Avery: Been up to I guess like the most recent thing that I knew you were up to was you were doing a new boutique hotel fund. So tell me how that deal went and what’s going on with it, yeah. Last time I was on your show, I believe I was just launching our hotel fund, and since then, we’ve bought four boutique hotels, all owned by this fund. One of the deals is in San Diego and Italy.

Summers: Downtown 24-unit boutique hotel, which we had some, yeah, yeah, it was really cool. It’s a neighborhood that I live in, in Italy, and we did a full renovation. It was very tired; it was underperforming.
And we bought that and did a full renovation and re-did a grand opening, relaunched it. We did have some struggles and challenges, but that’s, you know, every deal. Every deal doesn’t go according to plan, and sometimes you got to dig in. In that particular one, we had San Diego had record rainfall.

In January of this year, a lot of buildings downtown got flooded out; my podcast studio here got flooded, um, even my brand new apartment building that I live in got some water damage as well. But that said, insurance didn’t cover a dime, and we had to shut down the property for six weeks. But we figured it out, we grinded, we hustled.

And we figured it out, and now that property’s performing. We’re in the summer season now, and we also picked up a few other deals, like a 40-unit boutique hotel up in Lake Chelan, Washington, that we bought directly from our bridge lender. That was a deal that they had repossessed from the initial borrower and the developer, and they sold that to us.