Tyler Coon - The Short-Term Rental Specialist


Tyler Coon has always been an entrepreneur. He loves the adventure of building on his own vs working a W2 job. After being a real estate agent serving all clients needs, Tyler saw the opportunity, and loved the idea of niching down into focus on Short Term Rentals. Living in Asheville, North Carolina, Tyler founded Savvy STR Agents, a real estate team focusing on helping investors purchase Short Term Rental properties. He has grown his team to help serve North Carolina, Kentucky, Southern California, Gatlinburg, and Myrtle Beach and is looking to grow to other areas. He currently owns 8 STR properties himself. Hear Tyler share why he loves working in the STR space and how he's helping others build wealth through owning great STR properties.

In this episode hosted by Mike Swenson, we discussed:

  • How to achieve your real estate investment goals by specializing in short-term rentals.
  • Learn how to navigate the internet age as a real estate agent and leverage online platforms to attract short-term rental clients.
  • Discover the benefits and potential profitability of investing in short-term rentals compared to traditional long-term rentals.
  • Explore strategies for providing exceptional value to your clients in the short-term rental market.
  • Develop effective communication and negotiation skills to build strong relationships with both property owners and short-term rental guests.
  • Understand the important role of building relationships with clients in the short-term rental industry and how it can lead to greater success in your business.
  • Learn valuable tips and tricks for managing and marketing short-term rental properties to attract a steady flow of guests and generate consistent rental income.
  • Discover how to analyze market trends and identify the most profitable areas for investing in short-term rental properties.
  • Explore the unique challenges and opportunities in the short-term rental market and develop a competitive edge as a real estate agent specializing in this niche.

The key moments in this episode are:

00:00:05 - Introduction
00:01:14 - Tyler's Journey into Short Term Rentals
00:03:34 - Creating Value in the Short Term Rental Industry
00:06:39 - Becoming an Expert in a Niche
00:07:51 - Building Trust and Closing Deals
00:13:18 - Reasons to Invest in Real Estate
00:15:02 - Importance of Working with an Expert
00:17:53 - Setting Yourself Apart in Short-Term Rentals
00:26:40 - Building Trust and Reputation
00:28:16 - Contacting Tyler and Exploring Short-Term Rental Markets










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Read the full transcript here:

Mike Swenson
Welcome to The Real freedom show where we inspire you to pursue your passion to gain time and financial freedom through opportunities in real estate. I'm your host, Mike Swenson. Let's get some real freedom together.

Mike Swenson
All right, welcome everybody to another episode of Real freedom talking about building time and financial freedom through different opportunities in real estate. And so today we are going to talk about all things related to short term rentals. We've got a short term rental expert here, Tyler Koon. Tyler is with savvy STR agents. And he is based out of North Carolina. But in addition to that, he focuses on a market with just short term rentals. And so you've got expansion agents and five different locations across the US we'll talk about that you also are a short term rental property owner yourself. And so you decided to go all in on this niche. And so we're excited to hear your journey and how that's gone. So welcome to the show. Tyler.

Tyler Coon
We're so excited to have you. Thanks, Mike. Really appreciate it. Man.

Mike Swenson
I'm excited to be here. Just give the listeners a Start Here give a little bit about your background, getting into real estate and kind of going all in on this particular niche versus being a generalist

Tyler Coon
It was probably four years ago or so. And I was working with this doctor from Myrtle Beach him and his family really wanted to move here. And so we were looking for primary houses kind of like every agent would, right? They didn't end up finding anything. And so we kept in touch, you know, and he started sending me deals that he might want to buy as an Airbnb, he knew that at that point me I had an Airbnb, my business partner and I had an Airbnb as well. But it wasn't like something we were doing full time. You know, it's kind of side investments. And that year, I sold him a short term rentals. And I really, really enjoyed the process a lot. It was a little bit more time behind the computer a little bit less time out of showings and things like that. And so I started developing a reputation in the short term rental industry, which is separate from the real estate industry, right. And a lot of those people out there are buyers, they're looking for investment properties. And so they started coming to me to help them do the same thing and build a portfolio here in western North Carolina around Asheville. And, and I just started really enjoying it. At the time, I had a business partner, we had a normal real estate team, we probably had three buyer's agents, him and I were the listing agents, we had admin support staff, and the whole nine yards, we had a fully full local team built out. And I remember walking into his office. This was maybe right after COVID started. And I walked in and I said, Man, we need to stop doing everything else we're doing. Shut down the team, we need to only do short term rentals. Like I think there is a massive, massive opportunity here. And and he he's like you're crazy. There's no way we've done all this work. We've built this team like we've done all this. And and we literally separated and I went my own separate path simply because I believed in this so much. And then you know went on to last year selling 55 million in real estate. We're in you know inside Keller Williams Gary's top 100 agents, I won number one agent for the Carolinas region. And so you know that that did all kind of turn out to be true. And then I launched Savea STR agents, which is an expansion network for short term rental specific Realtors helping out their investor clients,

Mike Swenson
We were talking offline about doing the expansion model and building it around something like that really helps you to add value because there's a lot to learn being a specialist in short term rentals. And obviously there's a lot of places across the US that have short term rental specialties and so you get to really add value to those agents and so I would they work with you well, it's because you know, short term rentals inside and out better than most out there.

Tyler Coon
And we provide a lot of resources as well a lot of free resources that are easy for us to put together. You know, when you work with 100 short term rental buyers over over a year. You know who the best cleaners are, you know who the best handyman Are you know who the best contractors are? And you start putting together a network for people that don't live in your area. Right? If they're investing from California or Texas or New York, we put put together a lot of boots on the ground resources for our clients that are very easy for us because all we do is we call our past clients. So we've kind of created this network of clients locally. And then as well, I've got clients come to me, you know that say I did not buy in a note say Virginia because I couldn't find a you there. And I just couldn't find anyone that made me feel comfortable. And what's so interesting is more now than even when I started this I understand the value that we bring, because I'm originally from Florida and so I would love to have a short term rental in Florida, but I go and start looking and I know nothing I'm like I'm not doing this, there's, you know, I'm not going to invest in an area that I have no resources, I don't even know what the areas are, what the restrictions or regulations are, I'm just not going to do it. And I call myself an expert in this industry. And so I think you really need to be an expert, to be able to do short term rentals really well, at a high level.

Mike Swenson
Now you had mentioned having the repeat clients now are most of your clients out of state, so you get to kind of be the boots on the ground physical person there because they don't necessarily live there. Correct.

Tyler Coon
So probably 95, I think maybe out of 100 clients, we worked with two or three locals. So it's actually even more than 95%.

Mike Swenson
Kind of like our business, we work exclusively with investors in and around Minnesota, and most of our clients are out of state too. And, and so we probably can share some of the same passion around like you mentioned about spending a little bit more time behind a computer in a spreadsheet, analysing deals versus driving around to all sorts of new residential properties that come on the market, I enjoy that having repeat clients buying multiple properties and being able to be that local expert there. For them, there's a lot of trust in that, that they would buy a property from you that living their trust was

Tyler Coon
Exactly what came to mind. And really, I think that this can apply to any niche that you want to get into in real estate. And so I think at the end of the day, if you can make yourself an expert in a particular niche in real estate, whether that is seniors or people relocating from a specific area out of state to your area, you know, you could be the the guy or girl that is the expert on people moving from Florida to Minnesota, right. And there is going to be a big subset of people, dozens of people a year that are going to do that, right. And that can be anywhere in the country. And if you can lock yourself down as the expert in social media in, you know, in all the marketing that you put out, you create this system, wherein a client comes to you and they just immediately trust you. They want to work with you. I don't, none of my clients sign buyer agency agreements until we write an offer, I just, it does not bother me at all. Because my clients trust me when they come to me. And if they don't, we probably shouldn't work together anyways. So what ends up happening, I have multiple times over the last year gotten on my very first phone call with somebody, and ended that phone call writing an offer on something literally that quick, because I've got a property in my back pocket one we've probably already run numbers on. And there already has been that trust factor built to where sometimes these people have never been to this area before. And they they ended up putting a house under contract sight unseen, with with never having been here never having that meet, and they do it within a day or two. And the only way to do that is to build that trust out there in the in the ecosystem.

Mike Swenson
Yeah, it's one of the things I tell people that are regular residential agents, I'm not out necessarily as much finding a tonne of clients, I'm really focusing on finding the deals, and it's getting the deals in front of your clients that drives the business. So it's a totally different take on how you approach lead generation. It's finding the deals getting in front of your people versus trying to talk to a bunch of people. It's a little bit different.

Tyler Coon
Yeah, exactly. No, I'm hunting the MLS is we're doing that all day long. And I remember, you know, the days of trying to find something for a first time homebuyer or something like that. And I just prefer it this way so much more, I don't know, I get to work with the houses I want to work with, I get to work in the price points that I want to work in. When we focus on expanding the business in a certain direction or a certain area, it does expand that way. Because our Lead Gen system is kind of set up automated, you know, we hop on podcast with, you know, awesome people, like you get the word out there. And and then the trust is kind of built from that point. And so working on building kind of an online authority. And I think that it's the agents that are doing that, and then the ones that are niching down into a really specific thing where they can say, I am the short term rental guy for Asheville. And I can say that there's no one there's no one that sells more real estate here than me except for one lady who does luxury anyways. But number two, and so for that reason is very simple for me to say, Well, I'm the short term rental guy here and there's no one else right? But and when you can dominate a market like that, it becomes the business becomes very simple, doesn't become easy, but it does become simple.

Mike Swenson
Now for people out there that maybe are considering getting into investing or people that maybe have invested in long term rentals talk about the value of the short term rental as an investment versus some of those other opportunities they might have been considering in the past,

Tyler Coon
Especially nowadays. And I'm sure you guys are seeing this too. It's harder and harder to make a long term rental work because even as much as long term rents have come up, prices have come up even more and you know, everybody was saying and they've been saying it since the beginning of COVID. The housing market is gonna crash prices are going to come down But inevitably there are these other macro factors in the economy that are affecting that. And really what it all boils down to is inventory levels. And the fact that we're missing 6 million homes from the market, and what is going to build 6 million, there's nobody that's going to build 6 million homes, that's going to take decades to fix. And if nobody has even started trying to fix it yet, then that problem is exacerbated into the next two or three decades, I think. And so investing in real estate, I think is more safe than ever, simply for the fact that you have rents that have come up, you have property values that have come up. And unfortunately, there's nothing that's going to erode away at those because of the lack of inventory, people are still going to need places to live. And I don't see a mass exodus out of the United States. So it makes long term rentals a little bit harder to invest in. But short term rentals, you've definitely got more cashflow, there's a little bit more risk and regulation and things like that. But overall, your cash flow is so much more. I'll give you a good example. We bought something in February for 850,050 1000. And seller credit on that. So that made the deal a little bit more palatable in terms of what I needed to invest in the property. And as of last week, we had $200,000, in reservations on the books. We launched it in June. So that timeframe was from June to next June. So we've already done about 40,000, in reservations since June, maybe a little bit more than that. Now that September is over. But up until next June, the total of $200,000, in reservations. And so you're not getting a 25% gross return on investment and short term and long term rentals or really any other asset class, is that possible. And so people are spending more money on Airbnb than ever before. But it's really on particular properties, right? You have to know what you're doing and what sort of properties you're going after, to figure out how can you be in that top one to 5% of properties in the area, because there's a lot of competition out it is and people have more choices.

Mike Swenson
That was the next thing I was gonna go to the novice person has heard the chatter of STRS are getting overcrowded, there's so much happening. So somebody like you, obviously you you hear those concerns, and I tend to have the abundance mentality of what it's really doing is it's pushing out the poor performers and the people that really know what they're doing can still find a spot to be successful. And so just because short term rentals may be down in an area, or it might be the average booking is down, there's still a place for you. And so it's not like, hey, just because revenue may be down or we feel like there's a crowded market doesn't mean I should even try to be an investor in the area. So talk about that piece a little bit.

Tyler Coon
So that's really interesting. And so a lot of that data. One thing that I really like to look at is what is the total revenue being spent in a market, because that inevitably, almost everywhere is continues to be up year over year over year, the number of that the media and everybody out there is kind of out there promoting is revenue per listing, and that certainly is going down. And that's because of an overabundance of listings, when interest rates were 3% It was like buying anything you can get your hands on, because you have tax. But there are other benefits other than cash flow. There's tax benefits, there's appreciation, there's debt pay down and cashflow. Right. So there's other reasons to buy asset in real assets in real estate other than just cash flow. I know people that will go negative on cashflow, I wouldn't but I know people that do for the other benefits. And so really what you're looking at now is what are the best performers doing? And is there any room for me to become one of them. And so what I like to look for areas where the number of listings maybe is coming down since January, but revenue in the total market is going up. So that means actually that right now, the market is kind of shaking listings out from those people that did buy 3%, and they put $15,000 of Amazon furniture in and and now they're just not performing? Well, it's shaking those people out. I also think that there's a big transfer of inventory that's going to go back to primary homeowners. I think as we we continuously butt up against this inventory problem, we're gonna see those primary home, those investment properties go back to primary homeowners. We've seen it already this year, where a bunch of my listings that we put back on the market, sold and resold back to primary homeowners or like retirees or people upsizing or downsizing. So I do think there's a lot of opportunity, it's just time to be careful about it. And so that's one reason that it's even more important to have an expert as as your realtor who really knows what, what, where is their opportunity, where are their holes in the market, and how do we find those. There's more data available than ever before on short term rentals. And it's starting to really get a good history with software like air DNA. And so I think it's more important than ever to work with an experts to just make sure that you're buying a good investment

Mike Swenson
Kind of mindset wise, I almost compare the short term rental market like becoming a real estate agent, even a real estate agent used to be pretty easy, right? I could just go out there, get some listings make some money, and what we're seeing with a more competitive market, and with more outside economic factors, it's putting the squeeze and what so what you're finding is a lot of people are getting out of real estate as a real estate agent. And what it just means is, like you mentioned, the top performers can still be top performers. And the same kind of holds true here, as we think about short term rentals. Top performers can still be top performers, it's just throwing out all the average people or the part timers or the not professional people, it's weeding those out, but the people that are doing it at a high level can still be successful.

Tyler Coon
Exactly. I think it's like that in any industry, right? Once it starts to mature, you kind of you get this rush in. And then you have a bunch of novices that don't know what they're doing, or they didn't make the right choices. Anybody that I've ever seen, that did not do well in short term rentals, and really came from not spending enough money or not doing the things that you needed to do, I don't even want to say spending enough money because it's not always a race to just spending the most money you can on the property. Because you can still get great stuff at Goodwill just takes more time, right to find the good stuff. So I think it's really the people that got nervous. And they said, Is this going to be worth it? I don't know. Well, let me just launch it without all these things that that we decided this property needed and hope that it does well. And then if it does, well, then I'll reinvest in it. And that is what you simply can't do in short term rentals. So you need to commit to a plan upfront, you look at a property, you commit to a plan upfront, and then you execute on the plan, because the only people I've seen fail on short term rentals are the ones that did not execute on that plan. And so that doesn't mean that everything is viable, it just means figure out what your budget to invest is, look at what the best loan products are for that. Find a realtor that can really help you with that. And then go and figure out what your budget is in terms of furnishing design of the place. And then just make sure that the property that you're looking for fits that Buy Box, there's somewhere in the country for you, right, the Kentucky I mean, you can buy new construction and the Red River Gorge of Kentucky for 350 400,000 for a brand new cabin out there. You know, that'll perform 6070 $75,000 a year. There's a price point in a budget out there for you somewhere now you just have to go find it

Mike Swenson
Talk a little bit about at the beginning, we got to find a great property, but kind of maximising through that. And it's a different mindset than working with long term investment, right? It's kind of like, you know, let's just kind of keep the lights on do a good job. But here, you really have to set yourself apart so that people want to be there. And a big part of that is the management, the upkeep the cleaning, making sure that it's well run, maybe just share some of your learnings from how to continue to keep that income and profit maximised and optimised on a great property.

Tyler Coon
Yeah, so I would say the first thing to look at is don't hire a property management company. It's so easy to self manage anywhere in the country now. So I've probably sold 150 or 200 Airbnbs. In our area. Like I said before, most people are from out of town. And most of those clients are self managing their properties now. So there's all this software and automation software messaging software, that makes life a lot easier. And if you're working with the right agent, you should already have some boots on the ground resources, like cleaners and handyman and things like that. So the next piece to really, really be successful in short term rentals is just to look at your competition and figure out can you beat them? Because if you can't, then don't buy the property. Like for instance, you know, the Smokies, Orlando, they're very competitive areas. The standards are really, really high for short term rentals. So if you can't meet or beat those standards, and don't invest in that market, go find somewhere that has lower standards, right. So for instance, in Asheville, my property, our super property that we launched in June, you know, when I looked and I compared and looked for properties that had six bedrooms as well in that area, which is just south of Asheville. I looked and I saw nothing that had a movie theatre, some places had, okay, fire pits. And so what we did was we built a movie theatre in the garage, we put in a hot tub and then we have this amazing fire pit area in the back this permanent installation, built like an octagon with swings that hang from it around the firepit and super recruitable thing but it's not anything anybody had ever done in our in our area. And simply with those amenities. That's it. I mean, we put a terminator arcade game machine it has a pool table and stuff but but you know, we don't there Airbnbs in California now, we were looking at one the other day that have a lazy river, you know, in the backyard, and they're like $5 million properties. I don't have anything like that. I don't even have mountain views at my house. It's not even close to town. And so, you know, what does it act usually take to beat someone, you find that out in the comparable properties, right? So just like we'd look for comps for a listing that's for sale, we go and we look for comps of what's for rent on Airbnb in the area. And we compare it with the same size of the same bedroom count properties. And then we look at what amenities does it have, if all the six bedroom properties that were doing well around me had mountain views, I would not have bought my house because I can't beat mountain views, right. And I would always be that that tear lower than everybody else. And so I don't want to be that guy, I want to be the tear higher than everybody else. And so that's what we did, we chose to do that. So those are all data points and information that you can find online, what what amenities those comps have. So that would be the biggest secret to success. I have clients right now that are spending 100 $150,000 on designing amenities. And then they they go online, and they book out $150,000 in reservations within weeks, and they're just booked out for the rest of the year. How easy of an investment is that when you already know the revenue, you can already bank on it. Now you're ready to invest in number two, and number three, and number four, right, you're like ready to put your life savings into it. And I think that this is the only investment vehicle where you can see the future like that, you know, like if I invested in apple today, I wouldn't know what it's going to be in a year. But if I launch a short term rental, and I know how bookings for next year, I know what next year is going to look like already. And so it's almost like an investment vehicle where you've got a little bit of a crystal ball into the future, which I think is a secret that a lot of people aren't talking about. But it makes them once they see it, it makes them very comfortable investing more well.

Mike Swenson
And that's the fun part. You know, you think about being an investor, like, Okay, I've got to go buy something to do a cool fire pit or I have to go buy some video games to be able to put into my unit. That's the fun part versus even like long term investing. It's like, Okay, now we're focused on providing housing. But here, you get to add a lot of fun stuff on top of it, it makes it really enjoyable to have to do that stuff as part of your investment.

Tyler Coon
And sometimes you get to use it yourself too, which is kind of cool.

Mike Swenson
Talk a little bit then about building your expansion team in some of these other locations, some of the things you're learning, or even just putting yourself as the authority in the space and attracting people to you.

Tyler Coon
It was really interesting. I started getting phone calls after that first year doing short term rentals for my clients. And they would say things like, well, you know, I wanted to bind Virginia, but I didn't because I couldn't find you there. And I thought, well, if I just had an agent, I could train them to be like me. And, and so that's kind of where the idea for the expansion network started. And so nowadays, what's really interesting is like sponsoring the short term rental events and conferences, doing short term rental podcast, just like we're on a real estate podcast right now. And there are tonnes of podcasts for the short term rental space, and I've been on all of them. And so, you know, before when I started in this industry, I started out and started talking about well come invest in western North Carolina. What I then found was, it wasn't where I was that why people were investing with me, it was because of the knowledge that I had the holes that I was finding the market. And I realised you can do that anywhere, it doesn't just have to be in North Carolina. So if I simply switch out my language here, I can now become a lead generator for the entire country versus just western North Carolina, I'll be spending the same amount of time spending the same amount of money. But getting a lot more leads overall. And then I can filter those through and use those as a recruiting tool for our expansion network. So that's been a lot of fun for us. It's been a huge benefit, I think, to the expansion agents as well. You know, I've got an agent right now in Myrtle Beach, that, you know, he was struggling a little bit when he came to me and coming into this market that we're in right now, a lot of agents are really struggling. And he's got for four and a half million dollars under contract right now. And that's more than he ever imagined he would have under contract at one time. I think that was his goal for a whole year, at one point was to do about $4 million and a whole year. And so now he's got that under contract as we speak. And he'll close a $2 million by side I think and in less than two weeks now, which will be his biggest deal ever. So adding that value, I think to the agents in just making Legion very easy. They have to then become an expert and short term rentals, but that's teachable. That's something that we can teach them and help them look for in their area. But then that's a big value for the investors too.

Mike Swenson
And you're able to diversify your risk, spread it out over multiple locations. So as other hot areas pop up now you're able to capitalise on that. And the other cool thing is if you find a good opportunity, maybe they decide to work with you on their next short term rental and then the following one they do the Myrtle Beach and so as an investor I just want to invest in places that make money and so now you in place the same investor with multiple of your agents across the United States as you can continue to grow.

Tyler Coon
Yeah, and we've done that multiple times. And that's working out really well, especially staying in touch with our past clients when they refer people to us. And then they kind of become a piece of the system. But it's a referral, recreate double experience. And our investors really like it too, because at the end of the day, we really simplify things for them. It's hard. And it's stressful to look for short term rental investment properties in a new market. And so when you can go and make one phone call and start to get the information that you need to start feeling really confident, that makes life really, really very simple. And so it's a big value for the investors. And it does create that trust authority with the agents as well, because if they've already worked with me, then they know they're going to go get the same experience with someone else. They know exactly what to expect. And that's tougher investors. And you know, what I think is really interesting. And you've probably experienced this yourself, Mike, most investors before today, and I think even including today, outside of short term rental asset class, most investors were trying to cut real estate agents out of the deals, right, they wanted to go find off market deals, they wanted to get in touch with the seller themselves, there was not a lot of value that a real estate agent could provide. And the value proposition was diminishing and getting worse and worse. Over time. As the Internet came around and more information became available, you could get a hold of sellers easier and find people easier. And so I think it's really interesting now that we're in this space where I get clients that come to me, and they say I never would have bought a short term rental if it weren't for Tyler. I mean, we have cheerleaders out on the internet now that are like, Oh my God, you have to call Tyler or someone on Tyler's team. And we don't take that for granted. I mean, that means the absolute world to us. And we work really hard for our clients to be able to prove that value to them. But I think at the end of the day, we're almost bringing that value proposition for real estate agents back to the investor world and they're starting to realise this is why we worked with them in the first place is the kind of just about levelling up the industry for us at a different level than anybody has been able to do in a long time in the investment space.

Mike Swenson
Yeah, it's great that you're you're separating yourself as the professional of choice for investors in short term rental markets and obviously value as an agent if I'm looking to grow my agent business and if I want to be a part of short term rentals, having your database and your systems and, and analysis and all that it's awesome real estate agents are you tired of letting the busyness of life get in your way from achieving your real estate investing goals, I'm super excited to announce we've created the real freedom investor agent tribe, it's a place for you to come get educated and network with others so that you can make sure that you're hitting your real estate investment goals. So find out more on our website real Click on the store link. We've got a membership we've got a mastermind group and some private coaching as well. Check it out. I've priced it super low. The goal is to get you in not have price be a determining factor to keep you from your goals. So come check it out. schedule a call with me and we're happy to see where your real estate journey is going to take you. Well thank you so much Tyler for coming on. For people that want to go find out more about you and learn how can they do so

Tyler Coon
You can book a call with me there. Let's chat about short term rentals. You can also go to our website www dot savvi dot Realty and take a look for our agents and other markets are in Southern California. We are in the state of Kentucky for the Bourbon Trail and the Red River Gorge area just south of Lexington and Louisville. We're in Myrtle Beach, California in the Smoky Mountains, Tennessee as well. And then I cover personally Asheville in the western North Carolina mountain market and the coast of North Carolina as well. So if you're interested in short term rentals, or just talking shop, we'd love to learn more about the industry and hear about what people are doing. So even if you're not ready to buy today, everyday we handpick properties and email them out that might make good short term rentals is that's a good way to get the conversation started later in the future too.

Mike Swenson
And if you're listening to this episode a year or two down the road, there's probably a lot of other markets now that Tyler has done so go check it out all of them hopefully. Absolutely. So, congrats to your success and excited to see how you and your team continue to grow.



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