the Selfish Mom Podcast
Balancing Business, Family, and Success: Madalyn Batman
Madalyn’s journey is truly inspiring, and she's not doing it alone - she and her husband make an incredible team in the real estate field. Tune in as they share their insights on the importance of open communication, teamwork, and constantly supporting each other to achieve success. You'll also hear about their fascinating journey into the world of Airbnb, and how they've diversified their investments while remaining open and adaptable to new opportunities.
Madalyn Batman is a wonderful mother, stellar wife, top-notch businesswoman, and business pioneer with a revolutionary mind. Her achievements are a testament to her hard work and determination, and she is an inspiration to all who aspire to greatness.
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For more information on the “Invest Your Best” online coaching AVAILABLE NOW visit:
https://www.investyourbestwithalikay.com/
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Website: https://www.investyourbestwithalikay.com/
Madalyn’s journey is truly inspiring, and she's not doing it alone - she and her husband make an incredible team in the real estate field. Tune in as they share their insights on the importance of open communication, teamwork, and constantly supporting each other to achieve success. You'll also hear about their fascinating journey into the world of Airbnb, and how they've diversified their investments while remaining open and adaptable to new opportunities.
Madalyn Batman is a wonderful mother, stellar wife, top-notch businesswoman, and business pioneer with a revolutionary mind. Her achievements are a testament to her hard work and determination, and she is an inspiration to all who aspire to greatness.
•
For more information on the “Invest Your Best” online coaching AVAILABLE NOW visit:
https://www.investyourbestwithalikay.com/
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Website: https://www.investyourbestwithalikay.com/
Welcome to season four of the Invest Your Best podcast with Ali K. Come along as I casually explore what it takes to live your best life, mentally and physically, by focusing on the things you can control your thinking and actions. Come and listen as I have open, real and honest conversations about what it takes to step into action to live your best life. It's time to invest your best. All right, all right, welcome to another episode of the Invest Your Best podcast. I am your host, ali K, on today's episode. I think you're really going to enjoy this guest. We had such a great, just casual conversation that has so much value and so many takeaways. Grab a pen, grab a piece of paper, take some notes, because I promise you there is a takeaway that you can start adding to your everyday life.
Speaker 1:My guest today is Madeline Batman. Now, she is someone who I know in my everyday life. She is someone who inspires me. She is not only a wife, a mother to two beautiful girls, but she is a four-time business owner and counting a real estate agent, designer, manager and investor. There is truly nothing this girl cannot do. She does it all with grace. I love her little life motto, which is keep your heels, head and standards high. That is exactly how I would describe Madeline. Stick around for today's episode, i think you might really enjoy it. Madeline, welcome to the Invest Your Best podcast. Thanks for being here.
Speaker 2:Thank you for having me. This is my first podcast interview ever.
Speaker 1:I know I was saying I'm popping your podcast, cherry.
Speaker 2:Yes.
Speaker 1:Actually you said that but I'm doing it.
Speaker 2:I'm excited about it.
Speaker 1:It was funny because we just had Madeline's two girls. You're a mom, You have two girls. It was your oldest that was giving you. what did she say?
Speaker 2:I was telling her this is the first podcast that I'm going to be on. I was really nervous. I don't know why, but I am. Anytime I do something new. She's like mom, there's three things If you're going to be successful on a podcast. I was like, oh okay, she's nine. She said it's passion. You have to be confident and you have to be funny.
Speaker 1:It's a lot.
Speaker 2:Yes, that's a lot. I feel like I'm passionate That I know I've got that down. I was like you know, at the list start I was like check, this is perfect. Then she says confident, i'm like working on that. Then she's funny, i'm like shit.
Speaker 1:Yeah, that's where I'm lacking too. We were just saying you have to have a specific. It's just not where our brains go.
Speaker 2:Nope, nope, i'm very. My husband is very laid back. He's the funny one, but he's the dad joke funny.
Speaker 1:Yep, that's just it.
Speaker 2:He's usually very reserved or very quiet. Then he'll just slide something. He'll say something under 10, very dad jokie, or something like that. He's witty, i'm not. I'm so practical, i'm scheduled, i've just got things all the time. I'm so serious.
Speaker 1:It's balanced. There can't be two of you. It's all about the balance.
Speaker 2:I could yeah, I could not be married to me.
Speaker 1:No me either.
Speaker 2:I feel bad for him all the time, Like how are you married to me? I could not be married to him.
Speaker 1:I know It was funny because, Justin, we just celebrated our 10 years and he's like you know, you're really unstable. I'm like I know I've been unstable and he's like but I'm really stable And I've been in this for 10 years, Like, what does that say about me? I'm like it's the ying and the yang, Exactly.
Speaker 2:It is so that the universe seriously balance is just huge principle that I've been able to continually look back and see when things work beautifully. It's when there's balance. Everything has to be balanced.
Speaker 1:Well, speaking of balance, you're a mom. Yes, you are an entrepreneur. Yes, you have multiple businesses. Yes, you are doing all the things. How do you find that balance?
Speaker 2:Honestly, i would love to say that I'm intentional about it, but I really just try to do my best to listen to what areas my soul seems to feel like I'm lacking in and that I want to be in, and so it creates what I feel like is probably a level of chaos. To create that balance, it's like I will pour myself into my job and then I just kind of stop when I feel like maybe my draw is to my kids or I feel like I'm missing them, or I feel like I haven't spent time with them or I want to. And I used to fight with that and feel guilty. I constantly felt guilty. I felt guilty for not being a good mom, then I felt guilty for not being good at work, then I felt guilty for not being a good friend or a good, and I finally reached this point where I was so guilt-ridden that I wanted to do nothing at all. And I think I was.
Speaker 2:And from then, really COVID kind of gave this reset where everything went away but being a parent and a wife and I was so happy. That was my awakening. I was like, okay, so first and foremost that's what I need And then I will just give to this area, or give to this area, or give to this area, and literally just like a feather in the wind, it's like whatever my soul is calling for at that time has been where I've been leaning into. I think it's been kind of a selfish journey, but it seems to be working for the better.
Speaker 1:I love how you said like the chaos, you have to do the chaos or create the chaos to find the balance. That just was like really clicked with me And I feel the same way as you. I truly feel like, honestly, i don't know if balance really exists in my life. I just feel like, yeah, i'm drawn to whatever needs me at that time and I will give my attention. and then something else is lacking And then I have to completely shift and go. you know, my kids and, yeah, my businesses are lacking, but that's what we all need at that time. my attention.
Speaker 1:So like I completely relate to that, And I think it's different phases too.
Speaker 2:I remember when my kids were smaller, it was they needed very different things.
Speaker 2:But I've actually also been able to find this beautiful lane where I get to include my kids in my work and in my job, and I wasn't doing that totally forgetting that the reason I decided to be an entrepreneur, to create these businesses, was for that reason.
Speaker 2:I wanted to have something I could include them in if I wanted to. I wanted to have a realm where I wasn't told that they weren't able to be there. I wanted to be able to do everything that I wanted to do and have my own rules. And I think that for a little bit, because of my own stress of like oh, there's kids here, i don't know if that looks professional or if there's this or there's that, and you know, that was also something where I just got to, i was like no, like I just forgot that, and then so now they're very much included in our business, they're very much included in our lives. It's a bit of an experiment, because I don't know that it's smart how transparent we are with them about everything, but I don't know it's like our own little world and And you create the rules.
Speaker 1:I love that. That's like the thing about entrepreneurship that's so exciting is like there's no right or wrong, like you're just creating what works for you. But how? okay? So you and your husband are like in Lakeland in general, just like dominating the real estate field, and I just love it because, first of all, their last name is Batman, so it's like very like you. You guys have done such a great job in general, not just in real estate, but, i think, just branding you know, And how did you get into real estate?
Speaker 1:Did you know this is what you wanted to do? Did your husband get his real estate license first And you're like, let me join. Or was it a joint venture? How did walk us?
Speaker 2:through that. So real estate came. It was kind of a conglomerate of things. Honestly, i did not. I never focused solely on real estate itself.
Speaker 2:I grew up with, you know, my parents were W2 workers, my father was a truck driver, my mom worked for an accountant and they always dabbled in entrepreneurship. They took their, they were. My parents could do every trade under the sun as far as construction goes. They just did everything themselves. So they kind of flipped without flipping if that makes any sense that we would buy a home, we would all fix it up, we would spend our weekends doing title jobs and this and this. We'd fix up the house and then they sold it. And then we moved to this house and they sold it and we moved to this, and that's kind of how they kept getting preference. What they've continued to do.
Speaker 2:Steven's side was heavily in real estate. His mom was a real estate agent. She laughs all the time about how he grew up under her desk as she wrote contracts. So then, when Paisley was born, we bought our first home as an investment property. A lot of people don't know the story of our engagement, but I actually started with a fake engagement ring because we decided to spend the money he was going to spend on an engagement ring to buy our first property.
Speaker 1:I love that and probably no one knew about that.
Speaker 2:Like no one A very select few people like. We knew we were gonna get married. We knew that we wanted to be engaged, but we also knew that nobody would take us seriously if there wasn't a ring. We didn't wanna spend the money on the ring. You were pretty young.
Speaker 1:How old were you when?
Speaker 2:you were We were 21.
Speaker 2:And that's young That's young, yeah. So that we knew right away that we wanted to buy a property. We wanted to buy an investment property or a property we could flip. That could be our first home that we could live in while we flipped it. And so, yeah, we used the funds for what he was going to spend on an engagement ring to buy our first property. And so then it evolved from there.
Speaker 2:So he wasn't happy being gone and not seeing our daughter And his mom said you should really get into real estate. And so we took the real estate course and he got into real estate really, so we could facilitate our own deals. And it just at the minute that we got licensed his cousin was like, well, there's a house that I wanna buy in Tampa, so you should probably join a brokerage so you can represent me. So then we joined. So then it really just kind of evolved.
Speaker 2:But the both of us wanted to be in real estate. So we had freedom over our life, so he could be in the field, i could do paperwork, and if our kids were sick at school I could do that and he could take over It. Just to us it created just freedom, not necessarily that we were gonna work less. We always heard that you will always work harder running your own business than you will, but it really becomes a passion project And you don't. I mean it does sound cheesy because it said all the time, but if you enjoy what you're doing, it doesn't feel like work, because I think it just feels like your life.
Speaker 1:Right and it's like your choice. It's the funny saying where it's like you leave your nine to five, your 40 hour job a week to go work like 100 hours.
Speaker 2:You never stop working, you never stop. So it is because it literally is your life. Like that's what we talked to our accountant and he's just like let's separate these things out. And for us it's like we can truly tell him that it kind of all is work. So let's just take out what, maybe what is not explainable, but our life is our job and our job is our life.
Speaker 1:And I think that's yeah.
Speaker 2:And I think that's what, honestly, is so great about it. All the time I wait for it to just not be that way, for us to have to go and get normal jobs and things that I was used to growing up. And we're 11 years into this and we create more businesses and we create more lanes and we create more avenues and we love doing it And you know, it's just your brain understanding that like that's possible.
Speaker 1:Yeah, the sky is the limit, where there is no limit. And I think what's really interesting and something that I admire is you guys work together. So you guys are a true team And, even if you don't know Madeline personally, like you guys are always together, like not only Always- it disturbs people how much you're doing.
Speaker 2:It disturbs people, but it's admirable.
Speaker 1:Like I love it because I just it's so sweet, but you guys are also building something which is so interesting. So let me ask you when you guys chose to become a team together And I think you guys, too, are very different people Was there like chaos, like a learning curve where you knew that you guys had exact boundaries. You were doing this like kind of walk us through that, and then are you in those roles forever, like, do you still have like these moments where it's like what are you doing? No, what are you know?
Speaker 2:Yes, yes. So that's the thing is that we knew. I think that we're very fortunate in the fact that when we started dating, we really truly enjoyed each other. I mean, there was, it was a whole different relationship than I had ever been in, because we we would never turn the TV on, we would never. I mean, we literally just spent hours and hours and hours talking. We got engaged after two months but I literally felt like I knew him, that I knew more about him than I did most of the other people I had ever dated because of our communication level. So we were fortunate in that realm. So we enjoyed being around each other. So then, when, when work came, we knew that we could work together.
Speaker 2:But definitely finding those roles were difficult because we are exactly opposite And, as much of a benefit as that is, it was very challenging in the beginning because we did things completely And I think that's where that was the reason why we struggled in the beginning was because we were both trying to both do everything. The same role. Yeah, and it's just like, because you're so used to operating and doing everything yourself, you're like, oh, i'll just have this person help me. Well, when the other person's like, yeah, i'm going to do everything and just have this person help me. That's where the budding comes in. So we actually it was during we always do devotionals together and things like that And it was it was appropriately timed where the devotional that we were doing was talking about different roles and different purposes And specifically just kind of talked about how, you know, man and woman were kind of like, created, you know, half and half.
Speaker 2:So it was, you know, the guy naturally wants to do certain things and the girl naturally wants to do certain things.
Speaker 2:And if you will lean into those areas, you will recognize that it creates like this whole flow. So that was something where it was like we both had to go okay, what am I good at? We had a really hard conversation with ourselves and then came to the table together and said you know, this is what I feel like I'm really good at, this is what I feel like I want to do, this is what I feel like I should be doing. And it was funny when we sat down and compared our list everything I didn't want to do he did, and everything I couldn't wrap my head around he could, and vice versa. And so that's where this beautiful, you know thing started happening, where we just leaned into that And now it's almost like we're together so much because neither one of us can fulfill something fully without the two of us, because it's literally like we have split our brain into two, so it just doesn't function without the two of us.
Speaker 1:I was just about to say that It sounds like you know you're the right brain, he's the right brain, and then together.
Speaker 2:I love that We try to go and to answer the question. it is forever evolving. I mean it can, and I think that's why it's so nice to be able to be in tune with your partner. It takes effort but it changes by the day. There's things that I wake up that I want to do, or that I feel capable to do, or that I have an idea in, and then the next day I'll kind of be burnt out from it because I put everything into it. Well, it's taken him that time to wrap his head around it, and then he wakes up the next day ready to go when I'm. So. They can change generally, they can change by the day, and really we both just try and make an effort to pick up where we see that the other one isn't.
Speaker 1:I just saw, i forget, i don't know if it was a TikTok or in a book. I like to be like I was reading a book and I changed it.
Speaker 1:But someone was saying what they do with their partner is when they come home they rate what level they are Like, just like mentally. Like I'm at a 70%, and then that other person might be like okay, i'm at a 90%, so I'll just pick up the 30% that you might. But I love how you're saying you know it's being intentional and communicating with your partner of like where you stand or even what your goals are for this month. They're all that, just like intentionally checking in with each other.
Speaker 2:And that's the thing we've always. I will say that we have always made it a point And those who know us know that, like, we have a date night every single week If we can, you know. if we don't, it's usually some circumstance that just won't allow it to happen. But we try and use that time to have that check-in, to plan out our week, to plan out where each other, you know, we try to remain intentional in that what we're actually doing on that date night changes or sometimes doesn't even matter, but the check-in is huge And we can tell. when we don't have that, we are.
Speaker 2:It's like what do you have going on today? What do you have going on tomorrow? Oh, what's happening right now? There, it just is chaotic. where, if we take that time to go, what do you have coming up this week? Where are you at mentally? How do you feel about our relationship? What is something? we started out using the marriage journal when we did this And it's something that helps you walk through all those questions and it's like a diary and you each have it.
Speaker 1:Oh, where do we get this?
Speaker 2:So I found them on Instagram but I can send it over. But it's so. It's called the marriage journal And when we started doing it, that's what we, that's what we started doing, and then it just kind of became habit because we did it every week but it kind of walks you through what questions to ask. You know, sometimes you don't know what you don't know, you don't know where to start, you don't know the right questions to ask, and so that really helped us check in with each other, log it, do the diary, and it really helps keep us on page, like we it does. It does constantly change And in general, i like to say that he's the doer and I'm the planner, or I'm the planner and he's the doer.
Speaker 2:And that's like where the realms. But you know, sometimes you do, you check in and you know allowing yourself to be honest When you're asked. You know you don't always want to just say like I'm, i don't have it today or I'm tired today or I'm whatever like it feels like you're complaining. But it's different when somebody asks you how are you doing today? And sometimes it makes you stop and go and really think about it And sometimes that's your realization that oh yeah, i think I'm a little overwhelmed today, i think I'm a little stressed, i think I'm a little scattered And a lot of the time your partner can see it all day And you can't and they're afraid to. You know it's like asking. You know why you're in a bad mood when you're PMSing and you're. You know it's like. You know it can send you into like fireworks. But if you create this level of like, no, i want to be checked in on and I want to check in on you. I think that has helped too. I don't know if I've directly answered the question.
Speaker 1:No, you have. But I feel This is how we work together. I feel like the common theme too, like with you, is you're very intentional, Like you intentionally put in the work, you know, And I think even like just entrepreneurship in general, like you create you guys create your own schedule. You wake up and you decide what you want to do that day. And there's that like that discipline. you know have to intentionally be disciplined to put in the work. And I think you know you're doing that not only with your marriage, your businesses, your like as a mother too, you're being intentionally and putting in the work. you know How do you create your schedule, Like during just the week, like do you write it down, Do you set your goals, How do you stay on track? Because for me, I struggle with time management, Like if I'm not intentionally like what am I doing today, I might not even do anything.
Speaker 2:Yes, so a lot of the times. So, as busy as we are, and we do have a pretty strict schedule, i mean we get up at 4 am. What? Yeah, okay, what time are we going to bed? We're going to bed at like 10, 10, 30.
Speaker 1:Okay, so you're doing like the Mark Wahlberg, like 4 am Okay, up by 4 am.
Speaker 2:Yes, And so and that's normally how long our day's out, and every minute of our day is usually filled. But the caveat to that is that I will take days even and I will feel guilty when I do it, but it is so necessary I will take one or two days quite often where I literally do nothing, where I don't get out of bed, where I don't or I do, it's just, it's literally whatever I feel like that day. That's where my brain gets to think. Sometimes I'll just sit in bed and like nothing will be on, like the TV won't be on, they won't get out of my pajamas, i won't do anything.
Speaker 2:But the whole time I'm working and it took me a long time to understand that that is part of work I have to be able to sort my thoughts, i have to be able to sort my priorities. I have to be able to just go through all of that, because when you have multiple businesses, you don't want to become a jack of all trades, because everything's going to fall at that point if you're only giving 10%. So you have to order. Okay, what needs me the most And where could I hire someone or put somebody into place? Or I mean it's all about leveraging Leveraging somebody else's time, leveraging somebody else's money, leveraging and understanding that you're helping all these other categories out As well.
Speaker 2:There's people that need jobs, there's lenders that want to lend money. So taking that time to literally just it appears as if you're doing nothing but to just check and think through, create, and usually that's where my clarity comes in And then I will write out I have like a whiteboard that has personal, spiritual, business and then spouse, and I have these pillars and these categories in my life that I just constantly check in on and prioritize And then I'll set it and then I set my schedule for the week. I have a Google calendar and if it's not on the calendar, it doesn't exist. So I will like I used to make.
Speaker 1:I have a friend. It's funny because all the females in my life are like very type A, you know, females. I'm a little more relaxed, i like to say, you know, but I attract type A females. That's just how it is. And my best friend, you know, is like I have to check my calendar, i have to do this, and for the longest time I laughed at her Like, or just like I was annoyed by it, you know. And now I am the same way.
Speaker 1:If it is not on that, my calendar, it does not exist you know, But I love how you're saying because I can relate to that so much If I don't have my quiet time in the shower or like that's running. Like running what you're describing is running for me. That's where I can visualize, you know, the visions I have for the goals that I want to have. Just get creative in my mind or just sort and process my feelings And and that's why I'm so drawn to running Like that's my meditation time. But I agree, it's so important to have that time, even if you're not an entrepreneur, just like a mother in general.
Speaker 2:Yes, You have to be able to sit with your thoughts And it is so not something that is just regularly afforded or even encouraged or even, i think, known in in a lot of circumstances. I think that I've been blessed with the ability that, because I was an entrepreneur and I could create my own schedule, i just realized it was something that I wanted And so I did it Right, not recognizing how much of a need that it's, an actual need that everybody actually has And you know it's to be able to create that in whatever realm that you do, and and chances are, you're giving something up in today's world and how fast past it is You are giving something else up to do that.
Speaker 1:Right.
Speaker 2:But I don't think you're going to be good at doing anything else if you don't Right? And that's something I had to to swallow, because I'm just at like. I'm a mover, i'm a. If I sit for a second, i feel badly because there's so many things like. That's just how my brain is. It's constantly working, running and I want to do things, i want to be active. My mom's always like you've got to, you've got to slow down, you're going to have to stop doing something. And I'm like you're right And I do. And then I'm like, oh, this is so boring, i need to do something.
Speaker 1:So every centers you, you know it does. Okay, i want to switch up the conversation a little bit and get into the Airbnb, because this is like everyone wants to know how do you start at Airbnb? How did you get into it? You inspired me. You actually got me into the Airbnb because I you were wait, i was your client, you know. Yes, so you know, i saw you guys do it and I'm like, oh my gosh, i want to do that too. So how have you gotten into it? And then tell us about how you're kind of like you've switched that to a guide too. You guys are doing that as well.
Speaker 2:So it, we kind of fell into it, i think, just naturally. So something that honestly I would love to say it's intentional, it's not, but it's just something that we have, we have done from the beginning. Is we like? we're investors, so we constantly are just trying to. You know, if you're in the investing world, and especially if it's tied to the stock market or the real estate world, that never stops, it's constantly moving. You cannot get comfortable. The minute you're comfortable, that's my, that's my big red flag that something else is starting, that I'm missing. If I'm there and I'm comfortable and it seems normal, i should probably be moving. And so that's just something that we've always done. I mean, we, we bought our EOs and invested in short sales when that was a thing, we flipped when that was a thing, and then we built brand new. We've been landlords, we long-term rented, we're agents, so we obviously helped buy. So so we were just in all surrounded We do all areas of real estate And one of our long-term rentals in downtown came up for rent And there somebody asked me, you know, if they could short-term rent it. And that's not something that I ever really thought of, and so it it forced me to kind of delve into researching that world, really just legally, like well, do I do at least, do I not do at least? So, and it was really just from somebody that wanted that.
Speaker 2:At the time, the real estate market was starting to pick up, so a lot of people were able to sell their home for top dollar, but the listings had not caught up yet. So then there was. So then there was this need that people just needed these two week windows just to be able to breathe and find something. And oh, their house might be closing before their other closes. So we originally thought, well, that would be nice to offer our clients If we had a house that we could put them in in the in the meantime and take that stress away.
Speaker 2:So we just started with one property and we and that's when I called you you helped me furnish it. I had all these fears around what would I do with the furniture if it doesn't work? I mean, it was just a brand new world And, honestly, you were a big factor in us trusting to do that. Because the biggest what if for me was, you know, investing all of this money into the furniture and furnishing the rental. And then what if it didn't work out, what would I do with all of it? What would I do with the money? And, and and you were the biggest supporter You said, hey, like I have furniture, like you can stage it, i'll furnish it. If it doesn't work out, i'll buy it back or we'll find somewhere to go, like, that's my lane, i'll handle it. And that gave me the most confidence in the world. I was like, all right, then let's do it. You solved my problem, you solved all my problems.
Speaker 2:So we we got into it and by doing that one, we realized all these other things. I mean, we realized it was a hospitality business. I love hospitality, i love hosting, i love these things. We realized it gave us access to the property.
Speaker 2:When you have a long term tenant and your property It doesn't, it's not really like yours during that time, so you can't check on it, you can't go in, you can't. I mean, you really just have no, no control over it, and if there's somebody in there that is causing chaos or you know, it's also not that easy to get them out, and then you have to worry about that. So when we started short-terming, those were all those things that I didn't think of. I mean we had access to our property, we had freedom If there was somebody in there that was causing problems or partying or doing this. You know it was a very there was a very easy fix. You got to. There was a vetting process that happened. It profitable It was twice as profitable as doing the.
Speaker 2:And then there was just the, the, the, the, the, i don't know. It was something new. We, we liked it, we liked meeting the new people, and so then we did another one, and then we did another one, and then we did another one, and so, and then even those lanes changed, just as of recently. You know, then it was kind of consulting or helping others, managing others, and now we've kind of moved into this whole separate lane of like commercial portfolios, where there's investors that hold 50, 100, 200 properties that have been historically long-term. And in the investment world you always hear never to keep all of your eggs in one basket. You want to be diversified, you want to have these different streams. So this has offered them an ability to diversify. So you know, now we've kind of transitioned into this role, outside of just being individual owners or managers, where we're taking half of their portfolios 50 and we're evaluating the whole portfolio, which ones are good candidates, which ones aren't, and we're taking the candidates that are good and we're flipping them into short term so they hold some long-term long. You know short term, but it's also now opened this ability to be able to help individual people start short term rentals.
Speaker 2:You know, i think that a lot of people get nervous with it because it seems new And there's a lot of bubbles that have happened historically in the past. But what a lot of people don't realize is that the short term rental game, the characteristics of it, are not new. It's, you know, the hotel industry has locked into that since the mid-century. I mean, the first hotels in the United States were brought in the 1700s. No-transcript, that has been. What is new about it is that the individual has the ability to get into that game And for a long time it was just capital funds and large hedge funds that were building these hotels and they were the only ones that got to do that Airbnb, vrbo, expedia they have allowed the single man to get into that game. So that's kind of what I start with. Where it's not brand new, it's a brand new application to a model that has existed for a very long time.
Speaker 1:So you've helped me get into it, you guys are managing mine, and so for people listening that are like, oh my gosh, i would love to get into this and take the risk, i know something that you told me, something that you said to me, which I think is just in any business, you don't get an immediate return right away, and I think for a lot of people that can be really scary. But I think I've heard I don't even know it takes a solid year, just with any business, to get a return. What are some of those things that you would tell someone if they are starting an Airbnb, something like that? Just advice.
Speaker 2:So I think that whenever you're looking at a property to do an Airbnb with, the thing that we still do to this day is we vet it as if it was going to be a long-term rental. Because you have to understand, as long as you're in a good area. So if you're looking in an area that has Airbnb's, like, look for one that has multiple Airbnb's that seem to be successful, that's kind of a good ticker And then just vet it from like a long-term standpoint. If you had to put a long-term renter in there, could it cover whatever the costs were, and then that kind of gives you the ability to know that there's this backup plan And that's usually a pretty good foundation to then do short-term off of. Honestly, if you can get the property turned quick enough, you should at least be covering your costs Right away. Yeah, if it's being done right, which, for most people that are investing in a rental of any sort, that's always been what the game was.
Speaker 2:It was just an equity game As long as the property covered itself it was a long-term Over 15 or 30 years you would then own the property And with short-term, there's this possibility that you get your costs covered and you get cash flow. So I think, if you can be okay with the first couple of months while you're getting into it and learning it and delving it, being okay with it being an equity game where you're at least covering your costs, which you should, then just know that after probably the first three months you're going to start seeing that profit come in And then, after the first year is there, you just get to keep building. At least that has been our experience with it. We've been in it three years now, and the first year it was like the first six months we were kind of just covering costs And we were like uh-oh. And then the first year hit and we were able to look back and be like, oh, we profited. We profited way more than we did during the long-term. And then the next year it doubled, and then now we're in year three and it looks as if it's going to triple.
Speaker 2:And so it's just you know, that is the stat with any new business that's being started that even the federal government expects you to take a loss the first three years of a new business, because that is what is normal. But in the short-term realm it's really like we personally have not experienced a loss. It's just maybe been even for six months, and then it was just kind of, yeah, a plus and a plus and a plus, and you said do the properties right, and I just want you taught me this.
Speaker 1:You know I watched you do it with your properties And I think that's been the same with my property, like it's done right. So there's like less people complaining, but define what you mean by right, because it does make all the difference.
Speaker 2:I just always, so I am really annoyingly particular. Like I so for me, i just kind of do it to a standard that I would want to be in, like that.
Speaker 1:Madeleine standard.
Speaker 2:Yeah, that's just like when I go and I'm like, oh, i would like you know all the coffee options And I would like an espresso, and I want comfortable pillows and I want a blow dryer. So it's just like I. I say, you know you want to create an experience That's. that's like. it's not just throw some furniture in the property and put it up. create an experience, whatever that is.
Speaker 2:You know a lot of people like, when you're looking at a hotel, you expect coffee and Lenin's and like a comfortable bed, and I think that so at the very least, you should have the coffee, these things. but you know to go above and beyond. well then, what makes somebody want to rent an Airbnb instead of a hotel room? Well, they want a kitchen, or they want a fenced in yard for so they can bring their animals and their pets, or they want to be able to spread out, or they want to be able to come with their whole family and and have this house. So then that just puts me into all of those categories.
Speaker 2:How can I create a pet friendly experience? How can I have board games? How can I have a fully stocked house where, if they want, they have that kitchen they're going to want to cook in it. So fully stock the property, fully furnish the property. You know, it's just things like that that, surprisingly, when I got into the game, i just did it. I I actually had never stayed in an Airbnb, which probably was good when I did an Airbnb. So when the guests started coming in, they were like, oh my gosh, this is the best Airbnb I've ever stayed in. It was, we had everything that we needed And to me I was just kind of scratching my head like is this not normal?
Speaker 1:Could I have done?
Speaker 2:less for and like you know. but then I started staying in Airbnb's and I realized that like things would be rationed, like there was like two trash bags and two, two pods for the coffee, and I'm like. And then there was, like you know, so it's just like there was this which, thankfully, because I had never stayed in an Airbnb, i just did it the way that I thought that I would want to be in an Airbnb, and you told me and you told me which makes so much sense is like you're giving them.
Speaker 1:They think they're getting more of a deal for what they're paying for when you do it that way.
Speaker 2:Right, And I think that any, anytime, you can give value, something of value to somebody that leaves them going wow, I really feel like I got a lot more out of it than what I put into it. I just I don't know. I think there's so many different levels. I think they're filled with gratitude, I think that they leave with a pleasant experience, I think they will be a return customer or a return friend or a return anything, You know. It's just so that's.
Speaker 2:Another realm that I try and look at is is how just can I provide excessive value? And as soon as I kind of switched my mindset to that, just how can I, how, what can I do to my ability to provide what, everything that I can provide to a friendship, to a marriage, to my children, to my business, to my clients, to my customers It all really just started to feel very easy and just seemed to flow and work. And there's still plenty of times now that I get stressed out and you know I'll, oh. And then I start to scale back on on what I'm giving, or how much of me I'm giving or these things, And I feel like I I'm better at recognizing it now that it quickly. That doesn't seem to make things easier, Like, like. I think usually it's that I just need to Slow down.
Speaker 1:Right And having that awareness.
Speaker 2:Yeah, and everything's okay, yeah, and then just pick the categories that I still need to to give what I can, as long as I'm happy giving. That's what I've been trying to pay attention to. Yeah, giving makes me happy, but then there kind of has to be evenly yoked as well. Like I fill your cup, you fill my cup. We just keep filling each other's cups and things are great.
Speaker 1:But what you put out there, you get back.
Speaker 2:Yes.
Speaker 1:Yes, but shifting to motherhood and just adding value, i'm like amazed and I was like taking notes the other day, because what you like, just how you were saying, you include your kids. You know, and that's one of the things that you really value as being an entrepreneur is that you can include your kids, and I think it's really cool what you do with your two girls. I'll tell a funny story I'll never forget. We were furnishing your Airbnb and you guys are like working out in the yard Like all the the two girls, yeah.
Speaker 1:You know planning and everything. I just remember rolling up with Jess. I'm like, look at them And Jess is like that could be us. You know, like I just I'm not mulching like that The girls are doing it Like again, it's just like very admirable, like okay, like just a good. You've always just been a very good role model for me. I think you always want to surround yourself with people that level you up. You know So, but tell me what you're doing with your girls, like financially, like how you work that into the business, paying them, all the things.
Speaker 2:So we try to. That's part of like providing balance for them, in my opinion, is that because we do all the things and we like to do all the things, we go on vacations, they've stayed in the best hotels, and I feel like I want them to experience those things. But there has to be a balance, because how do you, how do you expose children to environments like that and they not be spoiled by it? And I think it's because they they have to be exposed to the opposite as well. So, you know, when they were younger, it was just about the experience They needed to. To experience, you know, luxury on one end, but then they needed to experience hard, hard work with their hands in the dirt on another end, and so that's evolved whenever it's come to business. So then I wanted them to be able to start placing value to those experiences, and the only way that we knew how to do that was to make them pay for things, so they could know that this dollar paid for this or this amount of work equals this dollar. I really wanted them to have that concept. So in order for them to make money, then they needed to work for the money. So it just kind of evolved into.
Speaker 2:We've always been very honest with our children about what things cost And we've always encouraged them that you can always find a way to work. And if you can always find a way to work, you can always find a way to make money. And if you can find a way to make money, you can then choose what you get to do with that money and you can spend it on charity, you can. You know, one of the biggest opportunities was we were driving home from the mall and there was a guy on the side of the street that had a sign and you know he was asking for a couple of dollars and that he was hungry and Paisley was that day had turned down a job and she was so disappointed in the fact that she did not have some money to give him. And so, you know, steven gave him a couple of dollars and she was like thanks, dad, i'll pay you back. But it was just one of those. You know, it wasn't just money, didn't just provide them the ability to buy things that they wanted. It provided the ability to help or to buy things that they wanted or to you know, sometimes we'll make them buy their own food, like so they, so they can get used to these concepts. So now that they're a little bit older, we actually have employed them in our business, which is something that a lot of people don't know, that you can do, that you can employ your kids If you have your own business, if you solely own the LLC, you and your husband or you yourself, you can employ your kids under the age of 18, and you can pay them up to and you know, this is 2023. So the current tax law is like, i think, 12,500, it changes all the time, so check it But on average, it's like 12 to 13,000, that you can pay your kids a year, that you can expense from the business And actually the kids don't have to pay taxes on it. You can pay them over that, and even then, though, they're taxed at a significantly smaller rate, and this allows you to do lots of things, and there's rules that come along with it.
Speaker 2:The work has to be appropriate for the pay.
Speaker 2:They have to actually be working, and so, for us, we just kind of fell into that. Naturally, where you know, on average, if we're turning over a complete property, we usually charge 4,000 to 5,000 to do the complete thing, to evaluate the property to. I mean, it doesn't include the materials, it's just our labor part of it. But to buy all of the furniture and to fully stock the property, to connect it with the electronics, to put it up on Airbnb, so like we do this whole turnover job and it's usually four to 5,000. And so if the four of us are doing it together, we all agreed as long as we were all putting in full effort, it's like $1,000 a person. So on average we'll do one to two properties a month and they're on salary, so they get $1,000 a month if they do these businesses And there are days that we have had to keep them out of school because the property fell on that day and they had to work And the school has been really, really great in encouraging that.
Speaker 2:But it creates this lane that if your kid is realizing income, then you get to start a retirement account for them. So, and the thing with retirement accounts is that when you finally get to start one, usually your tax on the money that goes in and it's not tax coming out. If you wait to take it in an appropriate time, if you can start a retirement account for your kids, the beautiful thing is that the money is not tax going in or coming out Right. So the growth of which that happens is it just builds and builds, and builds and builds. So there's so many benefits I feel like to employing your kids, from them learning how to work and how to make money and then what to do with that money And then all the way into a tax realm.
Speaker 2:For you and being able to expense things and save on your taxes and then help them establish retirement accounts. And you know, even there you know it just gets your brain going, even whenever it comes to their college accounts. So we've, typically we were, we were doing, you know, a 529 account like these very typical college prepaid.
Speaker 1:Yes.
Speaker 2:Very typical, like college things, And something clicked in my brain that, well, what if we made one of their college accounts one of the Airbnb properties? and I started running down that rabbit hole And it was just crazy to me that so we we had enough money sitting in their college accounts that it equaled to a 20% down payment for an Airbnb property.
Speaker 1:That would bring you cash flow.
Speaker 2:So that's what we. So we actually purchased an Airbnb property in replacement of their college account to be used as their college account. So you know it's kind of a placeholder on the money And so you know it covers the cost of what the short term rental income covers is not only the cost of the property, but then you have 2000 or 2500 or 3000 and access cash flow. So you know, the first couple of months out of the year we take the extra cash flow and we pay a double or a triple mortgage. So the property will be paid off in 10 years. So the equity in the property in all rights is their college fund. You know, hopefully in 10 years college does not surpass, you know, 400 or $500,000. So this is what we're really hoping on that.
Speaker 1:Well, i think what's really what you guys are doing not not only are you setting your set your kids up for like financial stability and modeling, you know hard work and having them bring the awareness of like money and like you know work equals money and all the things, but I think what's really like interesting that I want to share with my kids too is, i think, our generation. We believed you have to graduate high school, you have to go to college in four years. After four years, you have to either get your master's or become a doctor or have this nine to five job. There's no out of the box thinking. It was very and when I learned like and it's kind of like you, we just stumbled upon these businesses or just a lot of opportunities were like oh, that could be a business.
Speaker 1:Yeah, i was never taught how to think that way. Yes, you know, and that's and that's something I want to really teach my kids. And you do that by modeling which. You're doing that like hey, when you work, there's money, but you don't. You can work so many ways.
Speaker 2:Yes, And neither of the college degrees that my husband or I got or me do, do we do we need to use. We use them, i think, in various ways, but but didn't need them to do any of the businesses that we have done. And I think that's where and we constantly think on the same vein it's like that's my. I always want them to have options And so, even whenever it comes to this property, it's something I didn't like about the typical college funds. It's like if they didn't use them for college, then you got tax amount where they didn't get to use them or they lost them And I was like, well, but how much better would it be? Let's say they don't choose to go to college, but this, this property, is going to be theirs to be used when they turn 18. So maybe it's their first investment property, maybe they learn, maybe they do go to college and they live in it and rent out the other two rooms and they start learning what that looks like. Or whenever they get out of college, let's say they get scholarships and they use that money for college. Well, then they get given the house and do you sell it and get to fund your first business you want to start, or do you rent it, or do you live in it Or do you know? that just opens up all these options of things that they get to do with that And and we do we constantly talk to them about different things that they could do, how they could do it. Just just think creatively.
Speaker 2:But I think that comes along with you know, something that we're really big with, not only academically, is experiences. We want them to experience when it comes to birthdays, when it comes to Christmas, like we try to give them experiences. They know that they get to pick out like one or two little things just to get to have the magic of like opening something, because I always loved that. But we do experiences, we go on trips, we do something different than we did before, and our hope is that when they get into middle school and they get into high school, that then we get to like globally do things that we can take them across seas. So there's concepts that they're aware of.
Speaker 2:I was extremely naive to anything when I got older because we never we didn't travel. I'm still naive, i've never been across seas And there is such a level of naivety that comes with that that I don't want them to have. I want them to be able to pair their academics and their smarts and their and their financial smarts and all of that with reality And and I just hope, in my little experiment of a mothering world that I feel so bad about, but it's so true, you're just experimenting that that I don't know gives them perspective.
Speaker 1:Yeah, and I think the biggest thing with you is like you're open. You know you have an openness where you will continue to evolve, not only in your businesses. As a mother, you know your mindset, everything. I feel like I could talk to you all day long, but I want you to tell us where we can find you on social media. I know you and Steven have your coaching or your Airbnb. Tell us about that, yeah, where we can find it. Plug all the things.
Speaker 2:Yeah, so my Instagram is homes and heels And my husband's is Batman the realtor, underscore the realtor And we'll have we have all of our links up on there. We are starting a kind of coaching, guiding channel when it comes to just investing. Specifically, starting out with short term rentals. We have partnered with eight limbs creative media And we're going to start to just kind of film some tell-alls where we get into the nitty gritty of all the specific details how to to get a short term rental, how to start one, how to turn it over, and I'm talking specifics like a net sheet that we are going to provide that you can plug and play numbers into, know what a property would profit no gatekeeping we are laying it all out there And so that's going to be.
Speaker 2:Those are all kind of posted on our social medias And that's stuff that's going to be coming soon, but basically just training videos and trying to coach and help in any realm that we can. That was one thing that I kept saying out loud. I was like there's so many people that let's grab lunch, let's have coffee. I want to learn how to do this And I desperately wanted to do those, but we were so busy actually trying to run the businesses that I kept having to turn that down. And then, finally, one of our mentors, chris McLaughlin. He's like you know that people do like they pay for this.
Speaker 2:They do zoom meetings, and they do, and you could. You can literally take an hour and be able to talk to 200 people at one time and teach them how, and I was like, oh my gosh, there was just this whole epiphany around being able to reach all these people without having to do all these individual things. I'm learning in the technological world, me too, but so that's what. That's what we have started, that's what we have coming is is just that whole realm training videos, coaching conferences, zoom calls And we're just going to tell everybody what it is, whatever they want to know. We're open books.
Speaker 1:You're doing it, madeline, thank you. Thank you so much for coming on. Go follow her on Instagram. Go check out her guide for Airbnb's, and if you just want outfit ideas too I know I'm always checking the gram She's very put together, you know. So all the inspiration, yes, what do your girls call you?
Speaker 2:fancy, oh fancy. Yes, we're not always fancy like you, mom.
Speaker 1:My kids are always like mom. How come you don't get dressed?
Speaker 2:Please, you have the best style, but thank you for taking me.
Speaker 1:This has been another episode of the Invest Your Best podcast with Ali K. I will check you out next time.