richard fertig | next gen hospitality developer
@imrichardfertig
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Founder @ Stomp ($90mm+ w LPs) Current locations: Southampton, Outer Banks, Nosara Ex: Wharton MBA, Blackstone, Co-Head of Investments Ramius ($4.5 billion aum)
Jackson, WY
Joined February 2009
Wow! record-breaking followers yesterday! Thanks. Quick intro:.Prior life, Co-Head of Investments, institutional $4 Billion+ AUM alternatives hedge fund.Laid off 2009 Great Financial Crisis. Reinvented me: Entrepreneur.Launched YT Channel (62k subs): 1/7.
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How it started. How its going. Purchased this tear down during Covid for $1,450,000. Today, we just closed at $12,500,000 @ $2900 /sqft. 3 years (took about a year to navigate ARCOM architectural review + Covid delays / shortages) and then banks blowing up (FRC, Silicon Valley)
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And so it begins; the ultimate experience. 3 days, 2 nights on the Andean Explorer touring the Andean Highlands reaching 14000+ altitude.
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When in Paris… she said YES! When in Paris…. She said YES! . Love wins. Erika, I simply adore you and look forward to decades of love, adventure, friendship, and joy. The best is yet to come!. ❤️😘
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CLOSED today! . Beyond excited and grateful to have closed on 4 acres with 270 degree views, 130 feet above the valley. Currently has a small guest house. Excited AF to build my dream house over next couple of years. Will share progress updates throughout. Wilson, WY . 🙏
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It still amazes me that I can wake up to this in my inbox: . a fully automated $43,000 booking on Airbnb (7 nights). Super high end consumers use this platform too. Priceless.
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Italian petrol stops are far superior to USA. Delicious espresso, edible sandwiches, pizza etc. Someone recreate this in America. Grazie!
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She’s almost home. 👊🙏
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To start ‘24 right, brought my ‘89 Landcruiser out for the season (iykyk). Sentimental favorite:. - when my father retired to Costa Rica in 1993, he asked me to find him a car that could navigate the entire country reliably. - We shipped a ‘89 FJ62 down and he loved that car.
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Closed! Southampton 62 Keys, 5 acres, $13.55 million!. Stomp Capital Short Term Rental Opportunities Fund is now the proud owner of 62 keys on 5 acres in Southampton, NY. 🧵
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On the ferry to grab this beauty now. 3+ years waiting for this moment. ‘72 Bronco, full frame off restoration. #grateful
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Remember when brands had balls?
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Friend is a v successful retired cardiologist. Skis daily, then 60 mins on rower. Then sauna. We discuss medical benefits of sauna and he recommends “right before sleep and w a red light”. Don’t have red light but 30 min sauna before bed last few nights. Have NEVER slept better!.
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Heaven, on earth. Quite possibly my favorite place. Thankful. 🙏
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Big news, the reveal!. I have 33 keys under contract to purchase in Crested Butte CO - 1/3 of *all* hotel keys. This is one of the most restricted markets in the country for new supply. This will be our first time going out to raise capital in 18 months - we’ll see how this
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Empathy. Doing the right thing… is always the right thing. We @airbnb hosts can make a difference during good and hard times. Let’s be kind.
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Some Day 1 shots aboard the Belmond Andean Explorer en route to Puno. Lunch was delicious, our suite is very comfortable w private bathroom & shower, the scenery (more to come) is *spectacular* . Having a blast. Very different experience and very worth it.
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Hmmm. Might give me pause if my GC owned this. 😂. What are your thoughts?
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Great running into this hilarious guy this morning. And, for the record, extremely nice, friendly, and gracious.
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After decades of passionate study…. These are my two favorite hot sauces currently. Highly recommend (and I ❤️ hot sauce, spicy food). What are yours?
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In 2016/7 my 23 year marriage ended. Altho surprised and disappointed, I remained very optimistic yet concerned mostly for my 3 daughters (12, 12 & 15). Seen here: exactly 6 years ago today, one of our 1st vacations, The Tour du Mont Blanc. We spent 11 days touring 110 miles+,
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Thinking back to my very first vacation rental purchase in 1998. - We rented in Manhattan (didnt own).- first home purchase: vacation rental home in the Hamptons.- took signing bonus from BX and used as down payment.- rented house seasonally bc couldnt afford not to.- eventually
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So incredibly proud of my middle daughter being accepted early decision @ Cornell. She worked her ass off: All School President, coxswain men’s varsity crew, 7 AP classes, straight A student, etc etc. She joins her older sister at my alma mater. Hard work & perseverance ftw 🔥🚀.
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Amangani, Jackson Hole
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About to buy a residential outdoor sauna. Who’s got what? What do you recommend? Infrared or traditional?. For inspiration… this is the coolest sauna I’ve been in (at the Lefay Spa in Lago di Garda, Italy) last month. Thx 🙏
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One of the coolest features we installed in our Manhattan brownstone (full gut, restoration of historic landmark building). In NYC, brownstone owners have full liability for the sidewalk in front of their home. Radiant heat ftw eliminates: shoveling, slip and falls, and
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Next Gen Hospitality:. “People will forget what you said, people will forget what you did, but people will never forget how you made them *feel* “. - Maya Angelou. Comment below - What memory does this evoke for you?. I’ll start…. Recently engaged in Paris, my fiancée and I
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Prior life, I’d be glued to screens watching every tick. Today, driving across this great country, in middle of nowhere, I’m reminded that 99% of the population (here) are unaware of the financial bloodbath. Life goes on. Zoom out.
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One of my old bosses used to delight when his employees would buy a big house, a vacation house, a fancy car. Why?. He knew they’d be dedicated and deliver results because they *HAD to.*.
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You like NYC 🍕?. Enjoyed one of Manhattan’s best slices (and currently all the rage on social). Line down the block; moved quickly - maybe 20-30 mins wait at lunchtime. Delicious. Highly recommend. l’industrie on Christopher Street (West Village)
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Back home in Jackson ⛷️.And, altho not much snow ❄️ (yet), I’m loving our new sauna. 💪🙏
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🤯 .It’s all relative. And a good reminder “if you’re the smartest guy in the room, find a new room”. Dinner last night, seated next to family office guy who is developing a 10,000+ acre smart *CITY* (square miles!) complete w high speed rail (comparable to TGV) to get there,.
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Don’t know who needs to hear this… but,. If you set your own deadline, ie “I will get this back to you by COB”. You *MUST* meet your own deadline. Or, you may damage the relationship by breaking trust. Who’s with me on this?.
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YES! . Huge thanks to First Republic $FRC for funding our Palm Springs boutique hotel refinance yesterday! 🙏. Relationships matter. I'm *very* thankful for all your help since 2007. The best is yet to come.
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I met my fiancée at the airport in Jackson Hole almost 5 years ago. Was returning from a ski trip, Whistler BC. I am grateful my father taught me the importance of travel, and adventure. Skiing, in particular, has treated me remarkably well. When I moved out of nyc, post
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Please join me in congratulating and celebrating my eldest as she simultaneously:. - Graduated Cornell BA 2024 History Major. &.- Completed 1st yr Cornell Law School ‘26 . Simply put: WOW! You never cease to amaze me. Congratulations gorgeous.
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Incoming (soon). ‘72
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Bonjour!. What great fortune to run into my old boss, Steve.
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Met a friend recently going thru very difficult time. Perhaps toughest in their lifetime. Very visible, public, and just awful. And altho I could not offer a solution or a timeline. What I shared w confidence and conviction was truth:. "you are being tested. you are.
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How it started. How it’s going. The best is yet to come. 🚀🙏
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I’m stoked to announce that Stomp Capital closed on our acquisition of the Old Town Inn in Crested Butte, CO, yesterday. 👉 We are now the proud owners of ⅓ of all the hotel rooms in what many consider the “last great ski town”. The best is yet to come! LFG 🔥🚀!
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5 yrs ago *today* returning from:. Whistler -> SFO -> JAC. I met Erika randomly at the JAC airport. We’ve been together ever since. Today, we flew together from JAC -> SFO. My life changed in an instant. Randomly. Unexpectedly. But you have to believe, and you have to be
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My man could care less about a bank run. Spend time outdoors. Breathe fresh air. It does the body, mind and soul good.
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👉Parents: consider buying stocks for kids 529 plans during this stonk sell off. I bought the March 2009 low in all 3 kids’ 529. Selected aggressive growth; HODL for 12-15 years. a good portion of my kids’ college ed is paid by for by that one decision. Buy low & HODL.
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Eating @Cheesecake Factory. Can someone explain to me how on earth they prepare hundreds of items consistently? Beyond impressive.
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Bison Wellington courtesy of the Amangani (Jackson Hole). Bison, healthier than beef and when prepared properly, delicious and tender. One of the largest bison farmers? @TedTurnerIII who is also one of the largest landowners in USA.
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Aqua Nera cruise down the Amazon. Heard it was great, photos looked amazing. In real life, it’s spectacular.
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Deeeep!. 27” yesterday, 42” in 48 hours. Absolutely EPIC! ⛷️🙏
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Calling all Golfers! . If you owned the closest hotel (1 - 2.5 miles!) to 3 world class golf courses (National, Shinnecock, and Sebonack) and were completely redesigning it, what amenities would be on your wish list?. Putting green, golf simulator, what else?
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Mortgage apps +28% WoW. Recession 🤷♂️.
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Fall colors in Crested Butte, CO. 👉Did you know you can hike, bike, or horseback ride from Aspen to Crested Butte? Who's done it? Who wants to do it? . Besides the incredible natural beauty, this town is paradise for: skiers, fly fishermen, mountain bikers, hikers, foodies,
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Some go to the gym. Some spin. I head to the slopes for some fresh air, alone time, and shred some fresh pow. ⛷️🙏
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Small world. Waiting for luggage DFW. Alexandra walks up and says, . “Richard, my husband and I need to thank you for all your help. We now have 3 STRs due to your guidance. There are prob 100s of thousands like us who don’t get a chance to thank you. So, from all, thank you!”
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What a way to start the day!. No lines, great conditions. Skied 2.5 hours in am, then full day of work. Some go the gym (I used to in NYC). I’ve prioritized spending time outdoors in nature. It helps me think clearly, & fuels me. What do you do that keeps you in peak state?
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Pura vida, Nosara 🇨🇷
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Nightmare scenario likely affecting many STR newbies who believed the hype:. - paid over ask (many 6 figures+).- bought in crowded markets (based on historical, backward looking data like airdna).- financed using short term arm .- believed hosting to be easy and passive.
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In awe of Kemo Sabe business model. Popularity expanded from Aspen, Vail, Jackson, Park City. Making Western cool. Custom cowboy hats, incredible boots and buckles. Expensive af (but worth it). Massively popular (perhaps most crowded store in Town when we visited). Great
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Flew from CA to FL yesterday. A couple observations:. CA vs FL:.- 9.5% income tax vs 0%.- gas $6.19 vs $3.99.
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Long overdue. My father, self made, self educated (5th grade education), born 1926 Great Depression, orphaned. 1946 started one of 1st mail order businesses. Laughed @ “people buy products they don’t see and prepay? Trust some kid in the Bronx will mail items? Good luck!”. 1/5
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STR 1.0 -> couch surfing. Print $. STR 2.0 -> use airdna data to select investment. This is today. Problem: it’s backward looking. STR 3.0 ->Niche down. Build brand. Provide a la carte resort like programming & amenities . STR 4.0 -> Master planned development + Membership . 🔥🚀.
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Excited to announce Stomp Capital’s newest acquisition in Southampton, NY!. 62 rooms, 5 acres, 85 miles NYC. The Hamptons have almost no hotels / motels and short term rentals <14 days=illegal
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Is there anything better than a wood burning stove, on a snowy winter night?.
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All aboard! Scenic shots from @belmond Andean Explorer train - Peruvian Highlands tour en route to Puna. What an epic day 1! . Today should be *even more exciting* w full day adventures off the train - boat tour to visit Uros Island and Taquile Island (I’ll post updates so
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Absurd! 😱🤦♂️ Seriously? 🤷♂️. Guest experience > operator experience!. The antithesis of hospitality: pro mgmt co handling brand new upscale STR charged us cleaning fee & gave us a laundry list of cleaning chores (attached). We paid > $1000 / nt. Paid cleaning fee, couple
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Blessings in disguise. Some of the *best* things to happen for me, at the time, seemed devastating (laid off from hedge fund 2009, divorce 2017). Stay optimistic, have faith, and find yourself. Keep moving forward. Live for the future (and in the present) and *not* in the.
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The Tetons, one of the youngest mountain ranges in America (< 10 million years old). Walking the dogs (off leash) along the snake river never gets old and is one of our favorite pastimes. HNY X friends! The best is yet to come. 🙏
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Damn it’s great to be home. Fall in full effect. Absolutely gorgeous.
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Imagine this. Just received $32k instant booking on VRBO. Guest is Managing Director from a VC firm that invested over $1 billion in Airbnb. Why s/he booking on VRBO w $1 billion + invested in Airbnb? . Things that make you go 🤔🤔🤔.
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Friendly reminder to all:. Ideas = easy . Execution = hard . It’s all in the execution folks.
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Arrived in the Motherland (Costa Rica) and had our car delivered at the airport for the 2.5 hour drive / adventure to Nosara. 1993 Hummer H1 -.This beast can literally go anywhere and handle just about anything Costa Rica throws at her. Life is about fun, adventure and
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If you like waffles, there’s none finer…
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I've always wanted to be a ski bum. Well, not literally - but figuratively. And, to many perhaps I have succeeded in being fortunate enough to call Jackson Hole, WY home. But, did you know that when I graduated Cornell in 1991, I moved to this tiny, quaint, gorgeous little
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Congrats to the All School President who graduated today!. Beyond proud. 😘❤️
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20 days ago in the Hamptons:. Saw RE ad that caught my eye. Walked into brokerage and asked about it. “It just went under contract yesterday”. Me: “take my #. Any changes, let me know”. Today…”it’s available again. w big price drop!” . 👉 Guess (%) how much lower in 20 days?.
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Living life, crossing off “bucket list* . 2 Day Inca Trail trek; train to km 104. Hike 6.22 miles, 2000 ft elevation gain, (7000 ft -> 9000 ft). Stay at Belmond Sanctuary Lodge overnight. Drop into Machu Picchu first thing tomorrow morning. LFG!! 🔥🚀.🙏
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You *cant* make this stuff up! What a small world. We’re 1 hour offshore in Lake Titicaca on a remote island. The gent in photo approached me seeing the small CMH Heli logo on my jacket. “You heli w CMH?” .“Yes, I’ve been to Galena twice”. We start chatting skiing, sports,
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Levels. There’s always more to aspire to (and achieve). Just had the pleasure of touring the most expensive STR I’ve ever seen: $25,000 / night and worth every penny (or Euro in this instance) . Historic Lago di Como estate villa. La dolce vita.
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Incredibly excited to share, after 18 mo of no deals, we’ve got a *GREAT* one under contract. Scarcity. Zoning. Entire Town is Landmarked. Billionaire buying everything. NOT STR friendly (and we’re buying about 1/3 of *ALL* keys in Town). Let’s just say @StompCapital is.
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@JackBarnett101 All we ask of our guests is to have a great time (respectfully), make memories, tell friends and come back. We also no longer charge cleaning fees.
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We like big views. Who doesn’t?. Views can make someone inspired, boost mood, connect w nature, have a calming effect, improve well being and enhance quality of life. Views impact prices dramatically. In some cases, priceless.
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Just now, $22,850 direct booking (5 nights). Estimated OTA fees saved (host + guest) 18% = $4,500. 👉STR peeps: BUILD A BRAND.
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Apologies for absence. And thanks to all who reached out ‘’missing your posts”. Was in Italy for a few weeks enjoying la dolce vita and studying what makes it so special (from design and hospitality perspective). Had a blast. Learned a lot. 👉 If you yourself aren’t
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Beyond thankful. 🙏.Happy Thanksgiving all, from our family to yours.
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Update: thrilled to announce Stomp Capital closed on our 1st acquisition!. Pro forma net returns in the high 20s / low 30s IRR. Showcases some of our alpha generating principles:. 1) buy right - purchased @ depressed value bc current 2 story retail use was inferior. 1/5
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Not sure i've properly introduced myself and coming off record new followers (thanks @sweatystartup and @moseskagan !), think now is a good time. Prior life, ran $4 billion+ aum institutional alternatives hedge fund. Discovered STR (short term rentals) 7 yrs ago.
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Any guesses WHY I rented this villa over the dozens of other choices?
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Corporate retreats / off-sites. Huge opportunity. Edgecamp - we just got off a prelim call w a specialist who gets “on average 300+ inquiries per MONTH” for corporate off-sites. LFG! 🔥🚀🙏
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“No problem” . People say that all the time. Don’t they?. But, so much nicer to say “my pleasure”. Two words. No harder to say. But the implications are massive -. The former: “you’re not bothering me. It’s not a problem” . The latter: “I’m here for you. To help and assist. I do.
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Appraisal for my midterm rental on Palm Beach Island just came in. 107% since October 2020 . Reasons I invested bought and and building on Palm beach island: . -> location, scarcity, zero state tax, nonexistent rentals, high quality of life, no crime, next hedge fund haven.
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As expected and predicted….
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Seriously, I don’t have a jealous bone in my body. BUT… I am in awe of my dogs life.
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PSA: now is NOT the time (imho) to be chasing STR sfh assets. It’s ok to walk away. Take chips off the table for a minute. You may have a better entry in the not so distant future. Rising rates, mortgage apps down to 2019 levels, stocks tanking, crypto selling off. Risk OFF.
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Day 2. 29,945 vertical feet. 15 runs. Epic (altho my legs feel otherwise 😂). Headed back out for Day 3. 🚁⛷️
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