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Choosing Educators Wisely
In this episode of The Short Term Show, Avery hosts a panel of short-term rental experts: Dr. Rachel Gainsbrew, Bill Faeth, and Mike Shogron. They dive into how to properly vet and choose a mentor, mastermind, or course in the short-term rental space. The conversation highlights the importance of self-education, niching in your strategy, and doing your due diligence before investing in mentorship programs.
Avery: Hey guys, welcome back to The Short Term Show! We have a very special episode for y’all today. We’ve got a panel instead of just one specific guest.
I’ve put together a panel of educators and mentors in the short-term rental space, people I have a lot of respect for. We’re going to talk about how to properly vet and choose an educator or mentor, whether it’s for a mastermind class or a course. There’s been a lot of noise out there and a lot of different things that have come up over the past few years, so we want to make sure you guys understand how to choose the course or mastermind that’s best for you and your strategy.
First, let me introduce my panel. Dr. Rachel Gainsbrew, why don’t you go first?
Rachel: Thank you so much, Avery! I really appreciate you putting this out there. I wish this had existed when I was looking for mentors and coaches because we’ve all probably made some decisions we regret, not knowing what was going to be a good fit for us personally.
So, with that said, my name is Rachel. I’m a short-term rental investor in the luxury space. Our properties are mostly in suburban areas, and we have a pretty solid insurance strategy that has worked well for us. By day, I’m a healthcare professional. I stepped down from my full-time job at my W-2 to focus on this.
Avery: Congratulations on that, Rachel. So exciting!
Rachel: Thank you! It’s been quite a journey, but I’ve had to really strategize on how to make investing work for me. I’m all about niching in the luxury space, and I don’t think you need 100 doors or even 50 doors to turn a handsome profit. So, it’s a bit different from the “bigger is better” mindset.
Avery: Thanks, Rachel! Next, let’s hear from Bill.
Bill: Faith, everybody! I built Faith from short-term rental wealth. I’m similar to Rachel in that I don’t have a W-2 anymore, but I didn’t get into this through arbitrage or co-hosting. I own my luxury space and started co-hosting with a business partner. I’ve been in real estate for over 25 years. I’m definitely the oldest person here! laughs I’ve built a career from commercial, industrial, and long-term real estate since I was 22.
I’m a huge believer in self-education. I even had a full ride to UCLA on a golf scholarship, but dropped out to pursue professional golf. After that didn’t pan out, I dedicated myself to self-educating over the past 30 years. I’m currently in a mastermind with a few people, and I’ve probably spent close to two million dollars on self-education in the past 20 to 25 years. That’s why I’ve been successful. Like Rachel, I also think it’s super important to do your due diligence when looking into masterminds and courses.
Avery: That’s amazing, Bill! Now let’s hear from Mike.
Mike: What’s going on, guys? Excited to be here! I’m Mike Shogron, based out of Boston, Massachusetts. I’ve been in short-term rentals for almost five years now, and we’ve built a portfolio of 44 units across five different states. We just got a 52-unit hotel under contract yesterday, so we’re really pumped about that!
Like Bill, I also invest in heavy due diligence and masterminds. That’s how I’ve continued to scale. My income has increased over the years, and I’ve probably spent around $120,000 across different masterminds. When looking to join a program or get a mentor, I always tell people to ask three things: What’s my objective, has the person I’m learning from achieved that, and have they helped others achieve it too? There’s a huge difference between a good operator and a good educator.