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Building Wealth Through Short Term Rentals with Bill Faeth · Physicians and Properties

0:00
Dr. Bill Faeth: Everybody wants financial freedom and they want to travel the world.
0:03
Dr. Bill Faeth: It's not a goal.
0:03
Dr. Bill Faeth: That's just a dream, So define financial freedom for us.
0:07
Dr. Bill Faeth: It was 800, 000 a year in income, 15 million in liquidity.
0:11
Dr. Bill Faeth: We've checked both of those boxes.
0:12
Dr. Bill Faeth: Now it's just what happens in our personal life.
0:15
Dr. Bill Faeth: we keep track and so we meet every Friday for four hours to audit what's happened the previous week,
0:22
Dr. Alex: Welcome to the Physicians and Properties Podcast.
0:27
Dr. Alex: The show where we teach you how investing in real estate can give you the freedom to practice medicine and live life how you want.
0:36
Dr. Alex: Doctor! Doctor! Doctor! Doctor! Doctor! Now, here's your host, Dr.
0:42
Dr. Alex: Alex Schlo.
0:46
Dr. Bill Faeth: Wow.
0:47
Dr. Bill Faeth: Guys, this episode was amazing.
0:50
Dr. Bill Faeth: I had the opportunity to interview someone I admire, who I followed for a long time, who is a legend in the short term rental space, such an incredible podcast, so much valuable insight, both in business, both in life relationships.
1:05
Dr. Bill Faeth: Incredible podcast.
1:06
Dr. Bill Faeth: There's something here to be gained for everyone who's listening to this episode today.
1:12
Dr. Bill Faeth: Our guest is none other than Bill Faith.
1:14
Dr. Bill Faeth: If you're in the short term rental community, you know who Bill is.
1:17
Dr. Bill Faeth: He's incredible.
1:18
Dr. Bill Faeth: He's been involved in real estate for over 25 years.
1:22
Dr. Bill Faeth: He's built numerous multimillion dollar businesses that he's exited.
1:26
Dr. Bill Faeth: He focused largely in commercial and long term rentals, but pivoted in 2015, the majority of his portfolio to short term rentals.
1:34
Dr. Bill Faeth: From longterm after he saw a huge opportunity to increase profit.
1:39
Dr. Bill Faeth: Increase cashflow by three X, four X than what he was getting on these long term rental properties and minimize his risk.
1:45
Dr. Bill Faeth: He's got a multi million dollar portfolio of just absolutely incredible short term rental properties and vacation rental markets focusing on beach properties, lake properties, mountain properties.
1:57
Dr. Bill Faeth: We talk about his upbringing, how his mom was the catalyst for why he was so successful and she taught him so much growing up as a child about business.
2:06
Dr. Bill Faeth: We talk about his start in his journey into real estate, his time as a golf pro, his different businesses that he's built.
2:13
Dr. Bill Faeth: We also hit on tons of tangible things that you can use for your short term rentals in order to emoji stack, which is a new term that I learned, or using chat GPT to help optimize your listing so much tangible knowledge was shared.
2:28
Dr. Bill Faeth: That's going to help you in investing, but bill is an open book and opened up on so much valuable insight and wisdom into relationships and to time spent with his wife into the retirement journey.
2:40
Dr. Bill Faeth: That's coming up in the next few years.
2:42
Dr. Bill Faeth: Guys, this podcast was incredible.
2:44
Dr. Bill Faeth: I don't think I'm going to sleep tonight.
2:45
Dr. Bill Faeth: It's about nine o'clock here and I'm recording this and, there's so much to think about.
2:50
Dr. Bill Faeth: So if you gain something from this podcast, please do me a favor, subscribe to the podcast, share this with one or two friends you think would benefit from it.
2:59
Dr. Bill Faeth: Without any further ado, let's get to today's episode with bill faith.
3:03
Dr. Alex: Hey Bill, welcome to the physicians and properties podcast.
3:06
Dr. Alex: So honored to have you on the show tonight.
3:08
Dr. Alex: Thank you for your time.
3:09
Dr. Alex: How are things going?
3:10
Dr. Bill Faeth: They're going?
3:11
Dr. Bill Faeth: great.
3:11
Dr. Bill Faeth: Thanks for having me, Alex.
3:12
Dr. Bill Faeth: I really appreciate it.
3:13
Dr. Bill Faeth: Happy to
3:14
Dr. Alex: Absolutely.
3:15
Dr. Alex: it's my honor and pleasure to have you on the show.
3:17
Dr. Alex: I've been, in the build short term, rental wealth Facebook group for a long time and been following what you're doing and just super honored to have you on here and excited to pick your brain a little bit and, teach others along the way.
3:28
Dr. Alex: So thanks again.
3:29
Dr. Bill Faeth: Yeah, you're very welcome.
3:30
Dr. Bill Faeth: I'm ready.
3:32
Dr. Alex: All right.
3:33
Dr. Alex: Oh, it sounds good.
3:34
Dr. Alex: Sounds good.
3:34
Dr. Alex: Well, first, if you don't mind, just kind of tell them folks a little bit about yourself and we'll just start there.
3:39
Dr. Alex: Okay.
3:39
Dr. Bill Faeth: Sure.
3:40
Dr. Bill Faeth: I live in Nashville, Tennessee.
3:41
Dr. Bill Faeth: I've been a born again redneck for just over 20 years by way of Southern California.
3:46
Dr. Bill Faeth: grew up in SoCal playing golf and, had a full ride to UCLA was a third rank golfer in the world coming out of out of high school.
3:53
Dr. Bill Faeth: thought I knew everything like most 18, 19 year olds dropped out of school after, my first semester, actually, and gave up my full ride and turned professional.
4:02
Dr. Bill Faeth: That led to my first real estate investment.
4:05
Dr. Bill Faeth: I netted about 180 grand in my first year.
4:08
Dr. Bill Faeth: I didn't think I was going to get started.
4:09
Dr. Bill Faeth: My whole family was in education.
4:11
Dr. Bill Faeth: They pretty much disowned me, when I dropped out of college.
4:14
Dr. Bill Faeth: But I, a good friend from Bakersfield, California, and a mentor and a father figure, Buck Owens, who was kind of the godfather of country music, gave me 25 grand to get started, no strings attached.
4:24
Dr. Bill Faeth: ironically, I made a pretty decent living the first year made about 180 K net and, my CPA, Jeff Stewart, you know, who ended up being my best man at my wedding said, dude, you don't take that to Vegas, let's do something with it.
4:36
Dr. Bill Faeth: And so I bought a duplex, with the cash and, I actually held it for over 20 years, 22 years, actually.
4:43
Dr. Bill Faeth: And I got some pretty nice appreciation over those years, but I was in long term, you know, investments I've done commercial.
4:50
Dr. Bill Faeth: So I built a.
4:51
Dr. Bill Faeth: should have 55, 000 square foot warehouse and office building.
4:54
Dr. Bill Faeth: It was a gold lead certified in Nashville.
4:58
Dr. Bill Faeth: I started investing into long term rentals, condos and stuff, downtown.
5:02
Dr. Bill Faeth: I've been in industrial space and I had a ground transportation company.
5:06
Dr. Bill Faeth: I don't know if you know, but I've done 29 startups bootstrapped.
5:09
Dr. Bill Faeth: All of them had 19 successful exits built a couple of businesses over 30 mil and did one over 50 million.
5:15
Dr. Bill Faeth: And I don't really like big businesses.
5:17
Dr. Bill Faeth: So I kind of rearchitected my life.
5:19
Dr. Bill Faeth: And, I'd exited out of a ground transportation company and like a large corporate limousine company.
5:25
Dr. Bill Faeth: I built the fastest growing company in the limousine industry in about four and a half years.
5:29
Dr. Bill Faeth: And I was battling Uber in 2000, late 11, 2012, 13.
5:35
Dr. Bill Faeth: I helped write the legislation here in Nashville, Tennessee.
5:39
Dr. Bill Faeth: To regulate the ground transportation industry, then Uber comes in and there was this friction, you know, there's a lot of similarities in our industry, like, between the old school staunch property managers, the owners, the new wave of owners, like us and the co host, there's a lot of butting of heads.
5:54
Dr. Bill Faeth: And it was the same thing between the ground transportation industry.
5:58
Dr. Bill Faeth: The taxi industry and Uber, as they started to disrupt.
6:00
Dr. Bill Faeth: So I was lobbying long story short.
6:02
Dr. Bill Faeth: I mean, for the better part of 16, 18 months, every Tuesday night, I was at a city council meeting, lobbying with them.
6:08
Dr. Bill Faeth: And I just kept seeing these bills coming.
6:10
Dr. Bill Faeth: There were more bills coming across with Airbnb.
6:13
Dr. Bill Faeth: Nashville is a, a very liberal city in the heart of the, you know, the heart of the, The buckle of the Bible belt essentially in a very red state.
6:21
Dr. Bill Faeth: So there's this political dynamic here, that has some unrest and these bills were coming across and they were fighting about them.
6:28
Dr. Bill Faeth: There was hotel lobbyists.
6:29
Dr. Bill Faeth: And, That's when I really just, I got turned on to short term rentals and I had a client in the limo space that was in the short term rental space.
6:37
Dr. Bill Faeth: Answered a few questions and decided to, try test out the short term rentals.
6:41
Dr. Bill Faeth: And my business partner, my glow golf business bought our first property in Estes park, Colorado.
6:46
Dr. Bill Faeth: Then we jointly got a condo in, Dustin, and then my wife and I bought our first property together in 2015, which was a single family home in Gulf shores, Alabama.
6:55
Dr. Bill Faeth: That's kind of how I got started.
6:57
Dr. Alex: That's awesome.
6:57
Dr. Alex: Wow.
6:58
Dr. Alex: A lot to unpack there.
6:59
Dr. Alex: Speaking of Estes, we're actually heading up to Rocky Mountain National Park tomorrow.
7:02
Dr. Alex: I spent some time camping up in the mountains.
7:05
Dr. Alex: Oh, it's the best.
7:05
Dr. Alex: Yeah.
7:05
Dr. Alex: We love getting up there.
7:06
Dr. Alex: My two and a half year old son, his favorite animal is an elk, which is really interesting.
7:11
Dr. Alex: Cause I feel like typically, you know, it's the lion or, or a bear or something else, but he loves elk.
7:16
Dr. Alex: So he's all excited.
7:17
Dr. Alex: He's got his little binoculars packed to go up to Estes and look at the elk.
7:21
Dr. Alex: So looking forward to that.
7:22
Dr. Bill Faeth: I own a place called the Elk Lodge, ironically in a place called Banner Elk that has zero elk.
7:28
Dr. Bill Faeth: no elk there.
7:30
Dr. Alex: Sounds good.
7:30
Dr. Alex: Well, he'll probably still want to stay there.
7:32
Dr. Alex: So we'll have to hit you up for that sometime.
7:34
Dr. Alex: That's awesome.
7:35
Dr. Alex: Well, yeah, lots of successes in a really broad space.
7:39
Dr. Alex: I mean, business, long term rentals, short term rentals, commercial properties.
7:42
Dr. Alex: I mean, you name it.
7:43
Dr. Alex: We could take this, all kinds of different directions.
7:45
Dr. Alex: I think.
7:46
Dr. Alex: One just kind of overarching thing I've noticed is one incredibly successful.
7:50
Dr. Alex: What was the key you feel like to all your success initially getting started?
7:55
Dr. Alex: Was there like a mindset shift that you had or something where that just really kind of motivated you and really helped have all this success going forward?
8:03
Dr. Alex: Yeah.
8:06
Dr. Bill Faeth: Being an only child raised by a single mother.
8:10
Dr. Bill Faeth: That was a teacher in the seventies and the eighties.
8:13
Dr. Bill Faeth: It probably never made more than 30 grand a year.
8:16
Dr. Bill Faeth: That gave me every single opportunity to become successful.
8:19
Dr. Bill Faeth: You know, my parents and my grandparents were in education.
8:23
Dr. Bill Faeth: She pushed me to be a great student, but I was on my own.
8:25
Dr. Bill Faeth: She worked too, like I, there were stores called like Mervins and stuff like that back in California.
8:30
Dr. Bill Faeth: She was a teacher that was working nights at Mervin's and, you know, work through the holidays, two additional jobs and double shift on the weekends just to where she could pay for me to, have the newest Jordans when I was playing basketball and when I started getting really good at golf started excelling.
8:46
Dr. Bill Faeth: I mean, it was a lot of money for us to spend a thousand bucks for two airline tickets and to go to Kentucky to fly across the country to play in a golf tournament.
8:54
Dr. Bill Faeth: And she didn't have that, the funds.
8:55
Dr. Bill Faeth: So she invested everything into me.
8:57
Dr. Bill Faeth: And when I was about a, probably a freshman in high school, maybe eighth grade.
9:02
Dr. Bill Faeth: I got started in golf in the big brother program.
9:04
Dr. Bill Faeth: So very loyal, to the big brother program, but she also bought a preschool.
9:09
Dr. Bill Faeth: So she had saved all of her money.
9:11
Dr. Bill Faeth: She got divorced when I was five.
9:13
Dr. Bill Faeth: So whatever that was 1978, and it was probably about 85, 86.
9:17
Dr. Bill Faeth: She had saved as much money as she could and she was able to, she started the entrepreneurial journey.
9:21
Dr. Bill Faeth: And, you hear Taylor Swift sing songs about growing up on a farm and her parent, the, you know, the breakfast table was the bill table paying bills in the morning.
9:29
Dr. Bill Faeth: And ours is the same way here at our house.
9:32
Dr. Bill Faeth: And it was the same with my mom.
9:33
Dr. Bill Faeth: And I remember sitting there, I would sort receipts for, and that was kind of my first foray into, into really understanding like a P and L to be honest with you when I was in high school, because they don't teach you that stuff in high school.
9:43
Dr. Bill Faeth: Right?
9:44
Dr. Bill Faeth: So one of the things that I think one being independent, I was a latchkey kid.
9:48
Dr. Bill Faeth: That's an old school term where, you know, mom's working and I'm.
9:51
Dr. Bill Faeth: I'm coming home from the bus and I'm taking care, I'm making my own snacks, making, having to do my own homework, practicing basketball, soccer on my own.
9:58
Dr. Bill Faeth: So I think that independence by circumstance, along with a mother that taught me the most important thing that I think, honestly, I know that you're a doctor and so don't take this personally, but a lot of doctors are not financially literate.
10:11
Dr. Bill Faeth: I spoke to three of them today.
10:13
Dr. Bill Faeth: So understanding that literacy as I went into my.
10:17
Dr. Bill Faeth: older adolescence and to adulthood, adulthood really helped me.
10:21
Dr. Bill Faeth: especially she walked me through my first business.
10:24
Dr. Bill Faeth: So I met a guy named Jay Jacoby who owned American Pacific t shirts in LA playing in a golf tournament down there.
10:29
Dr. Bill Faeth: What's called a junior am.
10:30
Dr. Bill Faeth: And he gave me some t shirts and I've told this story many times and I took him back and they were cool, but I was a Lakers fan and he gave me like Jordan, Barkley Malone, all these guys, those shirts were awesome, but I didn't really care about him.
10:43
Dr. Bill Faeth: I wanted magic.
10:44
Dr. Bill Faeth: I wanted worthy.
10:45
Dr. Bill Faeth: I wanted Kareem, I wanted all the Lakers.
10:47
Dr. Bill Faeth: And so I sold them.
10:48
Dr. Bill Faeth: And I saw him a few months later at another tournament, he's like, Hey, how are the shirts?
10:52
Dr. Bill Faeth: And my mom kind of gives me one of those looks and she's all, you got to tell him.
10:56
Dr. Bill Faeth: And I said, look, I'm a Laker fan.
10:57
Dr. Bill Faeth: I really appreciate it, Jay.
10:58
Dr. Bill Faeth: But I sold them so I could buy some range balls and practice.
11:02
Dr. Bill Faeth: And so long story short, he asked my mom if we could drive to his house after we got done.
11:07
Dr. Bill Faeth: Sure.
11:07
Dr. Bill Faeth: So him and his wife made us dinner and he took me out to his garage and we got done with my mom.
11:12
Dr. Bill Faeth: He said, here's a hundred t shirts.
11:14
Dr. Bill Faeth: I'm going to charge you 5, but you don't have to pay me per shirt until you get, you come back and you can go and sell these and he's all I would suggest you sell them at 15 to 20 bucks.
11:23
Dr. Bill Faeth: I sold them for 25.
11:25
Dr. Bill Faeth: Got 3 friends.
11:26
Dr. Bill Faeth: We sold 100 t shirts within 2 weeks.
11:28
Dr. Bill Faeth: We went back down and got more.
11:29
Dr. Bill Faeth: That was my first business.
11:30
Dr. Bill Faeth: My mom made me sit at that same table where she would pay her bills.
11:34
Dr. Bill Faeth: Probably in our 75, 000 house and, she, would make, teach me how to keep track of what my profit is.
11:41
Dr. Bill Faeth: And Hey, you sold 32 shirts at the football games this weekend, you know, times five, this is what you owe Mr.
11:46
Dr. Bill Faeth: Jacoby.
11:47
Dr. Bill Faeth: if you want to make more money, and this is the first time that I ever heard like raising 80 yard, like doing an upsell in any type of business.
11:54
Dr. Bill Faeth: And I was charging 15 bucks.
11:55
Dr. Bill Faeth: She's all, you're going to have to pay me for gas.
11:57
Dr. Bill Faeth: And it costs us like 70 to get to LA and back or whatever it was.
12:00
Dr. Bill Faeth: I can't remember.
12:01
Dr. Bill Faeth: So she's, I would suggest that you probably raise your price to 20.
12:05
Dr. Bill Faeth: Then like the next time we'd sell out, you might want to raise your price to 25.
12:09
Dr. Bill Faeth: And that was really the first business experience that I ever had.
12:12
Dr. Bill Faeth: And it was with my mom, which is kind of cool.
12:14
Dr. Alex: Yeah, that's really cool.
12:16
Dr. Alex: Your mom really set the example.
12:17
Dr. Alex: It sounds like that completely transformed your life.
12:20
Dr. Alex: And I 100 percent agree with you.
12:23
Dr. Alex: Doctors get all this education in the medical space and we're in school for so long and we're learning so much medicine and we get zero financial education.
12:32
Dr. Alex: of course, Jim Dolly and the white coat investor was kind of the first start to change that and provide some financial resources.
12:38
Dr. Alex: Literacy to physicians, but there's still such a huge lack.
12:41
Dr. Alex: And I think especially more so in the real estate space, which is kind of the reason why I started physicians and properties was to see how you could invest in real estate and that can give you the freedom to practice medicine and live life how you want to.
12:52
Dr. Alex: And so that was really the drive behind that.
12:55
Dr. Alex: I couldn't agree more.
12:56
Dr. Alex: Is the faith household the same?
12:58
Dr. Alex: Are you guys still doing profit and loss statements at the table and teaching the family or what's that look like for you?
13:04
Dr. Bill Faeth: Yeah, I mean, one of my big initiatives was to teach my two girls.
13:08
Dr. Bill Faeth: I have a freshman and a senior in high school, 14 and 17 about financial literacy.
13:13
Dr. Bill Faeth: Dave Ramsey just happens to live like Right.
13:15
Dr. Bill Faeth: there.
13:15
Dr. Bill Faeth: So, I mean, and I know Dave and he's helped me with that.
13:18
Dr. Bill Faeth: So they've been on commission since they were probably in second or third grade.
13:21
Dr. Bill Faeth: they understand the value of a dollar.
13:23
Dr. Bill Faeth: They know everything.
13:24
Dr. Bill Faeth: I mean, I'm an open book.
13:25
Dr. Bill Faeth: They know they've been to all the mom and dad, mommy and daddy's properties.
13:29
Dr. Bill Faeth: They know what they cost.
13:30
Dr. Bill Faeth: They know how many millions of dollars that we've invested.
13:33
Dr. Bill Faeth: They know.
13:34
Dr. Bill Faeth: How much money we make.
13:36
Dr. Bill Faeth: they're very aware because I don't want them to be afraid to talk about these things.
13:40
Dr. Bill Faeth: Too many people are, I mean, literally, for the first time I've made my, like, as we're recording this, I've made access to my Mastermind public.
13:48
Dr. Bill Faeth: So I'm having these discussions like four doctors today.
13:50
Dr. Bill Faeth: And some are like, Hey, how much you earning?
13:53
Dr. Bill Faeth: And well, and I'm like, dude, if you want me to help you, this is like knowing and being known big difference.
13:58
Dr. Bill Faeth: If you're in residency making 57 K or like your first or second, you're out making 300 versus you're making three quarters of a million, right?
14:06
Dr. Bill Faeth: We got to talk tax strategies, cost segregations.
14:09
Dr. Bill Faeth: We got to talk land values, all these things.
14:12
Dr. Bill Faeth: If I'm really going to be able to help you, if you want to dive in and it's just uncomfortable for so many people, cause you're not.
14:18
Dr. Bill Faeth: You don't grow up in that environment.
14:20
Dr. Bill Faeth: Right.
14:20
Dr. Bill Faeth: So I think that's a distinct advantage, that my mother gave to me.
14:23
Dr. Bill Faeth: Yeah.
14:24
Dr. Bill Faeth: I've had my kids have had a green light debit cards since they were 13.
14:28
Dr. Bill Faeth: They have no social media.
14:29
Dr. Bill Faeth: They've never had caffeine.
14:31
Dr. Bill Faeth: They've never had a fast food outside of Chick fil A, but yet they've had a, a credit and they have an Amex platinum card.
14:36
Dr. Bill Faeth: So that way I could tee them up to where they have a perfect eight 50 score.
14:40
Dr. Bill Faeth: So my oldest daughter will turn 21 or 18 on the 21st of November.
14:45
Dr. Bill Faeth: She's going to have a perfect 850 credit score.
14:47
Dr. Bill Faeth: I wish I would've had that, when I turned 18, my borrowing power would have skyrocketed back then.
14:52
Dr. Alex: Oh, absolutely.
14:53
Dr. Alex: Well, plus the platinum card gets you free access to the airport lounges too, which is nice.
14:57
Dr. Alex: I got a platinum card as well, and it's good stuff.
15:00
Dr. Alex: But of course, the credits way more important than that.
15:02
Dr. Alex: And just the skills that you've imparted in them is going to just completely change the direction of their life.
15:08
Dr. Alex: if yours was different, if you didn't have that example from your mother.
15:10
Dr. Alex: So that's really cool to share that I
15:13
Dr. Bill Faeth: trying to talk to my oldest daughter out of going, becoming a doctor actually,
15:17
Dr. Alex: Oh, really?
15:17
Dr. Alex: Well, hey.
15:18
Dr. Bill Faeth: a senior and she's on, she's going to Belmont university.
15:21
Dr. Bill Faeth: Next year.
15:21
Dr. Bill Faeth: They have a new pre med program, about a 2 billion, new buildings and all that, or billion dollars worth of investment into their program.
15:28
Dr. Bill Faeth: And she's really excited, but it's funny because, don't know about you, Alex.
15:33
Dr. Bill Faeth: A lot of people that I know in this industry that are physicians, anesthesiologists, they want to get out because the burnout is so high for you guys.
15:42
Dr. Bill Faeth: Right.
15:42
Dr. Bill Faeth: And I think that really impacts their investing strategy.
15:46
Dr. Bill Faeth: And one particular instance in a negative fashion, I see a lot of doctors that are making decisions just based on the tax benefits, like a cost segregation study, as opposed to making sure that they're making wise and sound investments that are going to cash flow.
16:02
Dr. Bill Faeth: And appreciate, um, and that's just one thing as I think about it, I want to make sure that I make abundantly clear that I would never advise Ryan bakey on my super team would never advise is probably one of the foremost CPAs to purchase a property, just based on a cost sake benefit, because then you get a 1 year, accelerated depreciation and share a little bit of that amortizes over 3, 4, 5 years.
16:25
Dr. Bill Faeth: But then if you have something that's losing 10 grand, 20 grand, a year, it's going to drag down your portfolio and then you're going to want to sell.
16:34
Dr. Bill Faeth: And then that.
16:34
Dr. Bill Faeth: Cost seg is going to be recaptured.
16:36
Dr. Bill Faeth: So make sure that you are underwriting your properties accurately to where they are generating cashflow positive and not just taking advantage of the cost segregation.
16:45
Dr. Alex: yeah, absolutely.
16:46
Dr. Alex: Couldn't agree more all about cash flow here for many different reasons.
16:50
Dr. Alex: I can relate to the burnout.
16:53
Dr. Alex: I personally am very worried about where medicine is heading in America.
16:58
Dr. Alex: And you know, the pandemic really kind of expedited The mass exodus from medicine for physicians and for nurses and so forth.
17:06
Dr. Alex: and we're seeing, you know, tons of burnt out providers that are leaving medicine.
17:10
Dr. Alex: And these are really good doctors, it's really frustrating to see because a lot of times it's because big medicine is pushing more and more appointments and more and more patient encounters and more and more administrative things onto these physicians, including myself, that there's only so much time in the day.
17:25
Dr. Alex: There was a study that was done recently that was looking at.
17:28
Dr. Alex: Family medicine, it was looking at if you were to follow the guidelines that are put out for a normal clinic day, it would take 23 hours to finish that day.
17:38
Dr. Alex: And we don't have 23 hours, obviously.
17:42
Dr. Alex: Frankly, it's kind of terrifying, but what the future medicine is going to look like, and, I think that's a perfect pivot point for, for real estate and cashflow to talk about how that can give you freedom to practice medicine, live life, how you want to spend more time with your family, travel more because you have that cushion, you have that protection from cashflow coming in that allows you to do that allows you to work part time if you want to, or start a new clinic if you want to.
18:04
Dr. Alex: I mean, just the opens up the doors for a lot of more opportunity, going forward so we can kind of pivot.
18:10
Dr. Alex: The conversation, if you like more towards real estate and, you know, specifically short term rentals and the benefit that you've seen with that.
18:18
Dr. Alex: And I'd also love to hear if you don't mind bill, just kind of your transition, into short term rentals and kind of what the mindset was behind that.
18:25
Dr. Alex: Cause you've had a lot of experience all across the board in terms of real estate investing.
18:30
Dr. Bill Faeth: Yeah.
18:30
Dr. Bill Faeth: I mean, short term rentals is not my only business venture at this point.
18:33
Dr. Bill Faeth: I've got five other businesses, so I typically have three or four going.
18:38
Dr. Bill Faeth: I've got six currently all together right now, but the reason that I got into short term rentals is like many other people I started in long term.
18:45
Dr. Bill Faeth: And when I started doing research and I saw.
18:49
Dr. Bill Faeth: In 2015 that I could get roughly about four to five X, I thought, and that's about what happened.
18:54
Dr. Bill Faeth: It was three and a half to five X LTR when I first got into, the short term rental space, but then relatively quickly, like about four to six months in.
19:03
Dr. Bill Faeth: I started learning about what I now call how to build a super property.
19:08
Dr. Bill Faeth: And, you know, I, I went into a tertiary market, really a sec, really a tertiary market.
19:13
Dr. Bill Faeth: So I was sitting in 30 a, in actually, Seaside at the pizza place.
19:17
Dr. Bill Faeth: It's still there with a gentleman that I was a groomsman in my wedding that owned over 300 properties in Dustin.
19:24
Dr. Bill Faeth: He owned a resort.
19:25
Dr. Bill Faeth: He tore it down after, after 2000 built a bunch of, of how single family homes, townhomes that used to be the Frangista Beach Inn down there.
19:33
Dr. Bill Faeth: Some people will be aware of that.
19:35
Dr. Bill Faeth: Now he owns Frangista Beach Property Management and owns his own portfolio and it's massive.
19:40
Dr. Bill Faeth: So we're sitting down there on fall break and his name is William Wilson.
19:45
Dr. Bill Faeth: And I said, we, we, I called him, we, we, he called me six pack.
19:49
Dr. Bill Faeth: Not because I had abs back in the day.
19:50
Dr. Bill Faeth: Believe me.
19:51
Dr. Bill Faeth: And I said, Bria, Bria is my wife's name.
19:55
Dr. Bill Faeth: She wants a, she wants to buy a beach house.
19:57
Dr. Bill Faeth: She wants to hear the waves crash.
19:58
Dr. Bill Faeth: She wants to see the water.
19:59
Dr. Bill Faeth: She wants to smell the salt.
20:01
Dr. Bill Faeth: He's all, how much cash do you want to invest?
20:03
Dr. Bill Faeth: I said, 127, 000.
20:05
Dr. Bill Faeth: He's all, and this is, eight, nine years ago, we're talking 2015.
20:10
Dr. Bill Faeth: He's all, you can't afford here.
20:11
Dr. Bill Faeth: He's all, you'll be four or five blocks for a 600, 000 property off the beach.
20:15
Dr. Bill Faeth: If that's what she wants.
20:17
Dr. Bill Faeth: You need to go to the Redneck Riviera, go check out Gulf Shores.
20:20
Dr. Bill Faeth: So we flew home after we got done.
20:22
Dr. Bill Faeth: I immediately looked on Zillow, Realtor.
20:24
Dr. Bill Faeth: com, whatever it was back then.
20:26
Dr. Bill Faeth: And I started looking at properties and we couldn't really afford in Gulf Shores either.
20:31
Dr. Bill Faeth: So we went out to Fort Morgan, Alabama.
20:33
Dr. Bill Faeth: I contacted a Realtor, found a couple of places that I wanted to look at.
20:37
Dr. Bill Faeth: Knew nothing about underwriting properties, didn't know about, or if even AirDNA existed, back then there just was nothing except for to go off with the The real estate agent would tell you off the can, then they're, they're showing you their property management numbers because those are always combined back then.
20:53
Dr. Bill Faeth: Right?
20:53
Dr. Bill Faeth: So we saw 10 houses in 1 day.
20:55
Dr. Bill Faeth: The 1st house was the 1st 1 that I identified.
20:57
Dr. Bill Faeth: We ended up buying it, and have the property management company associated with the broker.
21:03
Dr. Bill Faeth: Property management and literally within weeks, I'm asking questions.
21:08
Dr. Bill Faeth: How do you determine pricing?
21:09
Dr. Bill Faeth: How come I can't see anything?
21:10
Dr. Bill Faeth: Why isn't this transparent?
21:12
Dr. Bill Faeth: Why do I not own my Airbnb and Verbo listings?
21:15
Dr. Bill Faeth: You know, what's the marketing budget?
21:16
Dr. Bill Faeth: Are you running Facebook ads?
21:18
Dr. Bill Faeth: What are you doing for SEO?
21:19
Dr. Bill Faeth: Cause I, I'd had an 11 million marketing agency, at the time and they weren't doing anything.
21:25
Dr. Bill Faeth: So basically I went in and, they're just not being transparent.
21:29
Dr. Bill Faeth: And after asking him all these questions, I just said, fuck it.
21:32
Dr. Bill Faeth: I'm going, I'm taking over.
21:34
Dr. Bill Faeth: And I just cut cold Turkey immediately.
21:36
Dr. Bill Faeth: Like cancel reservations showed up down there with a new handyman changed the locks because they were just evading everything that I was doing and I went in and I took over and I created an Airbnb listing.
21:49
Dr. Bill Faeth: I wasn't even on VRBO no direct bookings, any of that type of stuff, no PMS and I just started marketing my property.
21:56
Dr. Bill Faeth: And I found out that, I could make another two, 3, 000 a week.
22:01
Dr. Bill Faeth: It was, it was summertime.
22:03
Dr. Bill Faeth: They were charging 2, 500 a week.
22:05
Dr. Bill Faeth: I'm like, well, shit, I can get five grand a week.
22:08
Dr. Bill Faeth: And, you know, I just started putting it on my own social media here in Nashville, my own accounts, and it just started booking and booking.
22:15
Dr. Bill Faeth: And then I just started researching and reading and researching and reading.
22:19
Dr. Bill Faeth: There were no influencers back then, right?
22:21
Dr. Bill Faeth: There was no, clubhouse.
22:23
Dr. Bill Faeth: There was no Facebook groups at that time.
22:26
Dr. Bill Faeth: And so I did what I do best.
22:29
Dr. Bill Faeth: I know how to build and scale businesses.
22:32
Dr. Bill Faeth: I know how to do digital marketing very well, and that's what I used.
22:36
Dr. Bill Faeth: And I built a case study off of it that I used when I launched this business on.
22:40
Dr. Bill Faeth: they did 44 grand in rental income the year before I bought, I ended up doing 98 and year number 112 and year number two, but it's because of, the value stacking.
22:50
Dr. Bill Faeth: Right.
22:51
Dr. Bill Faeth: So a lot of people.
22:52
Dr. Bill Faeth: Say Bill, what is a super property?
22:54
Dr. Bill Faeth: You're building these super properties.
22:55
Dr. Bill Faeth: Do you have to spend millions of dollars?
22:57
Dr. Bill Faeth: No, I mean, this was a 629 house, but it had tier one views.
23:03
Dr. Bill Faeth: It was in a community called Morgantown that had two community pools.
23:06
Dr. Bill Faeth: It had, tennis courts.
23:08
Dr. Bill Faeth: I could walk to the beach and less than a hundred steps.
23:12
Dr. Bill Faeth: So instead of in my listing and in my marketing, telling people that I, you can walk to the beach.
23:17
Dr. Bill Faeth: I'm telling them it's like 87 steps to the beach.
23:20
Dr. Bill Faeth: You can hear the waves crashing when you're relaxing on the back deck.
23:24
Dr. Bill Faeth: I'm writing.
23:25
Dr. Bill Faeth: Experiential copy, Right.
23:27
Dr. Bill Faeth: So all those things as a marketer and a successful business owner, I just applied to short term rentals and it was actually pretty easy.
23:35
Dr. Bill Faeth: It's honestly still easy.
23:37
Dr. Bill Faeth: I even though it's hard now for most, right?
23:40
Dr. Bill Faeth: So most people that got in 2020, 2021, 2022, they don't understand how hard we had to work, you know, to hit 60, 65 percent occupancy occupancy in these vacation rental markets in 16, 17, 18, and 19.
23:55
Dr. Bill Faeth: Everything changed with COVID.
23:57
Dr. Bill Faeth: We all know that, but now there's no air being bust.
24:01
Dr. Bill Faeth: That's a BS hashtag in my opinion.
24:04
Dr. Bill Faeth: Unless you bought the wrong property and you overpaid during the pandemic and you really didn't educate yourself and do the research, which is probably about 80 percent of the investors that got in and we're buying property site unseen.
24:16
Dr. Bill Faeth: If you do the right things, like my mastermind members call it the mastermind markup, they're outperforming the 90th percentile of.
24:24
Dr. Bill Faeth: Air DNA by 30%, and that's on the trailing 12, right?
24:28
Dr. Bill Faeth: So that's last summer's numbers as of right now, which most people are down 15 to 20%, ours are up like 16, 17%.
24:38
Dr. Bill Faeth: They're doing the right things.
24:39
Dr. Bill Faeth: You just gotta learn how to market, how to do your listing optimization.
24:43
Dr. Bill Faeth: You know how to stack value.
24:46
Dr. Bill Faeth: A lot of people think, Alex, that you gotta spend$2 million to have a super property.
24:51
Dr. Bill Faeth: You don't.
24:51
Dr. Bill Faeth: My sweet spot.
24:52
Dr. Bill Faeth: Has been 650, 000 to 900, 000 putting roughly 100, 000 to 125, 000 into the property post close and value stacking amenities.
25:02
Dr. Bill Faeth: That's why I, I provide tampons and, you know, extra toothbrushes and toothpaste and these little amenity kits that other people don't provide.
25:11
Dr. Bill Faeth: I've got USB chargers at every single nightstand.
25:14
Dr. Bill Faeth: I do my Diamond to Fiji water, you know, in every single refrigerator and then put bottles of either Aquafina or Dasani on the nightstands.
25:22
Dr. Bill Faeth: Coffee bars, waffle bars, now milkshake bars at my property in Montana.
25:26
Dr. Bill Faeth: My property in Montana is a prime example.
25:29
Dr. Bill Faeth: It needed almost nothing because of the river and the views that I had in the location.
25:34
Dr. Bill Faeth: I just literally yesterday got my barrel sauna installed so I could sit on the deck and literally through, I got, I paid extra for the glass door, right?
25:44
Dr. Bill Faeth: And take photos of down the river into the lake with, you know, the trees and seeing the Canadian Rockies so I can market that from the hot tub.
25:52
Dr. Bill Faeth: That's right next door to the barrel sauna.
25:54
Dr. Bill Faeth: Why would I spend an extra 30 K for those 3 things out on a deck reinforce the deck out of hot tub?
26:01
Dr. Bill Faeth: And a barrel sauna, so nobody can fucking compete with me, nobody in that market at any property.
26:08
Dr. Bill Faeth: And they're going to have to spend some significant money to be able to catch up.
26:12
Dr. Bill Faeth: Right.
26:12
Dr. Bill Faeth: So that's kind of what goes into building these super properties that well outperform the numbers on air DNA.
26:20
Dr. Alex: Yeah.
26:20
Dr. Alex: Your Montana property is just breathtaking.
26:23
Dr. Alex: I mean, the, the views are incredible, the location, the home.
26:26
Dr. Alex: I mean, everything you said, it's just incredible.
26:28
Dr. Alex: As soon as I saw your post about that house, I was like, oh my goodness, that's the dream.
26:32
Dr. Alex: I think I even commented on it.
26:33
Dr. Alex: Like, that's my dream house right there.
26:35
Dr. Alex: Cause I love the mountains so much and the river and just incredible.
26:38
Dr. Alex: And I think so important what you've said here.
26:41
Dr. Alex: And I really hope people are paying attention to it.
26:43
Dr. Alex: Yeah.
26:43
Dr. Alex: Everyone thought they could just take a cell phone picture of their house and put it on Airbnb.
26:49
Dr. Alex: And they were going to make all this money.
26:50
Dr. Alex: The time for that is over.
26:52
Dr. Alex: and you really need to have that really Instagrammable property with all the amenities and a great location with a great view.
26:58
Dr. Alex: That's what's going to be successful.
26:59
Dr. Alex: and we've learned that too.
27:01
Dr. Alex: We have a geodesic dome house.
27:02
Dr. Alex: It's a stick build, but two bedroom, one in like a quarter bath, house up in the mountains in Colorado, beautiful mountain view.
27:09
Dr. Alex: There's moose walking by all the time.
27:12
Dr. Alex: You know, hot tub, all the works and it stayed so well, it looks like an Instagram, property and yeah, we're up.
27:18
Dr. Alex: Our average daily rate is up and everyone's saying Airbnb bust.
27:22
Dr. Alex: And we're like, this isn't happening for us.
27:23
Dr. Alex: And the reason is exactly what you're saying.
27:25
Dr. Alex: Turning it into a super property, maximizing amenities, maximizing location.
27:30
Dr. Alex: Bill, I'm fired up.
27:31
Dr. Alex: This is awesome.
27:32
Dr. Bill Faeth: the, here's the issue, right?
27:33
Dr. Bill Faeth: So I don't know if anybody, I've got a couple of podcasts myself.
27:36
Dr. Bill Faeth: And like I do STRonomics with Kenny Bedwell, the founder of STR insights and Kenny's.
27:41
Dr. Bill Faeth: A former, like two data analyst at Citibank.
27:45
Dr. Bill Faeth: And he brings that experience into our industry and the data that I get access to and that we share on sdr.
27:52
Dr. Bill Faeth: Genomics is not available to the public.
27:55
Dr. Bill Faeth: What we are seeing is him and I are looking for properties every day for our, my own portfolios.
28:00
Dr. Bill Faeth: I'm always a buyer, but also for clients that we service The separation of church and state, the separation of the lower class and the super class in short term rentals, the gap is widening and It's widening very, very fast.
28:16
Dr. Bill Faeth: And what I mean by that is, is you either need to be in the one or two bedroom range and you can still turn those into two, into super properties, but it's the lower price point volume play, higher occupancy, kind of what I call the Gatlinburg mentality, or, you're going to the top.
28:31
Dr. Bill Faeth: And you're going to have a four bedroom and you're getting top three, top five competitors in the five and the six bedroom ADR because of what you've done to the property.
28:41
Dr. Bill Faeth: And there's one thing that's not talked a whole lot about Alex.
28:43
Dr. Bill Faeth: It's and it's a word people focus on location and views.
28:47
Dr. Bill Faeth: And I want to add something in there that I think is even more important or just as important.
28:52
Dr. Bill Faeth: And it's proximity and people think when I use the word proximity, that's the same thing as location.
28:57
Dr. Bill Faeth: It's not, and I'm going to use my Montana house as an example, my father in law.
29:02
Dr. Bill Faeth: And I mean, I was on the deck, he's sitting at the outdoor dining table.
29:06
Dr. Bill Faeth: I've got the Traeger turned on.
29:08
Dr. Bill Faeth: I threw a tri tip on the Traeger and a tri tip.
29:11
Dr. Bill Faeth: If anybody is from California knows what tri tip is, that takes a good hour, you know, maybe an hour and 15 minutes to cook.
29:17
Dr. Bill Faeth: If you're cooking it low and slow on a smoker.
29:19
Dr. Bill Faeth: Right.
29:20
Dr. Bill Faeth: We're sitting there having a glass of wine.
29:22
Dr. Bill Faeth: I said, hold on.
29:22
Dr. Bill Faeth: I walked back inside.
29:23
Dr. Bill Faeth: I go to my storage.
29:25
Dr. Bill Faeth: I grab out one of my fly rods.
29:27
Dr. Bill Faeth: He's all, what are you doing?
29:28
Dr. Bill Faeth: He's all your, don't you need to keep an eye on that steak?
29:30
Dr. Bill Faeth: I said, man, I can fish right here from my deck.
29:32
Dr. Bill Faeth: So I'm literally on the deck throwing the fly.
29:35
Dr. Bill Faeth: There's no way I was going to catch a fish, but it was kind of fun to sit there.
29:38
Dr. Bill Faeth: It's like 20 feet away, 25 feet away to the water.
29:41
Dr. Bill Faeth: The reason I bring this up, not to brag or anything, that's proximity that I can literally be on my deck, fly fishing, throwing a fly.
29:49
Dr. Bill Faeth: So.
29:50
Dr. Bill Faeth: The point is, is it's like 16 steps to get to the edge of the water.
29:55
Dr. Bill Faeth: from my deck, that's proximity.
29:57
Dr. Bill Faeth: A mastermind member has a house on a river about 30 minutes from me and he crushes it three bedroom, three bath doing like 1800 a night, you know, during the summer doing 180, 000 a year in revenue.
30:11
Dr. Bill Faeth: But he doesn't have, and he's on a river, he's on the Hungry Horde, or on the Flathead River, he does not have proximity.
30:17
Dr. Bill Faeth: It's like elevated 20 feet, he has no access to the water.
30:21
Dr. Bill Faeth: So that's being riverfront, that's got views, that's got even a great location, but there's no proximity because the water is not accessible.
30:30
Dr. Bill Faeth: It's like when you have a, you can see the ocean and you're tier three, but you have this condo building in front of you.
30:37
Dr. Bill Faeth: So your guests have to walk a block down, then come over and then go to the beach access.
30:41
Dr. Bill Faeth: And it takes them like five minutes to walk there.
30:44
Dr. Bill Faeth: Although it looks when you do the overhead shot, like you can walk straight ahead.
30:48
Dr. Bill Faeth: That creates bad reviews and guest angst, unless you are very clear to let them know that you're really not that close.
30:56
Dr. Bill Faeth: That proximity is just as important as location and views, and I think most people, when they're evaluating properties and looking for their canvas to paint, they don't take that into consideration or don't understand the difference.
31:09
Dr. Alex: Yeah, that's huge.
31:10
Dr. Alex: I haven't really thought about it in that way either.
31:12
Dr. Alex: So thanks for conceptualizing that.
31:14
Dr. Alex: I think that's really important.
31:16
Dr. Alex: You brought up a good point to guest expectations and really meeting people's expectations or giving them a fair warning of like, Hey, it is a longer walk to the beach.
31:26
Dr. Alex: Or do you have to walk around?
31:27
Dr. Alex: This helps keep those five star reviews coming in and helps keep, keep People from getting disappointed, which of course we're trying to give them the best experience possible in these, in these homes.
31:36
Dr. Alex: So what would you say bill are like the top three value add amenities that you would put in your short term rental or what have you found has generated the most increase in your average daily rate?
31:48
Dr. Bill Faeth: probably a house that I no longer have, it was my first lake property on Smith Lake, just north of Birmingham and south of it of Nashville.
31:57
Dr. Bill Faeth: And so I did every Carl's enemy method.
32:00
Dr. Bill Faeth: I manually researched every single property on the lake.
32:03
Dr. Bill Faeth: I was a 4 bedroom, 3 baths.
32:05
Dr. Bill Faeth: So I was looking at 4 bedrooms, 5 bedrooms and 6 bedrooms, all the 80 hours and nobody.
32:11
Dr. Bill Faeth: How to outdoor fireplace that was not like on their deck attached to the house that was set back from the water or super high.
32:19
Dr. Bill Faeth: So my wife and I built an outdoor fireplace, you know, with, basically telephone poles, which is what the person that built our, instead of using like six by sixes or eight by eights or 10 by 10 posts, they use telephone poles.
32:30
Dr. Bill Faeth: And we put string lights and port a pad made it super nice, right?
32:34
Dr. Bill Faeth: We're talking 10 foot.
32:35
Dr. Bill Faeth: Tall, but we did it right.
32:37
Dr. Bill Faeth: We did inside the floodplain right on the edge of the water.
32:41
Dr. Bill Faeth: So that way you could have a fire.
32:43
Dr. Bill Faeth: You can be right at the edge of the water.
32:45
Dr. Bill Faeth: You weren't, you know, 50 yards off 100 yards off back up by the house.
32:49
Dr. Bill Faeth: Nobody had that.
32:51
Dr. Bill Faeth: So that was a competitive, amenity that we are able to add.
32:54
Dr. Bill Faeth: It costs us about 18 grand.
32:56
Dr. Bill Faeth: To build it, you know, I own that house for about a year and a half.
32:58
Dr. Bill Faeth: There's no question.
32:59
Dr. Bill Faeth: I got a return on investment, but it's impossible for me to add.
33:03
Dr. Bill Faeth: So I'm not going to say there's one amenity or even two or three.
33:07
Dr. Bill Faeth: It's about, it's what I call emoji stacking.
33:10
Dr. Bill Faeth: So when you do a social media post and you have a fire pit, you should have the fire emoji.
33:14
Dr. Bill Faeth: When you have a pool, you should have the pool emoji beach.
33:16
Dr. Bill Faeth: You know, you show the umbrella on the beach when, you're doing a hot tub, use a fire emoji and like a pool or something like that.
33:24
Dr. Bill Faeth: So that's one of the reasons when you look at my properties, I value stack.
33:29
Dr. Bill Faeth: Yes.
33:30
Dr. Bill Faeth: I have a barrel sauna and a hot tub in Montana.
33:33
Dr. Bill Faeth: Yes.
33:34
Dr. Bill Faeth: I have a pool at my number one producing property that does over 300, 000 a year in Gulf shores.
33:40
Dr. Bill Faeth: Yes.
33:41
Dr. Bill Faeth: I have bikes.
33:42
Dr. Bill Faeth: Yes.
33:42
Dr. Bill Faeth: I have a solo stove, so I can check the box for a fire pit.
33:45
Dr. Bill Faeth: I have everything.
33:46
Dr. Bill Faeth: I got a video game inside of it.
33:48
Dr. Bill Faeth: I've got a waffle.
33:49
Dr. Bill Faeth: I have waffle bars.
33:50
Dr. Bill Faeth: I have milkshake bars.
33:52
Dr. Bill Faeth: I have breakfast bars.
33:53
Dr. Bill Faeth: Literally like the breakfast bar is so simple and it takes care of mom.
33:57
Dr. Bill Faeth: I do not advertise these.
33:58
Dr. Bill Faeth: That's like a plus one.
33:59
Dr. Bill Faeth: You go to Amazon, you pay like 20 bucks, 25 bucks.
34:02
Dr. Bill Faeth: You get a box of 50 of, like those circular plastic containers of Cheerios and.
34:07
Dr. Bill Faeth: whatever it is that raisin bran and all that type of stuff, just stack seven of them in a pyramid.
34:13
Dr. Bill Faeth: And, so that way when mom and the kids walk in, they just rip one of those open.
34:16
Dr. Bill Faeth: Cause she forgot to get, didn't have time to get groceries and the kids are angry, and they're cranky and they need something to eat.
34:23
Dr. Bill Faeth: Those are the small things that most hosts don't pay attention to.
34:29
Dr. Bill Faeth: Right.
34:29
Dr. Bill Faeth: And then here's the big thing.
34:31
Dr. Bill Faeth: If you're going to add all of this shit.
34:33
Dr. Bill Faeth: You got to market it, So that's why I don't want to take credit for creating the coffee bar, but I'm the first one to publicly, not only create, and I don't drink coffee to do the froth or do everything that goes in, beans, grinders, like 18 different types.
34:49
Dr. Bill Faeth: We had like six different types of ground, six different types of beans, six different types of, cake cups, all that different types of stuff.
34:54
Dr. Bill Faeth: But my wife branded it, she put signs up, we made it look flashy.
34:59
Dr. Bill Faeth: We made it look nice and it's inexpensive.
35:01
Dr. Bill Faeth: So.
35:02
Dr. Bill Faeth: We did the same thing.
35:03
Dr. Bill Faeth: Then the next one that we did was our waffle bar.
35:05
Dr. Bill Faeth: We tested that at our lake house.
35:07
Dr. Bill Faeth: You know, now at Montana, my next door neighbor refurbishes Hamilton beach, milkshake machines.
35:11
Dr. Bill Faeth: That's why I did it because he made me this kick ass milkshake machine.
35:17
Dr. Bill Faeth: we've had a handful of guests there so far and every single guest, that's the number one thing that they think about.
35:22
Dr. Bill Faeth: So if you don't know what you need to add.
35:25
Dr. Bill Faeth: Just go to your competitors, your top, go to air DNA, get your top eight.
35:28
Dr. Bill Faeth: Look at your price labs, market report.
35:30
Dr. Bill Faeth: Look at the top five or what you're tracking and rank breeze and literally go to their reviews, copy, paste the reviews or have your VA do it.
35:38
Dr. Bill Faeth: Put it in a Google doc and then upload it to chat GPT.
35:41
Dr. Bill Faeth: And the prompt is.
35:43
Dr. Bill Faeth: Chat GPT, give me the top three most positive sentiments in these Airbnb reviews, and they will pull out the three averages of the most positive components of your reviews.
35:53
Dr. Bill Faeth: Then do the same thing for the negative.
35:54
Dr. Bill Faeth: And that's how you do some real, really stout market research.
35:58
Dr. Bill Faeth: Do it for your top five competitors and do it for yourself
36:01
Dr. Alex: This is a masterclass bill.
36:02
Dr. Alex: Thanks for sharing that.
36:03
Dr. Alex: That's a such great information.
36:06
Dr. Alex: I was salivating a little bit thinking about the coffee bar and then you hit it with the milkshakes.
36:10
Dr. Alex: And, those are two of my favorites.
36:12
Dr. Alex: And certainly, I've stayed at a lot of Airbnb's myself and you always remember those little details.
36:17
Dr. Alex: You always remember the host that goes above and beyond and it's worth paying the extra money.
36:21
Dr. Alex: To have those amenities, to have those experiences, to have those moments.
36:25
Dr. Alex: And cause let's be honest, a lot of America, they get what?
36:28
Dr. Alex: Two weeks out of the year and vacation.
36:30
Dr. Alex: And so they're saving up all their money and they've chose to stay with you at your property.
36:34
Dr. Alex: You want to give them the best experience that you can.
36:36
Dr. Alex: And I think going the extra mile, not only is it great for the guest experience, but it just, greatly increases your revenue.
36:44
Dr. Alex: And you're clearly evident of that and how much of a difference some of these changes can make.
36:48
Dr. Alex: If you had to pick a favorite property right now, which one would it be?
36:53
Dr. Bill Faeth: out of my portfolio.
36:54
Dr. Alex: Yeah.
36:54
Dr. Alex: Out of your portfolio.
36:55
Dr. Bill Faeth: I mean, it's my Montana property.
36:57
Dr. Bill Faeth: There's no question.
36:58
Dr. Bill Faeth: I mean, it took me two and a half years to find that thing.
37:01
Dr. Bill Faeth: I took my family to Yellowstone and the third week of June and COVID in 2020 when everything was still, most of the country was still shut down, I guess.
37:10
Dr. Bill Faeth: We just fell in love and it's interesting because have you ever been to Yellowstone before?
37:15
Dr. Alex: Oh yeah.
37:16
Dr. Bill Faeth: So, we stayed in West Yellowstone.
37:18
Dr. Bill Faeth: I mean, we did the Tetons and everything else, which are amazing, but it was once you get about 2 miles in that West entrance and the Madison River opens up and there was literally, we were getting in super early to go look at wildlife and Hayden Valley.
37:30
Dr. Bill Faeth: It was probably like 6 o'clock in the morning.
37:32
Dr. Bill Faeth: Sun had just risen just a little bit of fog or, you know, whatever it was.
37:38
Dr. Bill Faeth: And there was a guy down there fly fishing and I'm driving and I pulled over and I'd never fly fish before and I got out of the car and I told my wife, I said, this is the most beautiful fucking thing I've ever seen in my life.
37:50
Dr. Bill Faeth: And that's when I knew I wanted to become a fly fisherman.
37:53
Dr. Bill Faeth: And I said, we need to get a place here.
37:54
Dr. Bill Faeth: we'd only been in the park for 20 minutes and it was the park.
37:58
Dr. Bill Faeth: We hadn't seen anything else in Montana.
37:59
Dr. Bill Faeth: I mean, we flew into.
38:00
Dr. Bill Faeth: Salt Lake City and drove to Wyoming and went to Jackson and the Tetons and that type of stuff, but it was our first trip out there and I looked every, I'm sure I missed one day, but figuratively every single day and it took me two and a half years to find the place and I, I found quite a few, but they didn't have that perfect.
38:19
Dr. Bill Faeth: proximity and, I found it and so that's our favorite spot.
38:23
Dr. Bill Faeth: I mean, we thought we were beach people when we first started doing this.
38:27
Dr. Bill Faeth: Then when we bought the, the lake house, it was all about the lake.
38:30
Dr. Bill Faeth: Then we bought this massive place in Banner Elk, North Carolina, and we'd Love then we'd never been really been mountain people and then we learned how to ski there.
38:38
Dr. Bill Faeth: And then once we learned how to ski, it.
38:40
Dr. Bill Faeth: was literally right around that time is when I found the place in Montana.
38:44
Dr. Bill Faeth: So it's been a perfect, kind of a perfect storm for us and kind of as I kind of run through those properties, those are all our favorites when we retire part of the year.
38:55
Dr. Bill Faeth: So those are all lifestyle, asset purchases, but much like I said earlier.
39:00
Dr. Bill Faeth: About the cost seg, and I see a lot of professionals coming in and buying just for the cost seg, even though we're building out our assets, we have two beach houses, right?
39:09
Dr. Bill Faeth: We have a beach front three, two in Fort Morgan.
39:11
Dr. Bill Faeth: And then we have our massive six, four that does 350, 000 a year in revenue and down in West beach of Gulf shores.
39:19
Dr. Bill Faeth: So we typically buy in clusters and we'll buy something, we'll buy or build something big.
39:26
Dr. Bill Faeth: And then we'll do something small and the small one will be our retirement home because our retirement plan is to travel around these different markets.
39:35
Dr. Bill Faeth: We love us to spark.
39:36
Dr. Bill Faeth: We love Scottsdale.
39:37
Dr. Bill Faeth: We love Montana.
39:38
Dr. Bill Faeth: We love the beach.
39:39
Dr. Bill Faeth: We love banner elk.
39:39
Dr. Bill Faeth: We love the lake.
39:40
Dr. Bill Faeth: That's why we own why we own homes there.
39:42
Dr. Bill Faeth: And then also that kind of diversification as we can be in 1 and the big 1 will pay for both.
39:48
Dr. Bill Faeth: Right, but also by the time we retire in 4 and a half years, which will be about 6 and a half years early.
39:55
Dr. Bill Faeth: From the original plan, we should be, if not a hundred percent or very, very close to being debt free.
40:03
Dr. Alex: That's amazing.
40:03
Dr. Alex: Bill.
40:04
Dr. Alex: Congratulations.
40:05
Dr. Alex: That's going to be incredible.
40:06
Dr. Alex: And what a cool experience to have with your family to build in these businesses and get to figure out these places that you love and you get to retire to, Yeah, really excited for you.
40:16
Dr. Alex: And I think that folks can really gain a lot from that.
40:18
Dr. Alex: I, you know, a lot of times I feel like real estate investors are stuck in.
40:22
Dr. Alex: I either need to make as much profit as possible from this investment.
40:26
Dr. Alex: And they kind of forget the fact that short term rentals are fun.
40:30
Dr. Alex: It's fun to have a property that you're really proud of and you want to go visit, and it's okay to take some time out of the year to go visit these properties and enjoy them because you worked hard for them.
40:38
Dr. Alex: And I think sometimes folks have a hard time with that shift of like, oh, well, if I go for 1 weekend to my property up in the mountains, then I'm losing out on X number of dollars.
40:48
Dr. Alex: And personally, I know every time we've gone up to our short term rentals, the experience has been worth way more than the money that we would have made for that weekend or those few days that we were up there.
40:57
Dr. Bill Faeth: I agree with you a hundred percent.
40:59
Dr. Bill Faeth: we typically vacation the entire summer when our kids are out of, school and the last two years specifically, roughly eight weeks.
41:07
Dr. Bill Faeth: Last year, we took him to Disney the other 7 weeks.
41:10
Dr. Bill Faeth: We're going between all of our properties this year.
41:12
Dr. Bill Faeth: We did the Bahamas the other 7 weeks.
41:15
Dr. Bill Faeth: You know, we're at all of our, other properties.
41:18
Dr. Bill Faeth: I can't think of a better way.
41:20
Dr. Bill Faeth: You know, to spend a summer, you know, as opposed to, just hanging out at home, really doing nothing.
41:26
Dr. Bill Faeth: But, the thing that you, you said a few minutes ago, and that's 1 thing that I think becomes really important.
41:32
Dr. Bill Faeth: I think a lot of us get lost because we haven't built out.
41:36
Dr. Bill Faeth: This life plan, right?
41:37
Dr. Bill Faeth: So we're investing to invest.
41:39
Dr. Bill Faeth: We're investing to make money.
41:41
Dr. Bill Faeth: But there's some really key factors that you need to think about.
41:45
Dr. Bill Faeth: And it's what's your desired outcome, right?
41:47
Dr. Bill Faeth: I talked about where we all have the ability to architect, our outcome.
41:51
Dr. Bill Faeth: And especially if you're.
41:52
Dr. Bill Faeth: A doctor that's out of residency.
41:54
Dr. Bill Faeth: That's Actually, making 300, 500, 750 grand, whatever.
41:58
Dr. Bill Faeth: Once you have that, that access to cash.
42:00
Dr. Bill Faeth: Now I get most of you and you look pretty young.
42:02
Dr. Bill Faeth: You probably still have a shit ton of loans and debt that you have to pay off.
42:06
Dr. Bill Faeth: Hopefully
42:07
Dr. Alex: Uncle Sam paid for all those for me.
42:09
Dr. Alex: I'm active duty Air Force, so they paid for all that.
42:11
Dr. Alex: So I'm debt Yeah, exactly.
42:13
Dr. Alex: Exactly.
42:13
Dr. Alex: But I also don't make anywhere near any of those numbers that you described because Uncle Sam doesn't pay
42:18
Dr. Bill Faeth: Right.
42:20
Dr. Alex: to a
42:20
Dr. Bill Faeth: more than the money, right?
42:21
Dr. Bill Faeth: So you have that desired outcome, you can architect what you want, then it helps you when you really have clarity on that outcome, you can distill that down to daily decisions.
42:32
Dr. Bill Faeth: When you distill that down to daily decisions, the only thing that I hear people talking about really is cash on cash return.
42:38
Dr. Bill Faeth: Cashflow and cost seg studies.
42:40
Dr. Bill Faeth: Nobody's talking about appreciation and weighing what happens if I can get a 30 percent cost seg benefit and.
42:51
Dr. Bill Faeth: I buy a property that has very low land value.
42:55
Dr. Bill Faeth: So people really aren't taking into account investing into the mountains or middle America or rural areas versus being on the beach.
43:02
Dr. Bill Faeth: There could be a 20, 30 percent Delta between sand and dirt, you know, in the North Carolina mountains.
43:08
Dr. Bill Faeth: And then you look at appreciation investing into a property or a market.
43:12
Dr. Bill Faeth: That will have consistent 5 to 7 percent appreciation and I'm kind of getting to to something here, Alex, because I'm under contract getting ready to close on my 1st condo ever.
43:23
Dr. Bill Faeth: That's at the entrance almost it's in core Montana, right?
43:27
Dr. Bill Faeth: 4 miles from the entrance to Glacier National Park.
43:30
Dr. Bill Faeth: well there it's 950 grand, for this 2 bedroom condo, but it's creating a new market.
43:36
Dr. Bill Faeth: It's a luxury that does not exist in that market.
43:40
Dr. Bill Faeth: The other thing is the land values 3%.
43:42
Dr. Bill Faeth: Right?
43:42
Dr. Bill Faeth: So when you look at 3 percent land value, 97 percent dwelling value on 950 G's.
43:48
Dr. Bill Faeth: I'm going to get a hefty dollar amount on a cost seg and I fall into the highest tax bracket, pushing 50%, that's extremely beneficial.
43:57
Dr. Bill Faeth: And if you amortize that over five years, and then that market, I've done the research on that market, even pre COVID it's averaging about five to 7 percent appreciation.
44:07
Dr. Bill Faeth: So if I just appreciate it, 5 percent forget about COVID numbers of 20, 30, 40, 50 percent annually, 5%.
44:14
Dr. Bill Faeth: You know, 5 percent on 950 grams, like 45 K.
44:17
Dr. Bill Faeth: So if I get a 300, 000 tax benefit, let's just say even 250, it's going to be more than that.
44:24
Dr. Bill Faeth: But at 250, you amortize that over four years.
44:29
Dr. Bill Faeth: 75 K.
44:30
Dr. Bill Faeth: Then I look at the appreciation 45 K without turning a dollar.
44:34
Dr. Bill Faeth: The reality is I've got over a hundred thousand dollars in tax benefits that I'm going to be able to leverage on an annualized basis, amortized over four years.
44:43
Dr. Bill Faeth: Now, if I can just do 150 K and net 45%, which is my typical MO in my portfolio, there's another 70, 000 bucks.
44:53
Dr. Bill Faeth: You know, in cash, you take a property that says it's going to do 84, 000 and air DNA and turn it into a 200, 000 a year property.
45:03
Dr. Alex: That's amazing.
45:04
Dr. Alex: Congratulations.
45:05
Dr. Alex: Yeah.
45:05
Dr. Alex: There's so many different ways to make money in real estate, to benefit in real estate.
45:09
Dr. Alex: and you're right.
45:10
Dr. Alex: Sometimes we do get fixated on the one thing that the cashflow, the cash and cash return.
45:14
Dr. Alex: You're exactly right.
45:15
Dr. Alex: I'm looking at the whole picture and.
45:17
Dr. Alex: Your vision and your vivid vision for the future and what you want your life to look like is going to be the game changer.
45:22
Dr. Alex: That's going to set you apart.
45:24
Dr. Alex: I have no doubt in my mind that you bill have a very specific vision for what the future looks like for you for the upcoming retirement.
45:31
Dr. Alex: And you have it all figured out.
45:33
Dr. Bill Faeth: it's on paper.
45:34
Dr. Alex: important.
45:35
Dr. Alex: Yeah.
45:35
Dr. Alex: That's awesome.
45:36
Dr. Bill Faeth: I mean, it's like literally there was a guy named John Baird and that taught me how to do that in 2015 and 16 and my wife and I are fully aligned.
45:46
Dr. Bill Faeth: We weren't previously.
45:47
Dr. Bill Faeth: We know exactly what date we're going to retire.
45:49
Dr. Bill Faeth: We know how much income we need to have.
45:50
Dr. Bill Faeth: We know what our debt ratio can be.
45:52
Dr. Bill Faeth: We know what we're going to do so we can really forecast what it's going to cost.
45:57
Dr. Bill Faeth: We've forecasted for life events for my two daughters.
46:00
Dr. Bill Faeth: What happens if they go to Belmont versus going to UT?
46:03
Dr. Bill Faeth: That's about a 30, 000 Delta annually.
46:06
Dr. Bill Faeth: What happens if they need to move home when, they're out of college, all these things we've really planned and, and factored in, and there, there'll be bumps in the road, there's no question, and you pivot, and, you keep moving forward, but if you don't plan, and you can't keep score, I look at Tom Brady, probably, and I'm not a Brady fan, but the greatest quarterback of all time, right, what did he wear on his wrist, he wore the freaking game plan on his wrist, he's calling plays off of his wrist, right, Why don't we have a risk guard with our playbook on what our outcome is going to be?
46:38
Dr. Bill Faeth: The second part is, is if John Baird and Tom, if you can't keep score, Imagine Peyton Manning.
46:43
Dr. Bill Faeth: Peyton Manning and Tom Brady going back and forth for four quarters of a football game, getting it into that painted thing on each end of the field, they call an end zone and nobody keeping score.
46:53
Dr. Bill Faeth: Nobody would watch, right?
46:56
Dr. Bill Faeth: So if you want to watch, if you want to pay attention to your own score or your own outcome, you have to be able to keep score.
47:04
Dr. Alex: That's really cool.
47:04
Dr. Alex: Yeah.
47:05
Dr. Alex: One of my buddies, actually one of my partners here, we're buying assisted living homes together and have a couple of short term rentals together.
47:11
Dr. Alex: He started, he just made his, his goal is ultimately have 30, 000.
47:16
Dr. Alex: Worth of semi passive cashflow.
47:18
Dr. Alex: Again, we all know there's nothing passive about investing in real estate.
47:21
Dr. Alex: It's all just degrees of passivity, but his goal is to have that 30, 000.
47:25
Dr. Alex: So he drew 30 boxes on a big sheet of paper.
47:28
Dr. Alex: And every time he crosses out one of those boxes, you know, say that's another thousand dollars a month that's coming in from cashflow.
47:34
Dr. Alex: And that's just another way that he's able to keep score.
47:36
Dr. Alex: it's really simple thing to do, but it's just something that keeps them focused and keeps them on task.
47:40
Dr. Alex: Other things that are helpful, you know, like, the vivid vision book by Cameron Harold, the one thing by Gary Keller, there's a lot of books out there that help kind of focus on the one thing that's going to get you to that next step in life.
47:52
Dr. Alex: and your examples and your feedback were excellent as well.
47:56
Dr. Alex: I think really important, definitely something that I've been inspired to think a lot more about and really need to sit down with my wife too, and really plan out.
48:04
Dr. Alex: To the detail, what our vivid vision looks like for the future.
48:07
Dr. Alex: Cause we have, broad strokes of what we're looking at and what we're looking for, but we're not really grading herself.
48:13
Dr. Bill Faeth: Everybody wants financial freedom and they want to travel the world.
48:16
Dr. Bill Faeth: It's not a goal.
48:17
Dr. Bill Faeth: That's just a dream, right?
48:18
Dr. Bill Faeth: So define financial freedom for us.
48:20
Dr. Bill Faeth: It was 800, 000 a year in income, 15 million in liquidity.
48:25
Dr. Bill Faeth: We've checked both of those boxes.
48:27
Dr. Bill Faeth: Now it's just what happens in our personal life.
48:30
Dr. Bill Faeth: we keep track and so we meet every Friday for four hours to audit what's happened the previous week, over lunch, ballroom, dancing, whatever my wife gets to determine what the activity is or what we're doing.
48:40
Dr. Bill Faeth: So it usually involves wine and Italian food, which I'm a hundred percent cool with,
48:45
Dr. Alex: sounds great.
48:45
Dr. Bill Faeth: But we're auditing, you know, did we spend the quality time?
48:48
Dr. Bill Faeth: Were we present with our kids?
48:50
Dr. Bill Faeth: did we have sex at least three times in the last week?
48:53
Dr. Bill Faeth: And that's a legit deal, right?
48:55
Dr. Bill Faeth: That, then we define intimacy differently, you know, and we try to, not that we're keeping score, but you know, did we make our spouse feel, like, did they know we love them through physical touch, just give them a hug while she's cooking or whatever.
49:08
Dr. Bill Faeth: You know, all those things on the personal side, the relationship side, but then the financials and the business, moving forward, I think it was Morgan Stanley, they have the television commercial, follow your green line, right.
49:18
Dr. Bill Faeth: Or whatever, whatever company that is.
49:20
Dr. Bill Faeth: And that's kind of our same thing.
49:22
Dr. Bill Faeth: So we're auditing the successes and failures and it kind of comes, I'm not going to do a plug cause I don't sell this, but I built this a few years ago and I took kind of the best of planners.
49:32
Dr. Bill Faeth: And one of the things that I love, like when you get to the end of a day.
49:37
Dr. Bill Faeth: And you can kind of see this here is you have goal ratings and you keep track of everything on a daily basis.
49:44
Dr. Bill Faeth: So we kind of take this and use this every week to where we can go in and audit and see what our successes and our failures are, because I'm fine failing once.
49:52
Dr. Bill Faeth: I just don't want to do it 2 times in a row.
49:54
Dr. Bill Faeth: Right.
49:55
Dr. Alex: Yeah, that's fantastic.
49:57
Dr. Alex: Yeah, that's really cool.
49:58
Dr. Alex: There's a lot of different, planners out there.
50:00
Dr. Alex: I think finding a good one that fits for you is difficult.
50:03
Dr. Alex: And, but grading yourself is a key thing that I've noticed and have some friends that are in abundance.
50:07
Dr. Alex: And I know they look at multiple different pillars of life, right?
50:11
Dr. Alex: And how are we doing in our personally, a lot personal life and our sex life, mental health, business, et cetera.
50:16
Dr. Alex: Yeah.
50:17
Dr. Alex: Where are we at in the grading themselves on that?
50:19
Dr. Alex: And so I think that's a really cool thing to think about.
50:22
Dr. Alex: Hard to be honest sometimes too, with that.
50:24
Dr. Alex: And I think tying your spouse into that and having those weekly meetings, weekly tag ups, how you're doing is really important.
50:30
Dr. Alex: It's something that's difficult to do in busy life.
50:33
Dr. Alex: We try in the shallow household, we got a two and a half year old, and so we could be better about it, but just finding that time, to spend quality time together.
50:41
Dr. Alex: That's really important.
50:42
Dr. Bill Faeth: I don't have time is the adult version of my dog ate my homework
50:48
Dr. Alex: Yeah, that's true.
50:49
Dr. Alex: It's what you prioritize.
50:51
Dr. Bill Faeth: a
50:51
Dr. Alex: So what should you prioritize?
50:52
Dr. Alex: Yeah, absolutely.
50:54
Dr. Alex: Well, Bill, I want to be respectful of your time.
50:56
Dr. Alex: I could talk to you and forever.
50:58
Dr. Alex: I think there's so many incredible topics, incredible things that we've hit on and haven't even hit on yet.
51:03
Dr. Alex: But I really want to value your time and appreciate your time.
51:07
Dr. Alex: Is there any some parting shots, any closing thoughts that you have, or maybe something that we haven't touched on?
51:12
Dr. Bill Faeth: No, I think we, we touched on?
51:13
Dr. Bill Faeth: a lot.
51:14
Dr. Bill Faeth: I think the big thing is really, I don't know if you're familiar with my STR super team and you know, we have a, an accelerator and we had quite a few physicians that were in our accelerator program and they graduated into, we have a war room, which is like the super high end investing, type of platform.
51:30
Dr. Bill Faeth: And some of the things that we see is just.
51:33
Dr. Bill Faeth: Specifically with professionals, you really need to invest into yourself or find guidance in how to underwrite these properties.
51:43
Dr. Bill Faeth: So we have, and a lot of people are afraid of like our performance.
51:46
Dr. Bill Faeth: Cause we have like a baby daddy is what we call it.
51:48
Dr. Bill Faeth: And then the big daddy and that big daddy has like 15 tabs on an Excel spreadsheet.
51:53
Dr. Bill Faeth: But I believe it mitigates our risk, like to less than two and a half percent.
51:58
Dr. Bill Faeth: And one of the problems is a lot of us tell ourselves stories.
52:03
Dr. Bill Faeth: you got to be honest.
52:04
Dr. Bill Faeth: Well, we got to be honest with ourself first.
52:06
Dr. Bill Faeth: And if we have to start telling stories about the investment and we can't just hand somebody the Performa to make a financially driven decision.
52:14
Dr. Bill Faeth: Then it's probably not a very good investment.
52:16
Dr. Bill Faeth: So that's part of that financial literacy component that I think is super important.
52:22
Dr. Bill Faeth: And it's something that we really focus on and I hope that everybody does just always become a better investor, always become stronger at underwriting because our deals make or break in the underwriting process.
52:34
Dr. Alex: Yeah, absolutely.
52:35
Dr. Alex: Underwritings key and kind of keeping the emotion out of it is so important, which having the data to back that up, especially as physicians are very analytical people.
52:43
Dr. Alex: We want the numbers.
52:44
Dr. Alex: We want the facts having that data.
52:46
Dr. Alex: I know it certainly make myself and would make other physicians feel a lot more secure in that investment decision.
52:51
Dr. Alex: So that's really important point.
52:53
Dr. Alex: Where can folks reach out to you, Bill, if they want to know more, if they want to get involved in your mastermind, hear more about the war room, where are some ways folks can reach out to you?
53:02
Dr. Bill Faeth: You can, just hit me up.
53:03
Dr. Bill Faeth: Bill Faith 73 on Instagram, F-A-E-T-H, bill Faith 73 Build, STR Wealth.
53:09
Dr. Bill Faeth: You can find Build short-term Rental Wealth everywhere on YouTube, Instagram, TikTok, Facebook.
53:14
Dr. Bill Faeth: I've got 30,000 members in my Facebook group.
53:17
Dr. Bill Faeth: I'm very accessible.
53:19
Dr. Bill Faeth: I kind of pride myself on, you know, being accessible to.
53:22
Dr. Bill Faeth: You know, anybody that needs help, you know, the war room and the accelerator, that's part of my super team with Jeff Hampton, Avery Carl, Ryan Bakey, Kenny Bedwell, Chris Wharton.
53:32
Dr. Bill Faeth: That's just, it's an incredible John, the Bank Whisperer, Hodge is a huge component of that.
53:37
Dr. Bill Faeth: We are going to actually launch our accelerator in September.
53:41
Dr. Bill Faeth: But one of the things that I think for your physicians would be to go to str, superteam.
53:45
Dr. Bill Faeth: com.
53:46
Dr. Bill Faeth: That's str superteam.
53:47
Dr. Bill Faeth: com and check out our war room because we become your board of directors.
53:53
Dr. Bill Faeth: And can you imagine having the best attorney, the best data analyst, the best super.
53:58
Dr. Bill Faeth: Property builder, the best, you?
54:00
Dr. Bill Faeth: know, banking guy, the best CPA on your team.
54:04
Dr. Bill Faeth: That's why, I mean, all these guys came out of my mastermind.
54:07
Dr. Bill Faeth: That's why we started, the super team.
54:10
Dr. Bill Faeth: So that way we can help people make sure they don't make mistakes and make sure they maximize like literally 10 X, the results that they're looking for.
54:17
Dr. Alex: That's incredible.
54:18
Dr. Alex: Yeah.
54:18
Dr. Alex: You got to spend money, you got to spend money to make money and it's worth it to get the right team and the right folks in your corner to help you with those decisions, make the right deals and turn those deals into home runs, which you guys do.
54:29
Dr. Alex: I mean, that is just a stacked lineup of STR experts.
54:33
Dr. Alex: So really cool bill.
54:34
Dr. Alex: Well, thank you so much for your time.
54:36
Dr. Alex: I really appreciate it.
54:37
Dr. Alex: This has been super valuable when you're out, out West ski and sometime, let me know.
54:41
Dr. Bill Faeth: Absolutely.
54:42
Dr. Bill Faeth: I will do that.
54:43
Dr. Bill Faeth: Thanks for having me, Alex.
54:44
Dr. Bill Faeth: I really appreciate it.
54:45
Dr. Alex: Thanks Bill.
54:46
Dr. Alex: Well, with that, it's Bill Faeth and Alex Schloe with another episode of the physicians and properties podcast.
54:51
Dr. Alex: Signing off.
54:52
Dr. Alex: Hey, real quick, if you're still listening to this, I'm assuming you got value from it, so I need your help specifically.
54:58
Dr. Alex: My two year vision with this podcast is to help 100, 000 physicians learn how investing in real estate can give you the freedom to practice medicine and live life how you want.
55:08
Dr. Alex: There are two main ways that a podcast grows.
55:11
Dr. Alex: One is the ratings and reviews, and the other is word of mouth.
55:15
Dr. Alex: If you can please leave me a five star rating and review on Apple Podcast and Spotify, as well as send this to one to two friends that you think would get value from it, we can reach the positions that we want to reach.
55:27
Dr. Alex: Thanks in advance and talk to you on the next episode.
55:29
Dr. Alex: Please note that the information shared on this podcast is for informational purposes only.
55:31
Dr. Alex: It should not be considered financial and have nothing to do with it.
55:32
Dr. Alex: The views expressed on this podcast are those of the host and guests and do not necessarily reflect the views of the Department of Defense or the United States Air Force.