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Hey, what's up guys, it's James here. And in today's video, we're going to be talking about data. This is one of my favorite topics to talk about, because it's one of the best tools that you can use when you're investing in short term rental properties. And we actually just spent as a company $10,000, purchasing AirDNA data for the entire world over as well as their Air DNA BPTI report, which stands for best places to invest, which they update quarterly with all of the best places to invest in the best markets in both Canada and the US. This was a big investment into data. And that should tell you just how important I find data to be in making the right decisions. Now, while I can't actually show you, for obvious reasons, the actual package that we bought, because obviously we have paid our DNA, a lot of money for that. And part of that agreement was that we wouldn't just share it willy nilly with everyone. For anyone that does actually work with us, and that we consult with and help them to invest strategically in short term rental properties, we're able to use that data to help them make the right decision. So that was one of the big things for us was that, hey, we can use this for our own investing. But we can also use this to help our students invest in the best possible markets with the best possible returns and start to have, you know, sort of access to opportunities that a lot of people don't have access to, because they just don't have that kind of data. Now imagine I like to tell people, it's a lot like, imagine, if you could have known that the Smoky Mountains would have been the Smoky Mountains before they became the Smoky Mountains. Like if anyone has been following the short term rental industry over the last few years, all property values in the Smokies have just astronomically skyrocketed through the roof. And short term rental performance is just blowing up there. And now if you go and try to buy a property there, you're gonna be paying a million dollars easily for a cabin in the Smokies. But a few years ago, if you look back, you could actually buy one for just a couple $100,000. And that same property would probably bring in about 100 $150,000 right now per year as a short term rental property. So we're literally seeing markets where you can get absolutely insane, almost unfathomable rates of return. And it's by just seeing the opportunity before the masses get there. And before they jump in and obviously drive prices up. And so I do want to talk a little bit more about the kind of trend that we've seen from looking at this data. Now, obviously, I haven't been able to parse through every single bit of the data, you know, that's gonna take a lot more time. But just some first impressions from looking at this data and seeing what different trends I'm seeing and what could potentially help you to make a better investment in short term rental properties. So one thing that I'm seeing that I always look for is the discrepancy between how well a property performs and how expensive that property is. That's pretty straightforward. And so what I've found is that a lot of people, when they think about investing in short term rentals, they only focus on one single side of that equation. They're really predominantly focusing on Hey, where are the markets where I can bring in the most possible money per month from a listing or per year from a listing. But the challenge there is that that's not factoring in the actual cost of purchasing a property because a lot of those really well established and very busy vacation rental destinations, like the San Diego's the Orlando's, the New York's of the world, those areas are going to perform really, really well short term rentals. But the cost of purchase a property is quite high as well. So the key is looking for properties that are going to perform really well bring in 7080 100 $200,000 a year as a short term rental, but that you can purchase for not a whole lot of money, you're not paying a million dollars plus for those properties. For that reason, I'm finding that a lot of the best markets, and this is backed up by the data I'm looking at is it the best markets tend to be more rural markets. So that wasn't a huge surprise to me, because I've already seen that trend. But it was really reassuring to actually see the data supporting that. That assumption and that kind of analysis that we had seen that observation we had had, that a lot of the best performing properties in the best performing markets around North America, or Canada or the US are more rural areas. And so I'm finding that areas around the National Parks areas around like outside of major metropolitan areas where a lot of people like to go for their sort of staycation, those types of areas do really, really well. Now another thing that I've seen is that a lot of different areas can sometimes have kind of misleading indicators. So what I've come across on a few occasions is areas that look really, really good when you just look at the numbers, but then if you actually dissect it, you'll see that there are just a couple of properties that are really pulling up the averages. And so I always tell people as well people often ask me, Hey, you know, James, should I invest in this area that's only got a few properties on Airbnb, because there's going to be way less competition, or should I go into this area that's more kind of proven and tried and true that has a lot more competition, and I always caution Some people that, although it looks at at face value, as though you're not going to be dealing with competition, if you go into one of these kinds of less saturated markets, oftentimes you just have to be extra conservative and extra kind of cautious. Because a lot of the time, if there's only, let's say, 30 properties in an area, then it can be a lot easier for one property to skew the numbers in that area dramatically. And so if you go and invest based on the skewed numbers, you may not be happy with the returns that you get. And then on the flip side, if you go and invest in an area that is more tried and true, yes, you have to deal with more competition, but you also have a much better data set to work off of. And so what I've seen a few times now, and looking at some of these best areas is that really, they're good areas, not great areas, because if you actually look at them, if you just look at the average market numbers for the entire area, they look phenomenal. But then when you actually go and look at the individual properties within that data set, you realize that oh, wow, you know, there's actually 15 properties that are doing okay, nothing incredible. And there's one property, that's a huge mansion that's just doing absolutely bonkers numbers. And so that number is now skewing up the entire dataset towards a much higher average. And so you just have to be aware of that you can't ever just rely on looking at the numbers and not understanding them, you really have to understand them properly and look at what goes into under forming those averages in order to draw the right conclusions. So that's another kind of word of warning for anyone who's looking to start investing in short term rental properties is you really have to understand the numbers. And you cannot just base your, your analysis on the averages, you have to look at specific properties. And you want to be kind of cautiously optimistic about areas that don't have a lot of competition or don't have a large number of properties already up as short term rentals. So this is just some initial observations that I've had, obviously, one of the really cool things that we can do with this data is just really pinpoint, hey, if we want to go into a specific state, what are the best areas in that state to look at, or if we want to just get the best return on investment in all of North America? What are the best areas to be looking at. Now that's a really cool opportunity for us. And it can also be a really cool opportunity for you if you decide to work with us. If you do want to learn more about how to actually work with rally night rally being my business and investing partner, if you want to learn about how to actually work with us and partner with us so that we can help you invest successfully in short term rental properties, then I highly recommend the first place to start is checking out the free training that's linked in description down below. And the end of that, you'll also have an opportunity to set up a call with our team, where we'll help to figure out whether or not it's the right fit for us to actually work together and make sure that we're pointing you in the right direction. Now, if you are one of the people that it makes sense for us to work with, we'll walk through exactly how that works and how we can actually team up and help you to invest successfully in short term rentals, and how you can actually leverage this data that we have access to to be able to invest in the best possible areas. So again, if you're interested in learning more about all that the link is in the description down below. Just start by checking out that free training and then make sure you schedule a call with our team. I hope this video is valuable to you, I was giving you a good insight into the different and a world of data that is out there that you can take advantage of to make your short term rental investing much, much more concrete much more predictable. Because I find that a lot of people go in with blinders on they don't realize just how secure, safe and predictable short term rental investing can be. So hopefully this gives you some insight into that if you did like this video, if you got value from it, then please just take a moment and hit that like button. It really does help me out tremendously with YouTube's algorithm and with growing this channel. So take a minute hit that like button, make sure you hit that subscribe button as well so you can stay up to date with the two new videos we post every single week on this channel. And as always, if you have any thoughts, questions, comments, anything you want to talk to me about just let me know in the comment section down below. All that said Have a fantastic rest of your day and I'll see you in the next video.