Podcast
STR Like The Best
Hosted by Michael Chang · EN
Proven strategies and insights from successful STR investors and wealth-building experts. We share methods that help high-income earners protect their income, build lasting wealth, and compound their finances for the long term.
38episodes
Episodes
Newest firstAll episodes
The Skill Corporate America Punishes That Real Estate Rewards
2w ago00:30:13Tap to summarizeCorporate America trained you to be guarded, competitive, and quiet. That mindset will keep you stuck in real estate.In this episode, I sit down with my co-founder and wife, Liz, to talk about the single biggest unlock in our investing journey and why we built everything we have around it.This is not a guest episode. It is one of the most honest conversations we have had on the podcast. We break down exactly how community has shaped every deal, every breakthrough, and every key hire in our business, from our first property to a 30-plus property portfolio generating $2.3M a year.We break down:How one conversation at a conference in Chicago sparked our entire education business and the 1,100-person community we have todayWhy the zero-sum mindset that corporate America drills into high earners is the exact thing holding them back from building real wealthThe full breakdown of our mentorship program: 150-plus investors, 20 people on client success, and the 7 specialists we deploy at every stage of your journeyHow we built our entire Catskills team from scratch on a $1M property without knowing a single person in the marketThe give-and-take framework that turned Liz from a self-described introvert into someone who asks for help and gets itWhy the investors who move fastest in our program are the ones who plug into the community on day oneThe bottom line: You cannot build a real estate portfolio worth having in an information vacuum. The right community is not a nice to have. It is your single biggest competitive advantage.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →Productivity Isn't About Doing More (It's About What You Stop Doing)
3w ago00:18:06Tap to summarizeMost people think being productive means doing more, working faster, or squeezing in one more task. That's not how we do it.In this episode, I sit down with Liz to break down the exact system behind running two businesses, growing to 113,000 social media followers, and raising two kids under 5 at the same time.This isn't theory. These are the exact hires we made, the things we stopped doing, and the mindset shifts that made all of it possible.We break down:Why productivity is a subtraction game, not an addition game, and the sculptor analogy that reframed how we think about our timeHow we built a team of 17 people across 5 continents we have never met face to face, and why the distance stopped matteringThe domestic hires that eliminated most of our relationship friction: cleaners, grocery delivery, and the postpartum nanny that changed Liz's recovery after our first kidWhy letting go of control is not about lowering your standards, and how KPIs tell you everything you actually need to knowThe one rule we never break as business partners and spouses, and why violating it makes you both look badHow buying back our time at home made us more present parents to Athena and JacksonThe bottom line: If you're still doing everything yourself, you're not being productive. You're just busy.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →$220K in Taxes Saved From One Purchase (The STR Formula Even Real Estate Attorneys Miss)
4w ago00:35:42Tap to summarizeMost people think owning Hamptons real estate means success. Ann Marie Folan had two properties there and was still throwing cash at them every month just to keep the lights on.In this episode, I sit down with Ann Marie Folan, former Wall Street real estate attorney and one of Manhattan's most prominent brokers, to break down how she went from bleeding cash on two Hamptons properties to running a 5-property portfolio on track for over $800K this year.Ann Marie came in with more real estate knowledge than most. Wall Street attorney. Top Manhattan broker. Years of experience. And she still didn't know the STR formula. What changed in two and a half years is the kind of thing that makes you mad you didn't start sooner.We break down:How a garage converted to a game room unlocked $50K in annual revenue she didn't know she was leaving on the tableWhy her Hamptons properties 2.5X'd in revenue in under two years, going from $100K to $266K on property one aloneThe $220K tax savings she generated from a single December purchase using cost segregation and bonus depreciationWhy high land value markets like the Hamptons are actually less efficient for tax savings, and where to buy insteadHow bonus depreciation being made permanent changes the entire strategy for W2 earners with growing incomesThe 100-hour rule, why mandatory property manager communities kill your tax benefits, and what to look for before you buyThe bottom line: if a former Wall Street real estate attorney needed this formula to make her properties actually work, you probably do too.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →100% Bonus Depreciation Is Back Permanently (And Most High-Income Professionals Still Don't Know It)
Jul 300:32:22Tap to summarizeFor years, high-income professionals watched the STR tax loophole phase out and assumed it was gone for good. It's not. And the window to act is open right now.In this episode, I sit down with Ryan Bakke, CPA and founder of Tax Strategy 365, to break down everything you need to know about the return of 100% bonus depreciation, how to use it correctly, and how to make sure you never have to sweat an IRS audit.Ryan left Deloitte to build one of the most successful CPA firms in the country, now approaching eight figures in revenue with 60 employees. He has helped hundreds of high-income professionals use the STR tax loophole to legally offset their W2 income and build real, lasting wealth outside of their careers. If you are a doctor, surgeon, or high-income professional wondering whether this strategy is still valid and whether it is right for you, this episode is required listening.We break down:Why 100% bonus depreciation is now permanent under the One Big Beautiful Bill, and what that means for short-term rental investors going forwardThe exact tax code carve-out (Section 469) that makes the STR loophole legal, and why less than 300 characters in the tax code changed everythingWhy holding your STR long-term is not optional, and what depreciation recapture will cost you if you sell too soonThe biggest documentation mistakes investors make that get them destroyed in an audit, and the log strategy that protects youWhat the IRS actually asks in an audit interview and why your story matters as much as your numbersWhy the 30-year fixed mortgage is the single greatest wealth-building tool available to Americans, and why most high-income professionals are ignoring itThe bottom line: The strategy is legal, it is permanent, and the investors who understand it are building generational wealth while their peers are handing half their income to the government.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →REPS vs. the STR Tax Loophole: The $25,000 Mistake We Made (And How to Avoid It)
Jul 300:14:23Tap to summarizeMost W2 earners think REPS and the STR tax loophole are the same thing. They are not, and confusing the two could be costing you tens of thousands of dollars a year.In this episode, Michael and Liz break down the real difference between real estate professional status and the STR tax loophole, why one is nearly impossible for full-time employees, and how the 100-hour rule opens the door for W2 couples who want to build wealth without quitting their jobs.We break down:The core difference between REPS and the STR tax loophole, and why one does not lead to the otherWhy getting your real estate license does not qualify you for REPS (and the misconception that trips up almost everyone)The 750-hour requirement for REPS and why it is virtually impossible if you hold a full-time jobThe three requirements to qualify for the STR tax loophole, including the 7-day rule and material participationThe $25,000 tax mistake we made with the wrong CPA, and how to find a thought partner instead of just a tax filerWhy stay-at-home parents are uniquely positioned to satisfy the 100-hour rule and help their family build generational wealthThe bottom line: you do not need 750 hours, a real estate license, or a $1,000-an-hour tax lawyer. You need the right strategy, 100 hours, and personal ownership of your financial future.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →There Is No Perfect Time to Buy (And Why Waiting Is the Most Expensive Mistake STR Investors Make)
Jun 1900:16:38Tap to summarizeYou've done the research. You've looked at the markets. You've run the numbers. So why haven't you bought yet?In this episode, Michael and Liz break down the most common trap STR investors fall into: waiting for the perfect moment that never comes, and the real cost of staying on the sidelines.We cover a lot of ground here, from how to train your eye to spot an outlier property, to the mindset shift that separates investors who build wealth from those who stay stuck in the research loop.We break down:The "buy yesterday" principle and why real estate rewards action over timingHow analysis paralysis keeps smart, high-income professionals from ever pulling the triggerWhat to actually look for in a property, and how Michael spotted a misrepresented A-frame in the Catskills that no one else saw comingThe pros and cons of buying at different points in the year, and why the "wait until Q4" strategy backfires more often than notWhy the STR strategy is a real estate investment strategy first, and a tax strategy second, and what happens if you get that backwardsWhy bonus depreciation being permanent in 2025 makes getting the first one right more important than everThe bottom line: there is no perfect time, but the investors who do the work now are the ones who move fast when the right deal appears.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →The Real Cost of Doing Your STR Journey Alone (And the 4 Phases Where Most Investors Get It Wrong)
Jun 1200:31:56Tap to summarizeMost high-income professionals think they can figure out short-term rental investing on their own. The cost of that assumption is higher than you think.In this episode, I sit down with Liz to break down the real price of doing it alone across every phase of the STR investment journey, from finding the right market all the way to managing revenue once you go live.We have been running short-term rentals since 2016, built a portfolio of 30+ properties generating $2.3M a year, and made every one of these mistakes ourselves before we figured it out. This episode is the honest conversation we wish someone had with us earlier.We break down:Why high-income professionals get stuck in analysis paralysis during the search phase, and why looking at multiple markets at once is the fastest way to end up nowhereThe turnkey trap: why a property making $100K on a $1M purchase can still be losing you money if you don't know how to read the full expense pictureWhat happens when you go to a big bank instead of an STR-specific lender, including the week Chase told us we needed 25% down instead of 20% at the last minuteWhy DIY design costs you more than hiring a professional, and how doing it yourself can delay your launch by 2 to 4 weeks and cost you a full month of mortgage paymentsThe revenue management mistake we made for our first 2 years, why tools like PriceLabs and Beyond are not a strategy, and how we finally fixed it by hiring someone full-timeWhy the biggest hidden cost in this whole journey is not money. It is time, decision fatigue, and the price of not listening to the right peopleThe bottom line: Going it alone does not make you more capable. It just makes the lessons more expensive.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →From $180K Tax Bill to $110K Refund: What 9 Months in the Program Actually Looks Like
May 2900:47:44Tap to summarizeFrom $180K Tax Bill to $110K Refund: What 9 Months in the Program Actually Looks LikeMost high-income couples know they're overpaying on taxes. Very few actually do something about it.In this episode, Michael sits down with Ashish and Smita, a Bay Area dentist and finance professional, to walk through their first 9 months in the STR Like The Best program, from their first property in Colorado to filing the most satisfying tax return of their lives.This isn't a highlight reel. It's the real story, including the self-doubt, the market search, the launch, the guests who left the hot tub uncovered, and the moment their CPA told them to expect a very large refund.We break down:How a $180K tax bill during Ashish's nose surgery recovery sent them down a rabbit hole that changed everythingWhy they chose Colorado over Hawaii, and how the mentorship helped them stop overthinking market selection and just moveWhat their first season actually looked like, covering the mortgage in off-peak months and heading into their best month everHow they got $94K back in federal taxes and $16K from California in their very first year with one propertyWhy "done for you" STR programs legally cannot qualify you for the tax benefits, and what the IRS actually requiresThe 4 things Ashish and Smita would tell their pre-July 2024 selves if they were still on the fenceThe bottom line: the STR tax loophole is real, it works, and it works best when you stop waiting for the perfect moment and just do the work.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →The Fear of Out-of-State Investing Is Costing You Six Figures in Tax Savings Every Year
May 2200:25:35Tap to summarizeYou live in California. Or New York. Or any other high-cost, high-tax state where buying a short-term rental locally makes zero financial sense. So you do nothing. And every year you wait, you leave six figures in tax savings on the table.In this episode, Michael and Liz break down exactly how they built a 30+ property STR portfolio worth $2.3M in annual revenue while managing everything remotely from New York City, and why out-of-state investing is not only possible, it's the smartest move high-income W2 earners can make right now.This is not a guest episode. This is 25 minutes of hard-won experience from two people who have done it, coached 30-40 California-based clients through it, and figured out every obstacle along the way.We break down:The mindset shift that unlocks everything, because if you believe you can't manage a property 2,000 miles away, you never will, and why that belief is costing you more than you thinkThe exact tech stack for remote management including smart locks, automated guest codes, $30 cameras from Amazon, noise monitors, and smart thermostats that let you run a property entirely from your phoneHow to hit your 100-hour material participation requirement while investing out of state, including the desktop work, vendor calls, guest communication, and setup coordination that count toward your hoursThe stay-at-home spouse advantage and why a married couple where one partner stays home is one of the most powerful setups for the STR tax loopholeHow to document your hours the right way, using smart lock entry codes per cleaner, camera logs, and access records that hold up if the IRS ever comes knockingWhy "we'll do everything for you" STR programs are a tax trap, and what actually happens three to four years later when the audit letter arrives and those people are long goneThe bottom line: The technology exists, the communities exist, and the strategy works. The only thing standing between you and six figures in annual tax savings is the belief that you have to live near your property to own it.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
Transcribe →From Screwdrivers to Systems: Launching Property #8 (Lessons From Property #1)
May 1500:22:42Tap to summarizeWe closed on property #8 last week. And the difference between then and now is not even close.In this episode, I sit down with Liz to walk through what the first week post-closing actually looks like on our eighth Tennessee cabin, and contrast it against the chaos of doing it all ourselves for the very first time back in 2020.This is not theory. This is what we are doing right now, in real time, to hit the 100-hour material participation requirement and get this property launched before July 4th.We break down:Why Liz is logging 4 hours a day remotely and what that work actually looks like, from coordinating electricians for the hot tub and sauna to vetting pest control, bear-proof trash cans, and fire safety vendorsHow we accumulated 40+ hours in the first week alone, and why that number matters for unlocking the STR tax loophole on our active W-2 incomeThe vendor vetting mistake first-time investors make on Facebook, and why a comment section full of five-star reviews does not mean what you think it doesWhat our Day One plan looks like now versus property #1, when we drove down from New York with a car packed to the gills and a screwdriver we did not know how to useHow the material participation hours stack as you scale, and why hitting 100 hours gets easier with every property you add to your portfolioWhy we use the STR Tax Loophole app to log and document every hour, so our records are organized, defensible, and ready if the IRS ever comes askingThe bottom line: the work does not get smaller as you scale. It gets smarter. And knowing exactly what to do, who to call, and how to log it is what separates investors who get the tax benefit from those who leave it on the table.LEARN MY STR INVESTING & STRATEGIES 🔥 https://strlikethebest.com/wealthpodApply to work with Michael: https://strlikethebest.com/applypodFollow Michael on Instagram: https://www.instagram.com/michaelchangbnbTrack your STR hours the right way. STR Tax Loophole is our time tracking app built specifically for short-term rental investors. Document your qualifying activities, maintain clean records, and simplify your STR tax qualification. Start your free trial at https://www.thestrtaxloophole.com/
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