How to start investing in short-term rentals in the Smoky Mountains
- Build wealth through ownership
What's up everybody? My name is Julian McClurkin, your Chief Storyteller with Tribevest. Today we're meeting up with Rob Foss, he's a boss, trust me because he's on the road right now probably headed to go look at one of his vacation rentals. All of that and more on today's episode.
Well Rob, I see you're in your mobile studio there in your mobile office. We want to introduce you to everybody. Tell us about yourself and your investment journey.
I got into the short term rental business a couple of years ago, professionally a commercial real estate broker, have been for 27 years, over the last couple of years have gotten into the short term rental business specifically in cabins in the Great Smoky Mountain National Park. That's how I got introduced to Tribevest was through a community for short term rental owners. And because you know, I was talking with some friends of mine about partnering and wanted to have transparency and Tribevest offered that so that's, that's how I jumped in with Tribevest.
How did you formulate your tribe? And how did you decide who you wanted to partner with?
The tribe that we have existing on the platform is three brothers. One of them, the youngest of three, is a partner of mine, but we've been working together for seven years now. They wanted to jump in on this cabin investment opportunity with me and we got to know each other over the course of making offers on properties and structuring our partnership agreement. And I've still never met him face to face. I'm in Nashville. They're in Memphis. We're only three hours apart, but they do definitely check in on on Tribevest as well. And then I'll just get random text messages from just saying, Hey, I see the balances X or I see a transaction for y or, you know, whatever, you know, so they definitely appreciate the accessibility.
What is the name of your tribe? What's it called?
Cabin Fever. LLC. Which all right, I cannot even, I can't believe that that was even available with 10,000 short term rental cabins in the Smokies and the cabin fever, we had to grab it.
So now you said you're a commercial broker. But how does that help you in your Tribevesting?
When you're working with investment companies, you know, they'll have investment partners that they have to do some high level reporting. And, you know, super sophisticated. So, you know, I'm used to being a cog in that wheel. But it was a bit daunting for me to create that on my own. That's what Tribevest allowed me. It allowed me to feel honestly a little bit more sophisticated and bigger than I really am.
How has Tribevest helped you level up that short-term rental game?
The transparency with partners is fantastic. We do use the bank account at Tribevest. I'm building a platform that I'm going to scale up so I'm looking for technology partners, like Tribevest that will scale with me and honestly, it becomes part of my pitch to my partners. You guys are going to get bigger, faster, stronger as time goes on. And I'm pulling for you. And I want to help. I can see it now being a good application for other relationships, other partners that I've got, and other projects that they're working.
So I know you're on the road right now. So thanks for taking time out of your busy day and hanging out with us. We appreciate it.
Yeah, no, thank you.
Wow, that was an amazing interview. Thanks so much to Rob Foss, and look, drive careful in the Smoky Mountains. Alright, until next time, we'll see you next Tribe.
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