July 5, 2022

JF2863: Tips for Navigating Hotel-to-Multifamily Conversions ft. Becca Hint


Becca Hint began her real estate career 18 years ago investing in multifamily. Over her tenure, she has scaled her portfolio both as an active and passive investor, focusing on multifamily syndication.

Today, her hard work has paid off; she now resides in Costa Rica in a blue zone—regions where people are recorded to live longer than the average person—enjoying days spent on the beach doing yoga and surfing, all to the credit of her CRE investments. Her new focus is on hotel-to-multifamily conversions, and in this episode, Becca walks through how she navigated one of these deals. She also shares how she reached her business goals and why multifamily is a great asset for international investors.

 

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TRANSCRIPT

Ash Patel: Hello, Best Ever listeners. Welcome to the Best Real Estate Investing Advice Ever Show. I'm Ash Patel, and I'm with today's guest, Becca Hint. Becca is joining us from Nosara, Costa Rica. She is the founder of Hint Investments, which focuses on multifamily syndications. Becca is a GP on a 100-unit hotel to multifamily conversion. She has a duplex in San Fran, and a 12-unit in Kansas City. Becca is also an LP on 450 units. Becca, thank you so much for joining us, and how are you today?

Becca Hint: I'm great, Ash. Thank you so much for having me.

Ash Patel: It's our pleasure. Before we get started, can you give the Best Ever listeners a little bit more about your background and what you're focused on now?

Becca Hint: You bet. Well, my husband and I were medical device reps in the San Francisco Bay Area. And simultaneously, I've been in the multifamily business for about 18 years. Most recently during COVID, back August, this past year, we decided to leave it all behind - we're the leave it all behind family - and packed up our things, and were part of the great resignation, and we gave our employers the adios, and moved to Nosara, Costa Rica, one of the blue zones in the world. There's about six blue zones in the world. Are you familiar with blue zones?

Ash Patel: I was going to write that down so I can ask you, but please, tell me more.

Becca Hint: Ah, yes. Well, these are places in the world where there's the largest concentration of centenarians, people that live to 100 years and beyond in very good health. And it's a result of their healthy lifestyle and the pure food they eat, not much-processed food; the healthy lifestyle they live. Nosara, Costa Rica, where I am, is one of them. Okinawa, Japan is another one. Sardinia, Sicily is another one.

Ash Patel: Incredible. So you've got a plan. You're going to be there for a long time.

Becca Hint: I hope so. I hope so. We're looking better and feeling better every day here.

Ash Patel: Alright, let's start with the easy questions. Multifamily for 18 years - what was your involvement? And you were doing this while you're a medical device rep?

Becca Hint: Yeah. In fact, that was actually my epiphany into multifamily. Medical rep - it's a great job, good income, benefits, company car, cell phone... I lived in San Francisco, and I had a territory in Hawaii. Everything seems to be going fine, until you stop working. So not only was it not a passive job, it was, in fact, a hyperactive job. The very moment I stop working, the income stops.

During that time, I house-hacked a duplex in San Francisco. The only one to bid on it was myself and a contractor, and I was single at the time and didn't even own a hammer, so I thought this is not going to end well, but it did. And that was my first venture into the prospect of passive income. And I realized then, "Wow, I'm playing this game wrong. I'm on the wrong side of the table here. I'm on the W2 earned income side, and I need to be on the passive income side."

Ash Patel: So did you passively invest in multifamily?

Becca Hint: I did.

Ash Patel: Got it. Okay. And your husband was a medical device rep as well?

Becca Hint: Yup, he is. We met in the med device world. He still is. He was a healthcare tech in the Bay Area, till we left it all behind. He's risen far higher than we started together. And I stayed home for a little while with our two kids, our Irish twins, 18 months apart, and did multifamily meanwhile. What I like about this business is you could step out for a little while when life gets a little too crazy, like with young kids at home, and then step right back in.

Ash Patel: And does your husband have the real estate bug as well?

Becca Hint: He does not.

Ash Patel: Okay.

Becca Hint: He does not. It's only me.

Ash Patel: Okay. So your 100-unit hotel to multifamily conversion... Did that start after you moved to Costa Rica?

Becca Hint: No. Oh, those are such fun deals. I love these hotel conversions. This--

Ash Patel: Let's dive in.

Becca Hint: Oh, yeah. These are fun, fun, fun, deep value-add deals. But this started at the very beginning of the pandemic, because as you know, during the pandemic it was the hotel apocalypse. All these small hotels, like your Quality Inn, your Days Inn, a lot of these mom-and-pop hotels were really struggling. And they were hemorrhaging even before this. Airbnb was giving them a run for their money. So the pandemic just collapsed a lot of them. And we found a great hotel in Sierra Vista, Arizona, 100-unit Quality Inn motel, that we're taking down to 65 multifamily units; a deep value-add project.

Ash Patel: Tell me again where that was. You just said it.

Becca Hint: It's Sierra Vista, Arizona.

Ash Patel: Okay.

Becca Hint: It's a tertiary market in Arizona.

Ash Patel: And 100 units down to 60?

Becca Hint: 65. So we started out, we thought, "Yay, we'll just make 100 studios here", but you get a reality check and your property manager says, "No, you can't. This market can't absorb 100 studios. So you have to combine a few of them." We have 31 one bedrooms, 31 studios, and three two bedrooms that were suites.

Ash Patel: What did you pick up this property for?

Becca Hint: We picked this up for a song. We got this at about a 70% discount. So 30 cents on the dollar we paid for it. It was about 1.7 out the door, but these are deep value-adds, so we're putting about 1.7 in. Just a coincidence on those two pricings, that our purchase price is the same as our rehab cost.

Ash Patel: And what do you value the finished doors at?

Becca Hint: We're going to be in the 5.8 to 6.1 marker.

Ash Patel: Okay. I want to play devil's advocate. I thought hotel conversions to multifamily were only profitable in big cities, like they're doing this in Nashville. I didn't think tertiary markets would support that.

Becca Hint: Oh, there's all kinds of uses. Tertiary markets support it because there's a lack of affordable inventory from the $700 to $1,000 rent range. In that market in particular, there's a hospital with a lot of traveling nurses. There's a military base where some of the soldiers look for offsite housing, and there's a lack of housing there. But there's other plans for hotel conversions, like there's a company called New, I think it is, in Austin, and they take these hotels and keep them as studios, and market them to millennials, and have kind of a digital nomad place down below for them. San Francisco also uses hotels, and converting them into homeless shelters. Florida looks at a lot of hotel conversions and tries to make assisted living homes out of them. So there's a tremendous amount of uses for them. There's a lot of landmines though, just to know that.

Ash Patel: What are some of the big ones?

Becca Hint: Big, big ones. First of all, it has to start with zoning. So it's game over unless you can get the zoning right, because you don't want to be in the hotel business. Unless you like to be in the hotel business. We don't. We're multifamily people. So first we had to start with the zoning, convert that zoning from a hotel zoning, commercial, to a multifamily. And that's what many people get hung up on right there, because it can be expensive. In our case, we were very lucky. In this tertiary market, multifamily and commercial hotels are the same zoning, so it was just an over-the-counter change of use permit. But we have another friend in Phoenix, Arizona that it cost him half a million dollars for that rezoning, because the city said, "Okay, we'll let you do that, but you need to put in a new road and a couple of fire hydrants along the way, then you can have your rezoning." [laughs]

Ash Patel: Tit for tat, huh?

Becca Hint: Right. Right.

Ash Patel: How long will that conversion take, for 65 units?

Becca Hint: We are looking at about the 18-month mark and we're probably going to be at around the 20, 22. So it's been tricky in the pandemic for these deep value-adds, as you know, with just getting all the people on site in timely fashions. We actually did great with our supplies and the timeliness of supplies, but it became -- the labor slows down a little bit, but we're mostly on track.

Ash Patel: Becca, are there companies or architects that are used to doing these, or do you have to essentially start from scratch?

Becca Hint: There's architects that certainly do this. In our case, we got really lucky. There is a comparable property five minutes away from ours, and the property management company that we are using has a construction arm and it actually did the lift on our comparable property, and is doing it on ours also. We use the same architect. We just cut and paste what they did.

Ash Patel: Is that part of your decision-making on why you purchased this decision-making or did you find those afterwards?

Becca Hint: We knew ahead of time.

Ash Patel: Ah.

Becca Hint: Yeah.

Ash Patel: So that was part of the decision process that made it easier to purchase this?

Becca Hint: Very easy, right? We have an exact example five minutes away that was just coming to market also, so we get to see how the exit works as well.

Ash Patel: Man, the universe loves you.

Becca Hint: Oh, we got lucky. We got lucky. But these can be really tricky. You spend a lot of money on electrical, a lot of money on fire systems... What a lot of people don't know is many hotels often just don't have kitchens, so they don't have fire sprinklers and all of the things that you would expect and need when you put in a kitchen. So we had to put in a new fire hydrant, and run fire sprinklers all through the hotel, at a $200,000 price tag.

Ash Patel: Becca, are there cement floors, or is this wooden stick built?

Becca Hint: This is some good concrete--

Ash Patel: Okay.

Becca Hint: ...good, old-fashion Arizona.

Ash Patel: And how do you deal with that?

Becca Hint: That is tricky.

Ash Patel: Plumbing. Electric, I guess you can run wherever, but your drain lines have to run low.

Becca Hint: Yeah.

Ash Patel: So you're busting up a lot of cement?

Becca Hint: Yeah, we are. It's been--

Ash Patel: No way around it.

Becca Hint: No way around it.

Ash Patel: Wow.

Becca Hint: Yeah. It's been interesting. And that's why it's really important on these deep value-add deals to get them on such a good price. because you have a lot of still meat on the bone for these unexpected things, and some things aren't expected like that. Another thing is the windows. When you look at hotels, the second story of hotels, the windows don't open--

Ash Patel: You're right.

Becca Hint: ...because of suicide risk. So you actually need egress. So now you have to put in windows that do open. So counterintuitively reframing smaller windows, so they can open.

Ash Patel: Wow. Can you sell the original windows?

Becca Hint: That's what I said.

Ash Patel: And the answer is no, I'm assuming?

Becca Hint: No. We have the whole supply closet downstairs of, "What are we going to do with this? There's also all these doors. What are we going to do with all these doors?" We close up one door and we need to put in another door, and it's like the merry-go-round of doors.

Ash Patel: Yeah. Did you essentially gut the entire property? Because 100 to 65 is not half, it's not a third. Was it just all gutted and rebuilt?

Becca Hint: Yeah. You're knocking out walls in between. Yeah.

Ash Patel: Yeah. If it was 50, I'd see it just knocking out half the walls.

Becca Hint: No, the architects love these deals, too. I have a friend that's an architect and she just loves this stuff. She's like, "Oh, I get to redraw all the rooms. Let's rearrange all the doors."

Ash Patel: And it's not their money.

Becca Hint: Yeah. Really fun deals. And I have a number of friends actually doing these. Now it's a little late in the game, I think, for these hotel conversions. A lot of them are taken. The opportunity, they said, was about to 2024, so we're nearing close to that, but--

Ash Patel: And that's my next question. One, I was going to ask, did you raise capital for this project?

Becca Hint: Yeah.

Ash Patel: Okay. How do you pitch this to investors and what's their anticipated return?

Becca Hint: Oh, it was a tough deal to pitch, let me tell you. Especially for people just starting out, a lot of it is friends and family investors. So you're coming up to your cousin and saying, "Oh, yeah, I have this multifamily building." Well, people understand that. Most people have lived in apartments. But when you say "I have a hotel and I'm converting it to multifamily", you kind of lose it.

Ash Patel: And you're not going to get paid for two years, because we're doing a conversion. As a matter of fact, we might run into some problems.

Becca Hint: That's right. And that's right, when you really have to match the right investor with this too, which is what my business is. My model is a co-GP model and it's kind of a matchmaking for investors, depending on their goals. Are they looking for a core asset with a good cash play, or are they looking for light value-add, or a deep value-add deal like a hotel? And it all depends on what their goals are. It's nice to have a few of these.

I'm a big advocate of having several kind of value plays in your portfolio, like my San Francisco building. This is great for young people too, to sort of house-hack, when you're in that phase in life that you want to live in these expensive cities, San Francisco, Chicago, and they just don't cash flow. But if you could get yourself a quad or a triplex, and then just set it and forget it; these are like the Rip Van Winkle investments. You fall asleep for 10 years and you make a million bucks. It's great. Have one of those--

Ash Patel: Historically, yes--

Becca Hint: Yes.

Ash Patel: ...but there's a lot of operators out there that'll tell you it's way different.

Becca Hint: Yeah.

Ash Patel: Timing, bad tenants... A lot of things can sway that.

Becca Hint: A lot.

Ash Patel: But Becca, I want to ask you, back to these investors, do you get additional tax write-offs? The hotel was probably fully furnished when you bought it.

Becca Hint: It was fully furnished. And that's another thing. We have 100 couches, 100 beds and we're doing a big cost segregation play on this. So it's accelerated depreciation.

Ash Patel: Good. So all of that is negative K1's. It's all depreciation for your investors. Was that part of the conversation?

Becca Hint: That was part of the conversation. Yeah.

Ash Patel: Good.

Becca Hint: That we're disposing of these old assets, retiring them out, doing a cost seg study on the whole building itself. So it was a very good scenario for those needing tax shelter, which we all do.

Ash Patel: And is that the majority of your investors?

Becca Hint: Yeah. Yeah.

Ash Patel: Yeah. And for the Best Ever listeners, great advice here that you have to have those conversations and do this - disclaimer, no legal advice given, talk to your tax attorney... But teach people how negative K1's can benefit them. It doesn't help everybody, but a lot of high-net-worth real estate professionals, certainly, but it's a huge benefit that I don't feel a lot of people talk enough about. So good for you, you kind of tailored your investors around that.

Becca Hint: Yeah. It's very interesting on the cost seg aspect, because not a lot of people know it. Well, the government, as you know - I'm preaching to the choir here - but the government puts forth a compensation program that if you follow the compensation program and do this right, there's things that they don't do well and can't address, like farming, gas and oil drilling, and multifamily. And multifamily is the asset we choose. And if you follow that path, there's tremendous tax advantages the government will give to you for dealing with a situation, providing housing, that they would do very poorly on their own.

Ash Patel: Yeah, great advice. Now, what was the return to your investors?

Becca Hint: Our typical deals, we look for about a 8% cash on cash return. That deal was-- I think we were at about a nine and a half percent... It's been a little while and I've got to freshen my memory on that one.

Ash Patel: And did they make any money while the renovations were going on?

Becca Hint: We did-- actually, I remember. We did an 8% pref. So it's--

Ash Patel: From day one?

Becca Hint: From day one. Yeah. Yeah.

Ash Patel: So you're essentially taking extra investment dollars to pay back the investors, because you don't have any revenue coming in for two years.

Becca Hint: Yeah.

Break: [00:17:40] to [00:19:27]

Ash Patel: Could you have said, "Hey, investors, I've got this great project, but you're not going to get paid for two years"? Would that be just insurmountable sell?

Becca Hint: Well, we got it funded, my friend. [laughs]

Ash Patel: No, no, no. But you were paying the 8% pref right off the bat.

Becca Hint: Yeah.

Ash Patel: But what if you had said, "Hey investors, you're not getting a pref for two years."? Do you think that you could have pulled that off?

Becca Hint: I don't think so.

Ash Patel: Okay.

Becca Hint: Unless you had someone in such a situation where-- in medical device, where you have a lot of doctors and fellow med reps that just need a tax deduction, the cash flow is not an issue. So--

Ash Patel: It would've worked, for them.

Becca Hint: It would've worked for them. Yeah.

Ash Patel: For a certain type of investor. So what you've built here is very scalable - find the military bases, hospitals, the tertiary hotels that are not doing well... Are you going to scale this? Are you going to do more? I think you should.

Becca Hint: Thank you for the advice. I've had so many people approach me and say, "When's the next hotel?" I'm really focused on multifamily, but I actually love hotels, so I continue to look at deals that come across my plate. They're deep, deep value-adds though, and you have to be certain with -- a little bit more certain in the times and get them at such a good price. We got this on 30 cents on the dollar. The deals I'm seeing now are more like 50 cents on the dollar. So there's a lot more people in this space.

Ash Patel: Got it.

Becca Hint: But if a good one came my way, you bet I would. They're a lot of fun.

Ash Patel: Well, thank you--

Becca Hint: I'm still a multifamily girl at the end of the day though.

Ash Patel: Yeah. Thank you for telling your story, and I'm sure you've inspired a lot of people; but now, you keep going back to multifamily. What are you doing now with multifamilies? Is it just all passive?

Becca Hint: It is both.

Ash Patel: Okay.

Becca Hint: It's passive and active. So my business model is a co-GP model. So myself and my team, we partner with experienced operators that are boots on the ground in that market. And I love this model, because I get to choose the best operators, the best deals from the best operators in emerging markets that fit my criteria. From there, once we find that, we vet the deal, the underwriting, the value-add, the feasibility of the business plan, try to poke as many holes in it as we can, and then we bring our and our investor money and go into the deal. And I think this is so essential, this kind of vetting service... And it's funny how sometimes your businesses stem off things that didn't work out for you. My very first passive investment was actually a complete disaster.

Ash Patel: Uh-oh, let's dive into that.

Becca Hint: It's been seven years, I still don't have my money back. And had I met somebody like me to say, "Wait, wait, wait, here. These are the things we look at, and these are the things you want to drill down into more, and come with me and I'm investing my money, and you can ride along with me", it would've been a whole different deal. But yes, do you want to dive into the horror stories?

Ash Patel: Well, right now my Best Ever listeners are thinking, "Wait a minute, seven years the market's been on the tear. How did somebody screw this up?" So how did they screw up?

Becca Hint: Well, first of all, the partnership. The partnership - they didn't get along from the very beginning, and that should have been my first sign. Then that was a bad beginning to what just ended up to be a train wreck of a deal. So I put in 50,000. Fortunately, not all that much, but still a little painful. It was IRA money. And what happened is they didn't realize that there was going to be a large public work, so a whole sewage line project in front of the building. And that went on for months and months, And this was in Texas. Everything's big in Texas. So it was like a three-lane road in front of the property, and you had to practically flip your car to the right to enter into the building during this project. And the timeline went over, it went over budget, it went over timeline. When we went to go do our lease up from our value-add, even the people that were living there wanted to leave. That was one. They didn't estimate what it would take to do a clubhouse renovation, with the ADA, and the additional cost for that. Then the operators had to put in $200,000 of their own, and then we had a slip and fall, and they were underinsured.

Ash Patel: Ah...

Becca Hint: So here it is, seven years later, the property's been sold two years ago. They returned 40,000 of my 50k, but they're holding the other 10l because we're going to have to pay out this slip and fall. So even though it's a $10,000 loss, it's a big loss in opportunity cost and just a time value of money. But you know what? It's a big gain in the learning curve.

Ash Patel: Yeah, I get it. But wait a minute, how big was that slip and fall case?

Becca Hint: I don't know, pretty darn big.

Ash Patel: Well, everybody is insured for at least a million, or I would imagine a lot more on this property.

Becca Hint: Yeah, a lot more.

Ash Patel: It's a million dollar plus--

Becca Hint: Multimillion slip and fall.

Ash Patel: Wow.

Becca Hint: A lot of false accusations and exaggeration of injuries.

Ash Patel: Yeah. Oh, that's terrible.

Becca Hint: But it's valuable though. These experiences, they're valuable, because my business has stemmed from this, to say, "Look, I know what to look for." There's things that are beyond your control, for sure, but there's things that they could have done a lot differently.

Ash Patel: And when you take on investor capital today to put into other people's deals, do you share that story with all of them?

Becca Hint: I do. [laughs]

Ash Patel: Yeah.

Becca Hint: I kind of scare people though sometimes, but I think people really learn from the tough lessons.

Ash Patel: Yeah. You've got battle scars where a lot of people have only had positive experiences over the last 12 years because of the market, right?

Becca Hint: Right.

Ash Patel: So yeah, having some of these scars and lived through some of these cycles, I think it's very important. So in your role in Costa Rica, are you going to actively do any more projects in real estate?

Becca Hint: You hit my second-favorite subject, international living. I continue to do my business here in Costa Rica. So I have a team on the ground in Texas, so I can do this remote. And this is the beauty of this multifamily business, which I just absolutely love. We go out to yoga and surfing almost every day. Albeit, we're like the geriatric surfers out there, my husband and I, but it's okay.

Ash Patel: You're just-- hey, that's great. You're getting out there.

Becca Hint: And then we come back and do our work, or my work. He sits around and doesn't seem to do much these days.

Ash Patel: Maybe that's how you live long. One question I do want to ask, though, Becca, is when you bring capital, do you bring all the capital to the table for a deal, or do you bring some of it?

Becca Hint: We bring some of it.

Ash Patel: Okay.

Becca Hint: We bring some of it.

Ash Patel: And what is the typical co-GP share that you get? So these operators, do they bring some capital to the table themselves, and then have experts like you raise the rest of the capital, or do they just outsource this completely?

Becca Hint: No way. We won't go in with anybody who doesn't have skin in the game.

Ash Patel: Okay.

Becca Hint: So they need to have their money and their investors' money in it, both.

Ash Patel: Got it. Great.

Becca Hint: As we bring our money and our investors' money. Everybody needs to have skin in the game and a vested interest in making this work.

Ash Patel: I love that. Because it'd be too easy to take deals down and say, "Hey, Becca, I need $5 million by next Friday," and they have no risk.

Becca Hint: Yeah, no risk. I've turned down five deals this week in Texas that are under contract with operators needing money, and they just didn't pass our vetting process for many reasons, and a couple of them the operators didn't have skin in the game, which that's a no-go for us.

Ash Patel: Yeah. Again, good for you. I've had people that raise capital for other people's deals, wanting to blindly put money into my deals, and they don't know me very well. They don't know my track record. They didn't ask hardly any questions at all, and it baffles me because they turn around and tell their investors that they vet the deals. And again, that's great, because the market's been on our side. We've not had much to worry about. But when that changes, I wonder how many of these capital raisers are going to have to have some difficult conversations, because they didn't ask the right questions and properly vet the operators.

Becca Hint: That's right. Oh, there'll be a reckoning for sure. And even in the underwriting, everybody says it's conservative underwriting until you really fact-check the underwriting. And a $200 rent bump for putting in a dog park is not a conservative underwriting, a realistic value-add, in my opinion. So all boats rise in a rising tide. What will happen when the market adjusts? You've really got to brace yourself for that.

Ash Patel: Have you seen people underwrite with lower rents?

Becca Hint: I have seen people underwrite at the highest marker of rents with square footage that doesn't add up

Ash Patel: Yeah. What I tell a lot of people today is I see a ton of proformas from people that I mentor and they're always like, "Okay, so I'm buying it at 80% occupancy. If I can give it to 95, here's how much money I can make." And I'm like, "Okay, so where is the risk model where if your occupancy drops to 70 or 65, can you absorb that?" And the people have blinders on. They want to see the upside. They want to see everything through rose-colored glasses. And again, were a product of the last 12 years, but everybody needs to start doing some risk modeling, interest rates, occupancy... So important right now. Do you see deals that are underwritten with risk modeling as well?

Becca Hint: I like to see sensitivity analysis on these deals.

Ash Patel: Okay.

Becca Hint: They're not coming my way with that, but we are doing it.

Ash Patel: Good.

Becca Hint: So that's what we run.

Ash Patel: Good for you.

Becca Hint: But you're absolutely right. I've been in this business - gosh, 18 years now. So I've seen the adjustment, and a lot of these people haven't been around to see this adjustment.

Ash Patel: Yup.

Becca Hint: And back then it was only the gurus. Dave Lindahl at RE Mentor was in it. And now you have all the big gurus and all their students going out there with loosey-goosey underwriting... It's something to really watch out for. And I like to have three sets of eyes on underwriting. I do the first pass, and then we have three members on the team, including a CPA and a financial analysis, and we really dig down. And as a result, we're throwing most of the deals out.

Ash Patel: Good for you. I love hearing this, because we've created such a bubble with syndication and with capital raisers as well.

Becca Hint: It's a slow growth model for sure.

Ash Patel: What is the typical co-GP share that you get for bringing capital to the table?

Becca Hint: The co-GP carve-outs are usually about 30% to 35% for those that bring capital, so depending on the amount of the raise and depending on the duties that you plan to put in it. It varies tremendously.

Ash Patel: And what are the typical duties that you perform once the deal's closed?

Becca Hint: I'm on the investor relations side. So we do all the communication with the investors, the newsletters, the PowerPoint presentations, showing where we are in the process, the update showing where we are in a renovation... And something like a hotel conversion, that's a lot, by the way; it changes by the day.

Ash Patel: A lot of tough news.

Becca Hint: [laughs] A lot of tough news.

Ash Patel: Yeah. It's good though. You've got to share that.

Becca Hint: Yeah, you do. And it's fun. It's fun because you see the project taking shape. So that's mostly my side on the investor side. My team is a lot of underwriters, so they do a lot of the financial modeling things then bring it back to the GP and show them what we see that they didn't see.

Ash Patel: Becca, what is your best real estate investing advice ever?

Becca Hint: I would say start as early as you can. Stop climbing the corporate ladder. Make a plan to step off the corporate ladder.

Ash Patel: Yeah, I agree with you. Becca, are you ready for the best ever lightning round?

Becca Hint: I think so.

Ash Patel: Let's do it. Becca, what's the--

Becca Hint: I'll brace myself.

Ash Patel: I'll go easy on you. I'll ask the same questions I ask everybody else. But Becca, what is the best ever book you recently read?

Becca Hint: Oh, recently, Who Not How is my favorite. As a classic, of course, Rich Dad Poor Dad, but Who Not How is my latest favorite.

Ash Patel: Game changer. What was one big thing you offloaded or changed from that book?

Becca Hint: Exactly as you said it, I offloaded all the things that I don't like to do and I'm not very good at.

Ash Patel: Yeah.

Becca Hint: And I've hired a VA for a lot of graphic design stuff: eBooks, logos, email signatures, websites.

Ash Patel: Good for you. Becca, what's the best ever way you like to give back?

Becca Hint: Oh, that has changed over the years. And it's been so fun. Most recently, now, I teach girls to surf, local girls here in Nosara, Costa Rica, that never surfed, if you can believe that. Many of them barely even know how to swim, despite living in a beach town. And in Latin America especially, sports are very underrepresented for women.

Ash Patel: Good for you. And Becca, how can the Best Ever listeners reach out to you?

Becca Hint: Oh, you can reach me at my website. I actually have a great little eBook for your listeners. It's called 6 Steps to Put Your Income on Autopilot and Move Overseas. And it's really fun. It's just a quick read. It goes through some of the things to look at if you should want to do something like this and into a bit of passive investing and how I was able to come here on this journey through multifamily real estate. You'll find that at hintinvestments.com. That's investments with an S, hintinvestments.com.

Ash Patel: Becca, I got to thank you for taking time out of your not-busy day in Costa Rica, sharing your story with us from being a medical device rep, your first house hack, and the pandemic making you part of the great resignation, sharing all the details of that hotel conversion and now sharing details of being a capital raiser. What a great conversation and thank you again for your time.

Becca Hint: It's been a pleasure. And now, I'm sorry, I need to go because I'm off to my surf lessons.

Ash Patel: Awesome. Best Ever listeners, thank you so much for joining us. If you enjoyed this episode, please leave us a five-star review. Share the podcast with someone you think can benefit from it. Also, follow, subscribe, and have a best-ever day.

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