GI204: Short Term Rental Investments with Culin Tate

GI204: Short Term Rental Investments with Culin Tate

Culin Tate is a serial entrepreneur, owner and host of 9 Airbnb properties, Airbnb ambassador, short-term rental coach, author, and speaker.

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Announcer:
Welcome to the Global Investor Podcast, a show that focuses on helping foreign investors enter the lucrative US real estate market. Host Charles Carillo combines decades of real estate investing experience with a professional background in international banking to interview experts in all areas of US real estate investing. Now, here’s your host, Charles Carillo.

Charles:
Do you have money sitting in the stock market? And you’re worried about it or worse. You have money sitting at the bank, not keeping up with inflation. My name is Charles Carillo, founder and managing partner of Harborside Partners. And since 2006, I’ve been investing my money and my family’s money into income producing properties. These are real assets, real properties with real addresses that produce real cash flow. At Harborside Partners, we provide passive investors who love real estate with a turnkey investing solution. If you want to put your money to work in real estate, but can’t find deals, don’t have the time to get funding in. The last thing that productive people want to do is manage real estate. We find the deals. We fund the deals and we manage the tenants, the termites and the properties. Partner with us at investwithharborside.com. That’s investwithharborside.com. Go to investwithharborside.com. If you love real estate, you like the idea of passive income and believe that income producing properties will appreciate over time. Go to investwithharborside.com. That’s investwithharborside.com.

Charles:
Welcome to another episode of the Global Investors Podcast; I’m your host Charles Carillo. Today we have Culin Tate. He is a serial entrepreneur, owner and host of 9 Airbnb properties, Airbnb ambassador, short-term rental coach, author, and speaker. So thanks so much for coming on the show Culin.

Culin:
Make me sound busy. Charles

Charles:
<Laugh> got a lot of things there. Yeah. So give us a little background on yourself, both personally and professionally prior to getting involved in real estate, investing in my mar primarily short-term rentals. Yeah,

Culin:
As you said, the intro. I’m a serial entrepreneur. I define that I’ve never had a W2 job, so very quickly outta college. Mm-Hmm. I started a company and, you know, spent a lot of time with that company, sold the company. Mm-Hmm. I’ve built five or six other companies through my career. So just always been that kind of looking for opportunities kind of person. Never really wanted to punch somebody else’s clock. Really loved the idea of being in control of my own destiny in terms of time and finances. You know, love, love to be able to put in the work and, and see, you know, the, the rewards for my own, you know, efforts. And I always been fascinated with real estate. And I had a couple of long-term, you know, condo rentals. You know, I bought a condo and you know, and then moved out of it and did it, put it in long-term rental market and bought another one.

Culin:
And they just never really performed for me, also in a commercial building at one point in time with that first company that I owned. And, you know, it, it it was a way to get money outta the company, but also was never really a, a performing cash flowing or, or really highly appreciating asset. Mm-Hmm. <Affirmative>. But then I, I got into short term rentals back in 20 18. I had bought a cabin a few years before and it was just a personal use cabin and ended up putting it on Airbnb as some friends of friends wanted to, you know, stay there. And we thought, well, okay, we’ll give it a shot. Famously have a joke with my wife when we first bought the cabin, you know, she asked, where are we gonna put this up on Airbnb? And they said, no, what are we gonna, you know, it’s not worth the hassle. What are we gonna make a couple hundred dollars? Well, that was really proven wrong, <laugh>. So when we first, when we first put it up, it immediately started booking every weekend. Yeah.

Culin:
And, you know, then weekdays and ran that for a year or so. And then 2018 I’d sold the company. It was what we kind of scratched my head with what what to do next, and really looking at the performance of that one asset. And, you know, I bought this cabin maybe $160,000, you know, over a year or two. We, you know, we fixed up a little bit as a family place, but it was it was gross in maybe $4,000 a month and netting like $2,000 a month. So, you know, really high cash on cash, you know, whatever metric you wanna look at, you know, the returns were really, really strong. And so there in 2018, I said, well, you know, I’ve always been interested in being a real estate investor. Real estate’s always fascinated me. Let me when I dive into this a little bit, I can see, I can really see the multiple of the cash flows.

Culin:
Right. You know, two and three and four seem pretty e easily scalable. And that summer of 2018, I ended up buying three properties. I kind of set out to buy one. And you know how that goes in real estate, you know, you find opportunities and things happen. And that’s what really kind of set me down, you know, my short-term rental journey of not just being, you know, a part-time hobbyist, but with the, the three properties I was really able to start really understanding what was going on. Mm-Hmm. <affirmative>, what was making the market tick, what was making Airbnb tick, how, you know, if there’s 300 properties in an area, what’s really making the difference moving the needle to getting those properties at the top of the list.

Charles:
Interesting. Very interesting. So how are you financing your properties? These were all single family, correct? Mm-Hmm. <Affirmative>. So you were able to get just a regular investor loan for that, which is like a 20% goes on your personal credit?

Culin:
You know, I, I’ve done a few different things. I’ve done a couple conventionals. The first few were kind of conventionals. I had one builder financed nice. That was a place that we have in Turks and Caicos. It was a resort and you know, this was in PIL financing there. Most recently I’ve been doing D S C R loans, that service coverage ratio loans. I’ve been buying in cash and then burning out. So used a, a line of credit for the first time I did that. And use the line of credit buying cash. It’s a very competitive market. You know, post covid, a lot of people are looking for that getaway kind of house mm-hmm. <Affirmative>. And so, you know, in the stock market up until, you know, six months ago was really strong. And so it’s very competitive to try to buy a place, you know, vacation getaway kind of place cuz that’s what everybody was looking for. Yeah. so I’d say the model now is buy cash and, and bur out through like a D C R type load.

Charles:
Can you explain d you know, D C R D C R D D S C R can you can you explain exactly what that is? Yeah. And then also you have to show that you’re able to service it. Are they gonna, are they accepting your short-term rental income as income for the property versus conventionally it would be a 12 month lease?

Culin:
Good question. So the T S C R loan means debt seage service ratio. So if you can find comparable rentals in the area that have a income potential enough to cover the mortgage or buy some ratio, I think each lenders have, you know, slightly different ratios. Then they will look at that potential income stream as opposed to say your W2 or your tax returns. I think some of the companies advertise as using short-term rental revenues, but when you really dig into it, they are really using the comparable long-term rentals.

Charles:
Right. Cool. Yeah. Yeah.

Charles:
Interesting. Okay. Yeah, so it would be, just to explain this, I guess in a, an example format really quickly, is that if you, if the D S C R debt service covers ratio is 1.25 by a lender you have, you have a a debt, a mortgage on this property that costs you a thousand dollars a month, you need to make $1,250 for it to catch that ratio. Is that correct? Yep. Yep. Okay. So very simple and they use it all the way into commercial, but it’s something that people use. The thing, the key though is that you have to have that income and show that income. So a call saying is sometimes that it, they might not use a short-term rental, they might use the 12 month rental value, monthly income. Does that make sense? Which is, couldn’t be lower than what you’re gonna get from a short-term rental.

Culin:
Exactly. Exactly. So I think the industry’s evolving. I think lenders are kind of catching up. I say think it won’t be too, too long mm-hmm. <Affirmative> until lenders really do start looking at short-term rentals, more like a multi-family, you know, where you really are. Yeah. Using the, the cash flow, the proforma cash flow or, or you know prior performance cash flows to service that, that, that debt. You know, just like everything in real estate, you know, once you get past, you know, the first couple, there’s, there’s all kinds of creative avenues Yeah. You know, to pursue.

Charles:
Awesome. So for example here, like let’s say if I want to purchase a single family house, there’s a vacation, vacation area and use it for personal use and also as a short-term rental, how would you suggest, how do I underwrite a short-term rental? How do I find the rental comps? How do I find the best location? Maybe you know, this street from the beach or two streets from the beach or this area, and then I know where I’m gonna get the most bang for my buck when I go to rent. Then

Culin:
Yeah. We take both a qualitative and quantitative approach to that. And the, the soft side approach is, you know, Charles, where do you like to go? Right. You know, do you live, you live in Florida, but do you like to ski mm-hmm. <Affirmative>, right? Or do I live, you know, where I live, I live right out in a metropolitan area right outside dc Washington, DC So my market is sort of like the mountains two to three hours west of here. Right. People are looking to, I, I got into that market cuz I like to fly fish. Mm-Hmm. <affirmative>, I buddies all the time and ended up on this, you know, kind of fishing cabin. So the first part of it is start with, we call it find your, where, where do you like to go? Where would you take your spouse for a three day weekend?

Culin:
Where would you want to go for, you know, a getaway with friends? And so that means not chasing the lists. Right. You know, there’s lists out there, hottest markets, you know, fastest growing markets fast, you know, maybe it’s Miami or, you know, but I, I tend to tell people not to chase the list, but to sort of chase their passion. So that’s sort of the first qualitative part of it. So let’s say you’ve got that idea in mind, you know, a winery area or lake area. How do we dig in and find out now? I like it, but what are the numbers gonna look like there? So there’s a lot of tools. Primary one is called Air dna. Mm-Hmm. <affirmative>, this is a subs subscription based software tool that does a lot of things for you. First, you can plug in, say the zip code for that market.

Culin:
It’s a subscription. It depends on the size of the market. I think it runs like 20, $30 a month depending on the market size. Air D n A will give you an overview of that market and a, and grade it in a certain number of categories. Grades like investability, market growth regulation mm-hmm. <Affirmative>. and it will also give you the average daily rate for that market. I’ll give you the number of active listings for that market and I’ll give you the occupancy for that market. So let’s talk about the number of listings. If you’ve got in mind a place that you like to go, maybe a family, you know, your family’s always gone to this town. Well, is that town gonna support a short-term rental? First thing we’re looking at is that number of active listings. If there’s 42, well maybe that’s kind of a soft market.

Culin:
We’re not really going to be able to get as much demand up to command the highest prices. I like to see a market over a hundred listings under a thousand. You know, if you go to Miami, there’s a thousand condos in Miami. How do I stand out? I always coach people and we wanna be on page one. What are we gonna do to have a property that’s unique? How are we gonna market it? How are we gonna manipulate? How are we going to run the business so that we’re on page one and in like a thousand person, you know, a thousand property market that’s challenging to do. So that first part is look at the size of the market, you know, there’s the demand there. And the second is, let’s now look at those average daily rates. What are the average occupancies? And now we can start that, as you said, underwrite the deal. You know, is it $200 a night average daily rate, $300 a night? So take $300 a night, you know, times 30 nights. That’s a potential of $9,000. And, and then that we just now to need to look at what the average occupancy is. And I’ll sort of stop talking for a second and we can, you know, circle back to that average occupancy part here in a minute. And see if I’ve answered your question.

Charles:
Yeah, yeah. That’s, that’s definitely what I’m looking for. So you’re looking for, these are the metrics that really, it’s over a hundred rentable places and you’re looking to have something so unique that you can get on that first page is really what I’m pulling from there as mm-hmm. <Affirmative>, the number one things to that you’re really doing it. Does that air d n A, does it really bring you down to neighborhoods really in areas where, I mean, how, like, how does it kind of drill down into mm-hmm. <Affirmative> the market?

Culin:
So there’s another piece of air d n a that you can use to help underwrite. It’s called izer. It’s just one of the functions in the sort of left-hand navigation where you would plug in. So now we’ve moved beyond looking at a market. Mm-Hmm. <affirmative> a town. Now let’s look at a neighborhood, or as you said, you have two streets from the, the beach. When you plug in your exact address, it will then find neighborhood comparables for you. So it’ll pick there the five or 10 nearest listings and show you precisely what they’re doing on an analyze basis. It’ll leverage it out for you, but also shows you specifically, so we talked about uniqueness of property you know, we’re not gonna try to have an average or below average property. We’re gonna try to do things to make it nicer, make it stand out, add amenities. And so you can look at those individual 10 comparables to see which is most like your vision for your property, your, your decoration, your budget mm-hmm. <Affirmative> and see specifically what they’re making say in the last 12 months, and then underwrite from there.

Charles:
Interesting. Yeah. So one thing you touched on was, which air d n a as you said looks at is the regulation. And this is something that when I’ve spoken to other multi-family investors like myself, other business partners, and they explain why they’ve shied away from short-term rentals, and I imagine you hear this a lot or once in a while, but it’s something that, you know, it’s regulated by this local government that might not be, might be less predictable, right. Than a larger government mm-hmm. <Affirmative>, let’s say for the most part. And they can change rules at any time and all this kind of stuff. And I have friends that are looking to buy a house in Napa, California. So they’ve told me that there’s only like 60 Airbnbs or listing permits available for that town, and you have to be on this waiting list for all this time. So <laugh>, so how do you, I mean, how are you, obviously, if they didn’t have that at that time and you had an Airbnb and then they put in this regulation, that’s one thing that you worry about. And the other thing is, how do you make sure that if they are in one of those areas where you’re waiting on a permit or anything like that, do you just avoid that whole area altogether? Because I mean, you’re not gonna buy a property and wait five years for a permit, you know what I mean? Right,

Culin:
Right. So I tend, you know, my investment thesis personally in that I sort of preach and teach is within two to three hours from every major metropolitan area is where people like to go to get away. So now we’re getting out of the downtown, the urban type, and, and that’s where we’re seeing most of the regulations, you know, happening where you’ve got these little towns, you know you know, wiling North Carolina was going through something like this a few months ago where, you know, the neighbors or they got the quiet little neighborhood and, and they’re not real thrilled that, you know, every other house is becoming a rental. Right. Understandable. If you look at these areas that have been historic getaway destinations, it’s not so much of a problem. Right? So regulation can still happen, but the first piece to the puzzle for me is to kind of get out of the areas that would be urban, you know, where we’re going to be faced, you know you know, neighbor, you know, pushback and get into areas that are more traditionally historically getaway destinations.

Culin:
But that being said, regulation can happen at the city level, it can happen at the county level, it can happen at the h HOA level. So, you know, in the markets areas that I, I operate in, there’s a couple of just homeowners associations that you know, something pops up on the m l s and ah, geez, it’s in our area, it’s in our county. It’s not dysregulated in our county, but I know that that HOA has regulations against it. So the best thing to do there, yes, take a look at air d n a before making any kinda offers. Obviously check with you know, your real estate professional, who you’re list, you know, your buying agent might be, and how, you know, work with an agent who’s investor-friendly, knows the market,

Charles:
Right? A short-term rental friendly agent that would know the mm-hmm. Market, because I imagine that’s a completely different ballgame from just putting a 10 in there for 12 months and then switching ’em out once a year. Very interesting. So once you have this, you’re talking about making it unique, that’s how you’re gonna get on the first page. Are you putting this on just Airbnb? Are you putting this on multiple rental websites? There’s tons of ’em. I mean, how, and then how do I get to that first page? Is it reviews?

Culin:
Yep. So there’s, there’s, there’s a couple things going on there. First, we’ve talked about, let’s, let’s have a unique property, right? Let’s, let’s decorate it, let’s get out all the old stuff, right? A lot of people if you look at a lot of Airbnb listings, the photos are dim. There’s a lot of like grandma’s stuff left over <laugh>. So we start with design, right? We want a clean, crisp, nice furniture, uncluttered, we wanna take professional photos, absolutely a hundred percent necessary. And then the next part really becomes about understanding what’s going on with the algorithm. What is Airbnb one, if I’ve got 300 listings, I have to decide in what order to show those. And so what’s important to Airbnb? Two things primarily. One, that the guest has a great factory, you know, experience. And two, that if the algorithm shows your listing, that that listing then closes a sale to generate a service revenue.

Culin:
So the first part of that is be a good host, right? Get five star reviews, go outta your way, you’re in the hospitality business. Do a good job for your clients. That’s gonna, that’s how you really maintain your five star reviews, right? But the more important part of it then becomes how do I feed the algorithm to show it that I can close the sale, that I can generate that service revenue? And one of the ways that we do that, one of the primary ways, there’s a lot of sort of technological SEO type things we can get into. I dive into all of ’em in the book, but one of the biggest being your pricing, 95% of hosts list a property, pick their average daily rate, call it $200 a night, and just post that as their rate. What that does is that under prices, their weekends, so all the weekends fill up real quick and overprices their weekdays, so then their weekdays go flat, right?

Culin:
They go unbooked. So occupancy and pricing for occupancy is the next really big thing to, you know, getting to the top of the, the list. And we do that with a third party pricing, dynamic pricing tool called price lapse. There’s others, wheelhouse is another one. Beyond pricing is another one. But the way these work is you set that $200 base price. This software is getting data all the time from Airbnb about the number of searches going on in that area for that time, that weekend, that specific date range, what the occupancy is, what the historical occupancy is, and then it turns up and down your pricing the way like an airline airplane airlines with, with, with seats. So if there’s a festival coming into town, if it’s a weekend, if it’s a holiday weekend, if there’s a college graduation going on, it’s gonna take that $200 night price and jump it up to maybe $350 a night for that weekend, right? So you’re gonna profit maximize. But on the other side, if next Tuesday and Wednesday night is vacant, it might take that $200 and knock it down to 1 49 a night. And now you’re filling your calendar, you’re teaching the algorithm that if they try you out in that number three, that page one position, that you’re going to then close the viewer, the, the, the guest and, and generate service revenues for the algorithm.

Charles:
Interesting. so when they’re, it’s, it’s kind of like search pricing with Uber, you know what I mean? So if you’re leaving a concert, it’s a whole different pricing than if you’re going out and using it on a 6:00 PM on a Monday. You know what I mean? So a

Culin:
Hundred percent. Yeah.

Charles:
Which is, that’s great. That’s awesome. That’s a great

Culin:
Balance.

Charles:
When you are, so you, you have nine properties, you obviously have some sort of system in place, you utilize some sort of tech. When you’re doing this, can you let us know into what you use, what you suggest people to use, how much tech, how much do I use and how can it help me running a short-term rental?

Culin:
Yeah. You know, the tech stack involves, you know, air, d n a from that research perspective mm-hmm. <Affirmative>, we talked about. Mm-Hmm. <Affirmative>, it involves price labs for that third party dynamic pricing. The next piece is operationals, right? Yep.

Culin:
You know, when you have one property, you’re getting a couple of messages. When you start to have two or three properties, well, you’re getting a lot of repetitive messages. So we use an automated messaging platform called Hospitable that automatically responds to your guests and deals with 90% of the questions that you’re gonna get. So when somebody books, they get an automated message, here’s your faq, I call it your concierge message. You know, if Charles, if you were coming, you know, to stay in dc w w what will be all the things that I would tell you, here’s my favorite restaurants, this is where the great grocery store is. Don’t miss this little, you know, hole in the wall spot, right? So we’re gonna put all those things in a message, and then five days before the guests show up, they’re gonna get another automated message. It says, you know, here’s the wifi, here’s the address, here’s, you know, the door codes, all the things about getting into the house. So that takes all of the burden off of the host, 95% of the burden. All those questions are being answered in an automated fashion through hospitable the automated messaging platform. So that’s another big piece of the tech stack.

Charles:
You know, you have these properties hours from your house, let’s say what kinda small team do you have on the ground? Obviously you have someone to clean. I would imagine you have some sort of handyman. I mean, who reviews the properties between, I mean, obviously you’re not going in there.

Culin:
Yeah, perfect. Absolutely. You’ve kind of, I think, hit the major buckets there, which are your housekeeper is your number one business partner, right? You’ve gotta find somebody. That person’s gonna be your eyes and ears. They’re gonna be in the property, you know, three times a week, and they’re going to not just be cleaning, but letting you know, like the front doorknobs a little loose. You know, the oven door’s a little loose, right? There’s a stain on the carpet. So that housekeeper, you know, really is your, your number one business partner. You know, we treat them well, we pay them well, we get ’em everything that they need, you know, new vacuum cleaner, you know? Mm-Hmm. <Affirmative>. And then you did touch on the next person that’s important to have is, is some sort of handyman, some person that you can call when the housekeeper says that doorknob is loose or the screen’s falling out or something, you know, beyond, you know, what the housekeeper would do.

Culin:
You know, and it’s kind of funny, often once you find the housekeeper, they’re local people and they often are already doing this, so they know some of these people. Ah, so yeah, when you get that first, right, when you find those first housekeepers then they can kind of help you with some of some of the rest, right? So the handyman being the number two person. And then I think you alluded to something that’s actually very smart, which is what do you do for inspections? Right? So we definitely recommend what we call owner’s eye where, you know, the housekeepers do on a turnover, but we try to come through our properties on about a 90 day frequency and look for the things that the owner’s looking for. You know, some scuffs on the wall, you know reorganizing some cabinets. My wife and I lived in in Greece, Athens, Greece for a year, two years ago, and we ended up just contracting with somebody to do that 90 days walk through. What do you see little things if, you know, that person was a bit of a handyman so they could tighten, you know change air filters and, and tighten doorknobs. But then there’s things that just, you know, when you need a plumber, you gotta call a plumber.

Charles:
Interesting. Yeah. That’s, that’s very interesting. That’s a great way of doing it anyway. You know, when you’re doing a long distance landlording of any type, short return rental or long-term, you need to have those people on the ground. The better the people I know for long-term rentals, the easier it is to manage it.

Culin:
And you do the same thing you would do at home. You know, the toilet pla blocks up and you call a plumber,

Charles:
Right? Right. Just

Culin:
Making a phone call from a different location.

Charles:
One thing I wanted to touch on before when we were talking, which kind of escaped my mind, was minimal rental days. Now are you, I’ve had this happen before mm-hmm. <Affirmative> when I’ve been traveling abroad and over like a holiday. So I spend Christmas in like France or something like this, whatever it is with my wife, and we would you know, the guy was like, oh, I gotta do this longer. So we would do it longer. We’d pick the days, you know what I mean? Which makes perfect sense. And this guy, you know, I’m trying to maximize. I’m not thinking that I’m just like doing it like it’s a hotel, you know what I mean? So how do you set it up where you’re doing minimal rental? You

Culin:
Know, I think you know, years passed, right? Pre Airbnb, if you are renting a beach place, it was always Saturday to Saturday. Right. You know, seven night minimums. I think those days are moving away. Particularly a as you get out of the beach areas, our, our minimum is, is two nights. If you tell somebody they have to stay three nights, they’re, they’re not going to change their plans. They’re going to change their search. Right. They’re gonna look for a property that will accommodate. So yeah, I get that with a lot of like, young clients, new clients that want, you know, well, I don’t wanna turn over, you know, I want a three or four day minimum. You can do a three or four day minimum, but you’re significantly reducing your applicant pool, right. Your, your guest pool. So two nights is my minimum.

Culin:
Occasionally what we will do is an advanced strategy in our smaller properties is, is if we have two, two night stays or a two and a three night stay with a night in the middle, we will sometimes allow that, we call it an orphan night, and we will allow for a one night stay in our smaller properties in that, in that example, right. But a four or five bedroom place, the one night stays become problematic because, you know, you’re either eating up a weekend night, you know, when somebody just stay for Friday night or just Saturday night and have a party and leave. Right,

Charles:
Right, right. Yeah, the two nights, that makes sense. I personally, for me, I would never stay at a short-term rental if it wasn’t at least two nights. He would just stay at a hotel. It’s usually, usually easier, you know what I mean? Or motel

Culin:
One night, one night stands, yeah, one night, one night stands. One night. Stays are kind, <laugh> are kinda hard to find.

Charles:
So what are common mistakes you see short-term rental real estate investors make?

Culin:
You know, particularly I think a lot of people got in you know, at the height last year and the year before when things were just really kind of crazy booming because of covid. I think people need to realize, a, they’re in the hospitality business and b they’re in the business business, right? So, you know, this isn’t, you know, sometimes you see these comments, well, this is my house and these are my rules, and if they don’t like it, you know, we have to realize and separate ourselves emotionally from our property. Yeah. Right. And realize this is a business you can, like the guest or not like the guest or like what they have to say or not like what they have to say, but we have to put on our, you know, our Ritz Carlton front desk manager hat realize we’re in the hospitality business.

Culin:
You know, everybody ha should have an equal opportunity to to, to rent our place. Right. and treat everybody, you know, with respect and, and they’re gone in two or three days. If <laugh> if, if, if they’re not a good personality match for you, you know, you know, smile through it do your best, put on your business hat and you know, you’ll have new guests. It’s kind of one of the joys actually to search your rental business also, which is, you know, if you’re not, if you’re not you know, sometimes we have guests that we’re not meshing with, you know, maybe they’re a little picky or, you know mm-hmm. <Affirmative> personality wise. But you know, you smile through it and you know, they’ll, they’ll be moving on in a day or two and and you’ll be getting a new cast.

Charles:
Yeah. So Colin how you, being a lifelong entrepreneur, how has your relationship towards money changed over the years from starting other businesses to now being short-term rental expert?

Culin:
Yeah. You know, I think what’s really different about this phase of my life and business and entrepreneurship is I have really achieved not just sort of cash flow and financial wealth creation through short-term rentals. I’ve achieved a level of financial freedom mm-hmm. <Affirmative> that I’ve never had before. You know, so I, I remember having, you know, companies and leaving for lunch and, you know, being nervous about, you know, being gone for 20 minutes to go pick up my lunch and, you know, being anxious. I get back to the office to go, go, go. You know, the rental business has provided me a level of financial freedom and, and and time freedom, right? Where I can pick up and, you know, go hit a kid’s sporting event, you know, twice a week at, you know, two in the afternoon or you know, just not have that stress. So, you know, it’s been wealth creation and you know, really a comfort through true financial freedom.

Charles:
Wow. That’s awesome. Those are the best two things, right? And one thing before we wrap up and get more information on you and your business, what are, what are main factors that have come true to your success over the years? And I love speaking to a lifelong non W2 entrepreneur for life, cuz I’m been the same. I never had a job after college. And so kind of what has contributed to you being so successful in your life, Collin?

Culin:
I think personally for me, I’ve always had a good eye for spotting opportunities. Mm-Hmm. <affirmative>, you know, a number of my companies weren’t my idea, their were ideas of friend. You know, I kind of got into the short term rental business and just was able to spot an opportunity there. I think the other keys to success are to be a problem solver. You know, so many people are problem identifiers. You know, I’m sure people are listening to this right now thinking, oh yes, butt, butt, butt, butt, you know, well whatever those butts are, write ’em down. Right? If they’re things that you control can control, write ’em down and find a solution, right? So I think a lot of people that are successful entrepreneurs, particularly successful real estate investors, are just problem solvers. What’s the problem? There’s always gonna be a new problem. You know, if it’s a fix and flip or you know, if it’s a mortgage problem, you know, if it’s a tenant problem, you know, we’re in the business of solving problems and I think the people that can identify and solve those problems instead of, you know, sticking their head in the ground are the people that are the most successful.

Charles:
Huh. That’s fantastic response. So Colin, how can our listeners learn more about your business, your coaching, your book, everything else about you? Absolutely.

Culin:
The book is easily found, it’s host, coach on amazon.com. To learn more about us and our coaching the website is host coach.co. And then for kind of a fun behind the behind the scenes look of what we’re doing, you know with our properties and renovations and running our business on Instagram at host coach.

Charles:
Okay. Awesome. I’ll put those links into the show notes and I wanna thank you so much for coming on today.

Culin:
Yeah, it was a great time. Thanks Charles. Have

Charles:
A great rest of your day.

Culin:
You too.

Charles:
Hi guys! It’s Charles from the Global Investors Podcast. I hope you enjoyed the show. If you’re interested in get involved with real estate, but you don’t know where to begin, set up a free 30 minute strategy call with me at schedulecharles.com. That’s schedulecharles.com. Thank you.

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About Culin Tate

Culin Tate is a serial entrepreneur, owner and host of nine Airbnb properties, Airbnb ambassador, short-term rental coach, author, and speaker. His mission is to share his experience, knowledge of specific tools and software, and the systems he has created to harness the unique opportunity of short-term rental investing so that you can enjoy a life of financial freedom to live your why. Learn more about his offerings for speaking, workshops, and individual coaching sessions.

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