Put Yourself in Situations Where the Hard Way is The Only Way | Brad Rice Saturday Edition E251
The Rich Somers Report
Rich Somers
5.0 • 1K Ratings
🗓️ 5 October 2024
⏱️ 89 minutes
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| 0:00.0 | While I'm in San Diego, it's probably eight years into my career, I get to a point where I'm like for the first time of my life I felt like I wasn't working towards something. |
| 0:06.4 | And I always want to be the best and so when I got to San Diego, I trained there and for the first time I'm life I was like, I was like, okay, okay what's next and I was like looking around the room and I'm like fuck like they have a man mandatory retirement at age 56 and these folks when they retire they don't look healthy they look |
| 0:21.6 | fucking like people are overweight they They got bad food in there |
| 0:24.7 | and people are stressed out. I mean it's one of the highest stress jobs in America. This is the crazy part |
| 0:28.7 | Brad. A lot of these guys would retire in like within six months they be dead. |
| 0:33.0 | Welcome to the Rich Summer's report where we talk real estate, business, and wealth |
| 0:36.6 | building all while keeping it real. |
| 0:38.5 | No fluff, no BS. |
| 0:40.0 | I hope that you enjoy the show. |
| 0:48.6 | You were on the Bradley Podcast, and I heard you, and you were talking about Bo-Tocetels. And I thought, fuck, this is a really smart idea. |
| 0:52.1 | And the way I started to think about it was it's like buying |
| 0:56.6 | short-term rentals on steroids. That's the way I thought about it. So you've got |
| 1:02.2 | these short-term rentals, |
| 1:03.3 | so people coming in, you know, into the boutique hotel |
| 1:06.4 | staying a couple of nights, staying a night, |
| 1:08.1 | staying, you know, maybe a little bit longer than that, |
| 1:10.7 | and then they're gone. You remake the room, you bring somebody in. And you've got these people |
| 1:19.8 | that are currently managing and owning these hotels that are aging. |
| 1:25.0 | You know, they've had them for a while, the property's a little tired, |
| 1:30.0 | they don't have them marketed properly, they're not on VRBO. They're not on Airbnb and just terrible management. |
| 1:38.0 | And you're buying these things, these assets at a low price, bringing value in, redoing them, and building value there with |
| 1:47.4 | an eventual exit plan. |
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