

      <h2 id="chapter_39693684">Cold open &quot;B-class property with A-class management&quot;</h2>


        <cite>Tim Hubbard</cite>
      <time>0:00</time>
      <p>
          &quot;I&#39;d   rather   have   a   B-class   property   with   A-class   management   than   an   A-class   property   with   B-class   management.&quot;    
      </p>

      <h2 id="chapter_39693683">REU intro</h2>


        <cite>Ed Mathews</cite>
      <time>0:30</time>
      <p>
          If you&#39;re within three feet of me, we&#39;re probably talking about real estate, much to my family&#39;s chagrin. But here&#39;s the thing, most people see 7% rates and freeze. I see opportunity. They&#39;re waiting for the perfect deal, and well, I&#39;ve analyzed thousands of them, and perfect just doesn&#39;t exist. So I talk to   operators across   every   asset   class,   flippers,   multifamily   syndicators,   note   investors,   and   whatever   else   is   working.   No   sales   pitches   allowed,   just   real   lessons   from   people   actually   doing   it.   I&#39;m   Ed   Mathews,   and   this   is   Real   Estate   Underground.   

      </p>

        <cite>Ed Mathews</cite>
      <time>0:49</time>
      <p>
          Greetings   and   salutations,   real   estate   undergrounders.   It&#39;s   Ed   Mathews   again   with   The   Real   Estate   Underground.   Thank   you   so   much   for   making   this   a   part   of   your   day.   Today   is   a   cool   episode,   and   I   know   I   say   that   a   lot.   But   the   fact
      </p>

      <h2 id="chapter_39693682">Meet Tim Hubbard &amp; Corsley</h2>


        <cite>Ed Mathews</cite>
      <time>1:00</time>
      <p>
            is   that   the   gentleman   I   have,   Tim   Hubbard,   here   from   Corsley.   He&#39;s   the   CEO   and   co-founder.   Welcome   to   the   show,   Tim,   by   the   way.
      </p>

        <cite>Tim Hubbard</cite>
      <time>1:08</time>
      <p>
          Thanks   for   having   me.
      </p>

        <cite>Ed Mathews</cite>
      <time>1:09</time>
      <p>
          Yeah   I&#39;m   excited.   We   talk   about   multifamily,   and   that&#39;s,   a   huge   subject   on   this   show.   And   I,   like   I   said   in   the   past,   we   love   bringing   in   assets,   a-   asset   classes   that   are   alternatives.   And   this   week   we&#39;re   talking   about,   excuse   me,   this   week   we&#39;re   talking   about   short-term   rentals   mid-term   rentals,   and   a   whole   bunch   of   other   stuff.   Tim,   welcome   to   the   show.   And   so   for   those   folks   who   haven&#39;t   discovered   you   or   Corsley   why   don&#39;t   you   tell   us   a   little   bit   about   who   you   are   and   what   you   do?
      </p>

        <cite>Tim Hubbard</cite>
      <time>1:39</time>
      <p>
          Yeah.   Yeah,   thanks   for   having   me,   Ed.   Happy   to   be   here.   It&#39;s   always   fun   talking   real   estate.   It&#39;s   good   to-   So   I   started   in   real   estate,   yeah   I   started   in   the   long-term   rental   world,   and   about   16   years   ago.   And   shortly   after   that   I   got   into   short-term   rentals   because   I   saw   more   opportunity   there.   And   I   was   investing   in   short-term   rentals.   I   ultimately   started   investing   outside   of   California,   where   I&#39;m   from   originally,   searching   for   better   returns,   better   numbers.   That   led   me   to   a   couple   other   states.   Eventually   led   me   outside   of   the   US,   and   I   started   a   podcast   along   that   journey   called   The   Short   Term   Rental   Riches.   And   a   lot...   Just   talking   about   my   journey   with   short-term   rentals,   a   lot   of   people   reached   out   asking   how   I   was   managing   a   portfolio   virtually,   and   that   sort   of   grew   into   Corsley.   We   had   a   team   that   was   handling   this   core   all   the   core   operations   behind   a   short-term   rental.   We   were   doing   it   virtually   with   my   own   portfolio,   and   now   we   do   that   for,   hundreds   of   properties   across   the   US   and   in,   in   multiple   countries.   So   it&#39;s   been   a,   it&#39;s   been   an   awesome   journey.   But   we&#39;re   definitely   focused   just   on   optimizing   short-term   rentals,   which   is   a,   has   gotten   a   lot   harder,   you   know-   Yeah   over   the   years.
      </p>

        <cite>Ed Mathews</cite>
      <time>2:51</time>
      <p>
          Yeah.   And   for   those   folks   who   haven&#39;t   discovered   sh-   Short   Term   Rental   Riches   I&#39;m   a   fan   of   the   show,   by   the   way.   Thank   you   for   doing   all   that   you   do.
      </p>

      <h2 id="chapter_39693681">Remote work as the forcing function for virtual operations</h2>


        <cite>Ed Mathews</cite>
      <time>3:00</time>
      <p>
            Oh,   thank   you.   And   one   of   the   things   you   talk   about...   So   if   you   haven&#39;t   discovered   it,   check   it   out,   &#39;cause   it&#39;s   absolutely   fascinating.   I   learn   something.   And,   frankly,   I   learn   strategies   and   tactics   and   things   from   a   whole   bunch   of   businesses.   I   don&#39;t   have   any   short-term   rentals,   but   some   of   the   business   operations   and   ideas   that   kind   of   get   fleshed   out   on   your   show   are   things   that,   I   can   twist   and   turn   and   make   them   fit   in   my   world   as   well.   One   of   the   things   that-   I   find   interesting,   and   it&#39;s   something   you   and   I   have   done   both   in   our   lives   is   working   for,   technology   consulting   companies,   flying   all   over   the   place   and   running   real   estate   as   a   side   hustle.   And,   one   of   the   things   that   I...   you&#39;ve   mentioned   in   the   past   is,   you   kept   working   remotely   until   your   employer   discovered   it.   And   what   did   that   teach   you   about   the   w-   what   work   actually   requires   physical   presence   versus,   how&#39;s   that   shaped   your   thinking   about   working   remote   like   you   do   today,   and   you   hope   other   people   do   through   Corsely?
      </p>

        <cite>Tim Hubbard</cite>
      <time>3:59</time>
      <p>
          Wow.   Yeah,   I   think   there&#39;s   a   lot   of   underlying   benefits   from   working   remote   that   people   maybe   don&#39;t   recognize   in   the   beginning,   especially   for   businesses   that   traditionally   are   hands-on.
      </p>

        <cite>Ed Mathews</cite>
      <time>4:12</time>
      <p>
          Yeah.
      </p>

        <cite>Tim Hubbard</cite>
      <time>4:12</time>
      <p>
          And   the   big   one   is   just   that   you   can&#39;t   be   hands-on   and   be   working   remote.   And   if   you   are   working   hands-on,   it   means   that   you&#39;re   very   likely   working   in   that   business.   And   for,   a   business   owner   or   entrepreneur   that   wants   to   grow   a   business,   we   know   that&#39;s   a   dead   end,   right?   At   some   point   you   have   to
      </p>

      <h2 id="chapter_39693680">Why STR isn&#39;t just vacation rental...the urban thesis</h2>


        <cite>Tim Hubbard</cite>
      <time>4:30</time>
      <p>
            stop   working   in   the   business   and   work   on   it.   And   so   with   real   estate   if   you   move   100,   you   move   50,   100   miles   away   from   your   property   you&#39;re   not   there   anymore,   especially   for   short-term   rentals,   which   require   really   quick   attention.   And   so   that   basically   forced   me   to   figure   out   how   to   efficiently   operate   short-term   rentals,   which   is   traditionally   a   hands-on   business   but   to   do   it   virtually.   So   I   think   that&#39;s   one   of   the   really   big   ones,   and   that   could   apply   to   a   lot   of   different   businesses.
      </p>

        <cite>Ed Mathews</cite>
      <time>4:57</time>
      <p>
          Yeah,   it   applies   to   my   business   in   multi-family   world,   right?   It&#39;s   interesting.   So   w-   here   we   run,   we   do   flips,   we   do   multi-family   and   whole   bunch   of   other   stuff.   We   take   what   the   market&#39;s   given,   right?   And   f-   I   always   talked   about,   especially   with   the   flipping   business,   I   like   to   buy   properties   I   can   go   out   and   touch   them   and   physically.   And   y-   over   the   last   three   or   four   years   multi-family   wise,   those   deals   haven&#39;t   really   existed   here   in   the   Northeast.   Unless   you   wanted   to   grossly   overpay   and   overcapitalize   and   get   over-leveraged   and   lose   sleep   and   stress   yourself   out   and   freak   your   wife   out,   and   all   the   other   things   that   those-   those   poor   people   are   doing.   All   the   above.   I   choose   to   just,   maintain   my   relationship   with   my   wife   and   not   freak   her   out.   It&#39;s   the...   but   it&#39;s   interesting   because,   what   you   guys   do   at   Corsely   kind   of   solves   that   problem,   right?
      </p>

        <cite>Tim Hubbard</cite>
      <time>5:46</time>
      <p>
          Yeah,   that,   that&#39;s   exactly   it.   We&#39;re   basically   helping   others   manage   the   whole   back-end   operation.   And   with   short-term   rentals,   there&#39;s   a   lot   of   pieces   to   it.   There   didn&#39;t   used   to   be.   There   didn&#39;t   used   to   be   a   lot   of   pieces.   You   basically   put   your   property   on   Airbnb,   guests&#39;   expectations   were   incredibly   low.   You   could   have   photos   of   your   family   there,   and   you   could   even   get   away   with   leaving   some   dirty   laundry   in   the   closet,   and   people   wouldn&#39;t   give   you   a   one-star   review   because   you   were   probably   meeting   that   person   at   the   property   to   rent   it   out,   and   so   there   was   relationship   there.   It   is   so   much   different   now.   Pe-   we&#39;re   competing   against   some   of   the   nicest   hotels,   and   so   the   guests&#39;   expectation   level   is   much   higher   and   there&#39;s   way   more   competition,   and   so   there   really   are   just   dozens   and   dozens   of   pieces.   And   it   requires   a   team   and   expertise   to   truly   optimize   all   those   pieces.
      </p>

        <cite>Ed Mathews</cite>
      <time>6:38</time>
      <p>
          Yeah.   Y-   it&#39;s   interesting,   you   alluded   to   it.   The,   one   of   the   things   that,   that   I&#39;ve,   you&#39;ve   talked   about   in   the   past   is   how   underrated   urban   markets   are,   right?   And-   that   they&#39;re,   a   little   less   seasonal.   And,   so   &#39;cause,   like,   when   I   think   of   short-term   rentals,   I   think   of   golf   courses   and   beaches,   right?
      </p>

        <cite>Tim Hubbard</cite>
      <time>6:54</time>
      <p>
          Yep.   Yeah,   that-   that&#39;s   what   most   people   have   thought   about,   vacation   rentals.   Actually,   there&#39;s   a   very   popular   OTA   or   online   travel   agency   is   called   VRBO.   You&#39;ve   probably   heard   about   it,   but   it&#39;s   Vacation   Rental   By   Owner.   That&#39;s   what   the   acronym   stands   for.   And   so   that&#39;s   where   short-term   rentals   grew   out   of,   but   we   know   now   that,   people   are   staying   in   properties   for   a   short   period   of   time   for   all   kinds   of   reasons.   Maybe   they&#39;re   coming   to   an   urban   city   because   they   wanna   attend   a   conference   and   maybe   they&#39;re...   I   was   just   in   Miami   last   week   at   a   conference,   and   I&#39;m   in   a  
      </p>

      <h2 id="chapter_39693679">Medical professionals, conferences, and the long-stay STR angle</h2>


        <cite>Tim Hubbard</cite>
      <time>7:30</time>
      <p>
          management   group   there,   and   they   said,   &quot;Hey,   you   guys   wanna   rent   rent   a   house   together?   And   we&#39;ll   all   stay   there   instead   of   the   hotel.&quot;   I   was   traveling   with   my   wife,   so   we   ended   up   staying   at   the   hotel,   but   otherwise   I   would&#39;ve   stayed   with   them,   and   that&#39;s   just   not   possible   in   a   hotel.   And   so   there&#39;s   all   these   reasons   that   have   popped   up,   and   people   are   living   in   short-term   rentals   now,   too.   That&#39;s   right.   So   it&#39;s   actually   taken   a   fair   percentage   of   housing.   Yeah   and   so   yeah   it&#39;s   definitely   much   more   to   it   than   just   the   traditional   vacation   rental   markets.
      </p>

        <cite>Ed Mathews</cite>
      <time>7:58</time>
      <p>
          Yeah,   medical   professionals   is   one   of   the   ones   that   comes   to   mind   immediately   where   they&#39;re   signing   a   90-day   contract-   with   a   local   hospital   group.   And,   finding   a   rental   is   impossible   so   that,   y-   using   a   a   short-term   or   midterm   rental   property   is   always   a   little   bit   better.   Funny   story,   a   guy,   a   buddy   of   mine   Dave   I   won&#39;t   share   his   name,   but   he   he   bought   a   gorgeous   house   in   a   very   nice,   in   a   very   nice   town,   and   it&#39;s   just   him   and   his   daughter.   And,   one   of   the   things   that   he   did   to   make   that   work   was   he   rents   out,   I   think   it&#39;s   like   a   five   or   six   bedroom   house.   He&#39;s   got   his   bedroom,   he&#39;s   got   his   daughter&#39;s   bedroom,   and   and   then   the   other   remaining   three,   four,   five   bedrooms   he   rents   out   to   traveling   nurses.   And,   it&#39;s   a   gorgeous   place.   It&#39;s   a   nice   big   pool   and,   yard   to   play   in   and   barbecue   and   all   that,   and   he   lives   in   a   great   house.   And,   these   people   come   in   and   out.   And   his   only   rule   for   his   friends   is   you   can&#39;t   date   the   nurses.   Other   than   that-   the   fact   is   that   i-   it&#39;s   it   works   for   everybody,   right?   So-
      </p>

        <cite>Tim Hubbard</cite>
      <time>8:58</time>
      <p>
          Yeah
      </p>

        <cite>Ed Mathews</cite>
      <time>8:58</time>
      <p>
          he&#39;s   able   to   a-   afford   a   gorgeous   house   and   basically   serve   the   market   as   well.
      </p>

        <cite>Tim Hubbard</cite>
      <time>9:04</time>
      <p>
          Yeah.   Yeah,   and   that,   you   know-   As   an   investor,   we&#39;re   just   chase-   chasing   higher   returns.   You   know   what   I   mean?   But   when   you&#39;re   getting   started,   it...   There,   there&#39;s   lots   of   opportunities   with   real   estate.   When   I   got   started,   I   bought   a   fourplex.   That   was   my   first   investment.   I   used   an   FHA   loan.   I   put   three   and   a   half   percent   down.   And   this   started   as   a   long-term   rental,   but   that   was   one   of   the   properties   I   eventually   ended   up   turning   into   a   short-term   rental.   And  
      </p>

      <h2 id="chapter_39693678">Data-driven STR underwriting (occupancy + rate trends)</h2>


        <cite>Tim Hubbard</cite>
      <time>9:30</time>
      <p>
          I   furnished   one   of   the   units,   and   it   started   renting.   And   it   basically   covered   a   large   portion   of   that   mortgage,   so   there&#39;s   ways   to   do   that   house   hacking   a-   and   get   into   it-   Yep   even   if   you   don&#39;t   have   a   lot   of   money.   But   you&#39;ll   get   the   experience   earlier   on,   too,   which   will   help   you   grow.   And   yeah,   a   lot   of   people   have   come   into   the   short-term   rental   market   and   industry   because   there&#39;s   just   higher   returns.   It&#39;s   really   hard,   as   you   were   saying   with   multifamily,   same   as   with   long-term   rentals.   It&#39;s   just   really   hard   to   find   cash   flowing   properties   these   days.
      </p>

        <cite>Ed Mathews</cite>
      <time>10:01</time>
      <p>
          It   is,   yeah.   And   y-   and,   it&#39;s   interesting.   You   look   at   the   short-term   business   and   the   rule   of   thumb   that   I   was   always   told,   and   I&#39;d,   I&#39;ll   ask   you   to   validate   this,   is   that,   for   a   single   family   home,   if   you   can   rent   it   for   a   dollar   normally   a   short-term   rental   over   the   course   of   a   12-month   period   of   time,   that   is   actually   $2   to   $2.50   in   terms   of   overall   revenue.   Is   that   your   experience   as   well?
      </p>

        <cite>Tim Hubbard</cite>
      <time>10:28</time>
      <p>
          Really   depends.   Really   depends.   Yeah.   So   back   in   the   day,   when   Airbnb   was   just   making   a   name   for   itself   and   guest   expectations   were   lower   and   there   was   less   supply   and   all   of   that   I   really   started   my   podcast   when   I   bought   this   eight-unit   building,   and   they   were   all   long-term   rentals,   and   I   converted   it   over   to   short-term   rentals,   and   it   was   making   eight   times   more   than   the   long-term   rents.   But   this...   Yeah,   it   was,   like,   it   was   amazing,   so   I&#39;m,   like,   super   excited   about   it.   And   I   share   a   lot   of   that   on   the   podcast.   But   it&#39;s   not   like   that   anymore.   It&#39;s   not   like   that   anymore.   But   there   are   still   lots   of   places   where   you   can   earn   multiples   for   sure,   two,   three,   four   times.   It   just   really   depends   on   the   property.   Luckily,   we   have   a   lot   of   tools   these   days   where   we   can   go   in   and   see   how   many   short-term   rentals   are   in   a   market   and   what   the   average   occupancy   and   the   average   rates   are   doing.   And   if   the   average   occupancy&#39;s   staying   high   and   the   daily   rates   are   staying   high   even   when   a   lot   of   new   units   are   coming   onto   that   m-   market-   Yeah   then   we   know   that&#39;s   a   pretty   good   market   to   be   in.   But   if   the   opposite&#39;s   happening,   where,   1,000   units   got   added   to   a   market,   which   is   very   common,   to   look   back   at,   even   smaller   cities   and   see   that   1,000   short-term   rentals   were   added,   if   the   occupancy   got   cut   in   half,   then   that&#39;s   one   you   want   to   stay   clear   of,   and-   Yeah   so   we   have   this   data   now,   fortunately,   Ed,   where   we   can   just   go   on   and   we   can   underwrite   a   short-term   rental   just   like   we   would   an   apartment   building   or   some   long-term   rentals   and   really   make
      </p>

      <h2 id="chapter_39693677">The buy box: budget, regulations, market selection</h2>


        <cite>Tim Hubbard</cite>
      <time>12:00</time>
      <p>
            an   educated   decision   before   we   pull   the   trigger.
      </p>

        <cite>Ed Mathews</cite>
      <time>12:02</time>
      <p>
          Yeah,   so   tell   me   more   about   that.   When   you   go   to   acquire   a   property   or   you&#39;re   advising   somebody   to   acquire   a   property,   what&#39;s   the   buy   box   look   like?
      </p>

        <cite>Tim Hubbard</cite>
      <time>12:12</time>
      <p>
          Yeah,   it   depends.   Then   we   have   this   other   piece   of   short-term   rentals   which   is   that   they   can   be   fun   to   stay   in.   And   a   lot   of   times   they   are   personal   investments,   too.   A   lot   of   people   get   started   with   short-term   rentals   &#39;cause   they   bought   a   second   vacation   home,   or   they   bought   their   first   vacation   home,   second   primary   residence.   Yeah.   And   so   that   changes   things.   If   you&#39;re   not   looking   at   it   100%   as   an   investment,   then   you   can&#39;t   underwrite   it   as   an   investment.   So   you&#39;d   have   to   determine   what   that   personal   portion   of   it   is   worth   to   you.   But   to   make   things   easier,   let&#39;s   assume   it   was   100%   investment.   There&#39;s   some   things   that   you   can   narrow   down   pretty   quickly.   How   much   money   do   you   have   to   invest?   That   narrows   down   a   lot   of   markets.   If   you&#39;re   looking   to   invest   in,   Miami   or   something   like   that,   then   that   probably   not   gonna   happen   if,   unless   you   have   a   big   budget.   Yeah.   And   then   speaking   of   Miami,   they   have   a   lot   of   regulations.   So   you   also   gotta   check   that   too   and   make   sure   that   the   regulations   in   the   city   actually   allow   for   it,   &#39;cause   you   could   get   in   a   real...   if   you&#39;re   buying   a   property   to   rent   as   a   short-term   rental   and   the   rules   change   and   you   can&#39;t   do   that,   then   you   better   have   some   good   backup   plans.   Yeah.   So   I   think,   de-   determining   your   budget,   determining   if   there&#39;s   a   personal   component   involved   and   then   really   it&#39;s   just   a   numbers   game.   And   again,   we   have   all   this   data   available.   I   like   to   have   multiple   options.   So   the   more   reasons   a   guest   might   stay   at   your   property,   the   more   consistent   y-   you   could   expect   the   occupancy   to   se-   to   be.   So   that&#39;s   one   of   the   reasons   why   I&#39;ve   liked   urban   areas,   because   there&#39;s   lots   of   reasons   that,   that   people   might   be   staying   there.   But   it&#39;s   also   easier   to   have   more   competition   in   urban   areas   oftentimes.   And   we&#39;ve   also   seen   the   luxury   segment   basically   just   doesn&#39;t   seem   like   it   has   a   cap   on   it.   If   you   have   a   truly   luxury,   luxurious   property   and   there&#39;s   not   a   lot   of   competition
      </p>

      <h2 id="chapter_39693676">The B-class/A-class management thesis explained</h2>


        <cite>Tim Hubbard</cite>
      <time>14:00</time>
      <p>
            those   properties   are   doing   really   well.   So   I   guess   comes   down   to   budget,   if   you&#39;ve   got   a   good   management   option   in   place   which   doesn&#39;t   have   to   be   local,   and   if   the   regulations   are,   allowing   short-term   rentals,   those   are   some   good   places   to   start.
      </p>

        <cite>Ed Mathews</cite>
      <time>14:17</time>
      <p>
          Yeah.   And   as   you&#39;re   looking   to   get   into   this   business,   it&#39;s,   so   I&#39;m   a   newbie,   right?   So   I   start   to   look   in,   let&#39;s   say,   Boston,   and   I   find   a   property.   It   makes   a   lot   of   sense   and   but   I   live   here   in   Connecticut.   I   live   two   hours   away,   and   y-   one   of   the   things   that   from   a   management   perspective   has   always   been   like   I&#39;m   not   really   sure   I   wanna   do   this,&quot;   is   s-   there   are   so   many   more   moving   parts   in   a   short-term   rental   than   there   are   in,   other   types   of   investment   properties.   Talk   me   through   that.   What   are   the   considerations   that   you   need   to   make   as   you&#39;re   contemplating,   &quot;Okay,   is   this   a   good   fit   for   my,   investment   portfolio?&quot;
      </p>

        <cite>Tim Hubbard</cite>
      <time>14:56</time>
      <p>
          Yeah,   sure.   Ma-   management&#39;s   super,   super   important.   I   I   come   from   the   traditional   real   estate   side,   and   there&#39;s   a   mentor   of   mine   that   they   always   say   the,   &quot;I&#39;d   rather   have   a   B-class   property   with   A-class   management   than   an   A-class   property   with   B-class   management.&quot;   And   that&#39;s   even   more   true   in   the   short-term   rental   world   because,   you   can   literally   have   two   properties   that   are   almost   identical   to   each   other   or   maybe   are   identical.   Maybe   they&#39;re   in   the   exact   same   building,   same   amenities,   everything,   and   one   can   earn   twice   as   much   as   the   other   one-   Right   based   on   reviews   and   how   it&#39;s   been   performing   and   how   it&#39;s   marketed.   And   and   management   becomes   really   important.   Luckily,   what   we&#39;ve   discovered   is   that   a   lot   of   that   operation   doesn&#39;t   have   to   be   there   on   the   ground.   In   fact,   most   of   it,   for   a   short-term   rental,   can   be   done   virtually.   And   so   I   think   the   biggest   thing   is   making   sure   the   expectations   are   set   right.   So   whether   you&#39;re   using   a   local   property   manager   or   using   a   virtual   manager   that&#39;s   communicating   with   your   housekeeper   and   maintenance   staff   we   wanna   make   sure   that   the   expectations   are   set   right,   and   that&#39;s   gonna   ensure   that   you   get   good   reviews.   But   we&#39;ve   also   had   a   lot   of   new   technology   come   that&#39;s   available,   and   that&#39;s   made   it   way   easier.   Back   in   the   day   when   you   had   to   do   a   key   exchange   or   something   like   that   that&#39;s   a   pretty   big   operational   bottleneck.   But   now   everyone&#39;s   used   to   just   showing   up,   entering   a   four-digit   code   and   having   access,   and   actually   they   prefer   that   most   of   the   time,   where   they   don&#39;t   actually   have   to   meet   with   someone.   They   like   the   privacy.   Maybe   they   were   traveling   for   the   last
      </p>

      <h2 id="chapter_39693675">What Corsley does (and what owners still own)</h2>


        <cite>Tim Hubbard</cite>
      <time>16:30</time>
      <p>
            eight   hours   or   whatever   it   happens   to   be.   And   so   by   using   some   of   the   new   technology,   home   automation   we   can   facilitate   the   whole   short-term   rental   operation.   And   so   with   good   expectations,   with   the   property   advertised   properly   And   using   the   right   tools.   It   really   just   comes   down   to   making   sure   the   property   gets   cleaned   well   and   it&#39;s   maintained.   Yeah.   And,   one   of   the   side,   one   of   the   things   that&#39;s   happened   with   a   market   or   with   so   many   new   short-term   rentals   hitting   the   market   is   that   there&#39;s   a   lot   more   people   working   with   short-term   rentals.   So   there&#39;s   a   lot   more   people   servicing   them.   And   to   find   a   housekeeper   and   maintenance   is,   it&#39;s   a   lot   easier   than   it   was.   Yeah.   I   wouldn&#39;t   say   that   the   quality   is   always   great,   but   that   comes   down   to   organization,   and   that   comes   down   to   expectations   as   well.   So   I   guess   all   this   was,   like,   a   roundabout   answer   that   management&#39;s   really   important   you   know.   And   if   you   do   get   it   right   in   the   short-term   rental   world,   you   can   really   e-   excel   and   exceed,   even   your   neighbor&#39;s   revenue.
      </p>

        <cite>Ed Mathews</cite>
      <time>17:33</time>
      <p>
          Yeah.   I&#39;ve   got   a   good   friend   of   mine   who   has   so   she   lives   in   here   in   Connecticut,   and   she   owns   two   properties   in   Joshua   Tree,   I   think,   in,   in   California.   And   she&#39;s   absolutely   killing   it,   although   she&#39;s   an   exceptional   manager.   That   probably,   and   that   probably   helps.   So   talk   to   me   about,   I   wanna   make   sure   I   understand   how   your   company   kind   of   fits   into   the   model,   right?   So   you   have-   Yeah   maintenance   and   and   maid   services   on   the   ground   obviously.   And   then   everything   else   is   managed   where   and   how?
      </p>

        <cite>Tim Hubbard</cite>
      <time>18:06</time>
      <p>
          Yeah.   Yeah,   so   everything   is   virtual.   Our   team&#39;s   all   over   the   place.   We&#39;re   in   Eastern   Europe,   South   Africa,   the   Philippines,   South   America,   where   I&#39;ve   spent   a   lot   of   time.   My   partner&#39;s   Canadian.   So   we&#39;re   completely   virtual.   And   we&#39;re   experts   on   all   the   back-end   operations.   We&#39;ve   managed   tens   of   thousands   of   guests   across   tons   of   different   property   types,   across   dozens   of   different   cities.   And   so   we   have   a   lot   of   experience   with   short-term   rentals.   That&#39;s   our   main   focus.   Yeah.   And   we   take   off   that   whole   back-end   operation.   So   if   someone   has   a   short-term   rental   we   take   over   their   listing   for   them.   We   make   sure   it&#39;s   marketed   in   all   the   right   places.   We   make   sure   that   we&#39;re   getting   good   guests   in.   We&#39;re   making   sure   that   we&#39;re   pricing   the   property   really   well.   So   you   know,   you   can   create   a   really   beautiful   listing   on   Airbnb,   but   if   it&#39;s   not   priced   really   well,   then   no-   it&#39;s   not   gonna   show   up.   Airbnb   I   think   displays   18   properties   on   their   first   page.   18,   that&#39;s   it.   And   if   you&#39;re   in   a   market   with   1,000   properties-   and   it&#39;s   gotten   more   difficult,   then   you&#39;re   gonna   be   buried   unless   you&#39;re   doing   a   really   good   job   and   staying   on   top   of   things.   We   handle   the   pricing,   and   then   we   handle   all   the   guest   communication.   So   we   handle   all   the   messaging.   If   there&#39;s   an   issue,   we   handle   that.   And   then   we   work   with   our   partner&#39;s   housekeepers   and   maintenance   on   the   ground   to   make   sure   that   they   know   when   there&#39;s   a   checkout   and   to   confirm   that   whole   process.   So   we   basically   handle
      </p>

      <h2 id="chapter_39693674">Lightning round —&gt; Purpose: education</h2>


        <cite>Tim Hubbard</cite>
      <time>19:30</time>
      <p>
            the   whole   process   except   that   we   don&#39;t   hire   the   people   on   the   ground,   and   we   don&#39;t   pay   them.   So   that,   that-   That&#39;s
      </p>

        <cite>Ed Mathews</cite>
      <time>19:37</time>
      <p>
          your   job
      </p>

        <cite>Tim Hubbard</cite>
      <time>19:37</time>
      <p>
          as   the   owner   relies   on   the   owner,   yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>19:39</time>
      <p>
          Okay.
      </p>

        <cite>Tim Hubbard</cite>
      <time>19:39</time>
      <p>
          But   yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>19:40</time>
      <p>
          Actually   like
      </p>

        <cite>Tim Hubbard</cite>
      <time>19:41</time>
      <p>
          that.   That&#39;s   it.   That&#39;s   it   in   a   nutshell.
      </p>

        <cite>Ed Mathews</cite>
      <time>19:43</time>
      <p>
          Yeah,   being   the   control   person   that   I   am   I   actually   like   being   responsible   for   hiring   the   people   that   are   touching   my   property.   So   that&#39;s   a   good   thing.   Okay,   so   let&#39;s   move   on   to   the   lightning   round.   And   I-   one   of   the   things   that   I&#39;m   always   interested   in   is   meeting   leaders   like   yourself.   Y-   financially   you&#39;re-   you&#39;ve   done   very   well,   so   money&#39;s   probably   not   the   motivator   that   it   e-   even   was   at   one   point.   So   you   know,   but   there   is   something   that   gets   you   out   of   bed   on   Monday   mornings   to,   to   go   to   work.   Fire   out   of   bed   like   a   shot.   And   I   look   at   that   as   purpose,   right?   And   so   I&#39;m   curious   about   your   purpose.   What   gets   you   out   of   bed   on   Monday   mornings?
      </p>

        <cite>Tim Hubbard</cite>
      <time>20:18</time>
      <p>
          Great   question.   I   guess   first   of   all   I   would   say   I   think   this   is   something   that   changes   over   time,   sure.   So   my   purpose   earlier   on   was   to   build   a   successful   real   estate   portfolio   to   give   me   financial
      </p>

      <h2 id="chapter_39693673">Lightning round —&gt; Best advice: Dennis Waitley&#39;s &quot;two choices&quot;</h2>


        <cite>Tim Hubbard</cite>
      <time>20:30</time>
      <p>
            freedom   to   be   able   to   travel.   And   I   did   that   and   I   traveled   a   whole   bunch   of   places   and   it   was   great,   but   now   things   have   changed,   I   started   the   podcast   and   the   purpose   behind   that   was   to   educate   people,   and   so   that&#39;s   exactly,   what   I&#39;ve   been   do-   doing   over   the   last   six   years.   And   my   purpose   is   not   to   answer   guest   messages.   I   don&#39;t   like   doing   that   anymore.   You   know   what   I   mean?   And   we   built   Corsely   to   do   that.   But   I   feel   like   I&#39;m   still   really   on   the   educational   part,   not   just   because   of   the   podcast   but,   the   owners   and   the   property   managers   that   I   meet   with   on   a   regular   basis   that   are   considering   joining   Corsely,   I   get   to   educate   them   about,   maybe   what   they   could   optimize   with   their   portfolio,   whether   they   join   us   or   not.   And   the   reality   is   it&#39;s   there&#39;s   just   a   lot   of   been   focused   on   this.   And   a   lot   of   people   we   work   with,   maybe   they   have   side   jobs   or,   maybe   they   have   families.   And   so   I&#39;m   still   on   the   education   side   of   things.   I   think   it&#39;s   just   taken   a   little   bit   of   a   different   turn   where   I&#39;m   very   often   one-on-one   educating   people,   to   try   to   help   their   portfolio.   So-   Awesome   I   would   say   education.
      </p>

        <cite>Ed Mathews</cite>
      <time>21:31</time>
      <p>
          All   right.   Right   on.   So   I&#39;m   also   curious   about,   you&#39;re   talking   about   you   being   a   mentor   to   people.   I&#39;m   curious   about   the   mentors   that   you&#39;ve   had   in   your   life,   and   specifically   what&#39;s   the   best   advice   you   ever   gotten?   Who   gave   it   to   you?
      </p>

        <cite>Tim Hubbard</cite>
      <time>21:45</time>
      <p>
          That&#39;s   a   tough   one.   So   I&#39;ve,   always   been   big   into   self-development   Jim   Rohn   all   the   most   popular   names.   I   think   probably   the   biggest   one,   I   was   in   this   group   a   good   friend   of   mine   put   together.   It   was   like   a   marketing   group.   But...   And   actually   he   used   to   work   with   a   lot   of   those   self-development   coaches   and   authors.   And   Dennis   Waitley   was   in   some   of   our   calls.   He   was   really   well-connected.   And   so   I   would   say   he&#39;s   had   a   big   influence,   and   maybe   one   of   the   most   profound   statements   hopefully   I   don&#39;t   butcher   it,   but   I   think   it   was   something   like,   &quot;We   have,   two   choices   in   life.   We   can   accept   the   way   things   are,   or   we   can   accept   the   responsibility   to   change   them.&quot;  
      </p>

      <h2 id="chapter_39693672">Lightning round —&gt; Mistake: under-budgeting renovations</h2>


        <cite>Tim Hubbard</cite>
      <time>22:30</time>
      <p>
          And   I   think   that&#39;s   just   a   really   profound,   deep   statement   that,   we   can   do   basically   whatever   we   want,   but   we&#39;ve   gotta   we   gotta   accept   the   responsibility   to   make   some   changes.
      </p>

        <cite>Ed Mathews</cite>
      <time>22:41</time>
      <p>
          Love   that.   So   I&#39;m   also   curious   about,   I,   I   just,   I   fundamentally   believe   and   I&#39;m   the   leader   in   this   in   this   respect   I   think   you   learn   way   more   from   your   mistakes   than   you   do   from   your   successes.   And   so   I&#39;m   curious   about   a   decision   that   you&#39;ve   had   over   the   years   that   you   look   back   on   and   go,   &quot;Ah,   I   didn&#39;t   get   that   man.   I&#39;d   love   to   have   that   one   back.&quot;   And   how&#39;d   you   handle   it?
      </p>

        <cite>Tim Hubbard</cite>
      <time>23:05</time>
      <p>
          Yeah.   Oh   I   guess   one   of   the   most   stressful   decisions   or   challenges   that   I   had   was   not   budgeting   enough   for   big   renovation   projects,   especially   when   I   was   tackling   it   myself.   I   know   a   lot   of   us   are   guilty   of   this,   and   it&#39;s   hard   to   guesstimate,   but   I   think   there&#39;s   enough   data   out   there   to   know   that   we   should   always   be   conservative   because   basically   budgets   always   go   over.   And   so-   Yeah   in   my   earlier   days,   yeah   I   got   into   a   bigger   project   that   required   a   lot.   And   fortunately   I   was   able   to   find   a   bank   in   the   end   to,   to   help   me   with   a   short-term   loan,   but   I   was   getting   stressed   real-   really   quickly.   And   what   I   learned   from   it   is   that   I,   all,   I...   One,   I   don&#39;t   really   like   that,   doing   that,   like   giant   renovations.   And   so   there&#39;s   a   project   that   I&#39;ve   been   working   on   for   quite   a   while,   and   we   have   an   architect,   and   he&#39;s   the   project   manager,   and   he&#39;s   doing   a   really   good   job.   So   I   think  
      </p>

      <h2 id="chapter_39693671">Lightning round — Books: Who Not How + The Slight Edge</h2>


        <cite>Tim Hubbard</cite>
      <time>24:00</time>
      <p>
          for   all   the   things   that   we   maybe   don&#39;t   like   doing   and   maybe   don&#39;t   do   a   good   job   at,   there&#39;s   always   someone   else   out   there   that   does   do   a   good   job   at   it.
      </p>

        <cite>Ed Mathews</cite>
      <time>24:07</time>
      <p>
          Yeah.
      </p>

        <cite>Tim Hubbard</cite>
      <time>24:08</time>
      <p>
          And   we   gotta   keep   that   in   mind.
      </p>

        <cite>Ed Mathews</cite>
      <time>24:09</time>
      <p>
          Yep.   Couldn&#39;t   agree   more.   I   always   talk   about   the   fact   that   I   abhor   bookkeeping,   right?   I   just,   I   would   rather   do   anything   else   than   keep   than   do   bookkeeping.   But   you   know-   Yeah   so   we   hire   somebody   who&#39;s   way   better   at   it   and   actually   is   passionate   about   it   and   gives   me-   the   reports   I   need   to   run   the   business   instead,   and   that   makes   me   a   lot   happier.   Yep.   I&#39;m   also   curious   about   how   you   take   in   information.   So   what&#39;s   the   book   on   your   nightstand   or,   virtual   book   on   your   phone   or   however   you   take   in   information?
      </p>

        <cite>Tim Hubbard</cite>
      <time>24:38</time>
      <p>
          I&#39;m   gonna   give   two   really   quick   &#39;cause   it&#39;s   hard   to   choose   one.   And   one   will   help   r-   a   lot   of   people   with   that   last   question,   which   is   helping,   finding   someone   that&#39;s   better   at   something,   and   that&#39;s   Who   Not   How.   Yes.   That&#39;s   a   great   book   if   you&#39;re   looking   for   help.   But   I   would   say   the   most   influential   book   in   my   life   that&#39;s   on   my   bookshelf   and   I&#39;ve   read   through   so   many   times   is   called   The   Slight   Edge.   And   this   one&#39;s,   yeah,   not   as...   It&#39;s   by   Jeff   Olson.   And   it   basically,   talks   about   how   the   little   seemingly   unimportant   things   that   we   do   every   day   are   actually   really   important   when   they&#39;re   compounded   over,   months   and   years.   And   it&#39;s   just   another   perspective   a-   on   that.   So   that&#39;s   a   really   good   one   that-
      </p>

        <cite>Ed Mathews</cite>
      <time>25:19</time>
      <p>
          Cool.   I   am   gonna   check   that   one   out.   Thank   you.   And   we&#39;ll   obviously   this&#39;ll   go   on   our   reading   list   for   everybody   as   well.   Last   question   and   I&#39;m   curious   about   how   you   define  
      </p>

      <h2 id="chapter_39693670">Lightning round — Defining success</h2>


        <cite>Ed Mathews</cite>
      <time>25:30</time>
      <p>
          success   in   your   life.
      </p>

        <cite>Tim Hubbard</cite>
      <time>25:34</time>
      <p>
          Yeah,   good   question.   Maybe   that   comes   back   to   the   Denis   Waitley   quote,   which   is   like-   Yeah   if   you   are   at   a   place   in   your   life   that   you   are   not   happy   with   first   of   all,   I   think   w-   we   need   to   reflect   on   our   lives,   and   spend   some   time   really   thinking   through   what   we   actually   want.   But   I,   every,   it&#39;s   different   for   everyone,   what   success   is.   So   I   would   say   success,   a   successful   person   is   one   that&#39;s   actually   taken   that   responsibility   to   go   after   what   they   do   truly   want-   Yeah   versus   the   one   that&#39;s   just   let   life   pass   them   by.
      </p>

        <cite>Ed Mathews</cite>
      <time>26:08</time>
      <p>
          Awesome.   I&#39;ve   really   enjoyed   this   conversation,   Tim.   Thank   you   again   for   your   time.   When   you&#39;re   not   working   on   real   estate,   what   do   you   like   to   do   for   fun?
      </p>

        <cite>Tim Hubbard</cite>
      <time>26:18</time>
      <p>
          I   like   to   play   tennis.   Tennis   is   good.   I   still   like   to   travel.   And   go   to   new   places.   And   yeah,   I&#39;d   say   those   are   two   big,   but   I   do   really   enjoy   talking   to   other   o-   investors
      </p>

      <h2 id="chapter_39693669">Where to find Tim: corsley.com &amp; Short Term Rental Riches</h2>


        <cite>Tim Hubbard</cite>
      <time>26:30</time>
      <p>
            and,   other   people   in   the   real   estate   space.   So   those   things.   Yeah.   Reading.   Reading   for   sure.   That&#39;s   definitely   high   up   there.   I   love   learning.   Yeah.
      </p>

        <cite>Ed Mathews</cite>
      <time>26:38</time>
      <p>
          Right   on.   So   h-   if   if   people   wanna   get   to   know   you   or   learn   more   about   you   or   your   business   what&#39;s   the   best   way   to   do   that?
      </p>

        <cite>Tim Hubbard</cite>
      <time>26:47</time>
      <p>
          Yeah.   You   can   find   us   at   corsley.com.   I   think   that&#39;s   probably   the   best   place   to   go.   Okay.   That&#39;s   our   virtual   management   company   and   we&#39;ll   have   some   links   and   things   on   there.   And   then   my   podcast   is   Short   Term   Rental   Riches,   so   that&#39;s   on   all   the   podcast   outlets   and   also   on   YouTube.
      </p>

        <cite>Ed Mathews</cite>
      <time>27:01</time>
      <p>
          Right   on.   Awesome.   Tim   Hubbard,   thank   you   so   much   for   joining   us   today.   It   was   a   pleasure   to   meet   you,   and   hey   man,   continued   good   fortune.
      </p>

        <cite>Tim Hubbard</cite>
      <time>27:10</time>
      <p>
          Thank   you,   Ed.   Thanks   for   having   me   on.
      </p>