Ep 158 - Going Big with Boutique Hotels with Blake Dailey
Jul 10, 2023
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Blake Dailey, a seasoned real estate investor specializing in short-term rentals and commercial multifamily properties, shares his unique journey from renovating hurricane-damaged homes to converting rundown hotels into boutique accommodations. He discusses the significance of a supportive network and effective branding for scaling operations in the hospitality industry. Blake also highlights successful strategies for maximizing visibility through direct bookings, marketing, and the importance of technology management in running a successful boutique hotel business.
Embracing humility and innovative strategies in challenging markets can lead to unexpected successes in real estate investments.
Surrounding oneself with high-achieving peers fosters accountability and motivation, significantly enhancing individual productivity in real estate.
Transitioning to boutique hotels requires a strong operational framework that combines traditional hospitality with modern technology for efficient management.
Deep dives
The Power of Humility and Value in Real Estate
Approaching real estate with humility and the intention to add value can lead to surprising successes, even in challenging markets. The hosts emphasize that their journey began without traditional resources, relying instead on innovative strategies within the Short Term Rental niche. By engaging with potential clients and offering help and guidance along the way, they have found that opportunities often return in unexpectedly beneficial ways. This mindset is not only essential for personal growth but is also seen as a driving force behind the thriving community around Short Term Rentals.
Networking and the Influence of Surroundings
Surrounding oneself with top performers can significantly enhance individual productivity and performance. The discussion highlights that being in the right environments—both social and professional—can lead to exponential personal growth and achievement. By fostering relationships with like-minded individuals and high-achieving peers, one can create a culture of accountability and motivation. This network not only provides emotional support but also plays a crucial role in pushing members beyond their limits, contributing to overall success.
Innovative Strategies in Real Estate Acquisition
The journey from acquiring single-family homes with accessory dwelling units (ADUs) to larger commercial properties signifies a strategic evolution in the hosts' real estate careers. Initially focused on renovated homes in disaster-affected areas, the strategy shifted towards identifying high cash-flowing Short Term Rentals, eventually leading to large-scale apartment syndications. This innovative pivot demonstrates how recognizing market opportunities can unlock greater potential, ultimately surpassing previous income levels. The importance of adaptability and continuous learning is underscored as key factors in scaling one's real estate business.
Operational Efficiency in Boutique Hotels
Transitioning from managing single-family rentals to operating boutique hotels requires a robust operational framework to ensure efficiency and profitability. The hosts explain that their hotel management approach leverages a hybrid model, combining traditional hospitality practices with modern technology, allowing for seamless guest experiences without the need for extensive on-site staff. Building a strong team and implementing systems from the beginning are crucial steps in managing growth effectively. This operational strategy not only enhances guest satisfaction but also supports long-term business sustainability.
The Role of Action and Adaptability in Success
The key to achieving desired outcomes in real estate lies in taking decisive action and being adaptable to change. The hosts argue that while the fear of failure can be paralyzing, focusing on the potential for growth and learning from mistakes fosters resilience. Each small step taken leads toward a larger goal, emphasizing that success in real estate isn't merely about avoiding risks but about strategically managing them. The discussion reinforces the idea that real growth occurs only when individuals step out of their comfort zones and embrace the uncertainties of the business landscape.
Blake Dailey began his real estate investing career buying and renovating hurricane-damaged homes in Panama City, FL, and stumbled upon a high cash-flowing short-term rental strategy acquiring houses with ADUs. After surpassing his W2 income with his cash flow, Blake pivoted to commercial multifamily and syndicated his first large apartment deal – a 66-unit in NC. Combining his experience with raising money and doing commercial deals and BRRRRing STR properties, Blake jumped into commercial short-term rentals by converting run-down hotels/motels into renovated boutique hotels. Blake has owned five boutique hotels and a handful of short-term rental homes across California, Florida, and Utah, along with the 66-unit apartment complex. He buys, renovates, and operates boutique short-term rentals.