The Rich Somers Report Latest News in the STR Market & How He Bought His First Boutique Hotel | Tony Robinson E222
15 snips
Jul 30, 2024 
Tony Robinson, a real estate investor and co-host of the Bigger Pockets Real Estate Rookie Show, shares his inspiring journey from a young father to a successful entrepreneur. He discusses how he acquired his first boutique hotel and the lessons learned from both successes and setbacks. The conversation touches on the dynamic short-term rental market post-COVID, the importance of adapting to changing regulations, and the role of education and community in real estate. Tony's insights into managing boutique hotels and enhancing profitability add valuable depth to the discussion.
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Overcoming Boutique Hotel Deal Failures
- Tony Robinson shared how they failed at raising money for boutique hotel deals twice before succeeding.
- They adjusted strategy by starting smaller, which led to a successful purchase right outside Zion, Utah.
First Deal Is Learning Experience
- Your first real estate deal is to build experience, not retire.
- Even breaking even teaches valuable lessons that prepare you for multiple future deals.
Post-COVID STR Boom Fades
- Short-term rental (STR) market surged post-COVID due to unique timing but that spike is not the norm.
- Today, STRs face more competition and higher guest expectations, requiring better service and amenities.
