How This Former Freelance Producer Built A Thriving Hospitality Business

Welcome to our latest podcast episode!

In this Boostly Podcast episode, Liam Carolan interviews Josh Goldstein from Bunkhouse Worldwide. Josh shares how the name “Bunkhouse” was inspired by his family's love for adventure and fun. He discusses his journey into real estate investing, starting with a turnkey long-term rental in Kansas City. Despite facing challenges, he successfully refinanced the property and obtained a free house.

Inspired by a podcast featuring Avery Carl, Josh and his wife ventured into the hospitality industry by purchasing two cabins in the Smoky Mountains. Despite closing the deal during the COVID-19 pandemic, Josh remained committed to learning the business and preparing the properties for guests.

His first bookings covered costs and soon turned into profitable ventures, sparking his passion for hospitality. Josh highlights the importance of mindset and continuous learning in achieving success.

Feel free to visit their website for more information about their properties and services at Bunkhouse Worldwide

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Transcript from the Episode

Intro

[00:00:00] Liam: Hey everybody and welcome to the Boostly Podcast. This is the podcast that gives hosts the tick tactics, the tools and the training, and most importantly, the confidence on how you and the host can get more direct bookings. My name is Liam Carolan. And I'm Mark Simpson's co-host. Today we are gonna go and dive behind the host, uh, on the mini-series, on the Boostly podcast, and this is where we dive into somebody else's business.

[00:00:25] This is successful and interesting. Host and hospitality owners across the world and where we dive into business and learn their tricks and their tips and things that you may be able to take away in action within your business. So today we're joined by, uh, Josh Goldstein. He's from Bunkhouse Worldwide, and you can go and check out, uh, his properties at bunkhouseworldwide.com.

[00:00:48] Uh, so welcome along, Josh. Thank you for joining us. Thanks for having me. So, let's get started. Uh, the word bunkhouse. You know, I, I, I love in that, that sort of has, uh, loads of, uh, sort of visuals of, of the type of places. But, uh, first of all, where does the name bunkhouse come from? Where are your properties in the world and, uh, what does the business look like?

[00:01:09] How many units and where?

A bit about Bunkhouse Worldwide

[00:01:11] Josh: So bunkhouse comes from, um, we have a cabin in, uh, the Smokey Mountains and one of the rooms has two bunk beds. And, um, my kids, it's probably their favourite cabin cuz they each get their bunk bed even though they don't need it, they just think it's fun. They could have.

[00:01:28] One bed to play in one bottom bed that they sleep in and it's their own. They don't have to fight over it. They think it's amazing. Um, in general, our family likes to go on vaca on almost adventurous vacations. And so we just try to make up this fun. Um, even if it's just a little trip, it's an adventure for all of us.

[00:01:48] And so my kids have embraced that. They'll run out into the surrounding areas and just try to make forts and, you know, just. Their imagination goes wild. So it's fun. Um, so I just feel like bunkhouse evokes a just sense of fun and adventure, and that's kind of why we chose that,

[00:02:08] Liam: how, what happened from there?

[00:02:09] So that's 2015. Um, so you've, you've had the diagnosis and, and like you say, you've, uh, you've got fortunately great friends, great family, and, and they say, you know, your, your network and family around you is just, just so important. Absolut, what, what happened from there? How to sort, talk us through obviously, um, You know, how, what, what happened from there and how you got started into, into this hospitality?

[00:02:31] Josh: Well, besides realizing I needed something else, uh, income-wise outside of my job, um, I did, I was able to read Rich Dad Poor Dad during that year. Mm-hmm. Um, and you know, that year was a bit of a whirlwind. Um, a lot of it is a blur. Um, we. You know, our kids were much younger than, but, but we were just getting by and we were just trying to just focus on healing.

[00:02:55] So I read it, I was super inspired. I was almost frustrated with myself because I didn't, I I, I was, I was mad at myself that I didn't realize that this, this earlier and, um, it's, I. It's something where I've always liked real estate. I've always liked the design, I've always liked the values of houses, but I just never knew that I could be, uh, an investor myself.

[00:03:13] I just thought that was someone else that had tons of money and, you know, I don't know, just seemed outta reach. So I read that book and it was like a brick to the head. Um, during that year, I, I. Couldn't do much with it because I was just focused on, um, healing. But I always had a back, yeah. I always had in the back of my head that this was the plan when I recovered and, and kind of got back on my feet, that that's what I was gonna do.

[00:03:39] And that's kind of my turning point.

[00:03:42] Liam: Well, first of all, let me just say, you know, sort of, uh, congratulations on, on the recovery and, and, you know, sort of beating it and, and for, for, for being here to talk to us today. I'm sure there are a lot of people listening to this who, uh, first of all, are inspired by the story.

Looking back at the challenges

[00:03:56] Can you talk us through the, the kind of, um, looking back, the steps and the challenges that you had to go through to, to get where you are now? You, just mentioned that you never expected to be an investor in general, so what looking back changed and why?

[00:04:12] Josh: Well, I, I, I'm sure, um, you and, and most of your listeners have read Rich Dad, the Poor Dad.

[00:04:17] Um, to me it's more of a mindset book versus an actual real estate book. Mm-hmm. Um, so it doesn't teach you how to do it. Um, so once I did recover, um, I did, I jumped back into work pretty hard to get outta debt and, and kind of get back on my feet. But while I was doing that, you know, in LA you know, even a short commute is an hour with traffic.

[00:04:37] So I was in the car a lot. I start, and I found bigger pockets. I started listening to every podcast I could. I started listening to audiobooks. Um, I just dove in as hard as I could. Um, and you know, as I learned more and more and more, I started to realize that it was obtainable. And that was, that was the main thing.

[00:04:58] Um, and the whole, while I was working, I was trying to save, I was being as aggressive as I possibly could so that I could financially start putting money towards these investments. And so that's, that's what dropped me off was, was being in the car a lot.

[00:05:12] Liam: You know, it resonates with me and what you're saying there, because if it wasn't for, for audiobooks podcasts, I wouldn't have got started on, on the journey and, and there must be so many people who have been inspired by this information that, let's face it, 30 years ago, we may not have discovered in the ways that we've discovered it, which has put us on this path now.

[00:05:29] So it's amazing that. You know, people can, uh, truthfully change their mindset, change their beliefs, and then actually start to take action when you get the, the how it has given you that why beforehand. And like you say, being in, uh, you know, sort of the, the health, uh, condition that you were, that you needed to make a change and, and, and to do that, which is awesome.

[00:05:50] So, yeah. When it came down to, uh, getting your first one, what, what year did you get your first one and, uh, what was it like?

[00:05:59] Josh: So, um, I got my fir I was in analysis paralysis for several years. I gotta say, while I was learning and I was looking at different markets, I kind of had shiny object syndrome.

[00:06:10] Um, and I finally landed on, um, my first deal was a long-term rental. Um, and it was turnkey. And it was after I had listened to a podcast, I was kind of adverse to turnkey. Cause I wanted the equity, I wanted everything. But then when they broke it down, It kind of made sense and I was like, for our first deal especially, let's just jump in and let's do this.

[00:06:31] And it was, um, I got, I remember getting the email from a, a property management company in Kansas City and it was a holiday special. It was a $70,000 house, um, three-bedroom house in Kansas City, Missouri. And, um, It, I, I did the comps and it looked like it was worth around 90. So I was like, Hey, there is some equity in there.

[00:06:52] Um, there was already a renter in there for 800 bucks a month, and um, I decided to go for it. Uh, the lender wound up backing out, uh, two weeks into the, into escrow, and it was cuz the underwriter said. They didn't feel comfortable because it was a property management company selling it versus a traditional real estate, uh, avenues.

[00:07:13] And, uh, instead of backing out, I, um, had some money saved up at the time and I wound up buying it for cash, which was the biggest blessing in dis disguise because, um, when. I went to go pull money out and refinance it. Um, a month and a half went by, I got an appraisal and it appear appraised for one 16.

[00:07:34] And so I was able to pull out $74,000, which is my initial capital plus closing costs. Wow. And uh, yeah, I mean, I got a free house and as soon as that happened I was supercharged. I was like, I can't believe this works. I have a free house. I know it. You know, it was cash-flowing, maybe 150 bucks a month or something.

[00:07:52] But I looked at that as like a savings account that was worth now $116,000 that someone else was paying into and I have no money into at this point.

Why did you move more into hospitality?

[00:08:01] Liam: I mean, it's, even now when I hear it and I get to hear it more than I used to about people who can pull their money out of property investing. And it's one of those things which I still look at it and just go, wow, as if this is a thing that we can all go off and do.

[00:08:16] And you, you're getting paid to invest. It is. It's just amazing, isn't it? What was the moment where you looked at it and you went, Hey, I've got a couple of long-term rentals. Um, obviously at some stage you got the hospitality bug. What would you say is, uh, your favourite, first of all, why did you move into more of the hospitality side of things and what would you say your favourite thing is about being a host?

[00:08:39] Josh: So, um, it was another podcast I listened to. I listened to Avery Carl, which I'm sure you and, and your listeners have heard of. Um, and this was still, it was early 2020. Um, listened to her, uh, scheduled a call, like to talk to her for probably like an hour and a half, just about cabins and Smokey Mountains.

[00:08:58] I had never been to the Smokey Mountains before. But everything that she was saying just made so much sense. So, um, my wife and I started looking, uh, at the m l s and we found two cabins on two acres of land. It was a three-and-a-two for $635,000, which was a much bigger investment than my first, uh, $70,000 house.

[00:09:19] Um, but you know, I, I, I, I, I felt, I believe that it was gonna work. So we went out there for the very first time during inspections in February. And we did like a whirlwind tour. I, it was my wife and my two kids. Um, so we tried to do and see as many things as we could that weekend. And, um, you know, we, we.

[00:09:42] Got to closing time, which was March 2020. And as everyone knows, that's the day, the day I was closing was the day everything shut down. And I texted Avery saying, I don't even know if I could sign, because I, I don't know if I could find an open notary. Mm-hmm. And so she said she, you know, everyone would understand.

[00:09:59] Um, she also mentioned that a lot of people were backing out at this time, and if I wanted to back out, I probably could. And, um, no one would. Be upset about it, and I thought about it, but I decided, you know what? I don't mind taking some time Lear learning this business and figuring it out before, um, guests start coming in and, you know, it was a little scary cuz I didn't know when everything was gonna open back up and, and you know, everything, like what kind of event ever happens when everything just shuts down and there's no travel, there's nothing.

[00:10:34] It was crazy, right? So, um, I was kind of running towards the fire. But I mentally said I'm okay with paying the mortgage for a while. Let's just learn this. Let's interview cleaners. Let's interview maintenance people. We'll swap out the linens that we have to swap out some furniture that we need to, and kind of go from there.

[00:10:56] And that's what I did. And. My very first booking was the two, two cabins, and, I did lower rates quite a bit, um, and it was in April, but the first family rented it for 28 days and that covered all my costs. And then right after that, the three, three started renting and it was profit. And immediately I was, I was hooked.

[00:11:17] Um, and I think your second part of the question is in terms of like what. You know, what do I like about hospitality? Mm-hmm. Um, in my job, uh, as producing, I, I feel like I'm kind of in the hospitality business. I know that seems weird, but I'm catering, to many different parties. I work with the direct director closely.

[00:11:38] I work with the ad agency closely, and then I work with the clients closely and it's like, three different entities might have conflicting ideas that I need to manage kind of and make sure that everyone's getting what they want out of the whole process. So I almost feel like my career, uh, prepped me for, um, the hospitality business and, and the craziness of some guests and the, the pleasantries of other guests and stuff like that.

[00:12:05] Cuz you know, it's like not every job in production is gonna go the way you think it's gonna go, so you just have to approach it and figure out how to solve it.

Outro

[00:12:13] Liam: Thank you so much, Josh, for sharing your journey, and I feel that what I've taken away from this, uh, the podcast is the mindset, the positivity, and just going, Hey, if you, you know, let's figure it out.

[00:12:26] I think you've said it best, you know, let's just, yeah. Okay. Let's figure this out. So, um, are there any questions I've missed or any final thoughts before we bring things to a close? Um,

[00:12:36] Josh: not that I can think of. Uh, no. I think we, we covered a good amount.

[00:12:40] Liam: Yeah. Awesome. Well thank you so much for your time Josh, and thank you.

[00:12:45] Thank you too for you. If you're listening in on the Boostly podcast, we know there are lots of places you can put your attention and we thank you for putting it with Boostly. Hopefully, you've picked up some good tips and, and been inspired by Josh's story today and uh, thank you very much for listening. We'll see you on the next one.

[00:12:59] Bye for now. Having a blast. Going to get it on the Boostly podcast.

[00:13:03] Josh: Bruce Lee led Bruce Lee cuz it's so hard on the tee. Is loose leaf picking up those rhymes? Don't write it. Just do we lose?

Before you leave

Please go and rate, review and subscribe on iTunes, Spotify

Transcript from the Episode

Intro

[00:00:00] Liam: Hey everybody and welcome to the Boostly Podcast. This is the podcast that gives hosts the tick tactics, the tools and the training, and most importantly, the confidence on how you and the host can get more direct bookings. My name is Liam Carolan. And I'm Mark Simpson's co-host. Today we are gonna go and dive behind the host, uh, on the mini-series, on the Boostly podcast, and this is where we dive into somebody else's business.

[00:00:25] This is successful and interesting. Host and hospitality owners across the world and where we dive into business and learn their tricks and their tips and things that you may be able to take away in action within your business. So today we're joined by, uh, Josh Goldstein. He's from Bunkhouse Worldwide, and you can go and check out, uh, his properties at bunkhouseworldwide.com.

[00:00:48] Uh, so welcome along, Josh. Thank you for joining us. Thanks for having me. So, let's get started. Uh, the word bunkhouse. You know, I, I, I love in that, that sort of has, uh, loads of, uh, sort of visuals of, of the type of places. But, uh, first of all, where does the name bunkhouse come from? Where are your properties in the world and, uh, what does the business look like?

[00:01:09] How many units and where?

A bit about Bunkhouse Worldwide

[00:01:11] Josh: So bunkhouse comes from, um, we have a cabin in, uh, the Smokey Mountains and one of the rooms has two bunk beds. And, um, my kids, it's probably their favourite cabin cuz they each get their bunk bed even though they don't need it, they just think it's fun. They could have.

[00:01:28] One bed to play in one bottom bed that they sleep in and it's their own. They don't have to fight over it. They think it's amazing. Um, in general, our family likes to go on vaca on almost adventurous vacations. And so we just try to make up this fun. Um, even if it's just a little trip, it's an adventure for all of us.

[00:01:48] And so my kids have embraced that. They'll run out into the surrounding areas and just try to make forts and, you know, just. Their imagination goes wild. So it's fun. Um, so I just feel like bunkhouse evokes a just sense of fun and adventure, and that's kind of why we chose that,

[00:02:08] Liam: how, what happened from there?

[00:02:09] So that's 2015. Um, so you've, you've had the diagnosis and, and like you say, you've, uh, you've got fortunately great friends, great family, and, and they say, you know, your, your network and family around you is just, just so important. Absolut, what, what happened from there? How to sort, talk us through obviously, um, You know, how, what, what happened from there and how you got started into, into this hospitality?

[00:02:31] Josh: Well, besides realizing I needed something else, uh, income-wise outside of my job, um, I did, I was able to read Rich Dad Poor Dad during that year. Mm-hmm. Um, and you know, that year was a bit of a whirlwind. Um, a lot of it is a blur. Um, we. You know, our kids were much younger than, but, but we were just getting by and we were just trying to just focus on healing.

[00:02:55] So I read it, I was super inspired. I was almost frustrated with myself because I didn't, I I, I was, I was mad at myself that I didn't realize that this, this earlier and, um, it's, I. It's something where I've always liked real estate. I've always liked the design, I've always liked the values of houses, but I just never knew that I could be, uh, an investor myself.

[00:03:13] I just thought that was someone else that had tons of money and, you know, I don't know, just seemed outta reach. So I read that book and it was like a brick to the head. Um, during that year, I, I. Couldn't do much with it because I was just focused on, um, healing. But I always had a back, yeah. I always had in the back of my head that this was the plan when I recovered and, and kind of got back on my feet, that that's what I was gonna do.

[00:03:39] And that's kind of my turning point.

[00:03:42] Liam: Well, first of all, let me just say, you know, sort of, uh, congratulations on, on the recovery and, and, you know, sort of beating it and, and for, for, for being here to talk to us today. I'm sure there are a lot of people listening to this who, uh, first of all, are inspired by the story.

Looking back at the challenges

[00:03:56] Can you talk us through the, the kind of, um, looking back, the steps and the challenges that you had to go through to, to get where you are now? You, just mentioned that you never expected to be an investor in general, so what looking back changed and why?

[00:04:12] Josh: Well, I, I, I'm sure, um, you and, and most of your listeners have read Rich Dad, the Poor Dad.

[00:04:17] Um, to me it's more of a mindset book versus an actual real estate book. Mm-hmm. Um, so it doesn't teach you how to do it. Um, so once I did recover, um, I did, I jumped back into work pretty hard to get outta debt and, and kind of get back on my feet. But while I was doing that, you know, in LA you know, even a short commute is an hour with traffic.

[00:04:37] So I was in the car a lot. I start, and I found bigger pockets. I started listening to every podcast I could. I started listening to audiobooks. Um, I just dove in as hard as I could. Um, and you know, as I learned more and more and more, I started to realize that it was obtainable. And that was, that was the main thing.

[00:04:58] Um, and the whole, while I was working, I was trying to save, I was being as aggressive as I possibly could so that I could financially start putting money towards these investments. And so that's, that's what dropped me off was, was being in the car a lot.

[00:05:12] Liam: You know, it resonates with me and what you're saying there, because if it wasn't for, for audiobooks podcasts, I wouldn't have got started on, on the journey and, and there must be so many people who have been inspired by this information that, let's face it, 30 years ago, we may not have discovered in the ways that we've discovered it, which has put us on this path now.

[00:05:29] So it's amazing that. You know, people can, uh, truthfully change their mindset, change their beliefs, and then actually start to take action when you get the, the how it has given you that why beforehand. And like you say, being in, uh, you know, sort of the, the health, uh, condition that you were, that you needed to make a change and, and, and to do that, which is awesome.

[00:05:50] So, yeah. When it came down to, uh, getting your first one, what, what year did you get your first one and, uh, what was it like?

[00:05:59] Josh: So, um, I got my fir I was in analysis paralysis for several years. I gotta say, while I was learning and I was looking at different markets, I kind of had shiny object syndrome.

[00:06:10] Um, and I finally landed on, um, my first deal was a long-term rental. Um, and it was turnkey. And it was after I had listened to a podcast, I was kind of adverse to turnkey. Cause I wanted the equity, I wanted everything. But then when they broke it down, It kind of made sense and I was like, for our first deal especially, let's just jump in and let's do this.

[00:06:31] And it was, um, I got, I remember getting the email from a, a property management company in Kansas City and it was a holiday special. It was a $70,000 house, um, three-bedroom house in Kansas City, Missouri. And, um, It, I, I did the comps and it looked like it was worth around 90. So I was like, Hey, there is some equity in there.

[00:06:52] Um, there was already a renter in there for 800 bucks a month, and um, I decided to go for it. Uh, the lender wound up backing out, uh, two weeks into the, into escrow, and it was cuz the underwriter said. They didn't feel comfortable because it was a property management company selling it versus a traditional real estate, uh, avenues.

[00:07:13] And, uh, instead of backing out, I, um, had some money saved up at the time and I wound up buying it for cash, which was the biggest blessing in dis disguise because, um, when. I went to go pull money out and refinance it. Um, a month and a half went by, I got an appraisal and it appear appraised for one 16.

[00:07:34] And so I was able to pull out $74,000, which is my initial capital plus closing costs. Wow. And uh, yeah, I mean, I got a free house and as soon as that happened I was supercharged. I was like, I can't believe this works. I have a free house. I know it. You know, it was cash-flowing, maybe 150 bucks a month or something.

[00:07:52] But I looked at that as like a savings account that was worth now $116,000 that someone else was paying into and I have no money into at this point.

Why did you move more into hospitality?

[00:08:01] Liam: I mean, it's, even now when I hear it and I get to hear it more than I used to about people who can pull their money out of property investing. And it's one of those things which I still look at it and just go, wow, as if this is a thing that we can all go off and do.

[00:08:16] And you, you're getting paid to invest. It is. It's just amazing, isn't it? What was the moment where you looked at it and you went, Hey, I've got a couple of long-term rentals. Um, obviously at some stage you got the hospitality bug. What would you say is, uh, your favourite, first of all, why did you move into more of the hospitality side of things and what would you say your favourite thing is about being a host?

[00:08:39] Josh: So, um, it was another podcast I listened to. I listened to Avery Carl, which I'm sure you and, and your listeners have heard of. Um, and this was still, it was early 2020. Um, listened to her, uh, scheduled a call, like to talk to her for probably like an hour and a half, just about cabins and Smokey Mountains.

[00:08:58] I had never been to the Smokey Mountains before. But everything that she was saying just made so much sense. So, um, my wife and I started looking, uh, at the m l s and we found two cabins on two acres of land. It was a three-and-a-two for $635,000, which was a much bigger investment than my first, uh, $70,000 house.

[00:09:19] Um, but you know, I, I, I, I, I felt, I believe that it was gonna work. So we went out there for the very first time during inspections in February. And we did like a whirlwind tour. I, it was my wife and my two kids. Um, so we tried to do and see as many things as we could that weekend. And, um, you know, we, we.

[00:09:42] Got to closing time, which was March 2020. And as everyone knows, that's the day, the day I was closing was the day everything shut down. And I texted Avery saying, I don't even know if I could sign, because I, I don't know if I could find an open notary. Mm-hmm. And so she said she, you know, everyone would understand.

[00:09:59] Um, she also mentioned that a lot of people were backing out at this time, and if I wanted to back out, I probably could. And, um, no one would. Be upset about it, and I thought about it, but I decided, you know what? I don't mind taking some time Lear learning this business and figuring it out before, um, guests start coming in and, you know, it was a little scary cuz I didn't know when everything was gonna open back up and, and you know, everything, like what kind of event ever happens when everything just shuts down and there's no travel, there's nothing.

[00:10:34] It was crazy, right? So, um, I was kind of running towards the fire. But I mentally said I'm okay with paying the mortgage for a while. Let's just learn this. Let's interview cleaners. Let's interview maintenance people. We'll swap out the linens that we have to swap out some furniture that we need to, and kind of go from there.

[00:10:56] And that's what I did. And. My very first booking was the two, two cabins, and, I did lower rates quite a bit, um, and it was in April, but the first family rented it for 28 days and that covered all my costs. And then right after that, the three, three started renting and it was profit. And immediately I was, I was hooked.

[00:11:17] Um, and I think your second part of the question is in terms of like what. You know, what do I like about hospitality? Mm-hmm. Um, in my job, uh, as producing, I, I feel like I'm kind of in the hospitality business. I know that seems weird, but I'm catering, to many different parties. I work with the direct director closely.

[00:11:38] I work with the ad agency closely, and then I work with the clients closely and it's like, three different entities might have conflicting ideas that I need to manage kind of and make sure that everyone's getting what they want out of the whole process. So I almost feel like my career, uh, prepped me for, um, the hospitality business and, and the craziness of some guests and the, the pleasantries of other guests and stuff like that.

[00:12:05] Cuz you know, it's like not every job in production is gonna go the way you think it's gonna go, so you just have to approach it and figure out how to solve it.

Outro

[00:12:13] Liam: Thank you so much, Josh, for sharing your journey, and I feel that what I've taken away from this, uh, the podcast is the mindset, the positivity, and just going, Hey, if you, you know, let's figure it out.

[00:12:26] I think you've said it best, you know, let's just, yeah. Okay. Let's figure this out. So, um, are there any questions I've missed or any final thoughts before we bring things to a close? Um,

[00:12:36] Josh: not that I can think of. Uh, no. I think we, we covered a good amount.

[00:12:40] Liam: Yeah. Awesome. Well thank you so much for your time Josh, and thank you.

[00:12:45] Thank you too for you. If you're listening in on the Boostly podcast, we know there are lots of places you can put your attention and we thank you for putting it with Boostly. Hopefully, you've picked up some good tips and, and been inspired by Josh's story today and uh, thank you very much for listening. We'll see you on the next one.

[00:12:59] Bye for now. Having a blast. Going to get it on the Boostly podcast.

[00:13:03] Josh: Bruce Lee led Bruce Lee cuz it's so hard on the tee. Is loose leaf picking up those rhymes? Don't write it. Just do we lose?

Before you leave

Please go and rate, review and subscribe on iTunes, Spotify