Episode 12: Transcription
Steph Douglass
Okay, are you ready?
Steph Douglass
This is the Openhouse podcast where women talk real estate. I'm Steph Douglass.
Kristina Modares
And I'm Kristina Modares.
Steph Douglass
How's it going? It's good. Did you notice that I, I didn't ask you about your weekend before this. I was like, Oh my gosh, it's so rude. But I wanted to just be a surprise.
Kristina Modares
I know. I like our meetings now, before our podcasts are so like, just technical. We're just like here to do the work. And then on our podcasts, we're like, so how are you know, well,
Steph Douglass
we got to save the good stuff for the for on camera. Or on microphone. How was it though? I saw you went to Jester King?
Kristina Modares
Yeah, I did. It was Oh, I forgot about that. Wow. Yeah, I was fun. Yeah, we saw a little baby goats and drink some beer and it was. It's a cool spot. They have amazing crazy beer if you've ever I don't even not even that into beer, but they just have such funky stuff that I just love trying it.
Steph Douglass
I like, I like some beer. I really like sour beer.
Kristina Modares
Yes, me too. They have beer. I feel like all their beers are a little Well, okay, I don't want to say that. But a lot of their beers taste to me a little sour. And I love it.
Steph Douglass
Okay, I need to go. We need to make a trip. I went camping.
Kristina Modares
Oh, you went camping?
Steph Douglass
Yeah, it was so nice. It was the day after the big rainstorm. And they I was like, well, this is canceled. And then like into Texas form. It was like bright and sunny. By like 1pm.
Kristina Modares
Oh my gosh. Where'd you go?
Steph Douglass
Muleshoe Bay
Kristina Modares
Muleshoe?
Steph Douglass
Yeah, it's It was beautiful it was on the lake it's not on a big lake but there was a little bay area and we went out on the stand up paddleboards and it was so fun.
Kristina Modares
That's amazing.
Steph Douglass
Now we have to do things only outside now.
Kristina Modares
Yeah, that's true. But that's fun I I'm really excited to talk to Kreasha too or you know you're talking to Kreasha yeah that out good. Yes, I did for your conversation with Kreasha.
Steph Douglass
I know Kreasha so great. I'm very excited for this. Yeah, um, should we? Yeah, well go.
Kristina Modares
Yeah, I wanted to say really quick that I think people might be like, why are we talking about Airbnb ease and the time of COVID but I think you are going to be really surprised about you know, what people what she has to say and what you have to say also stuff about short term rentals, Airbnb's during COVID.
Steph Douglass
Yes, I know people were like, well, it travels dead. But yeah, people are human. And they want to get the f out of their house.
Kristina Modares
Yeah, for sure. But yeah, now you should we should dive into Let's go.
Steph Douglass
I'm always gonna talk and it's gonna be great. So first well can you introduce like just give us like a rundown on who you are and then who like your a little bit about your career background because it's very cool.
Kreasha Williams
Yeah, absolutely. So my name is Kreasha but I go by K more often than that. It's a lot simpler, simpler to remember. So typically go by K but yeah, my career has really been all over the place, but in a good way because I'm just a creative by heart. So, like whatever my heart is in tune with at the moment I kind of fall in line with that. So I basically started my career in like high end retail, fashion merchandising, so you know, working with like Chanel and Prada, Ferragamo, things of that nature. Yeah. And I did that, you know, for eight years, but along the way, like, I I've always had an entrepreneurial spirit. So I was into fashion, specifically was into like vintage fashion going thrifting and kind of finding the diamond in the rough and stuff like that.
Steph Douglass
From Chanel?
Kreasha Williams
I'm exactly. I'm like my day job. I was in this expensive stuff, but like, afterwards, I was like in goodwill and everything. Um, so yeah, I was doing that and I was like I was blogging, just showing like Here's an outfit like a celebrity wore. And here's how I recreated it with like this thrift outfit or whatever.
Steph Douglass
Oh, cool.
Kreasha Williams
So yeah, I started doing that. And then people started reaching out like, Oh my god, this is so cool. So I was like, man, maybe I can package this in some kind of way, and make it into a business. And so that ended up becoming Thrift Outside the Box. And it was like, really early before all of these subscription boxes came around like the batch import ones. And essentially what it was is like you would fill out a style quiz and kind of give me like, what your style was, and then I would create outfits from the thriftstore, and it would be like $30 a month.
Steph Douglass
And this is this is on top of your, like, full time job?
Kreasha Williams
Yes, this is on top of like, doing all my full time job.
Steph Douglass
And how old were you?
Kreasha Williams
I was 19.
Steph Douglass
Oh my god. So your first business at 19?
Kreasha Williams
Yes, yeah, and So yeah, that was really good. Really cool because, um, I don't know if you know about Crate joy, I want to say it's based in Austin, maybe it's not?
Steph Douglass
like a, like a box of the subscription?
Kreasha Williams
Yeah, yeah. So like, they're like the hosting site. So you know how like Shopify hosts for it. So they do the hosting for like subscription box. So I was like, featured on their front page, like one day and like, it just blew up out of nowhere. And it was like, very hectic very stressful because I was working full time. But I also had to spend all this time you know, shopping and stuff.
Steph Douglass
Yeah. So and goodwillshopping is time consuming
Kreasha Williams
Very much, though, especially if you want to find the good stuff. You got to be willing to let us go through it all, you know. So I did that for two years. And all this while I'm still working like corporate retail. And then I decided I didn't want to do that anymore. Because it was just it wasn't scalable. Like I couldn't clone myself and get people to kind of shop the way that I was shopping. So it became really overwhelming. But I ended up falling in love. Like I started volunteering with The Girls Empowerment Network.
Steph Douglass
Yeah.
Kreasha Williams
And yeah, so I fell in love with like just helping teen girls, specifically girls from like disadvantaged communities kind of gain exposure until like, the tech world and like all these things that we typically don't see within our community, unless we were being exposed to it. So that's what birth The Wannabes and the intention behind that was like to help teen girls become exactly who they want to be through exposure. And so I started a partnership with like, the Girls Empowerment Network , Youth Rise Texas, which is another organization here in Austin. And I did that for three years and that gained me like, like speaking at South by Southwest and like partnering with all these organizations. Like that, and so yeah, that was cool.
Steph Douglass
So cool. But like just having I, I relate to that so hard because my mom was a teacher and her dad was a teacher and I became a teacher like you do what you know. And so if you don't have any exposure to those things, that's really cool. So are you still doing that?
Kreasha Williams
No, I'm not doing that anymore. I just volunteer my time when I can. And then I so I love to travel. And so when I started traveling, like the more money I made, the more I started traveling. I started staying in Airbnbs, and I would notice like when we're going to these Airbnbs, like they're nice and all but I wanted something that kind of gave me the experience of the actual location. So like, the decor kind of ties in with the location but also like, a space that I feel was intended for, like me, you know, being a brown girl and everything else. And so I wasn't really finding that anywhere. And that's basically how Mocha's Home came about is like, oh, maybe I can just start. Airbnb is here in Austin. And I can make it like, decorated in this culture driven way. You know where it It feels like more inclusive for everybody across the board. And so yeah, that's how Mocha's Home was birthed.
Steph Douglass
That's so cool. So you're still you're Are you working full time still right now? Yeah. That's amazing. So you're doing this on the side. And honestly, so I definitely stalked you on every channel and your Instagram your online presence is so good. If everybody needs to follow you @mochashome and also Kreasha Williams. It's very beautiful everything. But it makes sense. Your your trajectory makes sense to me like fashion. It's all like beauty and culture and that's something like you create an experience in that way.
Kreasha Williams
Yeah, absolutely. Absolutely. It's like what's naturally happening around me, you know? Yeah. And I kind of tap into those things like, Okay, how can I make things better with like the talents or the creativity that I feel in the moment? You know?
Steph Douglass
Yes.I love that the first business was born because people kept asking you about things. And that's like, that's my favorite way that businesses are come to be because you're like, oh, people trust me to make these decisions.
Kreasha Williams
Right. Exactly. Exactly. And you're like, you know, like you think about when people talk about starting businesses, and they always talk about like, start something that you really are going to enjoy and you can find passion behind because it's going to get tough, and you're going to want to give up and you got to have something there to like keep you going and that is so true.
Steph Douglass
Yes. So Mocha's Home, you have it two bedroom two bathroom, Airbnb correct. Is that Do you own that? No, I don't. Do you rent it?
Kreasha Williams
Yes, I rent it.
Steph Douglass
Oh my gosh, that's so cool. So tell us more about that. What is like, how did that How did that happen?
Kreasha Williams
Okay, so I did not promote this at all. But when I first started Airbnb This is before like the official one. I was like, let me just try it in my apartment and see if I can do it. Like, what is this gonna be like, what do I need to learn? And I didn't know about short term rental licensing or anything like that. So I just did it. I did it. And I don't suggest anyone to do this. But I did it in my apartment. And I was like, man, like, people, really because my apartment was already decorated like really well, just because I'm passionate about that. I love decor, home decor and stuff like that. So as soon as I posted it, like it booked overnight, like I posted it, and I had four bookings literally when I woke up and I'm like, Oh my God. Like I don't even have any reviews or anything like that you know
Steph Douglass
Yes you're you're so right though when you said when I mean I travel a lot to and Airbnb is are tragic the design of them is so bad so it makes sense that yours would stand out
Kreasha Williams
Yeah, exactly and I thought that would be like the differentiator is like okay I'm intentionally designing this space. I'm trying to create an experience whenever you walk through the door of Mocha's Home like, this is home away from home you know, like I feel like I should be here this gives me comfort like I feel like I can spread out on the couch and feel good or like lay in this comfortable bed and look on the walls and I see these beautiful things you know, so
Steph Douglass
Yes, and that's what travel should be is like an escape to somewhere beautiful. I love the idea of some people might not care about it, but I have a couple Airbnbs too, and they just because they're beautiful. If I earn more money, I mean exponetially.
Kreasha Williams
Yes, yeah. Like, people don't understand the amount. So you know, of course you gotta. Okay, back to your first question of how I started. Yeah. Through rental arbitrage. So I did that the wrong way. And I was like, Okay, let me do it the right way. I want to figure out how I can get into this business, but I don't necessarily have the capital yet to go and purchase a property. So I started doing research on that. And I stumbled upon rental arbitrage and I'm like, okay, but I was thinking like, what landlord is really gonna let me like, Airbnb out their place, and it'd be you know, this thing that they're okay with as long as they get their rent. And so I started reaching out to people and I showed them like pictures of my space and how much I take care of it, the design of it all. But more importantly, like, these are the reviews that I'm getting, you know, like when they can send you paragraphs that don't necessarily publish to the posting but like they can tell you feedback or Ever. So I packaged it all up really beautifully. And then I would go to meetings with people and I had to do so many before someone finally said yes. But so I packaged it up like basically pitched myself and like how I'm going to take care of your property. I'm going to ensure that things go well, I'm going to get additional insurance besides the Airbnb insurance. Oh, yeah. And then so I landed my first property. And that's in the Crestview area. Amazing. Yeah. three bedroom two bath. Yeah. Since then, I've gotten another property. So I have two now.
Steph Douglass
Wow. So you're paying rent, so you pay them rent the whole time, but you're but you get to keep everything over what your rent is.
Kreasha Williams
Exactly, exactly.
Steph Douglass
That's so cool. And in a good location. I mean, I've, I'm in Holly, and I have an Airbnb here. And it's crazy how much you can earn.
Kreasha Williams
Yes, exactly. And it ties back to what we were Talking about earlier of the design like, you know, you can do your research on like, on average, how much are these places renting out for right? But whenever you add like really good design and great marketing, yes, it's all about the way that you're pitching it in that post of like, you know how they're going to feel when they're in the space. You can charge so much more.
Steph Douglass
Oh my gosh, yeah, that's so that's so true. And even marketing through I mean, you don't have to do anything outside of Airbnb. It's all right there for you. And Airbnb fees aren't crazy.
Kreasha Williams
They're not crazy.
Steph Douglass
So that that is so cool. So you're you have to now are you going to are you what are your plans?
Kreasha Williams
Okay, so I have to now but I'm in the process of Okay, so this is a long story, but I'm gonna make a short so we were my, my fiance and I were riding through like East Austin and we're always like riding beer over there to just kind of look at places and see like, you know, there's so much renovation, even gentrification going on over there. That it's like, it's very interesting. So anyways, long story short, we were riding in this neighborhood, we ended up coming across this property. And this man was sitting on the porch. And we stopped by and we were just asking him, like about the area because he was in like an older home. And it seemed like he had been there maybe a long time. Maybe he owned it, like years and years. So we just started talking to him. And I was like, Oh, you know, how long have you been here? And he's like, oh, I've been here 35 years, and I'm not leaving this area, all this stuff. And I was like, yeah, you know, he was saying that his property taxes are getting so high, like he can barely afford it. So I was like, you know, what, did he I tell him about Airbnb, like, oh, I've been doing this with Airbnb and like, making this amount of money. And I think that your location like you could do really well in Airbnb. And he's like, this older gentleman has no clue what it is. Is it? Oh, what is that? Yeah. So I'm like, I was like, you know, maybe we can set up some time and I can come back Like look over your property and I can just give you a good understanding of what Airbnb is. And he's I Oh, okay, like you can come by next week, anytime I'm always out here on the way. And so then I went by, and he has a two bedroom, one bath. And I was like, You really think it's so much more value if this was a three bedroom, two bath? Yeah. And also, the valuation of your home would go up a lot, just from it becoming a three bedroom, two bath. And he was like, Yeah, I ended up running the numbers with him. And I'm like, this is the and just to backtrack, I like I'm a novice on this. So I am assuming a lot of these things, but I've done enough research to know like, in this area, this is what your home value could be. Right?
Steph Douglass
And more bedrooms, more bathrooms, like that. You're totally right.
Kreasha Williams
Exactly. So he was like, yeah, you know, I don't know how to I don't even know how to go about doing that. And I was like, Oh, well, maybe I could manage the project from You and like, you could invest the money into renovating the place, you know, like adding this bedroom and this bath. And then I could help you get started with Airbnb, like maybe I can do it for a year, just help you kind of get the ropes and get a good understanding, start generating income for yourself. And so he was like, I got to talk to my daughter about this. And then I'll get back to you. So probably like two or three weeks went by, and his daughter ends up calling me and I met with her. And I like ran her through the same thing. And so now long story short, now we're in the process of renovating his place, and then we'll be able to turn into an Airbnb and we have like a contract where I'll have at least 12 months to do in that space, and then we can turn it over to him or he can decide to keep me on like,
Steph Douglass
Oh my gosh, yeah, so that's is incredible. If you could scale that. That's first of all so amazing that you just like walked up and talk started talking to this guy. Like that says a lot about you, in such a good way, and then also, that's, that's like the best way to fight gentrification or like to fight. people having to move out of their neighborhood. Yeah. And actly and capitalizing on like, the people that have lived here forever. Those are the people who should be capitalizing on the Airbnb income from their property.
Kreasha Williams
Right, exactly. And I'm like, think about, like, all the people that are in that area, that don't even know anything like this, you know, that could allow them to stay in their home, and the valuation of their home goes up even further. Oh, my gosh, that's a whole thing you could create like helping these families, you know, my gosh, like,
Steph Douglass
Like, so there's hundreds, hundreds, and what's happening is that really, people are swooping in and saying, I'll give you this much for your house. And they're like, that's actually great, but it's not because it's not full valuation.
Kreasha Williams
Exactly. And they're mining off of their ignorance. Basically, a man knowing what they're sitting on and what it's worth. It's like it Yeah, that's a lot of money. It feels like a lot of money to you right now. But if he's offering you that I guarantee you is worth so much more, so much more.
Steph Douglass
Yeah. And so they're taking these cash deals from these investors. And that's not who we want to have the property. Yeah, we want we want the at the like, best case scenario want everyone to stay. And like worst case, they get the maximum value from their house. That is so cool. So where is he getting the funds? Is he like doing a cash out refinance or a home equity line of credit? Or did you just have that?
Kreasha Williams
His home is paid off, so he just has his retirement? And so he was like, this is how much I can budget and we can't go outside of that number, but he already had the capital for it. Wow.
Steph Douglass
Yeah. I bet that's not that uncommon. So you're basically adding like a suite onto his house? Yeah. And then you're going to Airbnb that that, like one bedroom, one bath, basically.
Kreasha Williams
Yes, exactly. But he was saying like his daughter was even saying I don't know if I can convince him to but like, if this is really working out, he could just come stay with me. She was in pflugerville. Yeah. And she's like, you can just come stay with me if it's gonna, like gain that much more profit or whatever. And I'm like, Oh, it was like it would be drastically different. So I'm in the process of like, trying to nurse that into, you know, her getting him to decide to just move out for a minute for a moment. Yeah.
Steph Douglass
So that's amazing. I'm in Holly, and right off Cesar Chavez. And the I rent just like a, I call it a suite. It's like a bedroom and a bathroom. No kitchen, just a fridge and a microwave. Kinda like a hotel room. Yeah. But it's, it's like average is $2500 a month. It's crazy. And so even if you didn't want to move out, you could still do some where he still lives in his 2/1 but just has people coming through. I mean, I don't it's hard to convince people who don't know me that much. But, but I mean, obviously a three to you is going to do way better on
exactly it will do way better and also like he has I didn't even know about this but he has in the backyard like what's considered an ADU?
Kreasha Williams
Oh ADU?
Yeah and yeah and it's like he has a permit approval for it like it's already because it's been there for so long.
Steph Douglass
Oh my gosh. Does it have a bathroom?
Kreasha Williams
It doesn't have a bathroom it has well it has a it doesn't have a shower. It has like a toilet and a sink. Oh my gosh, showers. easiest part. pop it in there. I know. So I'm like, what about that, but he's like, I don't even go in there. Like he says that he doesn't even mess with it or anything like that. But I was looking at that. I'm like, maybe that's even more?
Steph Douglass
Yes, absolutely. Oh my gosh, that is very, very cool. And like what? And that is like potentially scalable. If you can project manage. That is really really awesome. Some way to get the word out to people who are sitting on just like a goldmine, but are easily or it's very common for them to get taken advantage of. Yeah, help them do this. Oh, that's so cool. I mean, I I'm speaking for our whole company right now, but we would love to partner on on that in some way. Like we've been trying, we've been trying to brainstorm ways to keep people in this in the neighborhood because it's, it's scary that you're so much development and diversification and it's just like, you know, white men coming in and buying up all the land. So we could keep people in some way that is so exciting to me. And really, you're in the process right now of managing this project?
Kreasha Williams
Yes. So this I just got this like final approval and like we signed the contract and all that stuff at the in the middle of June. So that was fairly recently. Yeah. And so I am like, this is going to be a huge learning curve for me, right? Because I'm like, Okay, now I'm managing this project but I've never done that before. And but you know, that's nothing to me like I've, I've done it before already. So I'm like, I'll figure it out. So I've been like researching contractors and like going through the weeds of like renovated projects already and who did those and like, you know, trying it because I'm going to be really new so I'm trying to make sure that I get like fair and equal pricing, right being that I don't have these relationships already built up, you know?
Steph Douglass
Absolutely. Well, definitely reach out to us like we that's what we do. I mean, Kristina and I are both big into renovation I just renovated, or we were like just constantly renovating. So if you need contacts or anything, we have lists and spreadsheets of everybody thing. And I mean, that's just such an exciting prospect, but it's also so cool because you're like, I don't know how to project manage this project, but whatever. I'm gonna do it. It's so cool.
Kreasha Williams
It's cool but it's also like this could go really wrong.
Steph Douglass
That is so true. But everything can always go wrong. Like it's so that we talk a lot about, like risk tolerance. You know, the worst that can happen is, you know, you lose some money, or, you know, there's, there's but the upside is so big that it's worth it.
Kreasha Williams
Yeah, yeah. And I've always looked at things that way, like, the bigger the risk, the bigger the reward Go big or go home like, and the best way to learn in my opinion is by fire. Whenever we put ourselves in this situation, these situations, it's like, I have no choice but to learn so that I can get to success even faster, you know?
Steph Douglass
100% I feel like there's so many it's it's easy to get paralyzed by research and just like reading and and then not taking any action. Yeah. It's so good. And then once you have this experience, this experience is so incredibly valuable being able to manage this renovation project because when you buy your own home you can do the same thing and and then the amount of equity you're adding to I mean this this man's property that alone you're going to add whatever you spend you'll two x three x or four x the actual equity in his home.
Kreasha Williams
absolutely yeah and I think that is going to be so great whenever I finish this so just add to my portfolio of everything that I've done you know and even more so like I'm looking into purchasing my own property like I want to do this for myself right like I have the capital now but it's like I've been so nervous to pull the trigger on anything because I'm like oh my gosh what if this is not you know, when you're you're newly getting into real estate there's all this anxiety of like you should know your market make sure you know your market make sure you know the area make sure you know oh god What if this is a bad decision, you know, or like this is so much money like 20 percent down that I'm putting that don't want this to be bad, you know.
Steph Douglass
you're speaking the same language that everybody I talked to like, it's all it is such a big purchase. It's the biggest purchase of your life, probably. And so like knowing this, like, making sure that you're not making a really costly to decision or cost costly mistake is like, of utmost importance. So we we totally, so I have purchased I've done like 10 real estate deals like personally, and for some reason when I bought my first house when I was 24. And it's similar to what you're talking about with like, the risk is I people were like, well, what if like, what if it's a bad house or what if I just like wasn't for some reason? I was I knew everything was gonna be okay.
Kreasha Williams
Yeah, I mean, one of those things, sorry to interrupt you, but one of those things of like, being super young you do these things. It's like, you're kind of just like whatever you know, I can make up for it later on, I got time.
Steph Douglass
So true. And then it's almost like you're too dumb. So like, you're just like, well, you don't even know you have no idea what you don't know.
Kreasha Williams
And sometimes that's the best thing that could possibly happen with you because as we get older, all these barriers are like building up on us, you know? Oh, you know, all these fears get layered in but when you're young, it's like, I don't know any better. So whatever, you know.
Steph Douglass
Such a good point. That's like that's exactly what happened. And I think with I mean, every time you do something like you said, you do you trial by fire. You do it and then you're like, Oh, I can do this. Like I I should have probably been scared. It wasn't Yeah, now that I have this experience, I can do it again. And so that's that's so that's so true. Where you're you're renting right now, correct? Like your own home? Where in town?
Kreasha Williams
I'm at the domain.
Steph Douglass
Okay. Do you like living there?
Kreasha Williams
Yeah. Yeah, for the most part, but it's like so much construction but honestly, I don't think I'll be able to save it anywhere. Oh, they're constructions every there's construction everywhere. How true it's just Austin is a whole it's a construction zone.
Steph Douglass
You're like walkable that's like so nice the domain is is really nice because you have everything right there.
Kreasha Williams
But I really wish like you could buy over here but you know within the domain but everything you you can just rent it.
Steph Douglass
So yeah, the way that you've been creative without having capital and still kind of gotten into the real estate game. That's...
Kreasha Williams
Yeah. Very exciting. Absolutely. I mean, I can't, I can't let you know not having capital right now and stop me from something that I want to do. And it's like, I can work myself up to that, like my next thing. My goal is like, by the end of the year, I want to purchase a property and I want to possibly turn into an Airbnb or maybe I live in there. I don't know. Yeah, no. But you know having these two Airbnbs has given me way more than enough capital to go and then put down on actual home so it's like it was worth it like the upfront cost of these Airbnb s was probably probably five to $6,000 just because I'm getting like really great furnishings and I'm doing accent walls and like, you know all those things and I like to provide amenities too. So like, there's snacks, there's drinks, curly girl, my hair's really curly but so like when I go to Airbnb or hotels, I can't use the stock shampoo. They're gonna dry my hair out and everything else to go on specifically. Yeah, exactly. So I'm stocking these things within the Airbnb, which costs money as well, every time but yeah. That adds value to though because then a curly girl like me comes in. It's like, Oh my gosh, like this is shampoo and gel. That actually is, you know, cool.
Steph Douglass
So do you clean yourself?
Kreasha Williams
Yeah. I have been cleaning my and it is oh my gosh girl I need to hire someone honestly because it is like to work full time. Yes. And then still clean and like on my lunch break I'm going in like flipping the complete you know changing sheets changed the comforter like vacuuming. I'm cleaning cleaning up throw up sometimes like
Steph Douglass
Yes. Oh yeah, you've got bachelorette parties in there and yeah. That is amazing. Maybe doing that. Okay, cleaning is so hard.
Kreasha Williams
Yes. The cleaning is the worst. Really, especially when like someone has had a party, it's like okay. The house is in disarray.
Steph Douglass
Yes. Okay, so where do you get your furnishings? Like where Where's Where are you sourcing stuff?
Kreasha Williams
I'm getting my stuff from like Home Goods, Ross. So like I'm doing the legwork of going to all these places just because I want a good price. Yeah. And also like I get to find one all kinds of cool, quirky things, you know, when it's in these These retailers that has just a massive amount of stuff. I do that and then I am always constantly looking. So I have a storage unit now. And it's like even if I'm not, you know actively furnishing a place I literally just put it in a storage room. So I'm like, okay, for the next one, this will be good. So smart. So do you offer so like, right now you have to your own that you that you rent out and and manage yourself? Do you offer, like if someone wanted to do the Airbnb and they wanted you to design it?
Kreasha Williams
Would you do that? Yeah, I actually would. But I've never even thought about that. That's a great idea.
Steph Douglass
Like that. That part is kind of a barrier to people because not everyone feels confident in their interior design and like they don't know what to buy. So that would mean that Yeah, I feel like people would would utilize but, but still just like having that skill for your own airbnbs is so incredibly valuable.
Kreasha Williams
Right? Exactly. And I do I've been doing interior design for like the past four months now but just for like family and friends but not designing Airbnb, but now that you mentioned that that is like a great aspect to add to the business because I'm already doing it.
Steph Douglass
Yeah. Now it's a very it's a hot topic everybody's trying to like Airbnb, their some sort of space.
Kreasha Williams
I know and you know what with Coronavirus, it's like, you would think that momentum would kind of have slowed down as far as people entering the market, but I feel like people are taking full advantage like, Oh, yeah, let me go ahead and get in now. So then when it starts to, you know, rev back up, I'm already set up and I'm ready to go, which I think is completely smart.
Steph Douglass
Oh, totally. Do you have your I mean, did you did you take a hit and April, May?
Kreasha Williams
Yeah, I did. I was actually booked. The Crestview one was booked to like the end of July. This was in January. And so once Coronavirus hit it was like cancellation after cancellation after cancellation. Yeah But, you know, I got lucky because my mom is a nurse practitioner and she has a lot of traveling nurse friends. And so one of her friends as a traveling nurse ended up staying, being able to book the Airbnb for like 30 days. Because she came out here to help now after that, it's just been kind of up and down, honestly. Yeah. But you fluctuate your prices accordingly and it ends up booking sales.
Steph Douglass
Same. I feel like it was I thought that was gonna just like destroy me. And we had a couple, like long term people. It's kind of like, you just need a pivot. Yeah. Long term, but not too long term. That's
Kreasha Williams
Yeah, it's a very and I was like, promoting it as like healthcare workers can get a like 10% off. Oh, no, the long term stays or like 15% off. Yeah. So and also like, there's an aspect of that, that is I helping in this pandemic as well.
Steph Douglass
So that was really cool. Finding a space for someone that's so true. And we noticed so June was completely back for us. We were just like, Oh, great. June is like awesome. And then the spike happened. July is kind of weird, but, but it's cool. I mean, it's obviously it hasn't ruined you by any means you're still doing this. Like, it's obvious that you had a contingency plan and reserves like you weren't going to be you weren't like, I think I feel like there's the people that had to stop the Airbnb game was the people that didn't have a good plan in place and weren't able to pivot.
Kreasha Williams
Yes, absolutely. And I'm always like trading even before Coronavirus, like, actually my situation is very fluid because I'm like, I never know what is going to happen. I know. So I'm always like, saving a really good amount of the money that I make on Airbnb. Also, I'm saving for a down payment on a home. You never know what could happen, right? Like things are looking really well now but because I was really anticipating of course like everybody freaks out for south by
Steph Douglass
I mean 10s of thousands of dollars were lost in Airbnb market.
Kreasha Williams
I know it's so terrible but you know, I mean we had to do it but so you have to think of scenarios like that like okay, that I made plans to make a good amount of money in the month of March. So how am I going to sustain How can I adjust my prices you know, to still be able to make a little bit of something or break even just to get by.
Steph Douglass
Exactly that's I mean, break even even if you have to bleed for a couple months like you can still weather the storm. That same same with us. Do you do do you use smart pricing? What is your, what are your pricing strategies?
Kreasha Williams
Yeah, so when I first started Airbnb, I did the smart pricing because I was like, I didn't really I didn't know how to price it. You know, I wanted to be conservative being that it was brand new. But then so I listed to it and it was right before like ACL last year, and I don't know what I was thinking, but I listed the property and then within like, probably two hours, it was booked for the first weekend of ACL and it was for like, $125 a night.
Steph Douglass
Last night, I know I always even though I always do on a new thing, it's so frustrating.
Kreasha Williams
I know, I was so frustrated. I'm like, Oh my gosh, how did I miss that? So then I just did it manually, like Okay, this next weekend, you know. So I find it fluctuate like I do the let it kind of adjust itself, but sometimes I get in there, something is coming up or like something is happening, and I'll just price it out for the month myself. Yeah. You know, I'm constantly changing the prices.
Steph Douglass
Yes, same. It's like, if there's an empty night coming up, and it's like three days before I'm like, Okay, let's drop it.
Kreasha Williams
Yeah, same so that we can get this booking. Yes.
Steph Douglass
Even if it's booked for two nights at a lower price. It's better than nothing.
Kreasha Williams
Exactly, exactly. And Then also like the cost of goods for the actual Airbnb is not that high if you do a good job of kind of managing it well.
Steph Douglass
Yeah, it's not it's not the worst and then it's worth it even if you splurge a little bit on like nicer towels it's worth it because it's a better experience for the guests.
Kreasha Williams
You can even highlight those things in your in your listing, you know, like, it's 100% Egyptian cotton towels like people love that stuff. And they'll pay more for it.
Steph Douglass
Oh, yeah, like, and I I will absolutely pay more. And and just having like, now, now when you travel, do you have like a really critical eye?
Kreasha Williams
Yes, yes. And you know what i like okay, so if I stay in an Airbnb and it's like, not as clean as I think that it should be like, I'll personally message the host and be like, Hey, I'm a fellow host. Like I just want to point this out. I'm not going to put it on your writing. Right? I just want to point this out to you like, this is what was going on the actual unit. I don't know if you're on site, like you might want to check that out. Ya know, because I'm always looking like fingers. Print marks on the walls are like around the handles and stuff like that. That drives me crazy.
Steph Douglass
Yes yes just the same we just I just stayed at one and they had all these like very specific kind of check in details but because it was a place in Philly and so there was like a door to get into the building a door second door to get into the building. And every line of this specific instructions were wrong was like just details like little frustrating things like the lockbox was on the right, not the left, but there was a lockbox on the left, it was just the wrong one. And so I went through, like, I mean, because I hope I'm hoping but they probably are just so annoyed. But I was just like line by line like this was wrong. And here's why. And you know, like having a really nice, it's like it's a little things that make it stay. Even if it's like a slight inconvenience. It's still affecting your experience.
Kreasha Williams
Absolutely. And I feel like if you were saying in my place and you send me those things, I would be like Thank you girl.
Steph Douglass
Yes, good.
Kreasha Williams
I didn't know that that was happening. You know, like, I want to make it better for the next person so and I want to maintain my rating so thank you for telling me yeah everyone's
Steph Douglass
like that though. I know I know. And even then the same goes for like the rating because ratings are so so important for Airbnb. And so people who are like well it's a four because this and then the their rate or their comments are all positive. Like Wait, you need to tell me why you knocked one star off.
Kreasha Williams
I need to know exactly I know or they're like, Oh, this was the best Airbnb of all time four star .Why did you not rate me five?
Steph Douglass
So frustrating. Like, I totally get it. They have constructive feedback, but because that's like messing with your livelihood. You know,
Kreasha Williams
Seriously! Yeah, it really is. So I'm like and also you know, when you've went above and beyond going the extra mile to make sure that things are great. That's like a slap in the face like I did. I did so much for you.
Steph Douglass
Absolutely. Oh, I know. It's that is the worst part for me is just like catering to people who kind of suck.
Yes, absolutely. Because you know what, there's people that no matter what you do, yes, you can do the best they can be the cleanest, you know, unit ever, and they'll nitpick and find something. Oh, yeah. It's like, it's so unfair.
Steph Douglass
Yes, I know. It's a it's a very frustrating and that's, that's why now so my boyfriend manages the one in in Holly that we live next to and now I just don't read the reviews because they affect me so much. I'm like, not strong in that.
Kreasha Williams
Yeah, absolutely. You know, it's like when the how YouTubers, they'll read their comments and like, I don't they're like, I don't read it anymore. Because it's traumatizing. I'm the same way. I'm like, I'm not reading this because I know I'm doing a good effort. I know I'm doing a damn good job. So
Steph Douglass
It's like yeah, like you. You can have a million good, good reviews and then that one bad review just like plays in your head over and over.
Kreasha Williams
Absolutely, absolutely. So I totally agree.
Steph Douglass
Okay, so I'm curious, since you're an entrepreneur, like by heart and to the core, what do you think it is about you, that makes you that? Like, why what makes someone a successful entrepreneur?
Kreasha Williams
I just think that you have to have resilience and grit, you know, because this is the thing, you're going to come across so many failures before you get to that success. And then guess what, you're going to fail again, right after that success is going to feel so good in that moment, you know, you're gonna feel like I finally accomplished this. And then you had to hit the pavement again, and you're gonna run into more failures. So just having, I feel like I have an immense amount of resilience, like there's nothing that you can do. There's nothing that can be thrown at me that I'm not going to pivot change, like, I'm going to learn from it and I'm going to try to do something different, you know, and I'm not afraid of like, embarrassment or you know, putting something out there into the universe and it not working out like I intended it to, like, I'm okay with it now. Because the more shots I take, yeah, the more shots you take, the more often you score. But if you're not taking the shots, if you're too afraid of judgment or what people are gonna think of you, then entrepreneurship is not for you. Because you're going to get so many failures, and there's going to be so many people that don't agree with what you're doing, and that's okay.
Steph Douglass
Oh, I love that. I think that's resilience, grit and then whatever that quality is that you don't you don't care. You're comfortable putting stuff into the world. Yeah, absolutely. And just like your your story has so much like pivot and like you didn't you started a company, but that's not the company that you have right now. And that's 100% in what this world is all about, like the entrepreneur's world.
Kreasha Williams
I have went from fashion to nonprofit helping girls all the way into like home design and real estate, you know, it's like, I'm actually I feel like people are like constantly looking for this one thing, like, I have to find my purpose in life, like what is, you know, what was I put here for? And the reality to me, in my opinion, anyways, is that you were put here for multiple things like you don't have to solely focus on one thing. And that be your thing, like you're gonna grow throughout the trials and tribulations of different things and then you'll land kind of in that sweet spot, you know, yes, of like, Okay, I'm here like, I'm good. This is where I'm in my flow, like, I'm good. But you got to try all kinds of things before you can get there. Honestly, like, I feel like this. The real estate, Airbnb home design, like I feel really good in this space, feel instinctively good. So I think I'll be here for a while.
Steph Douglass
That's so cool. I mean, when you look at your past businesses, I mean, how much did you learn from those? Yeah, that is, I mean, even though they, they have they used to think you pivoted away from them, like that's still an important part of why you're where you are.
Kreasha Williams
Right? Right. And I associate like, an accomplishment, right? Because it's like, so many people have so many ideas and thoughts and they never start like girl you started You did it, like it gained you all these opportunities. And it's okay for you to move on to the next thing like, Don't guilt trip yourself, you know, like it's okay to pivot.
Steph Douglass
I know so many of like people in our community, it's not only real estate, but it's like, I want to have schedule freedom, and I want financial freedom. And that comes with taking risks and being being open to failure, but also knowing that failure isn't real, like failure is just learning what doesn't work and then you, you go on to greater and better things. And that's, like, your story is exactly that. It's so so inspiring.
Kreasha Williams
Thank you. Yeah, that's absolutely my mantra like how I have been moving you know, along. So
Steph Douglass
Yes. Okay, so your Mocha's Home is like your side project right now on top of your full time job, which is incredible. Do you ever see yourself like fully transitioning into your business? Or do you feel like you'd like the full time job security?
Kreasha Williams
Um, yeah. So my five year ago is to transition out of this role that I'm in right now, in the tech world. Honestly, it is an amazing role that I'm extremely grateful for. And it pays the bills very well. So until my side business is like meeting that and or exceeding, I feel like I can manage right now, juggling both but my intention is like, in five years by the end of five years. So it's really now around four years to transition completely out and have financial freedom where I'm passively doing things And I'm just kind of putting my hands into things that I'm passionate about, you know?
Steph Douglass
Yes. Do you want to build a team?
Yes, I would love to build a team. I definitely need someone to help me clean. Yeah. So that's the first step. Yes. So someone to help me clean and then depending on how this like, you know, project management goes and like what that blossoms into I would, I could see me definitely needing way more people.
Steph Douglass
Yeah. Yeah, that is so exciting. And that's what, just so that you're able to focus on your zone of genius, which is for sure, like, making things beautiful. And, and obviously, your, like, project management skills have to be so onpoint to because you're doing all of this stuff right now.
Yeah, absolutely. Like organization is on 100,000 like I have to be very organized. Because if not like things will slip through the cracks because this is only me, you know, right?
Steph Douglass
And you're engaged?
Kreasha Williams
Yes.
Steph Douglass
Oh my gosh. Do you are you supposed to get married this year?
Kreasha Williams
Yes. We were supposed to get married on October in the first weekend of October, like wedding planning and everything paid at Prospect House. I know and then Coronavirus came along and just crushed all our dreams.
Steph Douglass
Cancelled or you postponed?
It's postponed to September 25 2021. Like we pushed it way out.
Steph Douglass
Yeah, that's smart. Wait, oh my god, So you had a full time don't have a full time job, have a real functioning and like very productive, lucrative business and you plan to wedding?
Kreasha Williams
Exactly, yeah, all in those last six months. And it's like, it's so hard for me to find time honestly. So when you speak about like hiring the team, that's probably the best thing I could do for myself as far as like expansion and really being able to focus on my strengths. Because right now I'm like, very stretched.
Steph Douglass
I love, though, that you're not rushing away from your, from your like, quote unquote nine to five, because I see that people are just like so eager to quit their jobs and but, but it's not it's not always wise because then you're a little You're so stressed about money after that. So if you can make both of them it's so so amazing.
Kreasha Williams
Yeah and like if it's a mental thing for people like it used to be for me, but I look at it like, Man, this has given me the capital I need to do all these things that I love, you know, like, so when I go to work every day, I'm thinking like, yes, I'm getting this check so that I can pour it into, you know, this business and eventually, like, I'm going to be able to leave here but also you got to think of your long term vision, right? Like, what does that look like? What is your What are your financial goals? And how does this nine to five fuel that until you can step away?
Steph Douglass
Yes, it's a nine to five is your fuel and then your Much more viable for a mortgage if you have a regular job. Yes. Which is hard for like self employed and freelance people but like if you have that nine to five but I mean you're so you're in the money for getting a mortgage.
Kreasha Williams
Yeah, yeah, exactly. Exactly. So yeah you leverage it there to definitely leveraging is there to this
Steph Douglass
Yeah, well, this was really really fun. And I know that we're going to talk more because I love this. Anything else you want to add?
Um, no other than like, I am so inspired by what you all are doing at open house like, way before this ever came along. I think it was manifestation honestly. Because I my friend sent me y'alls profile like, I want to say maybe January beginning of the year. She was like, look at what these girls are doing. Like you're doing Airbnb, you need to get in contact with them. And so I would just be following along like I know when you were Doing your construction projects and all those things and you share so much about it. And that's so valuable. So yeah, I'm super proud of y'all. And I think that y'all are making way for women in this real estate industry. So kudos to y'all.
Steph Douglass
Thank you so much. Thank you. It's so it's it's very fun. And that's our, our mission because there's such a, there's such a gap in ownership and property ownership between men and women. I mean, in all the ways so. So it's very exciting and where can we find you like, where can people get in touch with you?
Oh, yeah, you can find all things mochas at mochashome.com And then with me it's Kreasha Williams that's K-R-E-A-S-H-A Williams everything like you can find me LinkedIn, Instagram Facebook, like there's not that many Kreasha in the world so yes, yeah, but pretty easily.
Steph Douglass
And yeah, if you have an Airbnb and you want magic. You just go look at, go look at her. Everything is everything's beautiful. So, again, thank you so much and I'll talk to you very soon.
Kristina Modares
Oh, that was amazing. I love that conversation so much. First of all, I felt like in the beginning, I was relating to her so hard because I started doing a vintage business, which was laughable now because I'm not that I'm like, not a fashionable person 989 Etsy store and I like also started utilizing Airbnb via a house I rented that like and I also volunteered at Girls Empowerment Network, so I was like, Oh my gosh, that's crazy, but she's definitely cooler than I am.
Steph Douglass
She's cooler than everyone in the world.
Kristina Modares
She's much more fashion. More than I am. And But yeah, I was like, Oh, that's so amazing. But she also I'm just like, everything. She I love how she started off like she found a creative way to get into real estate and I love that. Yes, like a different story.
Steph Douglass
Yeah, absolutely. She's she in general. I mean, we are kind of like the SU obviously with all of your entrepreneurial endeavors before this, but like it, she just shows, it shows that she's, she's a true entrepreneur.
Kristina Modares
Yes, she definitely is. And I like that she still has her job. Like, I think I jumped into being an entrepreneur because I just was like, God, these day jobs really suck and I don't like I feel like I could do this a little bit better. I can have a better life if I started my own thing. But if I had started working at like a well paying corporate job, if I would have been like, oh, let me try these side hustles as well and keep this extra money at my corporate job.
Steph Douglass
Yeah, so smart and obviously a huge capacity for I mean, she's such a hustler, huh? Yep. She is working all day. And but but yeah, and I think she heard her creative way of getting into real estate while she wants to buy soon. But she just like a lot of people probably can relate that they're not ready or they haven't saved enough. But she still found a way to get into real estate.
Kristina Modares
Mmm yeah. And I also loved when she was talking. I think you you both were talking about like getting ridiculous reviews. And I was like, That's really funny. That's just like one of the not I wouldn't say con I guess it's a con of like doing Airbnb, but that kind of happened to so I'm Airbnbing, me and Eric are Airbnb in his house right now. And like, recently, I was just like, I'm sorry, Chris, but like you're giving me three reviews, like a three star review after you through a rager, and only paid for like, one person to be there. I don't know. It's just like kind of annoying sometimes or like we had a person write, or no, they didn't even write about a review. They just like requested the most ridiculous things. They were like, do you have more trash cans? And we give them like two trash cans like actually your mom, like trash bags. And they were like, your mom was like, Oh, well we can, you know, no, we could, you know, probably drop some by in the next few days. And this person was like, well, the trash is full. Like that was there and we were like, what just, we're not what is happening like that. We already left three trash bags. Anyway, I just sometimes I'm like, this is ridiculous. But yeah,
Steph Douglass
People are ridiculous. And it's like it's, it's almost the same as putting yourself out there as an entrepreneur because people are gonna have stuff to say about it. And so having thicker skin I mean, and I'm one to talk I'm so I'm so shook by bad reviews. But But it's true like people there's gonna be haters and and i pushing through that and like I'm worried for sure working on trying not to let it bother me as much. Yeah, but because there's the consumers are picky.
Kristina Modares
Oh my gosh it's true. Yeah you can't read the reviews I hope actually I don't want to get go down that and yeah,
Steph Douglass
Feedback is important and so like I try to take it in that way like okay, this is what these people thought is is anything in my control to improve? Maybe and I feel like she does such a good job of taking it in stride and also it sounds like her airbnbs I mean, and just from her Instagram, everything is so beautiful.
Kristina Modares
Yes, it's true, and I really I liked how I think she was talking or just being able to pivot like in your business when things don't go as planned. I think that's so important to be an entrepreneur in real estate just in general. I think a lot of people get scared of like, well, what if this happens, you know, what if I can't pay my mortgage or I lose my job, and I'm kind of like, well, that could happen just in general without so I think people get scared, but like, having backup plans, like I know I do that in real estate where I just have three plans for things like you know, you just have to know how to pivot. Yeah, I think that's so important. I think she does it so well.
Steph Douglass
Oh, my gosh, yeah. Three, three columns in your spreadsheet. Like, here's scenario one, scenario two and scenario three. Hmm. And that's such a good real estate lesson is like you have contingency plans.
Kristina Modares
Yes I think she also we were you both were talking about like, I think I was just like too dumb when I started this like I just like just jump into it. And I was like, that's so funny. Like, it's so much easier to do it when you're, you're younger. But I also am kind of like I still do things like that. I think it just takes, like a certain characteristic, like a quality in a person to just be like, I'm going to jump into this. I'm going to have a positive mindset around it. And I don't see things as mistakes. I see them as learning opportunities.
Steph Douglass
Yeah, it's a mindset shift. Yes. I mean, you're buying a house that you haven't seen yet?
Kristina Modares
I know, Eric was like, should you just drive down there and just look at it and we're just, you know, be worth the gas money. And I was like, I don't know. I think it's fine. Okay, kind of like maybe I'll look back and think maybe I should have done that. But
Steph Douglass
No, it's a beach house.
Kristina Modares
Although two hurricanes are heading that way. So we'll see. We'll see how that goes.
Steph Douglass
This is gonna be a fun process to track.
Kristina Modares
Yeah, it will be interesting.
Steph Douglass
well thank you everybody for listening to my conversation with Kreasha reach out to her if you need help with your Airbnb she i mean i think we talked about it last episode but I told her she should consult people on their design because design that's another thing I really love that she highlighted like the design aspect of an Airbnb is so important because we've all stayed in those like, disgusting we oh my god decorated Airbnb.
Kristina Modares
So bad. Yes, that's very true. Yeah, gosh, my computer is gonna die.
Steph Douglass
Oh, yeah. No, it's,
Kristina Modares
It's fine. Wait, really quick. Um, what? Well, I've 10% so it's fine. I mean, dramatic. But before we go, we will be putting like a fun thing on our website soon. Like a quiz, where you can take it and you'll get like, you'll kind of I guess it's like you'll get your readiness score of if you're ready to buy
Steph Douglass
A house a home homebuyer readiness score so if you're curious if you don't know if you're ready if you don't know if it's for you go to our website openhouseaustin.co to take our quiz the home Are you ready to buy a house?
Kristina Modares
Yes. Hopefully by the time this comes out, it'll be availabl.
Steph Douglass
We'll link to in the show notes. Otherwise Find us on Instagram open house underscore Austin Email us at podcast at openhouseaustin.co and then find Korea she's we'll link to her as well. She's got she's like all over the internet and she's very fun to follow. Okay, okay. All right. Awesome.
Kristina Modares
Hi. Sorry, my my, my cat was like playing literally the door.
Steph Douglass
We should post a picture of Cath on the show notes, all cross-eyed. Okay. We'll see you guys next week. Oh, maybe not.
