meta_pixel
Tapesearch Logo
Log in
The Rich Somers Report

Why Investing in Hostels Could be the Next Big Thing | Michael Russell E226

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5910 Ratings

🗓️ 8 August 2024

⏱️ 76 minutes

🧾️ Download transcript

Summary

On this Thursday episode, Rich sits down with Michael Russell, an owner/operator of Howzit Hostels, a growing brand of hostels based in the Hawaiian Islands.Michael shares his story on how he went from purchasing short term rentals in Hawaii to scaling up to investing in hostels. Michael and Rich discuss how taking risks in real estate can lead to unexpected opportunities and significant growth. Michael emphasizes that while risks are real, not seizing opportunities can lead to greater r...

Transcript

Click on a timestamp to play from that location

0:00.0

There's not a good reputation at least here in the US about hostels, but from a financial perspective, right?

0:06.5

From an investor perspective, it's like a gold mine, right? We're early adopters to it in a sense, but this is not unproven.

0:16.1

And if you want to break in, you know, bust into the numbers, like to me it seems blatantly obvious that this is the next big thing.

0:23.6

Welcome to the Rich Drummers report where we talk real estate,

0:27.0

business and wealth building all while keeping it real.

0:29.8

No fluff, no BS.

0:31.5

I hope that you enjoy the show.

0:35.0

All right guys, welcome to another episode of the Port

0:40.3

Today. I got a special guest. I got someone who's investing in the hostile space. Someone

0:46.0

who just won the 2024 Award for Number One Small Hostel in North America by Hostel World.

0:52.1

He's into my boutique hotel mastermind. I got my man Michael Russell.

0:55.8

Michael, welcome to the show, brother.

0:57.1

Thank you, Rich. Yeah, happy to be here, man.

0:59.1

Yeah, man. Stoked to freaking have you on, dude. You're out in Maui and you're from, we spent a lot of time out here in San Diego.

1:05.5

You got a property out here and you've been out here for about what, five, six weeks now, so we've got a chance to hang out a couple times, which has been cool.

1:11.5

Yeah, man, we're really enjoying it, loving it out here.

1:14.5

I've got my family out here where, you know, we took the summer off from Maui,

1:17.8

so we've been just enjoying all that,

1:19.9

all that San Diego has to offer.

1:21.1

It's been great.

1:21.8

Yeah, dude, so I been great. Yeah, dude.

1:22.5

So I know you work with Nate Dogg,

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Rich Somers, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Rich Somers and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.