[00:00:05] Speaker A: Welcome to the Short Term Show. The show about short term rentals and long term wealth with real property owners hosting real properties who are crushing it in the vacation and short term rental space.
And here's your host, Avery Carle.
[00:00:28] Speaker B: Hey y'all. Welcome back to another episode of the Short Term Show. I'm your host, Avery Carle, CEO and founder of the Short Term Shop Short Term Rental Real estate agents. So guys, we got a few announcements to make before we get to the episode today. So we are hiring a few positions, a recruiter, a sales manager, and then agents in the Smoky Mountains and Orlando. So if you have interest in any of that, email us at careers the shorttermshop.com as always, we really love your feedback. So please leave us a review on this podcast because the more reviews we have, the better we better off we are to be able to keep this thing going for y'all. Follow us on Instagram at the Short Term Shop or me at the Avery Carl. Also, don't forget on Facebook, we have a free Facebook group, this. It's the same title as my book, Smarter Short Term Rentals. Anyway, you guys are tired of hearing me announce things, so without further ado, we've got a super cool guest today. His name is Nathan St. Cyr and something you guys have not heard on this podcast before, he invests in hostels, which I find very interesting. So how's it going, Nathan?
[00:01:40] Speaker A: Well, aloha, it's going unbelievably well. I guess if I were to wake up here on the island of Maui and complain, I'd. I'd probably be in trouble.
[00:01:53] Speaker B: Yes, I think you probably would. What part of Maui are you on?
[00:01:56] Speaker A: I live at 4,000ft elevation on the slopes of Haleakala, which is the. It's the large volcanic crater here on Maui. So I kind of have a bird's eye view. I'm from Minnesota originally. I've spent my entire adult life here. But I feel very at home up here on the mountainside where it's a little cooler during the day. And they call it the golden zone because it kind of stays between 67 and 77 year round. Day, you know, sunrise is sunset.
[00:02:27] Speaker B: That's too cold for me. But I did actually in September do the Haleakala sunrise tour and it was awesome. Like, I highly recommend that to anybody who goes to Maui.
[00:02:37] Speaker A: Yeah, so when you came down, when you turned up that road, that final little windy road to get to the summit, I lived right off of that road.
So I'm way up there that is.
[00:02:50] Speaker B: What'S way up there.
Awesome. Well, thank you so much for coming on. Why don't you just start off by telling us a little bit about yourself, who you are and how you got into investing in hostels.
[00:03:02] Speaker A: Yeah, well, accidentally, frankly, it was a complete accident.
My business partner and I, we'd been colleagues, we'd been in sales together and we, we wanted, we each had a passion for real estate. We'd done some things, but just you know, know, throughout life, right. Over the course of 20 years we invested in long term rentals and he actually created, he, he had two long term or two short term rentals here on Maui and was absolutely crushing it.
You know, again we didn't, we're out here on an island so we were just doing our thing and we're like, you know, he ran into challenges with regulations and some of the, some of the things that we've based here in the islands and we knew that was not a, a real growth strategy here for us and we wanted to do.
And so we went and took, you know, we took an education course. We, I think it was like a, I don't know, 700 bucks or something. And, and we got educated on purchasing apartment buildings. We wanted to go into the, the multi family space because we wanted to. We learned that we wanted to use commercial real estate as an opportunity to create long term wealth to really leverage up. And after this, after we graduated, we went out to, to to purchase our first apartment building. And we're like, hey, we're not really comfortable doing this remote thing where we're looking. You know, we're out here on an island and, and you know, Ohio's a long way away from Maui so let's start here, let's just see what's here. And we made our first call together on an apartment building and the agent said, oh, I'm sorry, it's. It just went under contract and, and they're not showing it. So we were like, okay. Well we picked up on something in the special comments. It said this property was previously being run as a hostel. And we're like, what? I've been on Maui my entire adult life. I didn't even know what a hostel was, frankly. You know, I kind of had this idea of these backpackers that did these cheap dungy places and I, you know, the stigma of, I think what a lot of people think, they hear the word hostile and they're like, you know, run down crap hole, you know, whatever. And so I'm like previously run as a hostel and because we asked that question. The real estate agent was very smart. He listened and he was like, why were they so curious about that? And so he started sending us all of this information on how the US Travel market was extremely far behind the rest of the world in this sector of hospitality. Well, one of the challenges with looking at apartment buildings versus what my business partner had been doing in his short term rentals was that the margins, short term rental margins, were just so far superior to what we looked at with apartment buildings. And so we're like, is there a way, is there something here where we could actually take that short term model and the margins that it generates, but then go and look at this different asset class? Because hotels weren't even on our. I mean, I don't think there's been a hotel traded on maui for under $25 million in a decade. So we weren't even thinking about hotels. It didn't even seem like that would be possible for us. However, all of a sudden we're like, wait a minute, is there this affordable way in which we could go and scale commercial property using the same margins that short term rentals go and elicit? And after we dug in for quite a while and created a. We recognize that, yes, it is very possible.
[00:06:46] Speaker C: Are you looking for a change?
Well, the short term shop is hiring realtors.
If you live in or want to move to one of the best vacation markets in the United States, we want you to join the team.
We are a small family owned business, but we are one of the biggest real estate teams in the world.
We are looking for new team members.
Please contact us@the shorttermshop.com careers theshortermshop.com careers.
[00:07:25] Speaker B: Okay, I have so many questions. So you bought this property and you're like, I'm gonna run this as a hostel.
Okay, then what? Then what?
[00:07:34] Speaker A: Okay, okay. So first of all, we, we never wanted to just own one. Our concept when we did the research was that there was, there was real opportunity within the US Marketplace. There's more hotels in the United States of America than any other country. However, the US doesn't even crack the top 15 in hostels. There's only 309 hostels in the US so when we were doing our research, we weren't just doing research on, okay, is this something that's financially viable here on Maui? We really looked at this as, hey, if we went all into this vision, is this something that we could scale and expand? And so from moment one, the goal was, let's go, let's go. Create a prototype here on Maui that we can then go and grow with.
[00:08:29] Speaker B: Okay, So I want to, I think the question on every listener's mind right now, as is mine, so on that first deal, like, what do the numbers look like on a hostel? So what, you know, what's your purchase price, what's your revenue? What does all that look like?
[00:08:43] Speaker A: Okay, so we purchased this property for $821,000 and we are now number one. In three years, we became the, the number one small hostel in North America.
[00:09:00] Speaker B: Okay.
[00:09:01] Speaker A: In 18 months we had it reappraised for $5.2 million.
We have far surpassed that now in year four, after being named the number one hostel and small hostel in North America, our budgeted NOI for that property this year is $824,000.
So we bought it for eight hundred and twenty one and four years later, our budgeted noi is more than that.
[00:09:39] Speaker B: That's amazing. And just for people who are listening, who might be a little bit new, can you clarify what you mean by noi?
[00:09:46] Speaker A: Yeah, noi is really the most important number that we look at when we switch over to commercial real estate. Because that's going to be the number that's your net operating income. And the, the greater your net operating income, the greater the valuation of your property. Because they're going to take that divided by the cap rate for, for that asset type, they're going to divide that out. It's going to end up giving you the valuation of what a bank looks at as the value of your property using the income approach or what a purchaser would look at purchasing that property for. So as you shift from a long term rental or a short term rental, that's, you know, a lot of times you look at that asset class more from okay, well what is my cash flow? And then as time goes on, it may appreciate because time goes on or you put capital into it, but with commercial real estate, you actually, you take control over your ability to, to create value and in what it's worth. And you do that by focusing on increasing noi. And you can, you can do that in one of two ways. When you increase noi, you can either do it by taking whatever the income it's bringing in and increase that top line income, or you can do it by decreasing your expenses. And you know, great operators, they, they really look at attacking both how do I increase my income and how can I decrease my expenses? And that's the, that those, you're doing those things that you can ultimately increase noi and that's what's so dang cool about hospitality versus, you know, other asset classes. Like, fundamentally it works the same as an apartment building.
However, with hospitality, it's so fun because you get to take your vision and there's. Because there's this overlying business of creating this experience, you really have the ability to pull so many unbelievable levers of that business to increase revenue, adr occupancy experiences. All of these different things allow you to go and really affect. Or what we would say is, hey, we can go force the equity. We can go increase the value of this property by doing these different things.
[00:12:15] Speaker B: All right, so a lot of the same concepts you would use for like buying a small, an apartment building or a hotel or any other commercial property. So I like that because that's not a big leap in terms of strategy. But I think where the big leap is that I'm interested in is the, the operation of it. So how many rooms do you have in this thing versus how many beds are in each room? Do you rent private rooms at all or do you just rent beds? And, you know, what does that whole business model look like?
[00:12:45] Speaker A: Yeah, that's a great question. And that is one of the ways where we went in and right away we were able to increase top line revenue by looking at bed configuration. And so both of our properties that we have here in the Hawaiian Islands, they each have about 75 beds, so they can occupy about 75 people. We'll use our Maui property as an example. That's the one that we built to be our prototype.
Has a mix of.
There's 20 rooms and like, rooms that you would think of as like a hotel room, an actual space. In those spaces, eight of them are private, where you can just, you can just rent that room privately. Right. And they have different configurations. Either a queen bed or they have sleeps up to four where they're. They're configured so they can sleep four people. And then we have the other remaining 12 rooms are broken into anywhere from four bed, four bunk beds to eight bunk beds.
And then they are broken down into things like, all right, there's a four bed, mixed gender, and then there's a four bed, female only. So each one of the rooms then has different categories. Each one of those categories has different average daily rates and occupancies that go with them.
[00:14:15] Speaker B: So how does it work? I've stayed in one hostel ever for like two nights in Barcelona. And I don't really remember a lot about it because that was longer ago than I would like to admit.
But my question now is how, when it comes to, like, guests stuff so, you know, their suitcases, their luggage, all these things, you have lockers or how does, how does keeping their stuff locked when they're out, you know, running around Maui work?
[00:14:44] Speaker A: Yeah. So number one, we have, we have an area that's for storage on Maui. We're actually in the process right now of redesigning each one of the rooms. When we, when we did our second property, which is on another island, it's on the big island, we went and learned what guests really want out of everything that you just asked. Well, where does their stuff go? Where does their, you know, all of those things. So when we did our renovation on our new property, we went and we had custom beds and storage made where we looked at everything that a guest needs from. Okay, where are they going to put their luggage when they come in and then how can they secure it? So we have, under the bed, they have very high ceilings in that property. So we have very. Our beds we were able to have taller. So underneath we could take even the biggest luggage and then we could put lock systems on it.
We have, we also have security systems where every single door has lock systems on it. You get a code when you check in, after you check in, where you're the only one that can. You and the other people are the only ones that can enter that. We have a vast camera system all over our property, so safety and security is paramount. And we have learned exactly what a guest actually needs from a smaller space and a shared space. And we rolled that out in our second property. And now we're, we're coming back and making that same investment in our Maui property.
[00:16:16] Speaker B: All right, and what type of travelers are usually renting this? So, you know, in short term rentals, you can usually expect like a group of friends, a small family. But what types of travelers? Are they typically international? Are they domestic? Who are we looking at here in your target demographic for a hostel?
[00:16:33] Speaker A: Yeah, that's a great question.
So first of all, I want to address the stigma of a hostel. Can we do that? Because your listeners are probably like hostile, like, dude, these are crap holes. Like really? But I do, I just want to address that first and foremost. If you go to hauseithostels.com, i don't know if you put that in the show notes or not, but somebody can go in and look at. This is not.
When someone walks into our hostel on Maui, our prototype, a lot of times you'll hear wow or whoa. Like anytime we had Hostile people come in. In the beginning when we were going through our design phase, people would come in and go, you guys are not hostile guys.
So what we've created is much more. It's a boutique swaggy. I mean, we're talking 12 foot murals across the entire thing that create an unbelievable feeling and experience. So I want to make sure and start with like, okay, we're not just a hostel, right? We have a. We created a. Because we didn't have hostile experience, we did everything to our own personal standards. So as we talk about room configuration and we talk about making money and we talk about all of those things, well, that's not what really makes money in a hostel. It really starts with the guest experience.
And I think that especially for listeners that have short term rentals, like, it's the way that, that you can run your short term rental business. And the way that we run our hostel, it's especially if you don't have experience. If you've never done this and you're like, oh, what am I? You know, this. Well, the biggest thing that we did in the very beginning of designing this was we listened to the reviews of our guests. It was like paramount in us building this business was being like, okay, well what do the. We don't. We're going to. Well, we can talk about the avatar, but of who. Who now we're very hyper focused on. But it was like, well, but what do they want when they come and stay with us? What is it that they're saying about us? Like, where do we need to improve? Like how? We don't know anything about. Why don't we just listen to them? And so as you ask me these questions about what we've done from room configuration to each one of these things, we're done with obsessing over the guest experience at the forefront of making that move.
And so I just wanted to kind of, kind of touch on that piece as we go through and look at the avatar. So from an avatar, who are we focused on?
And this is so I am not our avatar. That's the bottom line. I've had never stayed in a hostel. I've only stayed in one of our hostels one night when we went to create some content on our other property. I'm like, screw it, I'm staying here.
I am not our avatar. I'm old.
We really focus on the 20 to 30 year old.
That's our, that's our main. I'd say 80% of the people that stay with us are between 20 to 30. And that is very unique because if you look at, if you look at Gen Z, most of them are going to be Gen Z. If you look at them, what do they crave? They crave community, they crave real experiences. They crave not only having those, those, those experiences, but they also want them to look cool and they want to be Instagrammable and then they want to be able to show what they're doing. And so that has been very paramount to the way that we've, we've built our, we've built our business. But the unique thing about that generation versus, like me is I had this stigma towards, towards shared in the US right? It's like Uber got created and I was like, there's no way I'm getting in some dude's car that he like drives to work with. Like, yeah, I'm not doing that. That's stupid.
And now anywhere I ever go.
[00:20:56] Speaker B: Yeah, I remember when, like when, when restaurants just first started having like big communal tables here and there, like kind of hipster restaurants, and I was like, I don't want to sit with other people, I don't want to sit with people I don't know. And now it's like totally normal. Yeah, yeah, same thing with Uber. Yeah, you're right. And then same thing with Airbnb.
[00:21:16] Speaker A: Honestly, to start Airbnb paved the way for our business model, I mean, for the US for changing look this globally. We're so far behind, but it did, right? Like Airbnb started, oh, you're going to rent a room in a home. But now, if you think about the generation Gen Z over the past 10 years, the person that's 28, they were 18, they've grown up in all of this. So shared accommodation, co living spaces, cohabitation, all of these different things, their mindset is not like mine. And I sometimes I need to like, jolt myself, like, wait, they're not thinking about things the same way that I am. And so this business model really lends to number one, what they, what, what matters to them. And community of a hostel is what makes a hostel. Every single thing that we do, we do to, to really facilitate bringing people together to have experience. Like, we want to have an environment where it doesn't matter who you are, you can come in and the one thing that you share in common is your desire to experience this world in these unbelievable places. And let's go connect and do it together.
[00:22:33] Speaker C: If you're looking to buy a beach house, a lake house, a mountain house, a vacation house, a short term Rental, a vacation rental, a second home. Please contact your friends at the short term shop. We are a family owned business and we operate in all of the best vacation rental markets in America including the Great Smoky Mountains, the Emerald coast with Destin, Panama City Beach, Orlando, Florida, the Disney Market, Gulf Shores, Blue Ridge, Outer Banks, Carolina Beach, Western North Carolina, Scottsdale, Arizona, Broken Bow, Oklahoma. The list goes on. We are the best in the biz and we want to earn your trust. Please contact
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[email protected] that's stsplus.com yeah, I agree with that.
[00:24:07] Speaker B: So what would you say is the lead time on bookings on these things? Because I guess Maui. You, you would have to typically book a decent a ways out just because you're not going to be going to Maui on the way to other things.
So 33 days look like on these. Okay. Yeah. Okay, well pretty quick.
[00:24:26] Speaker A: Well, okay it is so but 33 days is average. So but you know we'll have, you know we will have people. If I pulled up our, our reservations right now we have people booked into the beginning of next year. Right. So but that percentage is very small. The people that plan ahead for a hostel is, is, you know, very different than the way that somebody would book a hotel in general. Some people do, but when you look at the percentages of people that book over six months out, you know it's less than 20%. And then if you look at the percentage of people that book within a week, like you might be as a, you know, with your short term rental you might be like dang, this thing isn't renting. Like we're not worried about it. We're like, we get inside a week and we're like oh it's, it'll fill up. Because there, there is a lot of very last minute booking because you know this, this is the, the solo traveler is a huge demographic and they're literally cruising from place to place not exactly knowing where they're going to stay next. They could be on another island and be like, you know, today I'm going to go to Maui. Where am I going to go? And then they book us right, right there in the spot.
Or people come in and they're not exactly sure. They're like, hey, let's go to Maui. Not exactly sure where to stay. Hey, here's this cool hostel. Let's stay there and then figure out what our next plan is. And that's a big part of our approach is we offer daily adventures as we just facilitate them for free. So we have guides that take people out all over the island, have these unbelievable experiences. And so all of a sudden people come stay, we create this community atmosphere. They're saying, oh, let's just stay for a night and then determine where we're going to go. Then they meet people, then they know that tomorrow, oh, tomorrow they're going to the road to Hana. Dude, that's if you take that tour, it's like 200 bucks. Let's do it with them. And they choose to extend their stay. So that is a huge part of our, our bookings is getting direct bookings from people that come to stay for a night. And then because they meet people create this community, they stay together and they have a, they have a freaking blast.
[00:26:40] Speaker B: So 33 days and then you get a lot of extensions and things like that.
I have a, I have a couple questions around like the, the regulations of this. So is it, was this a commercial property when you bought it or was it like a residential single family?
[00:26:57] Speaker A: No way. Yeah, absolutely commercial. So yeah, this is key to our, to our model. We purchase properties that are zoned for hospitality and we target, first and foremost we will target properties that are not just zoned for hospitality but that are already operating as hospitality. So that is, that's one of the most, the, one of the most difficult lessons we learned was the first property that we actually purchased, we purchased to convert and then Covid hit they changed zoning regulations and we ran into challenges with, you know, public weigh in and what have you. So no, this is a key component to us identifying opportunity is these are commercial properties on hospitality.
[00:27:48] Speaker B: Gotcha. Okay, that was going to be my next question is do you focus on things that are already zone commercial or are you trying to buy things in residential and running them? So okay, so we are buying only commercial property for this. You don't run into all of the anti short term rental regulations, things like that.
[00:28:03] Speaker A: Correct. And then the unique space here is that you know, a hostel has different from a structural standpoint, a hostel has a different makeup. And because of that, a lot of times the competition, you're not competing with people that are looking to, you know, have a boutique hotel or hoteliers because there's shared bathrooms and there's shared kitchens. And because of that, you know, the infrastructure cost to convert a hospitality asset and put, you know, throughout it, put bathrooms in every single room and kitchenettes and all of that infrastructure, we're not competing with the people that want to turn it into a hotel.
[00:28:51] Speaker B: Gotcha. Well, okay, quick question then. So if there's no hotels in Hawaii that have been sold for less than 25 million in the last however long, what types of properties are you targeting that have these multiple spaces that you can then convert into a hostel, if not a hotel that's already hospitality.
[00:29:11] Speaker A: So here in Hawaii, our number one target would be an existing hostel.
[00:29:15] Speaker B: Okay, okay, so there are existing hostels in Hawaii. I did not know that.
[00:29:20] Speaker A: Yeah, there's existing hostels in Hawaii. We've both of our, both of our purchases after we purchased our first commercial building to be a conversion, then what we learn from that, we're like, okay, let's go target existing properties. And there's just the value proposition of us purchasing a existing hostel versus a hotel here in Hawaii is significant. Now that's not necessarily the case everywhere. So you could have a hospitality asset in a different market in the US where you could purchase that for pennies on the dollar versus what you'd purchase a hotel for.
[00:29:58] Speaker B: Okay.
[00:29:59] Speaker A: Hawaii is unique based on cost, barrier to entry, things like that.
[00:30:06] Speaker B: And I love that this is what you guys have done because you do have to find in the market that you're choosing to invest in the right strategy for that market. And it may not be the same across a hundred markets. So I think that a big mistake that a lot of investors make is try to take a one size fits all approach and apply it to every market in the country that they might be looking at, when really you do have to kind of drill down and look at what the unique propositions of the market that you're buying in are.
[00:30:35] Speaker A: Yeah, well, absolutely. And we, we really view hospitality like that as a whole, like. And assets as a whole. That's why we love hospitality. We'll look at any, any sort of ass real estate asset that exists from, let's say, a piece of land. Right, You've got a piece of land. Well, how do you get the highest and best use out of it? Well, you could look at a campground and be like, okay, well here's a campground. It's just a piece of land that somebody rents that there's camping spots that you rent for. Well, how could you increase the value of that? Well, that empty piece of land, that's a campground. You could go and put glamping tents on and you could, instead of just renting out the space as a campground, you could. So how do you get the highest and best use out of whatever asset it is? We just find that bringing hospitality into it, if you look at a single family home, how do you get the best cash flow out of single family home? Are you going to get it by a long term rental or are you going to do it by bringing hospitality into it? And so although hostels are one area of the hospitality market, the fundamentals are we, we just believe so deeply in hospitality that the fundamentally fundamentals really, they travel through any asset that you're passionate about. So if, if you're a listener and you're passionate about micro resorts, or you're passionate about short term rentals, or you're passionate about purchasing a boutique hotel or whatever it is, the fundamentals of this are the same. It's just you have to find what is the asset that you don't need to necessarily change the asset. Find the asset that you get the most out of that asset.
[00:32:19] Speaker B: I totally agree with that. And I think my last question about this specifically is what do banks look at these as? Do they look at them as a hotel? Because I know down here in Florida a lot of them are not really wanting to mess with hotels right now. So what does it look like when it's a hostel?
[00:32:37] Speaker A: Yeah, it's going to be very similar to a hotel. Now for someone that's starting, look, we've proven our model out as expert operators, we're in the scaling process. So we have a fractional CFO and all of these different things. So when we talk to a bank is going to be different than when somebody that has never done this before talks to a bank and they're like, hey, I want to buy this hostel, right? The bank is going to look at them very, very differently than they're going to look at us. But they look at us in the same context that they would look at a hotel. Now what they may look at differently, they may look at things like, okay, well who would run this if you're not here? So we have to have a very strong plan in place, like you as an operator if you walked away. Or they're going to look at things as, okay, well maybe the cap rate is 7%, the valuation rate is 7% cap for a hotel, but because it's a hostel, we're going to Value that at eight and a half. So there are some differences, but because of our proof of concept and proving out being extra expert operators of multiple properties, we are looked at as consider us a hotel.
[00:33:59] Speaker B: Gotcha. All right, so is there anything that I have not asked that you think our listeners would benefit from hearing about?
[00:34:10] Speaker A: Well, I think that again, we focused a lot on kind of the nuts and bolts of some of the investment part of it, but I really want to go back to that. At the end of the day, this only, no matter what hospitality asset class is, this all comes down to being able to execute an experience.
And ours has really been made through obsessing over the guest journey. And so that concept of, okay, starting with being very clear in your hospitality vision and then obsessing over that guest journey, the rest of it really does take care of itself. All of these business things, room configurations or what financial moves do we make. All of that only makes sense if you first and foremost, if you've executed delivering the experience that is going to really create the value. And so, you know, a lot of times that's. I just want to make sure that as we go through this conversation that people go, okay, well this is not just about the dollars. The dollars came from the hospitality.
[00:35:29] Speaker B: I totally agree with that. And I think that a lot of our listeners are going to be on the same page with that because most of them are short term rental investors or aspiring short term rental investors. And giving a good experience really is at the top of, you know, any, any of these hospitality asset classes. So 100% agree. So, Nathan, we are to the last three questions of our show. We ask everybody these questions at the end of every show. First question is, what advice would you give 20 year old Nathan to not do it alone.
[00:36:03] Speaker A: I spent the beginning years of my investing in real estate just doing it alone. And I know that had, I have had community mentorship, coaching, whatever it was, that that would have compressed time and I would be tenfold where I am right now had I have not just done it alone.
[00:36:30] Speaker B: Gotcha. And number two, what advice would you give a new investor who's interested in getting started in hospitality investing in general today?
[00:36:41] Speaker A: Well, first of all, ignore the noise.
There's just, there's so much noise. And so I think that the number one most important thing when you're starting is taking action.
So to take action, you need to just pick a path and then go all into that path. Take massive, massive action in that direction. And look, you can't, as time goes on, you will pivot you will find that shiny ball syndrome that's out there. That shiny ball. You can pivot later. Things will. But if you're constantly. With all the noise that exists, if you're constantly going for from this to this to this and never taking that significant amount of action, you're never gonna really create that. The first steps of success that you need to have, that will create the momentum for long term success. So ignore the noise, get laser focused. Pick a direction. That direction can evolve as time goes on. So don't feel like you're stuck forever. But you gotta get focused and just move forward. There's a ton of ways to make money in real estate and in hospitality, your direction and then go all in.
[00:37:57] Speaker B: Totally agree. And last question. What's your favorite book that's impacted your mindset? I'm going to make a guess in my brain of what it is based on things you said throughout this. But let me see if I'm right.
[00:38:10] Speaker A: I'm going to guess that you're okay. No way. I'd put money. I'd give you very high odds. But anyway, so I'm going to mindset this past year and I'm going to do. It's a back to back read because I am over everything else in life, I am a mindset coach and expert.
[00:38:32] Speaker B: Okay, go ahead.
[00:38:34] Speaker A: Psycho Cybernetics followed by the Genie Within.
[00:38:38] Speaker B: Okay, see, I was gonna say unreasonable hospitality. So you got me. You win. I owe you a Starbucks or something.
[00:38:45] Speaker A: Yeah, but look, Psycho Cybernetics followed by the Genie Within.
And I know that that's a weird name for a book and it's like, well, I'm not reading that just by the title, but it is and in some aspects. But really it's if you want, if you want to take control of the most powerful thing that you have, your mind and more importantly your subconscious mind, because it's open 247 and it's designed to actually go and create the life that, that you desire.
Understanding it is important and then following it up with the Genie within gives you some just great how some kind of. Kind of hacks on how you can go and do this. So those are my most recent two favorites.
[00:39:33] Speaker B: All right, love that. I have not read either one of those, so I'll put those on my list. And last, so you have a whole podcast on this hostile investing idea which I find super interesting. And I'm gonna go listen but for our listeners, tell us how they can find you. Listen to that follow you on all the social media.
[00:39:53] Speaker A: Absolutely. So either Instagram or listen to our podcast, the Hotel Investor Playbook. And we really focus on the fundamentals of hospitality. So we look at hospitality from the standpoint of, you know, acquisitions, funding, operations and marketing. And so we focus on those four fundamentals through all of the different hospitality asset classes. So not just hostels, but boutique hotels, experiential stays, all of those. And we have, look, everybody has somebody that's further along in their journey than they are. So we have on some pretty cool guests to help teach us along the way, too.
[00:40:35] Speaker B: Love that. So, guys, definitely go listen to his podcast, follow them on Instagram. And Nathan, it has been a really, really interesting show. Thank you so much for coming on.
[00:40:45] Speaker A: Thanks for having me on. Appreciate it. Aloha.
