean, it's hard because things change so fast. Right now, what's most important to me is just honestly keeping myself like. Like one, I'm enjoying the journey, which I think is the most important part. And I just can see if I can get to my short-term goal in this year, I'll make some adjustments as far as like, okay, now what's next? Cause I'll never be, if I get these 10, I'm not gonna be satisfied with it. I'm gonna keep wanting more. But honestly, what's more important to me now than… I realized is like I don't want to work the weekends. I'm keeping a balanced balanced life. I'm happy. I like to travel I've created a lifestyle that works for me. So three to five years. I just want to do things on like a way bigger level more properties more more everything but Honestly, just kind of enjoy enjoying the journey as it goes

Jasper Ribbers:
Awesome, man. Sweet. Well, owning 10 properties by the end of the year. I mean, we're almost in May now, so about seven months. That's a pretty ambitious goal. So good luck with that. And

Bailey Kramer:
Let's do

Jasper Ribbers:
maybe

Bailey Kramer:
it.

Jasper Ribbers:
I'll touch base with you on December 31st, see where you're at.

Bailey Kramer:
Yeah, let's do it.

Jasper Ribbers:
Awesome, man. Anything you want to share with the audience before we wrap this up?

Bailey Kramer:
Yeah, I mean, um, I would say if you're, if you're looking to get into Airbnb, you're definitely in the right place. The, the, the, this podcast truthfully, um, was huge for me when I was starting out in Airbnb is because for my first property, when I, when I told you I was, I was, we're like analyzing which strategy we should go for. I was like, I don't really even know how to manage this thing. So this podcast was huge for me. Um, truthfully. So thank you for that. And for you guys, listen, if you want to connect with me, Instagram's typically the best place. You can just look up my name on Instagram. I should pop up, it's like The Bailey Kramer. But feel free to reach out to me, feel free to connect with me. I post about all things Airbnb as well. And yeah, that's what I got. So, I'm gonna go ahead and get started. I'm gonna go ahead and get started.

Jasper Ribbers:
All right. Awesome, man. Well, appreciate you taking the time to be on here. Uh, and, uh, for the listeners, hope you enjoyed this podcast and, uh, we'll be back soon with another one. So we'll see you then.