
Show Summary
In this episode of the Real Estate Pros podcast, host Dylan Silver interviews Charles Rashid, a seasoned full cycle real estate investor with 30 years of experience. Charles shares insights from his first deal, innovative strategies in real estate including Airbnb, and the importance of agility in adapting to market changes. He also discusses his venture into Turo, highlighting the potential for income generation through various avenues in real estate and beyond.
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Investor Fuel Show Transcript:
Dylan Silver (00:01.247)
Hey everybody, welcome back to the Real Estate Pros podcast by Investor Fuel. Iโm your host, Dylan Silver. And today on the show we have Charles Rashid. Charles is a full cycle real estate investor with 30 years in real estate. He is a commercial investor, lender and coach. Charles, welcome to the show.
Charles Rashid (00:23.234)
Thanks, Dillon. Nice to be here. Appreciate you having me.
Dylan Silver (00:25.349)
Absolutely, absolutely, absolutely. So when I first got started in real estate about two years ago, people talked about you havenโt seen everything until youโre a full cycle investor. And so youโre a full cycle investor and then some. youโve seen the ups and the downs multiple times. But tell me about your first deal, how you got in. We talked a little bit about the show started, but tell us about that first deal.
Charles Rashid (00:51.512)
Sure, so I wasnโt a great student growing up. I was always interested and motivated by money. And so I started looking around at all my friends and my dadโs friends that were financially successful and wealthy. And I realized they all had a common theme. They all invested in real estate, owned real estate in some form or fashion. So I decided I was going to be a landlord. And so I started looking at real estate. I had bought a
Dave Del Dottoโs real estate investing course. And he was like the painter that lived in a one bedroom apartment came from nothing. so I got the basics there and then I went to work and there was no apps or so I would circle the newspaper ads drive around, make phone calls, crunch the numbers. And I probably made over 100 offers before I got my first offer accepted.
Dylan Silver (01:31.924)
Okay.
Charles Rashid (01:46.604)
It was an eight unit apartment building that I bought with no money down. The rents were low, 280 to $300 a piece, central air, two bedroom, one bath each. This was, you know, 1990, 1991. The owner, I happen to know them, their son went to school with me and I just made them an offer that they take a second for the down payment. I got a pre-approval letter from the bank and I
Dylan Silver (02:02.804)
Yes.
Charles Rashid (02:16.027)
Own the piece of property I think I walked away with five grand for improvements at closing but I literally didnโt know anything about real estate at that time. I the first phone call I got was a leaking toilet and I had to go figure out how to fix a toilet and you know just nonstop learning but got in the trenches and itโs been Iโve loved it ever since. mean not one day has gone by that I donโt get excited about real estate.
Dylan Silver (02:34.962)
Okay.
For our Gen Z people listening, this was before YouTube, this is before TikTok, before Instagram, Charles had to crank out a book and learn how to get into this deal here. Charles, where did you at 20 years old, most people are trying to get in later and theyโre struggling to get in trying to figure out how they can do it.
Where did you have the courage, the wherewithal to say, Iโm gonna take an eight unit apartment deal down and was it in your blood? Did you have mentors? How did you go about?
Charles Rashid (03:20.348)
Well, yes, I did have mentors. Like I said, I bought that course from Dave Doudato. I have a couple friends that are older than me. They were about five years ahead of me in the process, and they had a couple of apartments. I could bounce ideas off them. And at the time, I think minimum wage was like $3.35 an hour. So to me, it wasnโt a risk. It was a risk not to move forward. The rents wereโฆ
I immediately raised them to $325 a month. I think the average now is probably not nationwide, itโs probably over $2,000, but Iโm in West Virginia and itโs probably $1,000 a month. Just a little things like that. And when you were talking about going to read a book to figure it out, there was no YouTube. I literally went to Loweโs, looked at the DIY book to figure out what it was that I was trying to figure out whether it was
Dylan Silver (03:54.77)
Thank you.
Dylan Silver (04:05.523)
.
Charles Rashid (04:19.195)
changing an outlet or soldering some copper pipes, pecks wasnโt around then, or fixing a leaky toilet. And then Iโd go back and just struggle through it and fix it, painting it. know, I learned the entire thing from necessity.
Dylan Silver (04:36.328)
From yeah real world experience you have a plan until you get punched in the face, so That thatโs a heck of a way to start
when, when you went ahead and got that deal under contract, it was no money out of pocket. Like you had said, how did that deal get structured?
Charles Rashid (04:55.343)
So I went to a bank and found out what I could get approved on based on the rent. They loaned me 75 % of the purchase price. I think I bought it for $175,000 and the owner took back a second for $40,000 or $50,000 and the bank financed the balance on a first deed of trust. So I had a mortgage with the bank. I donโt remember the numbers now. And then a mortgage withโฆ
the seller that I paid them monthly at $300 or something a month for 15 years. later, after I fixed them up, got them all rented, got the rents increased, paved the driveway, replaced windows, whatever needed replaced over time I did it. And then about seven years after I owned it, I called the sellers and I said, hey, would you take 60 cents on the dollar? they, at the time they said they were in a position to do that.
Dylan Silver (05:22.706)
Mm.
Dylan Silver (05:27.996)
You
Charles Rashid (05:50.679)
I paid them off, refinanced the property, owned it for 20 or 25 years. It was a great piece of property and it taught me. Iโve often thought about going back and buying it again for nostalgic purposes.
Dylan Silver (06:05.554)
That could be your album cover, the trend where you put your first home on the album, you know, and itโs got the adult advisory in the bottom corner. But the fact that your first deal was a creative deal, where you didnโt come out of pocket, you know, these deals for our newcomers, you see it all over now, you know, no money, you can get into real estate, cash for keys, this type of deal. But this wasnโt, I canโt imagine it was
Charles Rashid (06:11.736)
Yeah.
Dylan Silver (06:34.993)
popularized back then. how did you educate? it was it was it in your your
Charles Rashid (06:41.839)
It was a thing back then. Robert G. Allen. Thereโs an author, Robert G. Allen. has multiple streams of income. He did a challenge back in the 80s. You can drop me in any city with 100 bucks and within three days Iโll own a piece of property. And so it was out there. It was definitely challenging. like I said, Iโve made over 100 written offers just to get that.
Dylan Silver (06:44.899)
Okay, you had to get into the books.
Charles Rashid (07:07.785)
that right seller in the right position to do it. And ever since Iโve done most of my deals that way, including a $10 million commercial project just a few years ago with no money down. to this day, my banks and the seller always say, you canโt get that done. And Iโm like, you can get it done. Itโs not.
Dylan Silver (07:11.045)
Yeah.
Dylan Silver (07:29.753)
Watch me.
Charles Rashid (07:33.054)
Not to say itโs not challenging, but itโs possible for sure. You find the right motivated seller, you find the right bank that you have a good relationship with, and you have the right path forward or the right plan for the property that makes sense, and you can make it happen.
Dylan Silver (07:47.803)
could talk about this first deal all day. So I donโt want to take up more your time with that. But I do have one last question, which is youโre writing 100 offers, but with, you know, some training, but itโs not like youโve done this a whole bunch of times before. What were you using as a guide to write these offers? Just what you saw in the books?
Charles Rashid (08:06.08)
Partly trial and error. I had an uncle in New York that was a realtor, I mean an attorney. I would at first he gave me all this language and that was just like squashed immediately. But I learned okay thereโs a few things here and there that Iโd like to do. And the bottom line was if I could get it financed and I hadnโt out in case there was a problem. Those were the things that I really wanted because I didnโt want to get stuck or get hurt.
Dylan Silver (08:09.457)
Hahaha
Charles Rashid (08:35.648)
And so, and it was just literally trial and error. It started from like a seven page addendum of all the crap that nobody even looked at because it was trying to tie it up so tightly to, okay, Iโll buy it as is with a couple contingencies.
Dylan Silver (08:35.751)
Yeah.
Dylan Silver (08:52.686)
We went through everything a hundred offers. Itโs funny because thatโs actually what Iโm doing right now is not not probably not a hundred but like sixty to eighty a month on a personal note. But fast forward a little bit to I guess today or or maybe not today but a couple for the last couple of years. You mentioned an interesting strategy for folks who are maybe having a home thatโs sitting and that involves Airbnb which I hadnโt I hadnโt.
heard in that great detail, walk us through that a little bit.
Charles Rashid (09:25.469)
Yeah, so I, over the years, I became a money lender to folks flipping houses. I have some partners that were flipping about 100 houses a year. We together own 300 or 400 houses that weโre buying and holding now long term. But they had four or five houses that were just sitting on the market for months at a time. And before I get into it, I donโt love the idea of flipping houses.
I like it in conjunction with buy and hold and some commercial, to me itโs just youโre working hard all the time for that one time payout. And I was always a believer of buy and hold, using leverage, using the tax system for depreciation, allowing your tenants to build your equity for you and make the payments, writing off all the maintenance and all that kind of stuff. So I was trying to get them into
buying and holding more often. But they had these five houses that were just killing their, one, it wouldnโt free up their availability from their lenders to go do more deals. They had a million dollars tied up in five houses. So I said, letโs just stage them. Let me stage them. And Iโve done some YouTube videos about them. Let me stage the house. So I bought all the furniture. I took all the risk. I put them on the Airbnb, VRBO, booking.com, Expedia, hotels, all those sites.
Dylan Silver (10:35.408)
Thank
Dylan Silver (10:41.815)
Okay.
Charles Rashid (10:53.7)
And we started generating like three or $4,000 a month. I subtracted the utilities. They paid the utilities, which I paid for. They paid for their mortgage and everything. And then we split the difference. I took 60 % of what I generated. And I had a contract that if it sold immediately, then I would just get a percentage of the purchase price to recoup my furniture expense and the time I put in.
Dylan Silver (10:55.33)
So, going to go ahead and the first
Charles Rashid (11:20.968)
But the benefits to them and how I sold it to them was you have this property thatโs kind of tired. Itโs been on the market. Realtors are overlooking it. They might walk in and thereโs cobwebs on the door or rat droppings or a leaky faucet or something that they didnโt expect HVAC not working. So Iโm like, Iโll keep the yard manicured.
Dylan Silver (11:24.921)
So,
Charles Rashid (11:43.9)
Iโll have it cleaned after every guest. So every week itโs going to be in perfect condition to show the property. Itโs going to be staged. I hang pictures on the wall. I set the dining room table. mean, it really looks, you know, they look nice and fully staged, but without the expense of staging, paying a staging company. And here in West Virginia, we donโt have a staging company. and, and with, without exception, all five of these houses,
Dylan Silver (11:58.858)
Yeah.
Charles Rashid (12:11.716)
sold within five months. it was a matter of giving the buyer, the potential buyer, that vision of how it would look, how it lays out, how it flows. And sometimes we sold all the property with it, which was a bonus.
Dylan Silver (12:30.344)
Is the the seller Iโm assuming maybe initially Unaware that they could Airbnb out their home in the process of selling it. How is that process being presented to them?
Charles Rashid (12:43.482)
Well, it depends on the city and the ordinance and all that if itโs allowed. yeah, it just was a concept that I developed. I was speaking to 400 realtors in California. And the same concept goes for them. Give yourself a competitive advantage as a realtor. A house is maybe too expensive on the market. So every realtor
wants to walk past it because they just see itโs gonna sit forever but if you can bring this added value earn some commission in the meantime get it staged help the seller offset their expenses on a debt asset and and get it sold then thatโs a great twist but as far as your question about is it legal or how could they do it i mean again it goes back to
the ordinance of the city and if itโs allowed, which most cities it is allowed, you get a rental license, but itโs just a matter of thinking outside the box and how to maximize your profit potential. And Iโm all about if I got a dead asset, letโs get rid of it or figure out a way for it to make money. You know, I rent cars on Turo, I rent real estate, everything I do is about renting it to somebody else to have them pay for it.
Dylan Silver (13:40.814)
.
Charles Rashid (14:03.351)
and allow me to use it when I want.
Dylan Silver (14:06.186)
And for our listeners, the avatar of our listener is someone whoโs doing 50 plus deals a year, but we also have some newcomers. thereโs two things that I want to hit on that Charles pointed out. First is that if youโre a fix and flipper, or if you aspire to be a fix and flipper, hold on to some property. Hold on to some property. Iโve interviewed guests now andโฆ
that have some other podcast hosts who are doing the same for real estate pros and the biggest regret for every single guest almost to a T is I wish I held some rentals. I wish I didnโt sell, you know, and going back like 20 years or sometimes more, you look at how much, you know, yeah, they sold it for $20,000 profit then but look at what it would be worth now and itโs real wealth, you know, and so you touched on that saying like,
This process, itโs you know, catch and release almost, you know, itโs burned fast. Itโs not a itโs not youโre doing something other than what, know, the real estate game seems to be about. mean, for sure, thereโs fix and flippers. But when youโre talking about building wealth to that degree, itโs not itโs not in that necessarily.
Charles Rashid (15:22.36)
Yeah, I didnโt even touch on the appreciation aspect of it. So most fix and flippers have short-term loans, construction loans, hard money loans. So once you get it fixed, you know everything youโve done to the property. So youโre not going to have issues. You got new appliances with warranties. You got probably new HVAC, new electric, new roof. Youโre not going to have any maintenance for five plus years. You go to a bank, you get a traditional investment loan on 20 years, 25 years.
and then you run it either short term, mid term or long term, tenant pays all your bills, they put the utilities in their name, they build equity for you over time, you get all the appreciation, and itโs just a win-win. mean, yeah, itโs hard to live on that, but if you take 10 % of your flips, the ones in the right location, the right properties, three bedroom, two bath, or something thatโs easily sold at any time,
you get in a bind, itโs just itโs a no-brainer in my mind.
Dylan Silver (16:23.838)
Yeah, I mean I said this before we hopped on the AMG looks nice But you know the AMG is pretty expensive in a downturn so you want to you want to hold on it You know like Charles said 10 %
And again, itโs the biggest regret. Itโs the biggest regret that I hear. But going back to the Airbnb model, this is another thing that stuck out to me is agility. You have to have some level of agility in this game. You canโt be doing necessarily. And I think itโs very rare that someone does the same thing for 20 years in real estate. Itโs just rare. Itโs just rare. What Iโve seen, having done these podcasts now is
It is the typical trajectory. is not carte blanche, but this is what I see is people will go from learning about it, not sure how to get in networking, probably making some mistakes, wholesaling, which is pretty common now, getting their first deal, doing fix and flips, and then scaling that sometimes and Iโve heard this to people get burnt out or they take a big loss and then maybe that
that some cold water that they donโt want to want to get into again and kind of burns them out. But if it doesnโt scare them away and they can lick their wounds get back up they get into commercial they get into note buying or they become a landlord themselves. And you also youโre a coach. So Iโm curious what your perspective is on kind of the trajectory of the real estate career and also talk about that agility.
that you have to be able to adapt.
Charles Rashid (18:01.912)
Yeah, so first of all you know times change economies change interest rates change so you have to be. Willing and able to pivot. Because what worked thirty years ago it may still work now but iโm seeing a lot of guys now getting stuck with the interest rates triple from where they were. Not the property of cash flow itโs not moving as fast itโs not worth as much. So having that ability.
to pivot, I think is key. You mentioned commercial property. I caution people on commercial property. It can be great when it has a triple net national tenant, but when they go out and you got a big box empty, I mean, it can bankrupt you real quick. Thereโs a lot more risk involved. Once you get a tenant that pays, youโre golden. Itโs the best thing on earth, but it can go south.
Dylan Silver (18:48.81)
Mmm.
Charles Rashid (19:00.687)
We have a grant here. Iโm just finishing up a brand new construction flip that Iโm doing. I got a $35,000 grant through our city of Charleston, West Virginia. And itโs great. It helps offset the cost. And it basically just drops right to the bottom line. As far as Airbnb, I grew up in the hotel business. Iโve worked in every single department in hotel, so I know how it works.
And I thought, you know, I kept hearing about Airbnb back in the decade ago. Iโm like, if I took my knowledge from the hotel business and kind of turned it towards the Airbnbs, I think I could really dominate the market. Just simple things like revenue management. Most guys on Airbnb just set their property at 100 bucks a night and theyโre cleaning at $50 a night or $100 a night. And then they forget about it.
Dylan Silver (19:44.436)
Thank
Dylan Silver (19:50.352)
Thank
Charles Rashid (20:00.002)
But what they donโt realize is thereโs going to be days that holidays or events in the city that they can command three times as much rent per night. And then thereโs also going to be days that itโs dead, middle of week in the middle of winter, that theyโre not going to get anything. So I look at the calendar every year, every single event, every holiday, double or triple my rent. The slow season, I drop it in half or less. So I maximize.
Dylan Silver (20:08.474)
Yep.
Charles Rashid (20:29.836)
my occupancy and also maximize the, itโs called RevPAR, revenue per available room.
Dylan Silver (20:37.097)
Rather selfishly, I have a specific question about doing this remotely. Myself and I think a lot of people want to know, and thereโs differing opinions on this, Iโve heard both sides, is it really feasible for the investor thatโs seasoned but theyโve been doing their process in person, meaning theyโre there, they have people on the ground but theyโre there, is it feasible for them to do this remotely if they want to move out of the country?
Right. they if theyโre like, hey, Iโm moving to, you know, who Argentina, Iโm moving to Argentina. I like the the the culture over there. How can I do that? And Iโve heard two perspectives. Number one, you have to have processes and people in place. And the other perspective is you really canโt like itโs a very limited group of people who can do that. And you basically that that has to be your thing. Your thing has to be processes and people. Whatโs your perspective on that?
Charles Rashid (21:36.789)
No, I disagree with that. You absolutely can do it. And Iโm kind of more old school. I have all the processes and systems in place, but theyโre really more in my head. Iโm not as diligent as I should be. If you have the people in place, I have Airbnbs and vacation rentals in six or seven cities. And I manage them very, very limited part time from my phone. Takes me less than five minutes a day.
You have to have a cleaner. You have to have somebody that you can trust, trusted cleaner and a trusted maintenance person. And then with the internet, I can monitor the property by cameras outside. I can monitor the HVAC system by a nest or something thatโs Wi-Fi enabled. And you have a water leak detection system. You can absolutely manage it.
from afar, never touching the property. Now, I havenโt done it in other countries. Thereโs a whole other level of complications there with other governments and that kind of thing, but thereโs no reason why you couldnโt do it. The key is just having people that are on the ground that you can rely on.
Dylan Silver (22:37.065)
Hmm.
Dylan Silver (22:52.457)
Where do you see as the future of Airbnb? I know itโs hard to predict the future, weโve seen, I know Iโm in DFW, the greater Dallas area. When I was here a year ago, I was in Addison and there was a lot of talk that in Addison specifically, they were gonna either they did or they were going to disallow Airbnb specifically. Where do you see is the future of Airbnb? Because itโs such an interesting model.
Charles Rashid (23:22.388)
So I love it because you can triple the amount of revenue you get from a piece of property. I tell my students never buy a piece of property based on the revenue of what Airbnb or Generate because tomorrow the laws can change and then youโre out. So analyze the deal as if itโs a long-term rental. If the numbers work that way, then youโre going to be in great shape and youโll be very happy.
Dylan Silver (23:49.394)
Yeah.
Charles Rashid (23:49.873)
as far as like the future, even if itโs not disallowed, thereโs going to be ebbs and flows. Thereโs going to be people that get tired of it. Theyโre not going to do as well. Theyโre not going to keep it as clean. And those are going to fall to the wayside because theyโre going to get bad reviews. People are going to stop staying there. And then thereโs going to be people that really do a nice job, keep it clean, keep it well decorated, communicate properly and that kind of thing.
What I love about short-term rentals is I have units that are 59 bucks a night and I have units that are $4,000 a night. Everybody on the socioeconomic level needs a place to stay when they travel. So itโs not just, you know, you donโt have to pick only a slum or only a super high-end vacation home, everything in between. And itโs just like in the hotel business that, you know, hotels come and go all the time.
Dylan Silver (24:42.096)
No.
Charles Rashid (24:48.745)
Theyโre brand new, theyโre demanding a lot, and then over time they kind of deteriorate and then they go to a lower tier franchise and then ultimately they get torn down and built something new on. Itโs the same kind of cycle with Airbnb. Theyโre still wearing tear, you got to replace the furniture, but the moneyโs worth it. And if you get that system down and that process, I just train my people upfront what to do, the order to do it in, because even cleaning,
Dylan Silver (24:53.416)
Thank
Charles Rashid (25:18.481)
will, if they do it in the proper order, they can cut their time in half. But if youโre diligent on that kind of thing, and ease of use from the customer standpoint, I have keypads, one example, keypads on all my doors, batteries die sometimes, I always have a lockbox with a hard key in it when they have a problem at two in the morning, it takes me two seconds in a text to fix the problem instead of
Dylan Silver (25:23.012)
Yep.
you
Charles Rashid (25:47.347)
calling a locksmith or sending somebody out there. And so just little things like that over time you learn.
Dylan Silver (25:54.629)
There also seems to be some degree of, there is a trade off, right? So you do have to be more active in managing it to some degree if you donโt, if youโre new to it. But you also donโt have to worry about evicting people, almost never unless you have some fringe scenario. You donโt have to worry about that. So do you feel like on the whole the properties are kept in a better condition than if you would have rented them out?
Charles Rashid (26:24.166)
For the most part, yes. We have some construction workers thatโll come and stay for six or eight months and theyโre very hard on properties, but they also donโt mind paying and Iโll get three, four, five thousand a month for just a regular three bed and two bath house that I would normally get 70, 89 dollars a night for and theyโll stay for months. I bought a house from HUD for
Dylan Silver (26:34.085)
Yeah.
Dylan Silver (26:50.458)
Ryan.
Charles Rashid (26:53.126)
$40,000 put 11 in it and my first tenant stayed for 11 months paid me like $72,000 first year. Yeah, I threw Airbnb.
Dylan Silver (27:02.054)
on Airbnb.
See, thereโs some really specific Airbnb questions here. So for folks who are not involved in Airbnb, these are the type of things that youโll have to decide on. Like, are you going to allow pets? Are you going to allow one night stays? When your calendar is completely vacant, are you going to freak out and lower price? Which you can. But just like Charles was talking about here, and Iโve seen it here in Denton, Texas, a vacant calendar could land a monster booking.
talking about most of the year. So you get a notification on your phone, youโre like, wow, I just got a two month booking on this property that I didnโt think people werenโt interested in. So as far as Airbnb goes, an empty calendar can sometimes be a good thing.
Charles Rashid (27:49.199)
So thatโs another thing that I teach is keep your price high, higher than everybody else for that very reason. So the calendar is open long term so that one person, that traveling nurse or a doctor or a construction worker that needs to be there for six months will pay the full boat. And then within a week or two if you donโt get any bookings, drop the price. Itโs just like an airline or an empty hotel room. Itโs a disappearing asset. When that dayโs over, itโs gone forever.
You already have the utilities, you already have the mortgage payment or the rent. And so it takes a little bit to get used to to get it set up and learn from your mistakes. But over time, I like it. I still have 24 active ones. Iโve been doing it for seven years. Iโm still in it because I like to only teach what Iโve proven and how it works.
Dylan Silver (28:38.948)
Yeah.
Charles Rashid (28:42.307)
I love Airbnb. think itโs great. Any short-term rental, not just we all say Airbnb, itโs kind of like the Kleenex of tissue, thereโs so many booking sites anymore. And Iโll tell you another way that I maximize my properties is Iโm involved in a company called Third Home Exchange. So that $4,000 night house I have, itโs at a really nice resort near here. I put that into Third Home.
Dylan Silver (28:48.579)
The only one, yeah.
Charles Rashid (29:11.212)
And I trade a week of my house there for a week of a house in the system, which they have 11,000 homes around the world. So we travel around the world in these multimillion dollar homes that cost us a thousand bucks a week plus a week at our house. Third home. Yeah. And thereโs three different ones. The club, which is a really high end deal, third home. And then I think itโs
Dylan Silver (29:25.733)
Itโs called Third Home. Iโve never heard of it, but I love the idea.
Charles Rashid (29:40.085)
home swap or I canโt recall the last name but theyโre like 300,000 homes of just people like if you live in Paris youโre going on vacation for a week you want to rent your house out or swap it for somebody in New York you just put it on this site and itโs just one more way to use that property that you have to enjoy traveling so it works well for us.
Dylan Silver (30:01.381)
Ciao.
Weโre coming up on time here Charles but before we head off I do want to ask a little bit about Turo because I mentioned before we started that I was a car business guy. Couldnโt make it to the box couldnโt make it to F &I you know the finance officer so I ended up trying my hand in real estate Iโm glad I did but how did you get into Turo are you a car you just love cars or how did that happen?
Charles Rashid (30:26.401)
Yeah, so Iโve been a new car dealer since I said, and Iโve been a Chrysler Dodge Jeep Suzuki Chevrolet Mitsubishi Vespa, Prelia, Piaggio club car dealer. So Iโve been a new car dealer for over 15 years. I just recently sold them and Iโve just always loved cars. Iโm still I still have some used car lots and RV lot of motorcycle lot.
And I just like the concept of renting things like I said earlier, you know, itโs having somebody else pay for an asset that I want. And so I started Turo about two years ago. I just went all in, started a rental car company, got all the licenses. Turo is just one avenue that I use. I rent them directly as well. And itโs kind of the same thing as Airbnb. You know, finding out thereโs a lot of errors in learning.
Dylan Silver (31:04.836)
Okay.
Dylan Silver (31:14.926)
Yeah.
Charles Rashid (31:20.482)
Over time, you learn the stuff. do tips and tricks. It is more intensive. You have to clean the car after every guest. You got to find the thing. They can steal it, which Iโve had happen. They can wreck it. I like it. think at this point, Iโm about three years in and Iโm just about doubling my money every year from my investment. So I like it a lot.
Dylan Silver (31:27.854)
Iโve heard that, yeah.
Dylan Silver (31:35.04)
Ugh.
Dylan Silver (31:45.164)
Wow.
Charles Rashid (31:49.41)
but it is more intensive. And I wouldnโt put something in the rental system that I love because it will get destroyed. Itโs just, you know, itโs a rental car. And I wouldnโt buy anything out of my budget starting. I started with 25, $35,000 cars. Now I buy the three to $10,000 cars and the return is much, much better.
Dylan Silver (31:59.909)
It is a rental car.
Dylan Silver (32:15.338)
I love it. was thinking about putting my 2018 Dodge Challenger RT Plus on there. But Charles, how can people get a hold of you?
Charles Rashid (32:23.947)
So the easiest way is my website, CharlesRashid.com. C-H-A-R-L-E-S-R-A-S-H-I-D.com.
Dylan Silver (32:33.88)
Well, folks, well, folks, you heard it there. You can start with your first deal from 100 offers at the end of the day, owning multiple dealerships, selling them, doing some Turo coaching Airbnb. That can be your story, too. So this is another episode of the Real Estate Pros podcast. Iโm your host, Dylan Silver. Until next time, see you.
Charles Rashid (33:00.146)
Take care now.