The Chris Voss Show - The Chris Voss Show Podcast – Serial Entrepreneur and Real Estate Investor, Bill Faeth, Shares his Strategies for Success in the Short-Term Rental Market
Episode Date: March 7, 2024Serial Entrepreneur and Real Estate Investor, Bill Faeth, Shares his Strategies for Success in the Short-Term Rental Market Billfaeth.com Show Notes About the Guest(s): Bill Faeth is a serial ent...repreneur and real estate investor. He has bootstrapped 31 startups and has had 19 successful exits to date. Bill has built a $19 million short-term rental portfolio that generates over $1 million in annual income from a $126,000 investment. He is the owner and coach of the Build Short Term Rental Wealth brand, where he helps real estate investors succeed in the short-term rental market. Bill is also the host of two podcasts, STR Unfiltered and STR Ometrics. Episode Summary: Welcome to The Chris Voss Show, where host Chris Voss interviews CEOs, authors, thought leaders, and visionaries. In this episode, Chris interviews Bill Faeth, a serial entrepreneur and real estate investor. Bill shares his expertise in the short-term rental market and explains why it is still the number one asset class to invest in. He discusses his investment strategy, focusing on specific markets and creating unique experiences for guests. Bill also offers valuable insights on cash flow, tax benefits, and the importance of marketing in the short-term rental business. Key topics discussed in this episode include the advantages of short-term rentals over long-term rentals, the importance of location in real estate, and the concept of "super properties" that maximize return on investment. Bill also emphasizes the need for continuous learning and adaptation in the ever-changing real estate market. Key Takeaways: Short-term rentals offer higher cash flow and tax benefits compared to long-term rentals. Investing in secondary and tertiary markets can provide better returns on investment. Creating unique experiences and targeting specific buyer personas can attract high-end guests. The 5-52-50 plan is a strategy to build a short-term rental portfolio and generate $250,000 in net income. Marketing and finding the right market opportunities are crucial for success in the short-term rental business. Notable Quotes: "Real estate's great and land is great anyways. So as I started moving towards that seven-figure mark, and then when I eclipsed that, I knew I really had to get leveraged into it." - Bill Faeth "You make or break your deal on the entry when you're buying the property." - Bill Faith "Most of that starts outside before it goes inside. That's one of the reasons I don't really like investing into condos unless you can build a moat around the investment and insulate yourself from other competition." - Bill Faeth "I'm always looking at how I'm gonna market if I find a property, if I find a business, and I can't conceptualize a marketing plan internally in my eight-inch head here, then I'm not gonna make that investment." - Bill Faeth "If you pay down your debt and then you leverage your cash flow, it's what I do. When I started, I spent $126,000 on my first property. I made a really bad mistake when I was a newbie in my second property and lost 125 grand. So I had to recover from that." - Bill Faeth
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We have another wonderful gentleman on the show. Bill Faith joins us on the show. He's a serial
entrepreneur and he loves real estate. He loves it so much, he's actually investing in it.
So we're going to be talking to him about what he does, how he does it, and how he can make you
smarter, maybe richer. There you go.
He's an entrepreneur.
He's bootstrapped 31 startups and 19 exits to date.
He's built a $19 million short-term rental portfolio that yields over $1 million in annual income from a $126,000 investment.
That's a pretty darn good return. He owns and coaches real estate investors through Build Short-Term Rental Wealth Brand and also just hosted the largest conference in the space
with 25,000 attendees two weeks ago at the STR Wealth Conference in Nashville. He has two podcasts
as well, STR Unfiltered and STR Anomics. Welcome to the show. How are you, sir?
I'm good, Chris. Thanks for having me,
buddy. Thanks for coming, Bill. Give us your dot coms. Where do you want people to find you on the interwebs? I mean, buildshorttermrentalwealth.com or billfaith.com is the easiest
place. If you have questions, I'm accessible in an open book on Instagram, BillFaith73.
I'm everywhere like you, TikTok, LinkedIn, pretty much every place. I spend six, seven hours a day helping people pro bono because I believe that short-term
rentals are still today the number one asset class to be investing in.
There you go.
And to the two podcasts you had to start with the letters STR, what does this stand for?
Short-term rentals.
So short-term STR and filtered is the raw uninhibited version.
There's some Gary V language on there.
And it's the truth.
There's no BS.
It's, you know, I'm not trying to sell you anything.
It's just a lot of people think that short-term rentals are easy.
It's passive.
Just throw up, you know, a hundred grand at it and you're going to make boatloads of money.
That was a hundred percent the case, Chris, in 2020, 21, 22.
Now we're back to reality and you got to work a little bit harder at it.
So we kind of uncovered those things,
those misconceptions.
Anything of value usually takes a little bit of hard work
and a good strategy.
And you always have to be adjusting
and tweaking the model
because nothing stays the same.
That's one thing I learned in business
is you can have a great model,
but the next week it might have to change.
Thousand percent.
I agree with that.
There you go.
So give us a 30,000 overview,
what you do
and how you do it and and what you're trying to accomplish in helping other people well what one
of the things that i found is i started you know making more money more money more money as i got
older i mean i'm an older guy now i'm 50 you know i started my entrepreneur journey literally in high
school selling t-shirts out of the back of my mom's 84 Tempo. Then I played
professional golf for a little bit and kind of got into the real world of business. And what I found
is the biggest problem was taxes. And that's how I kind of got lured into the short-term rental
space. There's a thing called the short-term rental loophole that we don't get with long-term
rentals if we're renting out a house we used to live in or apartments or whatever. So the tax advantages are significantly higher than other real estate investments, which real
estate's great and land is great anyways. So as I started moving towards that seven-figure mark,
and then when I eclipsed that, I knew I really had to get leveraged into it. Then when I dove
into it, I live in Nashville. And from 2012, 2013, all the way through 18, it was the number one short-term rental or Airbnb market in the country.
I never invested here because the regulation was so crazy and wonky.
It was changing every week at almost every city council meeting.
But what I found out is I had a couple of condos, long-term rents, like what most people do in downtown.
And I could do 7X in short-term rentals what I could do in the long-term rent.
Wow.
And that's really what opened my eyes to, hey, maybe I should redeploy into this new asset class.
And we thought we might have a three-, four-, five-year run.
It's been over a decade now you know it's it's been
over a decade now and it's not going anywhere as long as you're investing into markets that have
sound historical regulation and you're not investing into urban areas to where it's changing
like what's happened in manhattan dallas honolulu every city in california you know those types of
places so you got to be a little bit but once once you find a spot, it's extremely lucrative. There you go. Now it was short-term rentals be basically Airbnb,
or there'd be some variations of that. So most people refer to short-term rentals as Airbnb,
just like Kleenex or Uber or whatever, you know, so it becomes a brand in regards to the booking
platforms. I'm on Airbnb, I'm on Vrbo, TripAdvisor,
I do direct bookings, all that type of stuff. But I invest in very specific markets. I stay away
from the urban areas. I'm investing into specifically drive-in vacation rental markets.
So I stay away from the Honolulu's, the Hawaii's, I stay away from Alaska, I stay away from even
Miami, which is a pretty big fly-in market, Puerto Rico's, Cabo. I'm investing into places like Gulf Shores,
Western North Carolina, Banner Elk. And there's going to be a theme here, Chris,
Cave Creek, Arizona, Smith Lake, Alabama, Whitefish, Montana. So kind of just to take a
step back, well, why are you investing into those locations? Because I'm in Whitefish instead of Big
Sky. I'm in Western North Carolina, Banner Elk, North Carolina, in between two ski resorts instead of Gatlinburg,
Pigeon Forge, the Smokies. I went to Gulf Shores as opposed to Destin, Cave Creek as opposed to
Scottsdale. So I invest in the secondary and tertiary markets. One, because the entry price
on the front end is anywhere from 20% to 50 lower and I can generate the same revenue and I get the
same tax benefits. So why would I want to go into those saturated markets that people have inflated
the pricing on the front end? So I'm looking at the best deal. The same adage is everybody talks
about in real estate. You make or break your deal on the entry when you're buying the property.
Ah, sounds like when you're setting up a business in retail, location, location, location,
the rule of watching what your entry point is.
Because I've seen that where people buy stupid stuff.
I saw that in 2008 where people would buy properties.
I had one friend, he bought six properties at $2,500 a month cost to him on a negative
loan too.
And he hadn't done the research even after going to five or six real estate conferences
that 1,400 was the max the market would pay for what he had signed up for.
And that was, of course, the 2008 crazies, but a good example.
Let's see.
Nina, thanks.
Love it.
Thanks for sharing your knowledge, Chris Voss. We certainly's see. Nina, thanks. Love it. Thanks for sharing your knowledge,
Chris Voss. We certainly love it. Thanks for LinkedIn Live over there. So Bill, give us a little bit about data on you. How did you grow up? How did you get into real estate? What was some of
your upbringing? Were you always an entrepreneurial spirit? Did you have entrepreneurs in the family,
et cetera, et cetera? So I didn't have a father growing up. I got introduced to golf through the Big Brother program.
Grew up in Bakersfield, California.
Mom was a teacher.
Grandparents on her side were a teacher.
Don't know my father.
And my mother bought a preschool in Bakersfield, California, my sophomore year in high school.
And that's when I pretty much quit all my sports, quit football, basketball, soccer,
focused on golf and became the third ranked player coming
out of high school in golf. But she couldn't afford to send me to the national tournaments.
So we met a guy ironically playing a golf tournament in Los Angeles named Jay Jacoby.
He was a t-shirt manufacturer. He gave me 20 shirts. I went back home. I didn't like him. I
was a Lakers fan. I got all these Jordan and Bird and Carl Malone and Elijah. I'm like,
I don't want these fucking t-shirts. I sold them for 25 and Bird and Carl Malone and Elijah. I'm like, I don't want
these fucking t-shirts. So I sold them for 25 bucks a box. My mom's like, Hey, you need to
repay Mr. Jacoby when we see him in another tournament. And long story short, he said,
come to my house, gave me a hundred. And I started selling t-shirts out of my mom's 84 tempo,
had two friends helping me do that. And that's what funded me to go play what was called the
AJGA tour, which was like the PJ tour for junior golf. And, you know, I won my first tournament and got
recruited, went to UCLA on a full ride, dropped out after three months. And my parents and
grandparents being in education, they didn't disown me, but they said, Hey, if you're going
to do that stupid move, you're going to take care of yourself. So why'd you drop out? What's that?
Why'd you drop out after three months? didn't like the coach i didn't we
had no practice facilities you know i just i was i don't want to say i was forced to go there i had
full ride offers to every university in the country that's where my family wanted me to go
for the education i wanted to go to stanford it was actually i couldn't get into stanford chris
i'm not very smart i mean i'm a uh you know a high school college dropout. I couldn't get literally 1150 on my SAT,
or it would have been Tiger Woods, Noda Begay, Casey Martin, Bill Faith at Stanford.
And I was the only one that wasn't smart enough to be able to get in.
So next option was to go to UCLA.
I think back in those days you had to buy the college to get in, didn't you?
I mean, I'll tell you what, Stanford was so hard.
I mean, I was a third-ranked player in the world, and I couldn't get in, didn't you? I mean, I'll tell you what, Stanford was so hard. I couldn't, I mean, I was a third rank player in the world and I couldn't get in and I had a 1070 or 1080 SAT.
And, you know, I could get in almost every place else. I mean, I wasn't looking at Ivy League
schools, but from West Point, UCLA, USC, you name it. And it kind of sucked. And so I kind of have
this chip on my shoulder because I wanted to go with my friends. I grew up playing golf, traveling
with Tiger and Node and all these guys. And I had to go to UCLA.
So I just didn't like the experience. I didn't like LA. I didn't like being in the hustle and
bustle. We couldn't practice any place. So I said, F it. I'm going to quit and go back to
Bakersfield and I'm going to turn professional. And if it was, I think we all, Chris, have these,
I think everybody, regardless of where you were brought up, wealthy, poor hood, you know, Beverly Hills, whatever.
There's like a handful of opportunities that are put in front of us.
And some, most of us don't see them.
And if we see them, we can grasp onto them.
And luckily I'd already built a network as a teenager of playing golf and getting good.
There was a guy named Buck Owens in Bakersfield, California. He's hee-haw, the legend of country music.
And he gave me 25 grand
to go play professional golf.
And he's no strings attached.
All my friends were selling shares in themselves
to be able to go out there at that time.
And I was able to parlay that.
I'll never forget.
I made like 380 grand
as a 19-year-old college dropout
my first year playing around the country,
the TC Jordan tour,
the Hooters tour.
I went to South America,
went to Asia and I came back and Jeff Stewart,
who ended up being my best man in my wedding said,
dude,
I know what you're going to do with this money.
You're going to go to Vegas.
You're going to party with your friend.
You're going to blow it on playing craps and blackjack.
So I bought a duplex and he said, why don't we buy a piece of real estate?
And I didn't know shit from shit at that point.
Wow.
So literally I bought a duplex.
I held it for like 17 years before I sold it.
It was crazy.
And that was kind of my first foray into real estate.
And I mean, as I've gone through all my startups, you talk about retail.
I mean, we had 178 glow-in-the-dark miniature golf
courses and shopping malls had a 34 million dollar glow golf business started the industry
wow it was even more and probably the most important thing i ever did with that kind of
small mom and pop family entertainment center it wasn't just the shopping mall and like the
gross sales per square foot in the traffic it was the location in the mall because you could go to
an end of a mall where sears was and it it's dead. Nobody goes down there. But then you got Apple or
Ikea or whatever on the other side or another wing. And that's where all the traffic would
migrate to. So I learned a really valuable lesson in retail real estate that I was able to parlay
when I jumped into the real estate game, which started with long-term like everybody else.
I did some commercial as well, some industrial. And now to be perfectly honest, it's a hundred percent
into short-term rentals. Not only because of the cashflow and because of the X I can do above LTR,
but it's also because of those tax benefits, taking advantage of cost segregation studies and
accelerated depreciation. There you go. And so you're talking about where you choose
your properties and it sounds like that's a real name of the game thing. I imagine being places
where maybe there isn't so much hotel competition or other rental property competition. Is that
another key? I would say that most people steer away when you hear the word saturation, like the
big markets. I look for traffic drivers.
So I look at a market like Hot Springs, Arkansas, which I personally am not interested in, but it's
in the middle of the country. There's not a whole lot going on outside of like Lake of the Ozarks
and Branson and that type of stuff. So Hot Springs, Arkansas has four traffic drivers. It's got a lake,
a national park within a mile of downtown. It's got a horse track
and it's got a casino all within the downtown area. So if one or two of those goes down, Chris,
people are still coming there. It's the redneck gravy era for all of those things. And it's,
it's awesome. So it's a great investable market. Now the city's locked down to where they limited
just under 500 permits. So everybody's flooding the Lake Hamilton around
the outside of the city limits. Similar things are happening in Asheville, North Carolina.
So I kind of look at the McDonald's methodology. What happens in every street when McDonald's goes
in in America, Burger King, Wendy's, Kentucky Fried Chicken, everybody follows behind them
because they're the best at the market research. So if you go to a market like
an Ogallala, Nebraska, which probably 99.9% of your listeners have never heard of before,
they have one stoplight there and you get a great deal on a property. There's no traffic,
nobody's going there. So you're not going to make any money. So what I do is I build what's
called super properties. And that has nothing to do with like the size or anything. It has to do
with identifying the right location, proximity, views, or access.
And then we build it out to be unique, not like crazy Disney themed stuff, but tied to
the buyer persona.
One thing I learned early on in my life is that when I became a marketer, and then I
learned from Dharmesh Shah and Brian Halligan, the two founders of HubSpot, and lived in
their ecosystem
for 13 years, we have to determine who we're selling to. So I determine before I even purchase
a property, who my ideal guest is going to be, who my buyer is going to be. And then I design
the entire house. My wife's my designer, from furniture to decor, to amenities, to everything
we're going to do to market around it for that one person. I'm not trying to be everything to everybody. You're not talking about cooking and all that type of stuff
on here and only fans or whatever. That's kind of specific buyer persona. And I think that's what
people miss. And that starts before you even purchase the property. So that sounds like a
really another important technique on the other ones you have. And so do you target like a high
end sort of person that has money and they want like a more of a have. And so do you, do you target like a high end sort of person
that has money and they want like a more of a luxury experience or do you vary it depending upon,
I guess the market you're in and what you're trying to accomplish?
Every, all of the above. But even when I'm going after a low price point, like I bought my first
condo, I typically only invest in single family homes or motels. I bought my first condo.
It's three miles to the entrance of Glacier National Park in Montana. And it's super high
end luxury, but it's still just a two bedroom condo. So I'm trying to put in the amenities
and make it marketable and attractive to what I would call wealthy Wendy and wealthy Walter.
So it's the small things like we spend about $250 putting in a coffee bar inside the master suite, which is typically where the booker is going to stay.
And then we market that to them.
Hey, wake up, jump out of bed, smell the aroma of the Colombian roasted coffee, grab your cup, throw the curtains open and stare right into Glacier National Park, sitting on your balcony, looking into the park.
Probably a bunch of moose running around.
What's that? Probably with a bunch of moose running around. There's moose, there's bear,
there's all that cool stuff. But that creates the marketing opportunity. So one thing that I've
looked at and I've learned in all of my startups, even if you put short-term rentals aside,
from the glow-in-the-dark miniature golf business, I was drop shipping Brazilian bikinis when I was
playing the South American PGA Tour and AOL chat rooms and on Netscape in the early 90s.
I had six restaurants in California.
It's finding the marketing opportunities, right?
So if I can find a way to position and market my business and I have a good product or service, it doesn't even have to be the most exceptional.
All the Android people will debate that their phone is better than Apple.
And I say, I don't give a shit. Steve Jobs figured out how to brand it and market it better than Android did.
That's why they're bigger. So I'm always looking at how I'm going to market it. If I find a
property, if I find a business and I can't conceptualize a marketing plan internally
in my eight inch head here, then I'm not going to make that investment.
So it sounds like you're creating experiences as it were, where, you know, people, when people
come to your property, they're going to have, you know, kind of an experience or they may be coming
to a locale that's experiential. A thousand percent. Most of that starts outside before it
goes inside. That's one of the reasons I don't really like investing into condos unless you can build a moat around the investment and insulate yourself from other
competition. I have another property in Montana. I'll just describe it to you and give you a really
quick example. You pull in and it is literally a boring cabin on the front end. But when you
walk in and you look out these massive windows and you can see up the river that's only 25 feet
away from my back deck and it's beautiful. It'sana these snow-capped trees then there's a lake 100 yards you can see
the lake and then you see the canadian rockies literally in canada on the other side of the lake
and then we come in and we drop in barrel sauna outside with windows to see up the view
we drop in a hot tub we give them them the paddle boards, the kayaks, the fly fishing gear,
put in all this stuff. And then a clear dome
with a telescope and a couch
and it's heated to where out in the snow.
And I'm going there on Saturday
to where literally you can sit outside
and just stare up at the stars
in the big sky
and drink a nice glass of wine.
That's the experience
that we try to create
in all of our properties.
There you go.
And up there, you can see the sky really well, well you know when there's not a city of lights around it's incredible yeah yeah i love when i drive between california and vegas at night and
i get i get in that middle part where there's nothing and you can look you can step out and
see the sky usually when i'm peeing on the side of the road that's just outside a barstow after
you've stopped it in the house it's somewhere in between there you know it's and it's usually whenever
there's the the call of nature comes but i'll get out of the car and it's usually one of those dead
off ramps that they have out there where well it's not road chris it's like x x z z y y yeah yeah
we used to use that when we used to uh the alphabet game. We were traveling as kids with our parents.
And you'd always be, you know, you'd try to get to X and Z so that you knew by the time you'd hit that sign,
the first one to see it, call it.
But yeah, it's somewhere out there on the roads.
You know, you get off at the off ramp and you're like, I'm pretty sure there's five serial killers here in this bush.
And if I can pee and look up the stars quick enough and jump in my car
i'm sure i'll escape but and i've gotten away with it so far but i'm not very capturable either like
no one wants me i'm not good looking enough evidently but my i i got rejected by my catholic
priest too when i was young and i guess what can you say hey i wasn't i wasn't the cutest boy in
the room anyway jokes aside so so is that the is that the full definition of a super property then?
Or is there anything we're missing in that terminology?
The definition of a super property is maxing out your return on investment.
So we measure in a couple of different ways.
Cash on cash return based on how much cash you're going to put into a property.
Internal rate of return.
So it's one of the reasons how I've been able to
build a portfolio that generates $2.4 million a year in revenue and net over a million with only
13 properties. Because I have this program, it's called the 550-250 plan. One investment,
five years, five properties, netting $50,000 a year. It's that simple. That's how you get to
$250,000 a year in net income. One of the fundamental mistakes that people make when
they invest in the real estate is they're banking on the appreciation and like 47%
of people are taking out interest only loans. So they're not doing debt pay down. So if you look
at a couple of factors in the
short-term rental space, you get tremendous tax benefits, cost segregation studies, Augusta rules,
all this stuff that happens. But if you pay down your debt and then you leverage your cashflow,
right? It's what I did when I started, I spent $126,000 on my first property.
And I made a really bad mistake when I was a newbie in my second property and lost 125
grand.
So I had to recover from that.
It set me back almost two years.
And cause I wasn't, you know, a rich, you know, hedge fund guy when I started by any
means.
So, but then I figured everything out.
And if I can literally start with that one investment, which is what we did, we had to
wait for cashflow out of that one property before we could buy the second one again. And then now we have 50,000 from each property. So within a year,
I'm buying number three. When I get to the end of year three, even in the way the market has been
the last two and a half years, appreciation is good enough in these markets that I'm investing
in. And I teach people how to invest in to where they can reposition property number one,
if they're paying down their equity, their debt. So now they've gained equity and we do what's
called a cash on equity audit. And if you're making $20,000 a year net and you have $200,000
in equity in your property, that's 10 years to get there. That is a hundred percent sell.
And then reposition that $200,000 into one or two investments.
You can even split it at that point.
So I basically followed that exact formula and just stacked that three times to get to where I'm at today.
And I've had over, I got 31,000 students that I've taught how to do it as well.
There you go.
So that net is exclusive, is exclusionary to the depreciation, right?
If you're getting an addition to that, right?
That is correct.
A hundred percent.
So there you go.
Yeah.
And when you have good income, you need something to write the hell off.
Well, I mean, you look at these guys like, you know, let's just use former president
Trump or, uh, you know, Bezos who owns a ton of land, Ted Turner, the largest landowner
in the United States.
There's a reason they're not paying lives.
Um, I think he passed away a few years ago.
Okay.
But he was a large, he had like over 3 million acres of land or something like that.
I think he owned half of Wyoming or something.
Exactly.
There's a reason those guys pay little to no tax, making a gazillion dollars a year.
And it's because of the benefits of real estate.
I need to do more of that.
Of course, I bury a lot of stuff in business, estate i need to do more of that of course i bury a lot of stuff in business but i need more of that because i don't have any
kids so i don't have those sweet exemptions everyone has the although evidently if i move
to alabama and get a uh 12 pack of eggs in my fridge i can now take exemptions so that's another
thing for that matter so tell us talk to us about what you're doing for people, what offerings
you have. I'm looking at your website. You've got multiple websites, of course. Tell about some of
the offerings you have on your website. How can people work with you, onboard you? How are you
trying to help them, et cetera, et cetera? Yeah. I mean, the first thing I would tell
everybody, if you're interested in this at all, is check out my Build Short-Term Rental Wealth
Facebook group. There's over 30,000 people in that group.
As soon as I get done with you, Chris,
we have a Marketing Mondays.
We teach in it every single week.
I actually just joined it while we were talking.
Nice. Thank you.
I've got an inner circle program.
I've got everything.
I coach for free.
I'm getting ready to go on a global tour.
I'm going to 15 cities across the U.S. and Europe this summer
to do one day boot
camps everywhere from LA to Zurich, Switzerland. But really, if you're just getting started,
I've got a program called the Inner Circle Program. I've got my five most successful
mastermind students behind that. It's a year long kind of group. And we take people, the curriculum
is specifically for zero to five properties. You're just getting in. We teach you on the underwriting process. We give you the performance
to be able to do it. All the tools that you need to be able to be successful and not make the
mistakes that I made and other people make in the early stages. But I mean, we've, like most people,
Chris, we've got programs that are free to $67 a month, all the way up to $25,000 and $50,000 a
year for the advanced investors.
And they can see all that at buildshorttermrunnerwealth.com.
There you go.
What motivates you to want to help other people and share your wealth and knowledge and try and
get people going next level?
I think it goes back to, I mean, one, my mother being a single mother.
I'm an only child, my grandparents, but probably a guy named Chris, actually,
who was my big brother through the Big Brothers Big Sisters program when he introduced me to golf.
Fundamentally, when I was 12 years old, it changed my life.
Not only with him introducing me to a game that gave me a competitive advantage in everything that I've done in my adult life because I excelled at it, the doors that it opened, the access, but also the disciplines that I learned, the self-motivation, the discipline, because you don't have coaches, you don't have teammates to
push you. A lot of independence happens going through a sport like that. And I think that's
really what shaped my life. And I'll never forget that. That's why I'm a big supporter of big
brothers, big sisters today. There you go. It's good to have. And then you had some people help
you along the way. The guy gave you, was it 25 grand?
Yeah, Buck Owens.
I mean, I've been fortunate to have, you know,
four or five really significant mentors in my life.
Reg Booth was my business.
He was the third franchisee in the Pizza Hut back in the day.
And he was my business partner and I was the sweat equity.
And he's the one that turned me into a millionaire
through our glow golf business.
You know, a guy, John Bairden, who taught me a life plan, which birthed my success planner
and kind of took me in 2015 from doing all the startups and chasing money, you know,
to getting a hundred percent aligned with my spouse and architecting what I wanted my
outcome to be.
And, you know, since 2015, I've literally 18, 19 X, you know, my, my net worth and my income since then, because of that intentionality of the outcome, being able to distill that down to more sound daily decisions.
There you go.
And now you're helping people, you're paying it forward, paying it back, all that good stuff that people are successful do.
Is there a minimum net worth or income that people need to have to start working with you at any level? You actually don't
need a dollar. So I own a lot, like you said, in the portfolio, $19 million worth of real estate,
but I also co-host, right? And co-hosting means that you can start with zero dollars.
Oh, really? It costs nothing to where you can identify properties that are underperforming
and then learn how to, you know, basically I'll teach you how to do this with no investment. So
if you don't have a hundred grand to get started, it's okay. You basically start by hosting for
somebody else and you do the marketing and guest communication and the revenue management for them.
You got to learn those skills, but there's a lot of properties that are out there that are underperforming, probably close to 80% of the properties that are out there
are the kind of set it and forget it mentality, especially because so many people got in during
the gold rush 2020 through 2022. And those are the ones that need help today.
Yeah. I see a lot of those people complaining that don't have the format that you have. And
now I realize why they're complaining. know they just bought an airbnb you know set up thinking oh just you know let anybody come
and of course you know they get all sorts of the weirdness the crazy partiers and
and you know they they're like we're not renting like no one's renting here and they're probably
in you know markets that are highly competitive and they just didn't really think about it they
just i mean basically their model was we'll get a house and turn it into a short-term rental put it on airbnb i i remember you mentioned
2008 earlier right you remember what happened it sounds like you're from california remember
palmdale and lancaster when they bulldozed like 4 000 homes there going into 2009 and 10 out of
the crash that's what's happened to those average properties the people that have been that one
don't go fly and see the properties on there put their own eyes on it don't know how to underwrite crash. That's what's happened to those average properties. The people that have been that one,
don't go fly and see the properties on there, put their own eyes on it. Don't know how to underwrite them. Don't have performance. And then they just set it and forget it. Even though it's a passive
income, uh, according to the IRS, it does take work. So I co-host 11 super properties. I own
13 properties. So that's 24 total. I'm still spending seven to 10 hours a
week combined. Now it's not 20, it's not 40, it's not 50. It's easy. Once you, you don't,
we don't know what we don't know. Once we know, and we learn the technology and how to automate
and do that type of stuff, which is fairly simple to figure out, to be honest with you,
then it becomes an extreme time saver. So I do probably five to seven hours a week,
maybe eight or nine, 10 hours on a bad week, but I don't get partiers. I don't have to deal with
that stuff because of how I vet, you know, what I put in my regulations, my parameters. And then
also because of the price point, you're going to get way more partiers, you know, in Santa Monica
or downtown Nashville or Vegas, you know, at 200 bucks a night, then you will charging, you know in santa monica or downtown nashville or vegas you know at 200 bucks a night then you
will charging you know 800 900 and my average adr that's an average daily rate is around 1100
bucks a night wow there you go so that's definitely a higher income thing that's somebody who's
looking to spend some money and that's intentional because that's insulated right i mean if we go
into a downturn and my guests you know average seven figures and they lose 20%, they're still going to take that $15,000 vacation.
Yeah.
It's blue collar Bob and I have $100 or $125 a night property and I'm looking at two families coming to my three-two, right?
That make $75,000 to say $150,000.
They lose 20%.
That's life changing. That means some kids not going to college
some we're getting rid of a car we're making significant cuts so that's kind of every business
that i've ever done has always elevated to that top price point that's what i call price elasticity
not just dynamic pricing but stretching that as high as I can go so I can insulate myself when times get
tough. There you go. Give that nice, fine buffer. So give people a final pitch out on how they can
onboard with you, how they can reach out to you, how they can utilize you, all that good stuff.
Yeah. I mean, basically, we teach everything. I built a super team. I have the best attorney.
I have the best CPA. I have the best real estate agent
in the short-term rentals that handles the entire country, every Carl. So basically we help you soup
to nuts to get started or to scale. I've got masterminds. I've got self-driven programs,
anything that you want. I would start by getting in that build short-term rental wealth Facebook
group or just going to buildshorttermrentalwealthcom shoot me a message i personally answer you can even dm me on instagram bill faith that's f-a-e-t-h 73 and i will be the one to answer
your dm to help you i spend chris probably 15 20 hours a week pro bono just trying to help people
get started so they don't make the mistakes that i made when i first got started that's spectacular
man that is awesome man that is That is, that is awesome.
Well,
thank you very much for coming to the show.
We really appreciate it,
man.
We got all the dot coms in there,
right?
We did.
I think we got them all.
There you go.
Thank you for coming on the show.
We really appreciate it.
And thanks for helping people get to the next level.
Thank you,
Chris.
Have a wonderful day.
There you go.
Thanks for tuning in.
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And that should have us out.