Ready to maximize your ROI with tech-forward approaches in short-term rentals? In today's episode of Entrepreneurs Circle, Eric Cabral sits down with Josh Hatter, a seasoned investor with over 20 years of corporate experience. Known for growing his self-directed IRA and 401k from $30,000 to a $5-million portfolio within just 10 years, primarily through short-term rentals, Josh is a force to be reckoned with in the world of real estate investing. 

A sucker for automation and streamlining processes, Josh uses tech-forward approaches in his short-term rental businesses, including bed and breakfasts, hotel management, boutique hotels, and more. Eric and Josh discuss his impressive journey, offering insights and valuable tips for aspiring investors looking to replicate his success.

Here are some power takeaways from today’s conversation:

Episode Highlights:

[07:30] An Opportunity Amidst COVID-19

The COVID-19 pandemic has presented an opportunity for Josh’s boutique B&B concept to thrive as people have come to appreciate properties that are done well with modern amenities. With a technology-forward concept, guests are given a code that works only during their stay, allowing for a contactless experience. The continental breakfast is also designed as a grab-and-go option. The brand's success is due to COVID-19's impact, which has brought an opportunity for the development of this business model.

[11:10] Innovation in the Boutique B&B Business Model

The advent of Airbnb led to the massive growth of the boutique bed-and-breakfast (B&B) business model. This caused technology vendors to search for specific niche problems to solve, either for the guest experience or other areas of the business. For example, digital guidebooks were created to provide guests with a unique experience when staying on a property. These guidebooks are tailored specifically for each property to give guests a more personalized experience, allowing guests to access local recommendations, restaurants, and things to do, conveniently, from their phones. The industry is new, and there has been significant investment in the asset class in the past decade leading to innovation in all areas of the B&B business.

[28:48] How to Be an Accelerant

If you want to become an accelerant, the first step is to identify a hyper-specific group of people who are trying to achieve something that you have had success with. The next step is to offer your time, expertise, and resources to help them achieve their goals. It’s not just about writing a check or throwing money at a problem. It's about making a meaningful contribution by sharing your knowledge and resources to help people achieve their goals.

Resources Mentioned:

www.joshhatter.com 

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Check out this show and previous inspiring guests at Entrepreneurs Circle in Apple Podcasts.