Episode 298

Hotel Investing to Virtual Assistants with Mike Stohler

Mike Stohler is a former commercial airline pilot, Navy veteran, and co-founder at Gateway Private Equity Group, a real estate investment firm whose portfolio has included hotels, multifamily, and residential properties. Between apartment complexes, houses, and hotels, Mike has owned or operated over 1300 units. Seeking value-add opportunities and higher returns, Mike pivoted from multi-family to hotels and now focuses exclusively in this niche.

When Mike first started in real estate investing in 1999, he lacked experience and failed. Through committed action to learn, grow their skills, and help others, he has created immense change in his business and life.

Mike also hosts The Richer Geek Podcast, to help others find ways to make their money work for them through real estate investing, owning businesses, or other alternative investments.

Connect with Mike Stohler!

As you can already tell we have made some changes and a few more are on the way. If you are interested in what we have planned, head over to Patreon.com/REImastermind, and support the show today. Financial contributions are always appreciated along with a LIKE, SHARE, and REVIEW. It really helps us grow and reach more people with this valuable information. See you next time and tell a friend!

LIKE • SHARE • JOIN • REVIEW

SUPPORT THE SHOW!

"You can invest 10,000 hours and become an expert or learn from those who have already made that investment." - JD

Transcript
::

You are listening to the REI Mastermind Podcast Join JD has he chats with industry leading real estate experts and professionals.

::

We learn from their experience and uncover the strategies to their success that we can implement into our own businesses and we can drive immediate results.

::

Today, they share their experience.

::

And wisdom as we build a foundation to our own success.

::

This is the REI Mastermind Network.

::

We have Mike Stohler with us here this afternoon.

::

Mike really appreciate your time and before we kick things off I want to make sure everybody has your contact information.

::

But first of all, Mike hosts the podcast of.

::

His own and.

::

It's called the Richard Geek Podcast, so make sure you subscribe to that.

::

Hit pause if you need to on this episode.

::

And subscribe to his podcast and check that out, because Mike has kind of a unique investment strategy that we're going to be chatting about today.

::

Also, if you want to reach out to Mike and ask him some questions directly, you can always find him on LinkedIn as well as through his website gateway.

::

Ape.com and that stands for Gateway. Frank see I was going.

::

Thank you.

::

To screw that.

::

Up it gets a little too long.

::

That's why you shorten it right? Gatewayp.com Gateway private equity group. We really appreciate your time, Mike.

::

Yeah, thank you for having me it's pleasure.

::

So I know that you have some.

::

Let's start things off.

::

I'm always curious because it and people keep hearing me say this over and over again.

::

But real estate investing, it seems to be a kind of an accidental occupation.

::

For most.

::

How did you go from being a naval?

::

Pilot to real estate investing.

::

Well, it's in.

::

The, uh, you know what I did is way back when I.

::

I think everyone in a lot of your listeners read the robbery Kiyosaki book.

::

Oh yeah, your Chad poor dad is a pity.

::

And rich dad.

::

Poor dad.

::

Yeah, it's kind.

::

Of like the one of the Bibles of.

::

Of real estate and that got our attention.

::

And so I tried it, you know it.

::

It was a.

::

This was back in the late 90s pre Internet, you know, is before computers, almost.

::

It just started, you know you said go do it and I did it in May and failed miserably.

::

Yeah, it's just horrendous because yeah.

::

I can't Google how to be a landlord.

::

It's very easy to buy, right?

::

But it's it wasn't easy.

::

You know all of a sudden I had eight properties and I'm like OK, now what?

::

You know what kind of forms do you need?

::

How do you vikt?

::

What kind of property management experience you know?

::

So it completely failed and then went to work for the commercial airlines?

::

And use that money to, uh.

::

Get back into real estate in 2012 'cause I knew that it's like, you know, that's it. Real estate is it? I cannot sit here.

::

And just continue.

::

Do this.

::

Uhm, that's where the money is at. I learned my lessons and so I got back into it in 2012 and bought a four Plex. That's how I got back into it.

::

So what were some of those lessons that you have learned along the way now that you wish you would have?

::

Known when you started off.

::

Oh boy, yeah, there's a lot.

::

Probably chew up the whole episode, right?

::

I want to chew up the logs.

::

So you know everybody, you listen to how wonderful.

::

All the success stories are in in real estate, and yes, I do have one.

::

You know, I went from.

::

A four Plex.

::

To a dozen homes and two hotels in seven years.

::

Uh, you know we have over well close to $16 million in assets right now. And we did it ever since 2012 and bought our last hotel in 2019.

::

But man, there's a lot of pain.

::

There's a lot of things that I wish I had.

::

Number one is get a mentor.

::

Everyone needs, don't do it on your own.

::

Uhm, don't trust Reddit.

::

Don't trust you know all these other things.

::

Because the Internet does not it, it's going to be shocked in and that does not always tell the truth and you don't know if the person website you're on just watched an HG TV episode.

::

Now he's an expert.

::

Or does he have decades of real life experience?

::

So get a mentor.

::

That would have saved me so much time and effort and pain and heartache if I just had someone to reach out to and learn from. #2 is.

::

Set up.

::

Your entities never put anything in your own name.

::

Set up, get a good CPA, get a good attorney.

::

A man that knows how to do these don't go on the website and download.

::

Uhm, operating agreements. Things like.

::

That just do it the right way.

::

Put everything in the LLC and the reason why you do that is the liability.

::

Tenants will and can and it's stuff happens.

::

You want to be able to protect yourself what you don't want to do is lose your entire net worth over one rental.

::

That some you know.

::

Slipped over a crack or did something like that.

::

You get sued.

::

And then because it's in your own name, they can go after your entire net worth you all.

::

Of your assets.

::

Protect yourself, put it in two LLC's.

::

Yeah, no, that that's great advice, do you?

::

Have you even found?

::

The that it's even worthwhile to have an LLC for each property.

::

Yeah, you know that's a great question.

::

In the beginning, the way I set it up is, you know your own risk.

::

You know how much you want to.

::

Risk each individual.

::

House now what I do is because I have investors. I'll maybe bunch a couple of homes into one LLC because here's what happens is once you get into a dozen homes or 20 homes, or 30 homes, +2 hotels, plus all this sort of stuff and you have an LLC for every single one of those.

::

You're going to be spending $15,000 plus in CPA.

::

Uhm, just fees.

::

Because each one of.

::

Those would have to have.

::

A tax return.

::

So the way that you should do it and you know I'm not a CPA blah blah blah, you know.

::

There's disclaimers, you know.

::

Yeah it says disclaimer here yeah.

::

Insert disclaimer here, but the way that that we do it is if if you're starting out, you have less than five.

::

Go ahead and put in.

::

And individual LLC's and you'll know your risk levels. But then I put a each one of those they're owned by its own holding company.

::

So each one of those LLC's as they pass through into a holding company. So that's how I get by with just doing 1 tax return. Is they all kind of fun?

::

Off into the same holding company, so I have all these pass throughs but still my God just you know the level of headache having 100 different LLC's. If you have 100 different homes. So what I do is if I have a.

::

One investor and we have three or four.

::

Homes, we'll put that in.

::

In in the one LLC.

::

But yes, when.

::

You're starting out.

::

Individual LLC's, you know that's great.

::

Sure, well you know one of the things that you brought up, and this is where we're kind of jump into this a little bit.

::

As you said you went from floor plaques up to hotels, tell me a little bit about investing in hotels and how.

::

How does that?

::

How has that been working?

::

Yeah, well you.

::

Know the big difference is.

::

Hotels is it's.

::

It's like running a business.

::

OK, it is a business that happens to have land real estate that it sits.

::

On top of.

::

The biggest difference between a I'm sure a lot of your listeners may be involved in multi families or fourplexes and things like that.

::

The big difference.

::

Is I get to change my rent every day?

::

OK, instead of a 12-month lease or a six month lease so when the summer when the winter you know it's like you know I can go from $60.00 a night up to 100 and $5200 a night depending on if if a concert comes in 250 night.

::

Uhm plus?

::

I get to.

::

They come in and leave.

::

Then I get to reset it and I have professional housekeepers that I pay per hour and they come and clean it where every time you have someone that lives in and you're in a multi-family.

::

Now you have to repaint re you know.

::

I mean it could.

::

Cost you $880 a.

::

$100 plus.

::

To get that room ready for rent.

::

So there's just a lot of big differences.

::

You know I have employees I'm able to.

::

Who get SBA loans?

::

You know?

::

So there are some things because I'm considered each hotel is considered a small business.

::

I was able to get the PPP.

::

You know the ideals and I'm able to get, you know, the different type of SBA help and SBA loans.

::

And it's a commercial loan.

::

That is, it's a little bit different from everything else, but it's running a business you know, and multi family may have a maintenance guy.

::

You may have some reservation you know or sales people.

::

Uh, a manager, but you're my hotels have 15 to 18 employees and you need a different type of team.

::

So it's a little more.

::

It's slow, more involved, but I love it because it's to me.

::

The radar returns the CAP rates.

::

You know, if you want to call it, that is to me a lot better than multifamily, because we can gross a lot more if you look at a $5 million hotel. $5 million multifamily?

::

The hotel will always beat.

::

It as far as gross revenue.

::

So, do you have these hotels across the country or?

::

How many do you have right now?

::

Right now we have two.

::

Uhm, within our operating group we have one that is out in Georgia, but it burnt down.

::

You know, that's that's another thing that's but our operations guys handling that, but they're flagged hotels so you know I do like what I mean by flagged hotels is it's is a franchise.

::

No no.

::

And that's another thing, is a little bit different from multi family.

::

We're under like the Radisson brand name.

::

The Choice Hotels, quality ends and it's nice because now I don't have to market.

::

I don't have to put in.

::

I just pay fee and I get.

::

All the advertising they want.

::

Right?

::

Plus loyalty you know, with cards, and you know, loyalty, rewards and things like that.

::

So how do you?

::

You pretty much manage this with those teams on site.

::

Then do you give them the authority to make those rate changes and negotiate?

::

You know a lot of familiarity for us is that you know I have a daughter in hockey.

::

So we frequent hotels quite a bit and then they block out rooms and so there's got to be some negotiation going on there.

::

So do you let your local staff handle all that?

::

Yeah, you know, that's another great question as.

::

Far as groups like that.

::

We have, uh, I I give them so much leeway and so much discount 'cause they know that if this is our rack rate, then we can discount it 20% or we can, you know, discounted a certain amount and then it just depends on what they want. Free breakfasts. You know. Free and.

::

And then we kind of put it into a package.

::

But yes, the general manager of each hotel can book that and then we just give them kind of the.

::

How much of a discount that we allow them to give everyone else?

::

There are, you know, Radisson choice and they do specials. You see the commercials all everyday, you know stay three nights, get a fourth free or stay two nights and you get 20% off and so they do a lot of our advertising. Lot of our specials and then.

::

We have what's called.

::

OTA's and those are the third parties, those are your, Expedia, TripAdvisor, booking.com.

::

They also have their specials that through Radisson and through these different chains that they get.

::

You know it's again like.

::

Go stay three nights, get the 4th.

::

Through pre pay and.

::

You get 10% off on all these different types of discounts.

::

So most of it is done through corporate, but then our GM on a local level has the ability.

::

Two and then our sales.

::

You know, managers on on at the hotels are allowed to give some different type of discount.

::

Sure, well, during the you know the deep of COVID you know you've already mentioned being qualified for some of these SBA loans and government programs.

::

How did you fear?

::

Yeah, the.

::

Yeah, the great thing.

::

A lot of people like close me with COVID and you shouldn't look like you shouldn't think that way.

::

You know, true entrepreneurs like how can they learn from these things and what it's taught us is 1.

::

Of our hotel.

::

Wells was extremely profitable and did very well during COVID and then the one that is in the business park.

::

That is a really nice Radisson and it's right in the middle of all this.

::

You know, industrial, not industrial, but you know Tech park and things.

::

Like that it didn't.

::

Fare that well.

::

It's because businesses were not traveling.

::

People were not going into these corporate, and so the hotel that I thought was going to be fantastic is the one who suffered more.

::

Now we were able to keep all the hotels open.

::

Because of the ideals and because of PPP, and because of, uh, you know, help with staffing and things like that.

::

So none of them closed.

::

But you know what we learned?

::

Is what type of hotel did the best?

::

Uh, within our state?

::

We're here in Arizona.

::

And nationally, which ones did well so that changed our mind for from when we now buy another one?

::

Now we have this new benchmark.

::

You know instead of these fancy full service types of hotels.

::

Wow, which one did fantastic the ones off of a major highway that had truck driver parking was who did not stop.

::

Working during COVID truckers and just you're not your full service, but you're just your mid level hotel that gives you free Internet and free breakfast so that they can get up and.

::

Right?

::

Go UM and you in in the hotel.

::

Space we look at what's called drivers.

::

What is driving people to your hotel?

::

So it's a little bit different from just a residential plopped down multifamily and you just have people that live in that area, but we have drivers so we have long the truck parking is a driver.

::

It's near a hospital.

::

That's another driver.

::

It could be close to university, that's another driver, but you look at now.

::

A lot of us say, well, you know, I'm just going to put up the hotel.

::

It's near ski resort or well, the only drivers lots in a business park.

::

Well hey if those things go away then you don't have a lot of.

::

Driver you don't have a lot of people going to it, uhm?

::

So wow, you know, I never thought that just a regular run of the mill hotel with truck driver parking.

::

Close to a house.

::

Little and it did fantastic.

::

Sure, when everything is back up and normal again, how do you typically find the leads or those residents coming in?

::

You know, I, you know you've got people got all these online entities like Priceline and.

::

And I suppose the franchise websites you got all of this online booking people calling directly and then people just showing up hoping you.

::

Have an open room.

::

Yeah, you know we do get a, you get a lot of walk-ins, especially now during COVID.

::

What's really interesting is our forecasts or 30 day forecast.

::

It has always been low during, you know the last year and a half because a lot of people are doing their the walk-ins.

::

They're just sitting there.

::

It's like, well, last minute travel everyone is maybe traveling by car now instead of flying.

::

So you get people that are like oh man, I'm tired.

::

I don't want to get into Phoenix.

::

Let me.

::

Google real quick.

::

You know the person that's not driving.

::

Find a hotel so we get that, uhm?

::

We're always looking at.

::

What's going on in the city and then reaching out and making sure you know what kind of concerts is?

::

Or there's some race cards, or what kind of events are coming in and then we kind of market to those type of events and tried to get on.

::

Well, we started marketing what really, really helped us is when California locked down.

::

And they stopped the.

::

They even stopped outdoor activities.

::

I mean, they completely locked down.

::

So we had a lot.

::

Of the travel teams come into Arizona.

::

To play, for instance softball or volleyball.

::

And it was.

::

It was crazy.

::

We had two teams that lived there.

::

Schools were four miles apart in San Diego.

::

They traveled all the way to Arizona, stayed in the same hotel, just to play each other.

::

And you know, so it's yeah, and so you know we benefit on that.

::

That's interesting.

::

So what you do is you just you reach out to those organizations.

::

So it's kind of different from, you know.

::

With the multi family 'cause.

::

Just more of picking up.

::

Why are people coming in or we look at future?

::

Revenue is first, you know what's coming in and how can we find ways of getting a future revenue.

::

And then some of the others are.

::

Uh, you know like is there a construction coming in, you know, is is there?

::

We're just kind of always looking were part of the Chamber.

::

We're always looking at getting emails and reaching out to the community and finding out is.

::

Someone building a new factory, someone buildings and we might be able to get some of that.

::

Those people staying.

::

With us

::

So you know before we go any further, I wanted to remind everybody it's Gateway pe.com if you want to connect with Mike and his team.

::

Otherwise, find Mike on LinkedIn.

::

He's very active there.

::

Mike Stohler.

::

I'll make sure to include that those links in the show notes, but.

::

The last name is spelled STOHLER. If you wanted to follow along well, Mike.

::

I kind of want to circle back a little bit on I'm.

::

I'm curious as to the profitability and what type of returns you're seeing in in the hotel industry.

::

This is such a unique animal to us, we haven't really had a lot of discussion regarding this before, so I I suppose you're right.

::

You know, a lot of people, especially listening to my show.

::

They might be newer to real estate.

::

Investing and multifamily is an aspirational goal, but still that would be like.

::

How does that compare?

::

Yeah, it's a great question because I had to make that decision.

::

Uh, when I sold my last I had a A50 unit apartment complex and I I made so much money off of.

::

It that I was like well.

::

Do I buy another multifamily or do I go into something else and you know, with the multifamily cap rates?

::

I don't know where most of your listeners are, but you know the CAP racing returns are.

::

In the mean they're?

::

Getting into three and a half, four or four and a half percent rate.

::

And I was like.

::

Is that something that I want to do and I just happened to Long story short, decided no, I wanted to go and I got into hotels.

::

The hotels are sitting at around a 10 to 12 to 15, so it's where the multi family was.

::

Back in 2000, maybe 12 right after the crash. Raven, then prior. You know the the early 2000s, but we are still.

::

Let me preface that.

::

2019 numbers or the hotels that that did well. A lot of the hotels joint COVID are just struggling.

::

You know to stay open, so most of them, but regular numbers minimum.

::

If you look at Loopnet, you look at you.

::

You look at the numbers and dive in.

::

10% return is.

::

Fairly common, and, uh, you you'll probably.

::

Get even more.

::

Right you.

::

But you know you look at it to, you know, Jack.

::

The reason being is you know we base off of gross.

::

When you look at multifamily, you have 100 unit, multifamily 100 key hotel, the 100 unit. Multifamily it. You're just going to take at 100% occupants. You're going to take 100 times.

::

X and it doesn't change.

::

With hotels I take 100 keys, but now I have.

::

I have to comp I.

::

Have to calculate it every day, every day, every day.

::

Times 100.

::

Some time, seven days a week times you know however many months in the days and then all those rates are changing so.

::

The gross is always a lot more.

::

Now granted, I have more expenses.

::

I have a bigger staff.

::

I have vendors.

::

I have breakfast stuff but it still does not.

::

Match the gross revenue is so much higher that even with all those expenses, it still makes more.

::

Right?

::

No, that makes sense.

::

You know what one of the things that it's?

::

It's always curious as you know more and more people are getting into Airbnb and trying to get these.

::

These to work and in my location we have yet to.

::

I frankly couldn't get the numbers.

::

To work for me.

::

I mean there there's not a lot of.

::

People flying for recreation to Fargo ND. I mean, it's just not. It's just not the demand. Isn't there the turnover alone?

::

Just would kills it like I couldn't get it to work, but when you're talking about being in these locations like you say and you're talking about the.

::

Volume and then having the staff on site.

::

That's when the numbers start to make sense.

::

Yeah, you know you look at the air B&B's and you look at multifamily. Just you're right, the expense just to turn them over to fix them because you don't have the staff in.

::

House you have to.

::

Hire someone to clean your Airbnb and it's $100 plus for a couple hours of you know of work.

::

Where for.

::

You know 1250 an hour I have experts that can go in in within 15 minutes or 20 minutes, go in and just.

::

And it's ready, you know?

::

So we're just not spending that much money.

::

Right?

::

On the turnover.

::

Well, you know, based on everything you've told me here too.

::

Now it sounds like not only are you relying on those teams that are onsite and you're kind of managing this remotely.

::

I would imagine you're also making some pretty heavy use of virtual assistants, how?

::

Is that going for you?

::

Yeah, yeah, that was.

::

I think the game changer for me because you're.

::

All of your.

::

Listeners when they when they get in the single family and or the multifamily at some point.

::

You're going to be working in your business too much instead of on your business.

::

And at some point you're going to sit there and say.

::

I need help but in the back of your mind say well helps gonna cost me money.

::

I can do it on my own and then what happens is you don't grow, it's because you're paying bills.

::

You're doing this, you're you know you're taking care of tenant calls and applications and all.

::

This sort of stuff.

::

But I also didn't want to pay 15 to $20.00 an hour plus benefits, plus workman's comp plus Social Security plus all the all the taxes. So what I did is.

::

I saw the need and I started a company and I got the contacts and their virtual assistance.

::

And there the I I looked at, you know the Philippines and you know that's where the standard ones come.

::

But I was like man, you know the only time I can talk to him is if I get up at 2:00 AM, you know?

::

And you don't have a dedicated VA.

::

So what I did is I created a company.

::

And these vieze are from Mexico, so the.

::

Time difference is maybe the same.

::

You know they're on.

::

Most of them are on central standard or or mountain Standard Time and their college educated.

::

And I pay $7.00 an hour for a college educated person that works 40 hours a week or whatever and man, do they want to work.

::

I mean, it's just like and they love to learn because it's resume work.

::

They do all my show notes.

::

They do all of my I don't do anything with my podcasts.

::

Anymore with my single family homes, they process the applications they take all of the maintenance calls they call the maintenance.

::

They do everything and.

::

It's that changed my life and you know we don't pay any taxes on that.

::

We don't have any withholdings from that.

::

You know they have to do that. You don't have to 1099 them.

::

So it's just.

::

7 bucks an hour and you get a college educated person that really wants working.

::

That's what change really changed my business so that I could sit there, train them.

::

And here's The thing is, it's not a.

::

Team I'd be dedicated.

::

Basically, like an employee, that's down there.

::

That I can train and I know that you know every three or four days when someone quits that I that I'm not getting this new VA.

::

Uhm, that has allowed me to sit there and say OK, now I can concentrate what what's my next goal?

::

What's my next thing that I want to work on?

::

You know, the input, the bills for all my hotels.

::

I mean, I don't do any of that stuff, it's just that has saved me so much money.

::

Rather than hiring people from the United States that.

::

Don't want to work, you know and or they want $20.00 an hour just to input bills.

::

So how long have you?

::

Found that they stick with you.

::

You know it sounds like you.

::

You mentioned that this is a resume builder for them.

::

That would typically mean that they are.

::

Using you to for the next best thing.

::

So how long do they typically sit?

::

Well, yeah.

::

I've had VA's now for three years.

::

Uhm, when I say resume builder, it's what it is at $7.00 an hour. You have to understand that that translates into a very, very good middle-class income.

::

For them, and even if they move on and do things, they're going to make $5 an hour, $4.00 an hour, so $7.00 an hour is very good, and the fact that they're working for an American company.

::

Whether it be an LLC or whatever, they don't care, but what I mean by resume building is they're just building up this experience so that if basically if I were to let them go.

::

They could go in and say, look, hey, I know.

::

QuickBooks I know this software.

::

I know Microsoft I I know how to do show nuts.

::

I know how to do podcasts.

::

I know how to do editing.

::

So that's what I mean by building up.

::

That's why they don't quit.

::

It's because they're just getting so much experience in in all this.

::

And but you know, I, I've set.

::

Uhm, place several of the VA's and the people like going Oh my God. If we, if I had known just how much money we can save just some tax withholdings and things like that and the fact that these

::

College educated people are.

::

I was it.

::

It's amazing.

::

It's like there's just so eager to learn and so eager it's like wow, I work for an American company.

::

You know it's just so important to them.

::

And get in to us just like my God. He got like $7.00 an hour and what we do is we start them.

::

Out at 5.

::

And then you have a.

::

See if it works, period.

::

And then he goes to $7.00 an hour and.

::

So do when somebody engages your company to help him with this type of thing.

::

How is there a certain number of hours you have to commit to?

::

No, it can be.

::

It's whatever I have.

::

I have there's applicants in Mexico right now that they currently work.

::

And are looking for part time work in in their field.

::

So what we do is we get in a call with everyone and you know it's we are real estate conscious.

::

You know that is our specialty with the VA's and we sit down and talk with the prospect, you know, the company.

::

What do you?

::

Want what we do is we basically build out a uh, work description.

::

You know job description and then we set up the interviews.

::

And we just kind of go back and forth.

::

You know, with that and you actually interview these people to see which one fits best.

::

And then you know, we have it like a 90-degree 90 day guarantee.

::

If it just doesn't happen to work, then we guarantee that within 90 days we'll find someone that does.

::

But you know full time part time, it's you know the best thing is that you have one person, not you know, every time you call in, it's just it's.

::

Not this pool.

::

If you look in the Philippines and you.

::

Look in in in Asia.

::

There may be 50.

::

VA's on one room. And they're just.

::

All doing things for every shift.

::

They're working for a different person, a different company, and they're just doing this.

::

This is a dedicated.

::

A person that wants to work for you and wants to learn so it's really helped out.

::

Resource yeah.

::

Well, I I would imagine that helps out in a lot of ways.

::

Especially you know you get used to how each other works and you can quickly kind of find each.

::

Other's rhythm and.

::

Yeah, and you know it.

::

It's because we put them on like a VPN.

::

Phone system, you know if it's something that you want to do.

::

You can actually give them a local phone number.

::

So they're calling Mexico, but they're calling a Fargo phone number and these people have such great English accents.

::

You know that it really works out, so it's.

::

So it works out and they're just so eager to learn.

::

It's just like and they're like going.

::

Thank you.

::

So much they're so.

::

Appreciative that they have a good paying job and they want to please you so much that I just love it.

::

You know we give our VA's you know Christmas breaks, Christmas bonuses, you know, and.

::

Because it's like.

::

To them it's so big, but yeah, I'll give him a week pay at Christmas.

::

7 bucks an hour.

::

I mean, it's like it's but to them it's like Oh my God, you know there's that?

::

That's our entire Christmas.

::

So it I love it because I'm helping both sides.

::

Right, yeah, yeah.

::

No, that's really interesting.

::

We could spend our whole episode just talking about that entrepreneurial spirit that you obviously have and starting all this, this venture up.

::

But one more time I just wanted to remind everybody head over to gatewaype.com

::

Look for Mike Stolar online.

::

Did this has been a really interesting conversation?

::

I appreciate you bearing with me as we jumped from hotel investing to virtual assistance, but really interesting in in learning how you run your business.

::

Before I let you go, is there a question you wished?

::

I would have asked you here tonight.

::

Boy, you know you know you hit on a lot of things.

::

It's just you know if you're starting out.

::

It let me reiterate, you know.

::

Yeah, get a mentor.

::

Get a team.

::

Figure out what you want to do, but number one is.

::

Don't get into this analysis promises you know there's a sign that's above my desk right now, and it's been there for 20 some years.

::

The sign says build a life that you don't need a vacation from.

::

And I think that's all of our goals get out of the nine to five grind, get out of whatever and sit there.

::

And say wow.

::

I can do my real estate from an RV.

::

I can do it wherever I want in the entire world because I've built up that team.

::

So the best thing is everyone just get out there and.

::

Do it.

::

This is the hottest market.

::

And another thing that I'll leave at tidbit is all of your anxiety.

::

All of the reasons excuses for why you're not doing it.

::

The real those excuses and that anxiety is real inside of your head, but it's not the truth.

::

K It only lives inside of your head.

::

It's not the truth.

::

Uhm, so don't let the excuses stop you from.

::

This and real estate is just a fantastic life.

::

It's been very, very good for me.

::

Well, so one more time you know I was going to mention ask you if they were interested in the virtual assistance, would they also find that information at gatewaype.com or is?

::

That a different place.

::

Yeah, gatewayp.com and then you'll see a tab on the very top that says VA.

::

And then you go in and there's little chat box or an email box if you're interested.

::

And if you have any more questions about it, just look me up on LinkedIn and just say that you're a part of this real estate group.

::

This podcast and you have a question, and I'd be more than happy.

::

Even you know 10-minute call if you want or just shoot me a question on LinkedIn.

::

And be happy to answer it.

::

Yeah, and I I would imagine that you cover this plus many of your other topics on your podcast, so look for the rich, Richer geek podcast.

::

Subscribe to that here right now, and do most both a favor and get that done.

::

So really appreciate your time.

::

This was a great conversation.

::

And I hope you would consider coming back again sometime.

::

Absolutely thank you Sir.

::

This has been the REI mastermind network.

::

You can already tell that we've made some changes and a few more on the way.

::

If you are interested in what we have planned, head over to patreon.com/rei mastermind and support the show today. Financial contributions are always appreciated.

::

Along with the like share and review, it really helps us grow and reach more people with this valuable information.

::

See you next time and tell a friend.