Okay, so welcome to the new episode of the Bruce Lee podcast. This is the podcast that gives hosts the tools the tactics the trainings, but most importantly the confidence so you can go out there and get more direct bookings.

My name is Liam Carolan and I'm Mark Simpson's co-host today. We are going behind the host. This is the mini series on the Bruce Lee podcast where we dive into successful and interesting short-term rental hosts and their business so we can ask lots of questions.

Extract all those juicy answers that you may be able to take and implement some of these ideas into your own business as a host yourself. So today we're going behind the host with Rich Summers.

He's from Excelsiorstays.com and his investment arm of his business is summercapital.com so you can go and check those out. We'll dive into Rich's business and yeah, we can we can sort of chew the fat.

So Rich, welcome along. Thank you for joining me. Liam, thank you for having me on the show. I'm excited for the conversation today. It's a pleasure to be here.

Thank you so much for being here. So if you wouldn't mind introducing yourself where your business is in the world and really how you operate what sort of model that you use.

Yeah, absolutely. So I have a multifamily background. I was buying multifamily still own a lot of multifamily. It's probably accounts for about 80% of my portfolio today.

But while I was investing in multifamily, I backed into my first short terminal here in San Diego. It was a two bedroom condo that I got on a no money down mortgage.

And that thing was just humming along and so pandemic started and I thought, well, what if I go and buy another one.

And let me see if I can get another no money down mortgage through a local credit union and I was able to.

So I picked up another two with that mortgage out here in San Diego. And while I was still investing in multifamily, I thought, man, these things are just cash showing like crazy. Why don't I do some more of these.

And so actually sold an apartment deal a little while back. And I actually 1031 those proceeds into a luxury rents flat in Scottsdale area zone, which is a big vacation destination here in the States.

And it was a $2.4 million property and did a full renovation put about $800,000 into a full renovation. It's a really, really cool unique place. We did a basketball court full court. We did a beach volleyball court.

We did a putting green. We did a speak easy. I might be one of the only, well, it's the only short terminal that I've ever heard of that has a speak easy and inside of it.

We got a fitness room. We get a gym. It's eight bedroom eight baths 7600 square feet with a guest house and a pool.

And relaunched this thing and I was able to refinance it. I took it from 2.4 million of 4.9 million evaluation refinanced it out. And now we're, you know, cash flowing as a short terminal.

And then I also have, as you mentioned, a Celsius stays, which is a hospitality brand and a management company to where we managed not only my short terminals, but also boutique hotels and also short terminals for third party clients with the special focus on boutique hotels right now.

We're really trying to scale the boutique hotel side and how that came to fruition is that that we already had the systems and process in place where managing short terminals in about nine markets around the country.

If we bought a boutique hotel and, you know, basically use this arm to manage the boutique hotel remotely free of onsite management, allowing us to bring the managers unit online for additional revenue.

And then we just do kind of a self checking self check out model with the guests and so about the first hotel about six months ago up in northern California. It's beach front. We did a full renovation. We just relaunched it and we're actually managing another hotel in Oregon for a third party owner.

We're actually under contract right now on a 24 unit boutique hotel here in downtown San Diego about six blocks from our office. That's kind of a my story and a nutshell and what we do.

That's amazing. And I mean, we'll go off piece to a little bit and just say, yeah, why why boutique hotels and why boutique hotels so popular? What is the why guests loving them? And what is the attraction from an investor's point of view?

...