Your Financial Pharmacist YFP Real Estate Investing 46: Building a Family Business Around Motel Hacking
Feb 26, 2022
43:28
Stewart Olney, PharmD and Elizabeth Olney, Realtor discuss their real estate investing path from house hacking by renting out a spare room to motel hacking and building a real estate business through hotel and motel investments.
Key Points From This Episode
- Introducing today’s guests Stewart Olney, PharmD, and Elizabeth Olney.
- Stewart’s journey as a pharmacist and how that ties into his introduction to real estate.
- Why Airbnb has been an integral tool for Stewart and Elizabeth’s real estate journey.
- Stewart and Elizabeth’s limited budget after her first pregnancy.
- How YouTube initially helped them with doing all the rehabilitation work themselves.
- How they learned from the mistakes of others as well as trial and error.
- Why Stewart describes their approach as ‘house hacking’.
- How moving into the homes they purchased unlocked access to advantageous financing.
- The story of how they purchased the motel in which they currently live.
- How they have used technological innovations and AirBnB services to automate and streamline their check-in and check-out processes.
- A breakdown of their plan to purchase and run another motel in their area.
- Insights into commercial loans and how they differ from other loans.
- Why getting outside help with property management has had such a positive impact on their lives.
- The resources that have had the biggest impact on their real estate journey.
- Their top advice for any pharmacist who wants to start investing in real estate.
Links Mentioned in Today’s Episode
- Connect with Stewart Olney on LinkedIn
- Dave Ramsey
- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
- BiggerPockets
- The Totem Lodges
- Join the YFP Real Estate Investing Facebook Group
- YFP Real Estate Investing
- Your Financial Pharmacist Disclaimer and Disclosures