STRSS 55 – Diversifying Your Short Term Rental Income w/ Rick Carlson

Video Transcript

00:00:00

I think that regardless of where you’re at, listen, if you’re a cleaning person, I think there’s a lot of opportunity. I’d build a Corona clean package and I would put a price amount on that and I’d suit up and I’d be out there hustling. If I was a host, I’d be figuring out where the niche is. You know, you could reach out to the local hospitals and get in touch with like the ICU and the cancer wards and places like that, that have family that, that need to come stay while the patient’s in treatment. Listen, if you’re a true entrepreneur, these are the times that you figure it out and you make it happen.

00:00:33

This is episode number five, five, the short term rental success stories podcast. Are you an investor that’s looking to have your home professionally managed, go to cohost it.com for more information, welcome back to short term rental success stories. I’m your host, Julian Sage. This is a show where I talk to hosts about their journeys and starting and growing the short term rental business. My goal is that you’ll be able to walk away with practical information. That’ll help you become a better host and learn how to scale your business. Like any exceptional host. We all strive for five star reviews. So please go on over to iTunes and let us know what you enjoy is it really helped support the show if you haven’t done so already going over to our Facebook group, the host nation to connect with the community.

00:01:12

Hey, welcome back. Host nation. I’m super excited to be bank again with you this week. So in this episode, we have the special honor of speaking with Rick Carlson, who was in episode number two, six of success stories. You can go to Short Term Sage dot com slash STR two six to listen to that episode with Rick. Now, Rick, in this episode, he talks about how crucial it is to diversify your revenue streams, to get through whatever type of hiccup that comes along with this pandemic. Now, my life would’ve been seriously impacted significantly more. If I had not had my primary stream of income being my job, I’m at full-time active duty in the coast guard. So I have a reliable stream of income that’s been able to come in that has been able to keep me able to pay for my lifestyle. If I was solely dependent on the short term rental income, that would be a very different story.

00:02:00

And I know how many people are hurting during this time. I’ve seen a lot of fellow hosts. A lot of my friends that are being impacted by this pandemic and my heart goes out to everybody that has been impacted. And I think during this time, diversification is really kind of the eye opener for lots of hosts. Lots of hosts are talking about diversification onto other OTAs. Other online travel agencies, not being dependent on one soul stream really makes an impact. I’ve started getting more requests from places like furnished finders for finding traveling nurses. That’s another way of diversifying I’m diversifying how I’m going to be getting more bookings, but when it comes to income, having diversification in my income has also been able to help. Now, again, I have a primary job in the coast guard and short-term rentals. My unit downstairs was able to supplement me, was able to cover my mortgage.

00:02:51

I had a property that I was personally managing that was able to give me some extra money, but I also had diversification in other things such as my interests. You know, I do create content. I do have a couple other YouTube channels and I’ve been able to bring in some profit through all of the content that I’ve been able to make. You know, it’s nowhere near where I was getting with my short term rental income. But now that the short term rental income has significantly dropped. These other streams of income are still able to bring in and it’s able to keep me a little bit more afloat. Now I know this isn’t the case for a lot of professional hosts, a lot of hosts that are full time. Maybe they quit their jobs because they did wanna manage professionally. And during times like this, it can be really uncertain.

00:03:32

But I think this is also a wake up call because not only do we have to diversify on where we’re gonna be getting our clients or how we’re going to be, you know, marketing our properties, but also where are we also getting our money in from, I love shorter rentals as it’s really changed my life, but I also do need to know that I can’t get out of the military and just solely depend on one source of income. Having other streams of income is gonna be very important or at least where you’re getting your income coming in from other places. We’ve seen things now, such as like Vermont, just the other day said that they are not going to be allowing short rentals indefinitely just due to the pandemic, having to de-list their properties from sites like Airbnb is going to impact so many hosts.

00:04:15

But what if we had the ability to be able to tap into other ways of being able to get guests to stay with us? This is one of the things that I do wanna bring onto the show more, and that’s gonna be about corporate housing companies. I think that that’s going to be a way for us to be able to diversify ourselves and be able to get closer towards where the sole channel of all of these different people are coming in from, because if you’re able to diversify where you’re getting your tenants and not just from one of these OTAs and you’re able to have something that’s more your own, I think that’s where short-term rentals in the future are also going to need to go, not just relying on a single OTA or not just relying on a single way of marketing your, your place as a short term rental, but offering diverse clientele.

00:04:57

And this is all going to also come to where you are selecting your properties, because if you’re in the arbitrage space, you’re gonna need to think a little bit more strategically about where are you picking up these properties moving forward in the future is your place in a location where you can tap into those. Let’s say those hubs like those corporate clients or those reoccurring clients, and be able to collect them and have them stay at your properties during times like this, the big message of this episode is gonna be about diversification. If you like my show notes for this episode, go to shorttermsage.com slash SDR 55. Or if you like my show notes sent directly to your inbox every week, then go to shorttermsage.com slash show notes with all that being said onto this week’s conversation. Hey, welcome Matt host nation to another episode of short term rental success stories.

00:05:38

In this episode, I have these special honors speaking with Rick Carlson. Rick is a previous guest on the show from episode two six. So if you wanna listen to that episode, go to Short Term Sage dot com slash S T R two six. To watch that episode, Rick, if you please wouldn’t mind giving a very brief introduction about who you are, where you were when we first started talking and where you are now. And this episode really is just talking about, you know, what are the things that we’re doing in your business today, and also some of the things that you also foresaw prior to this whole pandemic situation.

00:06:11

Absolutely. Thank you so much for having back on it’s it’s it is a great pleasure and honor to be back. I little bit about me. So I am a, an entrepreneur by heart. So I’ve been primarily self employed for the, the years. I’ve only I’m. And so I, what I do in my world. So I’m a, I’m a full-time real estate, broker mortgage loan officer. And then I also have an Airbnb business and other businesses. And so, you know, we, you know, the last time we talked where, where I’ve been since then to today. So I’m in a very seasonal market. So through the winter, cause our, our season is just nonexistent during the winter I go through, I, I do, you know, winters. And so they just stay for a very clear defined of time. And then they leave when the season starts. So we just make it work for everybody.

00:07:12

My, my goal is just to have lost leader through the winter. I’m not, I know I’m not gonna make money, so to speak, but as long as I can cover my cost and that’s, that’s been my main focus, which every winter I’m super like everybody I think, and And choose. I’m I’m like, oh gosh, what are we gonna do? Like, and, and it just pans out. It just happens. And we don’t always have the answer, we just hustle and make it happen. And it seems to just everything turns out okay. You know, at the end of the day. So yeah. So that’s, that’s where we’re at today and everything’s, everything’s going well. I think we’ve got some new challenges coming and we’ll separate the, from the

00:08:07

Quite a a quite got you’ve you, Now business. different few businesses. Do you think that that’s actually a benefit during this time? One of the strategies that you said, you know, during that slow season, you believe in the previous episode, when we were talking, you said that you’d actually rent those out long term, you’d just leave them furnished or, you know, potentially take out the furniture and you’d leave tenants in there. What’s your strategy moving forward? Because right now we’re coming into that high season or we are in that high season, but it’s, you know, it’s more like a slow season right now. So how are you handling the situation?

00:08:37

Absolutely. So our season is from Memorial day labor day. So about may, first to September 1st, and this, this past winter, I put renters in, I left the units furnished. I’ve tried breaking them down and emptying them out so that somebody can move in couple issues with that, that I see that I’ve experienced is number one. When once they move all their stuff in, they don’t wanna move out. Like they don’t wanna move in six months or five months or whatever the number is. So when you take Rental, generally you get a little bit more money, but then it’s not as hard for them to make that transition back outta the, and it’s just, you know, communication super important and, and set the expectations and be very clear about what’s. So this past week I’ve, so I focused on going into fall. I really focused on traveling nurses.

00:09:34

There was a need in my market for them, which means they needed housing, yada, yada, yada. So I’ve actually have a healthcare worker in one of my units. He was in for a contract. They offered him a, this week, actually on Sunday, they offered him an extension and I, we talked about it and it made sense. And so I was looking at like, how do I hedge my beds? Do I gamble? And think that we’re have a season, this, this season for Airbnb, because we originally were on the, on path to our production from year to Airbnb.

01:10:19

I’ve were a job. A but I extended. I know, no matter what, through July 13th, I’m covered, I’ve got another renter that was a winner renter, who we also had the same conversation of if you wanted to stay longer, he’s in a different position. He’s actually local. He’s going through some life events. And at some point he’ll buy a and have him probably stay through the summer. I mean, he’s unsure where he is gonna go. So if I can get another three, six months outta and you know, once again, now we’re now, now I’m covering property and it’s, that’s a win. So then that’ll leave me two units, a two bedroom unit and a three bedroom unit to do Airbnb on. So I figure worst case scenario. I’ve taken 50% of my, my, and made them long term. So I know no matter what my are met, and then I’m gonna the other two units that I can actually and get on those two units if I put them out and they don’t, I will then I’ll those into probably possibly long term units, but I will just do my long term units through April of next April of, so that way I’m not getting myself in this vicious cycle of just having longs.

01:12:27

So I get through winter and then in the spring we evaluate where we’re at. And then either you gotta go, or you can kinda that the Rental, our are very difficult by, and especially where I’m, I’m, I’m a, from the downtown resort strip, if you will, what little downtown we have. So I have a pretty sought after location and it’s in, you know, we’re, we’re entrance is 30 away. Downtown is five minutes away. Like it’s just a really good place to be in a low traffic street. So, so I’m gonna win no matter what, it’s just a matter of how that looks. So, and then you would also ask, also asked about diversifying and all that other stuff. I would say that I’m pretty diversified with my industries. So if one, one tends to get a little bit less fruitful, the others are pretty solid and I have a bottom, I dunno what you would call that, but like my minimum revenue flow. So like on my janitorial company, it’s the same, every, every month of the year, 365 days a year, we just renew contracts with one, my, one of my larger accounts. And then my other account is, is pretty solid long term, I believe, but what’s ironic is this somebody’s trash can. And so, which is, is her her, right?

01:14:10

So I think that, you know, is it the right move? I don’t think so. Not in my opinion, but who am I to make that call for somebody else?

01:14:17

And with that, are you because the strategy that you were saying with your units, you’re, you’re taking the units that you think would be more profitable during the high season, taking the tenants outta those and moving them to other units where you think it would be better for long-term rentals.

01:14:33

So the one, the one, yeah. So my, what I would say my premium unit and, and, and my units are pretty nice. Like they’ve all been remodeled and updated and they’re pretty nice, but my nicest one is the gentleman that’s in there. He likes the option of having one of my other units better because it is a single, it’s a, it’s a ranch home, it’s a duplex, but the big side of it is a ranch. So there’s only one adjoining wall where right now he’s above the other. And so there’s a little bit of noise. And so he’s, you know, and he’s a super nice guy and I really like him, and I really enjoy him as a person. So anything that I can do to, to help him in his situation. And then it also helps me. I mean, you know, we’re not, you know, I’m not, I’m not the guy that’s like, I want to help everybody.

01:15:26

And I, I want it to be a, a, a reciprocal relationship, not just me winning or them winning. I want everybody to, to win if you will. And so if he’s willing to stay longer, I know he pays rent. He doesn’t quiver about it. And he’s super, he’s been super good to me. So if I, him, so he just to, in a different was willing to leave him in that unit longer. But, you know, he, he said, he’d rather be in, in the, in a, in a ranch style unit, which, which is fine. I have it available coming up. So,

01:15:57

And I think the, the last time that we talked, you said that you, you, you don’t increase the Rental price for your furnace units. Is that just your location specific or is, have you actually been increasing the price?

01:16:10

There’s a little bit of a premium on the, on the monthly or on the, on the rents. But once again, my goal is to and pay the bills. I just know five months out of the year, my goal is to be a loss leader if I make money great, but I would rather not be paying 2,500 a month to carry, to carry these two properties. And, and I just bought, right. There’s gonna be somebody, some people that question, those numbers of like, how can you carry two properties for 25 a month? Well, I bought them, they needed work. You know, I’ve put a lot of money into the, into the one property. And I’m in the process of putting not as much money, but money into the other property. So, you know, I did, you know, the Birtch strategy if you will. And so I bought them as investments and put sweat equity into them. So my front end numbers are really low. And then my backend numbers, I put my own money in outta pocket. So, so my cost I’ve done, I’ve done pretty well with my, and those very different had I just financed it all front or, you know, whatever bought them remodeled. You know, my goal is just to break even through the winter, cause I know I’m gonna make my money in the summer.

01:17:26

What, what were prior to us heading the record? You said that you were actually kind of anticipating something like this, this happening, which is, which is pretty surprising. So could you kind of talk about the strategy that you’ve had, that you, the mindset that you’ve had kind of prior to this and how you’ve been best preparing yourself for a type of situation?

01:17:45

Absolutely. So for the past, I would say, I would say for the past 24 months, I’ve been starting to prepare my team that, you know, things are gonna change. We just dunno when, so, you know, as an 18 year real estate professional, I’ve seen, I’ve seen the market go up down and around. I, I went through oh eight and I was, I was super ill positioned at going into that market. And I, and I lost everything. I legitimately lost everything except what little money that I, I, I squirreled away. And that is what I went on to buy the next business with. And then, you know, that was an equipment purchase. And then we built that out. So for the past six to 12 months, though, I’ve really been honing in on my team as far as what we’re doing, how we’re it, how we’re positioning ourselves in market.

01:18:37

And we’re diversifying in such a way in ensuring avenues of revenue to get through whatever hiccup comes along. So, you know, I, a lot of people, while I do agree that you really do need to focus on one thing to be great at one thing, you need to make sure that if your one thing is not insulated from the economy, which most one things are not that you have some diversity in, in your income. Because once again, I went through this in oh eight, I had three houses across the country. I owned, you know, I owned two businesses at that time and one was real estate and one was in the restaurant, a chain of restaurants and it was the epic storm that just wiped me out. And so, you know, 32 years old of one of your pregnant girlfriend’s mother, that is no fun.

01:19:27

And, you know, for us to really embrace lessons, they have to be painful. And that was, that was definitely painful. So I feel like I learned from that. So I’ve, I’ve literally in the last 11 years, since, since that time, I’ve just busted my butt to get past the obstacles that were in the way, build some diversity and, and make sure that if that happened again, I wasn’t, I wasn’t gonna be in trouble. And so, you know, and it, it’s one of those things where I build something, I get it running without me, and then I kinda move on the next thing. And so it’s just been, you know, it’s just the little tweaks and, you know, it’s, it’s not always fun, but I can tell you right now that I’m, I am, I’m genuinely excited about the future and the opportunities to come, because I understand the people are gonna be freaking out and it’s the 10% that are just gonna be like, this is awesome. Let’s go help some people and let’s go make some money and, and make it a win-win for everybody.

02:20:29

I know you’re, you’re, you’re handling yourself very, very calmly during, during the uncertain time. And I think that’s really awesome. And, but that’s probably also because you’ve, you’ve experienced something very similar. Do you, do you see that experience in 2008, very similar to the one that we have today, or are they pretty, pretty different in your eyes?

02:20:49

That’s a great question. I would say that I would say that they’re different. We had some factors going to that, that we don’t have as far as legislation and they’re, and they’re handling things on the government level were so early into this, it’s really difficult to say one way or another. The issue, the biggest issue that we, that we run into is since this situation, we had the longest progression of finances in the history of finances. So we never had a hiccup. We never had a setback. We never had a, a plateau long term plateau that said, okay, things are cooling down and, and I’ve kind of watched it. And, and what’s ironic is we’ve had multiple events that I thought this is pretty, this is pretty significant, and this is gonna set the chain. And I don’t remember exactly what it was. And I’m sure my, my, my facts are a little off here, but there was like a, like, I think two years, the, the blue chip stocks lost like a billion in value in one day, nobody was talking about, nobody mentioned it.

02:22:01

And I thought that’s really weird. And so, and then we just moved on and I thought, well, hell if you, you know, if, if the market loses a billion in one day and it can’t be explained, why is that like what’s happening there, but everybody just glazed over it, moved on. And so we are, we, there is no history to repeat itself here. We’re 12 years into a progression who knows what’s gonna happen. We just don’t know. We don’t know, is this gonna, you know, there’s a CDC report that I saw that was leaked, supposedly. And they’re saying that this thing’s gonna last 18 months. Well, the question that I ask is how do you, are you prepared for this thing? The last 12, you know, 12 to 18 months, one of my neighbors is the, is the high level at a local bank. And she talked to her builders.

02:22:49

She called every one of her builders last week that she has financed. And every one of them said, we’re moving forward. We’re not stopping. We’re not slowing down. The need for housing is still there and they’re just moving forward. So I don’t know if we’re in that situation where everybody’s in denial and everybody’s, you know, just kind of waiting and seeing. But what I see as a majority of people freaking out like, you know, I had one of my, one of my janitors, she quit this morning and she says, I’ve gotta look out for my family. And I gotta look out for my health and this that, and the, this that when she goes to work, she doesn’t into contact with anybody. She’s by herself, she’s wearing gloves, unless she’s touching, God knows everything and then touching her face mouth, and, you know, however else you catch this thing, I don’t see how I don’t see how you, how that that’s, to me, that seems like one of the safest jobs you could have in this timeframe, but yet she’s, she’s freaking out and she quits and she’s, she’s, she’s clamming up and going away.

02:23:56

And I just said, perfect. I said, you know, I appreciate, I respect your decision. And, and I absolutely respect your decision best to look to you. And so those are the people that are gonna be really hurting long term. I think that, you know, to out during times, like this is, you know, people are looking for, for leaders. And if you have, like, in my position, I have multiple people that look at me for direction and assurance that gonna be OK. And I trust me, I had this, this conversation with my real estate agent a couple days ago, and she’s like, I’m a little nervous. And I’m like, why are you nervous? Like this is, you don’t understand, this is what I’ve been preparing you for for the last 12 months. Like I’ve been waiting for this. Like, I, I, I get goosebumps cause I’m so excited that, you know, the world is gonna, the world’s gonna change for the good we’ve gotten.

02:24:45

We’ve gotten an abundance of supply without the demand in a lot of industries. So, and, and one example of that is we’ve, we’ve gotten an abundance of real estate professionals in the real estate space without the, of transactions to feed all those agents. So just like in two of the agents, Airbnb, Airbnb, Vacation, Rental, Rental, Rental world, I think you’re see a little bit of the same. There are some markets that Airbnb they’re Airbnb restraints. You know, I think that, you know, guys like me that are hedging, their bets are gonna, are gonna fare pretty well. There’s like there’s, and I won’t mention any names, but there’s, there’s definitely some guys in the, in the Vacation Rental space that have, you know, a hundred units and, you know, Sean, I’ll leave that. I’ll let you figure out the last name is, but Sean and, and he’s had to switch and, you know, they do 2 million plus a year in revenue and they’ve just had to reform their model and they’re back to 80% capacity as of this morning. So I think the opportunity is there. I just think that it is a matter of shifting your focus and how you do business and just not freaking out, be the, be the calm in the cause. That’s what people wanna see. And when you freak out, you know, what I tell my clients in every genre that I’m in is when you make emotional decisions that cost you money. So make logical fiscal based decisions and you’ll, and you’ll be okay,

02:26:43

What are, you know, I really, really, I think that that’s such a great piece of advice that when we are making emotional decisions during this time, and we’ve, we’ve been making a lot of emotional decisions during this whole upcycle, you know, everybody’s looking at, you know, the, especially the Rental arbitrage model, and they’re looking at how much profit there is, and they’re just emotionally investing into all of these properties thinking, you know, I’m gonna make all this money and now, you know, we’re, we’re on the opposite side. Now there’s a lot of people talking about, this is a model that’s gonna die. You know, all the Rental arbitrage hosts are gonna, you know, be out of pocket now. And it’s, it’s a dying model and it’s very fear, fear, and emotional based thinking. But what, what were some of the things that you were doing strategically during these past few years to be able to prepare yourself for this type of situation?

02:27:30

So I think the number one thing for me is, is diversity because I got caught with my pants down in two, I was in a really bad position. Things just kept getting worse and worse and worse. I was paying like $5,000 a month to keep one business afloat for two years. And I should have, in hindsight, I should have not done that. I should have saved that, you know, hundred 20,000. And I would’ve been in a much better position instead after everything was done. And I was homeless. I was sitting on like 17 accumulative, total after I sold most of assets. So focused diversity of my were very adamant against diversity. They said, you need to do you need to focus on one thing. You need to go all in on one thing. And I said, I, I said, I appreciate that. And I love that.

02:28:24

And I’ve got solid residual income from these two different businesses that I’m not working for and I’m not trading time for dollars. So why would I give up something that’s not taking away from my head space? And, and I’m very, I’m just very glad that I, that I stuck to my guns on that because had I just stuck with say one thing like real estate, you know, we wrote two offers last week, or, you know, we had two offers go under contract last week. Things are still moving, but I can tell like the, the things have changed and, but we don’t know how they’ve changed into what degree. So if I only was a real estate agent, I’d be super nervous. I, I would, I wouldn’t be freaking out, but I would, I would legitimately be wondering what the hell I, what the hell I was gonna do.

02:29:14

And, you know, I, and in myself, I, myself and, and, and two partners just bought a, another house, a single family house. It’s the first single family house I’ve owned in five, six years, six years. It’s the first thing of family house I’ve bought in six years. But once again, the ROI on it is very good. It makes a lot of sense, even with the market, doing what it’s doing, it’s making a lot of sense. So I think that you just have to move with purpose and, you know, I, so when I go into any situation, whether it be a business or a real estate investment or any kind investment, my goal is to have at least three strategies. If I’m living in the house and I can’t afford it, we rent it out. And if I can’t rent it out or, well, it’s, it’s live Airbnb.

03:30:03

If I can’t Airbnb it, then we rent it out long term. And if I can’t rent it out long term, what else can I do with it? If I can’t do anything else with it, then we sell it. So you just have these steps. And once again, I don’t make, you know, for me, I’m not emotional about the decisions that I make. If it makes fiscal sense, we do it. And if it doesn’t, then we don’t. And a lot of people, even one of my investors, we look at certain investments together and it’s, it’s just doomsday. And it’s worst case scenario this I said, yeah, but what if this goes right, if option one goes right, because we’re now we’re 300. Xing our, our ROI option. Two only, let’s say option one, doesn’t work, option two works out. Now, we’re only, you know, this, this ROI, worst case scenario, we’re walking away with a, you know, a 10% gain, which, you know, you’re not gonna get in the market. So I think it’s just important to have a calm head and, and have an exit strategy. And, and for me, I always have multiple exit strategies going into whatever. It’s

03:31:03

Awesome. Well, you know, I, I, I, you know, I appreciate you jumping on here and sharing, sharing your message, Rick, is there anything else that, that you feel that for those listeners that are tuning in and they’re maybe freaking out, maybe they have a bunch of different businesses. Maybe they think everything, you know, it’s, it’s, it’s all gone. They have a cleaning business. They they’re a real estate broker or a real estate agent. And they have some, some rentals and maybe they’re worried, maybe they haven’t had that type of, they haven’t had to experience something like that. Do you have any, any words of advice to someone that is in that similar situation like you?

03:31:39

So I always say, and if, you know, I tell my team, I say, listen, there’s, there’s two kinds of people in this world. There’s lion and there’s sheep. And most people offended by that’s the leaders and the people that pave the way they give you the confidence and they show you the path to accomplish these great things. The sheep are the people that, that help you accomplish that. And the, the piece that most people miss is we need each other. It’s the, lion’s not here to slaughter the sheep and the sheep’s not here to feed the we’re here to each other and do this thing together. It doesn’t which side you’re on. What’s important that yourself counterpart couldn’t without the people on theoretically, in some cases couldn’t, couldn’t do what, what they wanna do without, without somebody like me now, I think we’re all capable and we all have our, our strengths, but we all have our weaknesses.

03:32:41

So for me, I surround myself with people that their strengths are my weaknesses. I don’t need another one of me on the team. We wouldn’t get anything done. We talk about these big grandioso plans all freaking day, but, but nothing would get done. And so the next thing you know, we’re now we’re all broke. So, you know, I think that regardless of where you’re at, listen, if you’re a cleaning person, I think there’s a lot of opportunity. I’d build a, I’d build a Corona, a Corona clean package. And I would put a, put a price amount on that and I’d suit up and I’d be out there hustling. If I was a host, I’d be figuring out where the niche is. You know, you could reach out to the local hospitals and get in touch with like the ICU and the, the, and places like that, that have, that are, that need to come stay while you are, while the patients in treatment.

03:33:34

There’s a ton of that. And it’s in every market for the most part, I think every in every market’s gonna be a little different. So whatever that opportunity is for you, you go make it happen. And listen, if you’re a true entrepreneur, these are the times that you figure it out and you make it happen. If you’re, if you’re a true team player or dare I say, employee that’s okay too, embrace it, align yourself with that right person. That’s gonna help carry you guys. Cause you know, in the words of Gary Vayner, not, everybody’s a number one. It’s okay to be a number two through 30. Cause the, the number 30 person at Facebook is worth a hell, a lot. Number a hell, a lot more than number one, me in my organization. I have no problem being a number two through 30, by the way, I just happen to be a number one in today’s world that may change down the road. So figure it out. You’ll make it happen regardless of what that looks and don’t be ashamed of who you are and, and, and what your position is in this world because it’s needed and it’s necessary.

03:34:36

Thank, thank you so much, Rick, for the, for the encouragement. I think, you know, you’re, you’re strategically unemployed and I think that that’s very, it’s a very, you know, you’re, you’ve, you’ve gone through this before and I think that, that, you know, having experienced that you have just a wealth of knowledge. So I appreciate you coming on here and taking the time to help, help the host nation and, and build that confidence back up.

03:34:57

My pleasure. Thank you for having me on.

03:34:59

All right. Thank you. Until next time, host nation, keep on hosting. Hope you host benefit from the show. If you found value, please going over to iTunes, leave us a review and let us know what you enjoy about the show. If you like to talk to hosts that have been featured in these episodes, as well as the community, going over to our Facebook group, the host nation.