#212 Building Wealth with Luxury Vacation Rentals

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Hey everyone. I'm here with someone that's actually become quite well known to the PIMD community. This is Philip Kang. He's the founder of Wandering Capital and has over 20 plus years of real estate experience with 15 years focus on multifamily and apartment investing. But that's not why he's here today. He has, again, an array of experience across all aspects of real estate, from underwriting to massive management to operations to redevelopment and all of that. But today, again, he has created something called Wandering Capital. It's a company that he's passionate about, something he's been spending a lot of time educating people on. We're going to learn all about it today. May piggyback on some of the other interviews that we've had and dive into the good stuff, which are some of the numbers and the risk involved to figure out whether this might be something that you're interested in looking into. So, Philip, how you doing?

I'm doing great. Thanks for having me on board. Yep, I'm excited, I'm excited.

We've had a lot of good conversations in the past, but just do you mind doing a quick recap of who you are and what's Wandering Capital?

Yeah. Wandering Capital is a real estate investment fund that's dedicated to investing in large luxury short term rentals. And so short term rentals are also known as Airbnbs, except we're a little bit more unique where we focus on bigger, higher tier Airbnbs, hence the large luxury short term rentals in travel destinations investments. In our second fund, this is called the Lazy river, which we can go into more detail later, but it's become a social media sensation, it's gone viral and this embodies sort of our focus, our travel vacation destinations. Large luxury, high tier short term rentals. Exactly that.

Awesome. I think people are going to want to know about some of the numbers if you're willing to share it. But let's talk about this real quick. Like, why did you choose? I mean, you, you tend to emphasize the point. Large luxury short term rentals, like why is that the case?

Well, so short term rentals in itself is a niche within real estate. It's not a formal professionalized traditional real estate asset class yet it is in the early stages. So it's part of the alternative bucket we like to look at. This investment and really become laser focused on the opportunity within short term rentals. So three years ago, my partner and I saw the rise of short term rentals, but we realized that there was a huge consumer behavior change in that people started to travel and vacation in larger groups. So back in the day, maybe even five plus years ago, six families would just go to the St. Regis and get six different hotel rooms. Today, what we're seeing is that people are starting to travel in groups and there is a big disconnect between the product that can provide large family travel also offer the amenities and the high tier finishes that will satisfy what large groups need. And so we saw this three years ago and we tailored our investment focus with within the short term rental to the large luxury short term rental.

Now I have to ask you this question because again, I don't know if this is what people think or the sentiment. You kind of said some of the opposite here. But I heard that, you know, during COVID obviously Airbnbs went up. I think everyone knew there weren't constant hotels couldn't do all that. So a lot of people ended up staying in Airbnbs. But since then, it seems like, and correct me if I'm wrong, that many people have gone away from some of the Airbnbs and gone back to the hotels. Is that the case and is that what you're seeing?

Yeah. So just if we look at the world sequentially, what we saw was when Covid happened, almost everything shut down. All the hotels, cruise lines, vacation venues, short term rentals. Airbnbs were the only ones that were open right after Mother's Day in May with limitations. And so long story short, that put steroids on Airbnb since it was the only thing that was open right after, I guess when the economy opened up. But still within the COVID era, we saw this tidal wave of demand for short term rentals. And so that's when a lot of investors came on board and started renting homes. And all you need to do was you needed two or three bedrooms with a pool and you were getting 15, 20% cap rates and 30%, you know, cash on cash and these ridiculous high numbers. That is when my partner and I looked at this opportunity. But we knew that it would be short lived, that there was this externality, a confounding factor within the investment arena and that this was not sustainable. We knew that short term rentals would be in higher demand, but we also knew that there was an artificial demand. And so you see certain places where the supply has gone up by 2030, 40%. Demand has increased maybe 15, 2025, but not as much as the supply. And so in 2022, parts of 2023, you saw, you started to see these news headlines and hashtags, Airbnb crash, the fall of Airbnb. And that's when we started to educate the public and investors that in order to succeed within, within the short term rental market, whether you do it through a fund with us or on your own, you needed a unique product, you needed to have really high end finishes and that and the marketing had to be professionalized. And so that is something that we continue to push. Whether you do it with us or if you want to do it on your own, those are three really important factors. What really worked for us is that we saw the change as I shared in consumer behavior with the rise of digital nomads, the fall of office, which we could talk about that people working from home, working from their second home, work from any home. And so that is something that we have seen just explode onto the scene. There have been some tapering of that as certain companies have opened up and asked their employees to come back. But there is a big chunk. I don't know that exact number, but it is significant enough where office demand has fallen significantly and that change in my professional opinion is permanent. And so we have these large group travel looking for vacation travel destinations. All you need is a cell phone and wireless with your laptop and you can work anywhere. And so we see these all coming together and that has really compelled us to invest more and more into these large short term rentals.

Where do you see this going? Like thinking like from a macroeconomic standpoint, just if the economy at large kind of goes through again, some downturn and I think most people are waiting for that to happen. They thought it was going to happen sooner. It hasn't happened quite yet. How do you think that's going to impact kind of that business of especially the luxury short term rentals?

Yeah, so this applies to short term rentals in general, but more for large luxury short term rentals, and I'll just speak for my company specifically, is that when we target investment, the minimum cap rate capitalization rate is 10%. Right. The standard traditional in real estate investments such as office warehouse apartments, they're within low four to high sixes, you know, 6%. That's starting to shift a little bit given today's environment, but it's not close to 10%. And now we get 10%.

Sorry, can you explain real quick for people that may not know what that means, cap rate. And same thing as return. Just explain that so we can use that terminology.

Yeah. In the simplest term is what is your profit divided by what did you pay? And so if your capitalization rate is 10%, it means in 10 years you are made whole. So if you buy a piece of real estate for a million dollars in and your profit is $100,000, that is a 10% capitalization rate. And the short version is called cap rate. And Zach, that cap rate is very, very important because it dictates your investment risk and your investment horizon. It sort of tells you how well you're going to do. Because when you buy something at a 10% cap rate, that is great. That means you're making money day one, if that's your cap rate day one. But also means as revenue grows, your cap rate will go to 12%, 13%. And fundamentally every investor, you want your cap rate to increase gradually. You want a high cap rate when you buy in, a low cap rate when you sell.

And so you were saying that what's going to happen with the market? You said you guys have short term rentals a little, tend to be a little higher than some of the other asset classes.

Yeah. So the risk of short term rentals is that it's not, it's not a known commodity. So it's called alternative. But therein lies the value because we're misunderstood and people think it's risky because it's considered alternative. Our cap rates are very high, minimum 10%. And the beauty of that and the power of short term rentals is that if there was a downturn and our cap rates fell by 2 or 300 basis points or 2 to 3%, so our 10% becomes 7%, let's say that means we're still accretive, we're still making money. So another way to put it is if you take let's say an office and Occupancy fell by 35, 40%, revenue falls by 35, 40%, you're pretty much dead in the water. You can't cover all of your obligations. You got a fire sale, you got to foreclose. Like bad things can happen for us. Even if occupancy and revenue in some form drops by 35, 40%, we're break even. We might even eke out a 1% distribution. That's the power of short term rentals. And having such high hurdle rates, if it's not 10%, we don't buy it. Now we may buy something at a low cap rate. That needs some construction. But once construction is done and it's fully operational, it better be at least 10%. Historically, from our first fund, we lie somewhere between 11 and 12%. That is the cap rate that so we underwrote 10%, but we are hovering around 11 to 12%.

Have you ever thought about investing in luxury short term rentals? If so, let me introduce you to Wandering Capital, a powerful distinguished investment firm. And they're shaking up things in this whole space. They're currently launching their second short term rental fund and I want to tell you it's a passive income opportunity that might work for you. It's hard to ignore this one because they're all about enhancing the travel experience for larger groups, focusing on thoughtful design and having special amenities that make a stay truly unforgettable. It's stuff that you and I would want to stay at. So what I love about this company, Wandering Capital, it's their dedication to delivering exceptional results. And their experienced team makes sure that investors not only enjoy robust, really nice returns, but also benefit from the highest standards of quality. So whether you're an individual investor or you're part of an institution, they treat you the same. Wander Capital offers a truly unique opportunity that blocks blend short term rentals. Those are luxury ones like think Airbnb with solid financial returns. So to learn more about Wandering Capital, check them out at www.wanderycapital.com wanderyfund2 w a n d e r y so www.wanderingcapital.com wandery fund2 all right, thanks everyone. Back to the show.

Do you mind if we go into some of the real numbers here? Because I think that would help people to have a true understanding of the things that you're talking about, what it looks like from a profit standpoint. I don't know if you want to use that property, the Lazy river one behind you as an example, but do you mind sharing about some of the numbers here? Like what does like a typical, you know, thing like that rent for how much revenue you expect and expenses and you know, I'm very familiar with that. A lot of times you talk about apartment buildings like that, but, you know, I'd love to hear kind of in your world what the numbers look like.

Yeah. So let's talk about this property right here for, for listeners who can't see my background is this Lazy River House. This Lazy river is our first acquisition and fund two. So for those who decide to invest in our second fund would be owning a fractional interest in this Lazy River House. The Valuation for This property is $6 million. And on first glance you're like, wow, that's a lot of money, right? But if you think about it, this thing will generate over a million dollars in revenue. Historically, it's been on pace for about $80,000 a month. When we purchased this, this had over $400,000 of confirmed booking in the future. So once we closed, we had confirmed bookings on Airbnb and through our direct booking sites of $400,000. In Coachella, it had a single working, a single weekend booking of over 170,000 dol of that $400,000. So the data is there. If you take noi margin of about 65%, right, that means there's $650,000 of profit, right? Divided by 6 million. And you know, that's somewhere between like an 11% or so. And these are real numbers, right? The, the past bookings are real. The future bookings are guaranteed. Those are real. And so like, that's how we see the world now. We bought this property off market. Our acquisition guy owned it and we, and we help administer and project manage the construction. So we know everything about this property and we purchased 50% and full control of Lazy River. So just full disclosure is we own 50% and control and we will buy the other 50% later on. It was difficult to even convince him to sell us this house since it's been generating so much cash. But for us, it was very important for us to close on this deal because it's it. It fully tells a story in the narrative of who we are. Large luxury, short term rentals. This is a day one, I guess it a little over 11% cap rate, almost 12% cap rate. And these are the types of assets that we invest in. The other beauty of large luxury is that there's high barriers to entry. Meaning during the COVID boom, when everyone and their neighbors were buying these homes for 500,000, $800,000 up to a million dollars. That's because there was low barriers to entry. Something like this cost five to six million dollars, or you could buy it for three and a half to four million and put about two million dollars of construction. That's our second property, which we have in escrow now. Very, very high barriers to entry. It's difficult for people without professional real estate experience to execute and have the pockets to be able to afford all this.

I mean, that actually answered a question I was just about to ask you about competition out there. How do you guys feel about that? And do you feel like Once people hear about how you guys are doing and really the numbers start to tell the story. Especially these luxury short term rentals, how well they're doing, do you think a lot of these will pop up and that causes issues with your business and what you're doing?

No. I mean that is one of the reasons why we pick large luxury strs is that there's barriers to entry. Even our competitors who have 20 to $70 million fund existing now, they don't have the real estate background that we do. So one thing to note is my partner and I have been doing this for over 20, 25 years individually. So I like to say we have combined 50 years of experience, but it makes it sound really old. But we are, we are to the core real estate professionals. We've been doing this each for over 20 years. And when you're that old, you start to see patterns and can see between the lines of what the near future would look like. That's why we saw this pattern that short term rentals and altern asset class will soon become a professionalized institutionalized asset class. And there are articles written about this now that have, that have surfaced recently. But because we have the real estate experience, we know that a it needs to maximize value. Like you. How do you sustain the cash flow and the two ways you do that. One is you want to make a product that people really, really like. And short term rentals are different than other asset classes like apartments, office and warehouse. That it's very sentimental. There's an aspirational, emotional, sentimental connection to the real estate because more often than not you're there to celebrate a milestone, a birthday, you're on vacation, you're creating memories. And what can we do to augment that experience? So we spend enormous amount of capital and design in order to augment that experience. The second thing is we need to create high barriers to entry. How do, how do we protect this gem of an investment so that not everyone, you know, your cousins and your neighbors, neighbor across the street will just. We'll just copy you. There are other players like that out there. I believe we are the only ones that that is a fun structure that is doing this. I know some high net worth individuals who are doing it. I know three or four partners buying one deal. But that in itself sort of sets the table. And it is our professional opinion that this behavior of traveling in larger groups will only continue to grow. There was this newsletter we wrote about no that there are no more Grandma's House. Right. And the theme was that when we were kids, right. We would have holiday parties and birthdays. We would go to our grandma's house, which was a big house with a big backyard and families, 20, 30 people would come together. Those type of homes have sort of disappeared for one reason or another. And if they exist, they're not high end. And if they are high end, they are not in the destination that you want to be. And so that is something we look into the future and we feel confident and very, very excited that this arena, this little niche within the niche, the large luxury strs, will continue to grow. And we are way ahead of it. Right. That is the premise of our fund. We don't buy smaller short term rentals. We might buy distressed short term rentals if they appear, which I don't think so. But we are focused on large luxury short term rentals. And within that are also Airbnb hotels which we could talk about later. But that's basically taking boutique smaller hotels and, and doing the same thing, creating a large luxury short term rental experience using these hotels.

Well, let me ask you, how worried are you about what's happening in the economy today with inflation and interest rates? Does that impact you at all or does that kind of change the way you look at the next couple of years in terms of your investment?

Yeah, so nobody has a crystal ball because if I did, I'd be in Vegas and I'd be super, super wealthy. But you know, you have to look at the fundamentals. Right. First of all, the high interest rate environment has really dragged down most of the real estate market today. A good thing for us is when we launched our fund one, rates were three and a half percent. Our target cap rate, remember cap rate was 10%. Now rates are seven and a half. Our target cap rate is still 10% or higher, which means the difference between 10% cap rate and a seven half percent cost of borrow interest rate. That delta, that gap is still accretive. So we still make money. We've continued to grow. And while other people in different asset classes have, some of them have really struggled. It's really difficult to borrow at a higher rate than the money that you're making now. There are people getting creative with either their own distress deals or off market and they can grow the cap rate. So again, I'm not pooh poohing other people. There are other ways to do this for traditional, but generally in the last five years, a lot of these traditional asset classes have done very well with cap, with low interest rates and great cap rates. But that season I believe is coming to an end. That obviously impacts us to a degree, but it doesn't change our execution plan. It does not change our business plan. Like all of our investments are still accretive at 10%. Hi everyone.

I'm super excited to tell you about.

PIMDCON, the Physician Real Estate and Entrepreneurship Conference happening on September 26th through 28th this year, 2024. As always, we're bringing together some of the smartest minds in real estate, investing and entrepreneurship live to speak at the event.

Now, I've been to a ton of.

Other conferences, but what really sets this conference apart from other conferences and this is totally intentional, it goes way beyond the speakers. It's being part of the community that's created at our live events. We have different tracks focused on real estate, investing or entrepreneurship so you can customize your experience and focus on what matters to you the most. We have a ton of expert speakers, we have panelists, we have workshops and masterminds that will help you gain the knowledge and confidence you need to take your next step towards achieving financial success and independence way beyond medicine. And it's not just about the information you're going to learn from the speakers. It's about the conversations you're going to have with other attendees that I know will spark new ideas and inspire you to take action. Every single year, people leave our conference pimdcon and they launch their real estate investing careers while others grow their portfolio or expand their entrepreneurial ventures in really incredible ways. Even in ways that none of us would have imagined. So this year will be no different as you leverage your big ideas to expand your vision for what's possible. You just have to show up. We're so excited to announce a new location for our annual event. We're doing it different this year. We're also offering in person specials and tickets, especially if you're getting your tickets early. So join us in person this year in Dallas, Texas, the middle of the country, so everyone can make it on September 26th through 28th. Just so you know, there's a virtual option for those who can't join live. So don't miss out on this opportunity to connect with a community of like minded individuals and gain practical skills and knowledge to help achieve your financial goals. I'm excited to see you there. Click the link below to learn more.

I'll see you there. Explain to me like. Like what does it mean to invest for those who've never done it? Like, what does it mean to invest in a fund that owns these short term rentals? Like what does that mean for like me as the investor, the amount of work I have to put in like the percent ownership or returns, like what does that, what does that look like for someone like me?

Yeah, great, great question. We get that question frequently. So if you think of a single investment and somebody syndicates that single investment, if you were to invest in that, you have a fractional ownership in that single investment. Right, we're exactly like that, except we are a fond entity, which means you are not buying a share of the real estate, but you are buying a share of the membership of the fund. And the fund will buy multiple properties in multiple different markets. And so that's something that we really try to market is that even though a fund does not look like a single piece of real estate like a syndication does, but it offers the exact same tax benefits, collateralized safety net that all the safety net that real estate offers, except you have a, you have the chance to diversify in different locations in different markets and different assets. So Instead of buying one stock, you get to buy or be part of seven to 10 different stocks in different categories. Right. And so we see that as a hedge against risk in that you're not just relying on cash flow and the performance of one market in one location, but you are taking advantage of being in different assets within the same location, but also in different locations in different markets. So about two, three dimensionally, you are de risking yourself.

Now as investor, like, why shouldn't I just do this like myself? I mean this question I hear all the time, like, why don't I just do it myself? And that way I don't have to share in any profits, pay any fees, anything like that versus investing in a fund.

Like how do you answer that question?

I'm sure you get that quite a bit.

Yeah. And so I mean my answer has been and will will always be they are not mutually exclusive. Right. And so the best experience is if you do this hands on and you do it yourself and you get your hands dirty. That's great. The problem is a lot of people underestimate how demanding it is to be an owner and operator of a short term rental. It's very different than let's say multi family or single family rentals. You are in the hospitality business at this point. We have five to eight, nine bookings per month. For every check in there's a checkout and you have a cleaning, you have back to back cleaning. Then sometimes you have maintenance issues. And so when you're on, when you're out to dinner with your Friends and family on a Saturday night, you don't want to call from your guests saying that the toilet won't work or the heat or the, the spa won't be heated. Like these are real life issues that come your way. And so if you are okay with that and you want to grow and understand how to operate short term rentals and by all means you should definitely do that. But there is a huge headache component to this which justifies, you know, it justifies the value if someone else does that for you. And so what I always say is they are not mutually exclusive. You can do both. The other thing is if you want to do yourself, it's very difficult to get into something like this, which I'm pointing at the Lazy river. And something like this is about three to five times more demanding because of what it stands for. It's, it's large luxury. This is over an acre, 5,000 square feet of space. It has a pickleball court, a volleyball, it has a lazy river with like multiple fire pits and putt putt. And so when you have all this, just the landscaping up, upkeep alone is almost $800 and cleaning is like $1,000. And so all the manpower and the management, the, and quality control you have to do especially for something like this is very, very demanding. But if you invest in our fund, obviously we do that for you. We manage our own properties, we have our own employees. My partner comes from the hotel industry. He's been doing that for 20 years. I come from the residential apartment side. We are very knowledgeable in pricing programs and understanding the market. We know how, you know what it takes to asset manage and operate and oversee operations and operate real estate like this. And so like this is the experience that we bring to the T table. It is truly this easy that when you do invest in a fund, you invest, you make an investment, we Send you a K1 and you receive a check. Is easy as that. When you do your own, you'll probably learn more, but there's going to be more work to do for you. And if you enjoy that stuff, by all means you should do it. But if you're not looking for a really hands on second job, this can be a big headache.

I mean when you find most people investing, are they investing for cash flow or for a big bump at the end? What are most people looking for?

Yeah, so it really runs across the board. Our pitch to investors is that we will send out 8 to 10% of distributions once stabilized. So it takes about a year to raise the money find a property, do construction and stabilize. At that point we will send out 8 to 10% of distributions. Those are almost double what traditional real estate markets. So in that sense it's great passive income, right? Certain real estate investments say, hey, we got this development deal. Invest with us in three to four years you'll get this big pop. That's not us. What we do is we will send out very strong distributions after the first year. But the beauty of short term rentals once again is that since this alternative, and it is our investment thesis, that short term rentals become institutionalized, which means the bigger markets, the Wall streets, the investment companies will, will buy a portfolio of short term rentals and pay a hefty price. You will also get that bump at the end. And so we like to define ourselves as the highest return with the biggest upside at the lowest amount of risk. We get development, new construction type returns, if not better, but without the development, new construction risk. And so that's how we market ourselves. And again, we are just like any other real estate category, collateralized cash flow depreciation, like all the benefits that come with it, we offer it as well.

A couple more questions. Why not just invest in the stock market, hold your money in a high yield savings account right now versus think about investing in something like this.

Yeah, great question. I mean when we started three years ago, savings rate was less than 1%, right? And the stock market since then has been volatile. It depends on what stocks you invest in. The, the, the two things that I would like to bring to attention. One is the volatility of stocks really, it really does kind of bounce around. And it depends if you're doing AI, you're doing tech, or you're doing this or that. It bounces around a lot, right? And so if you're looking for something more stable, you know, this would be a great opportunity for you where you get the upside and you get the cash flow. The other thing is it's really important to understand the difference between asset and income, right? If you're looking for the biggest portfolio financial statement possible, that goes up 30, 40, 50% a year and it drops by 20 and it goes up by 50 and jobs to 50. And over the next seven years it kind of bounces around and you're okay with that, then that means you care about asset. Certain people like income. Like they want checks through the door, they want expenses paid, they want more than the dividend yield, which is like 2 to 3% usually that a stock pays you, if any, right? And so it's really, it's really important to understand do you value asset or do you value income? And what we offer is both. We will give you strong dividend payments, right, 8 to 10% of distributions. But there is value creation happening within our portfolio as our portfolio gets bigger. And that at the end you will also get a bump. And so you get the both of the best of both worlds. My last statement here is similar to the first question when you said, should you do it by yourself or should you invest in a fund? For me to answer this question about stocks is you could do both. You should diversify, right? You should do some stocks, do some bonds, do some CDs, do some venture funding if you like. And you should create a category called short term rentals. They produce more income and more cash flow than the traditional. And just put that within your portfolio and you can diversify. And obviously every time you diversify, you get to take advantage of opportunity, but also de risk yourself.

All right? I mean, you've done a great job at answering questions. Hopefully people get a good idea of who you are, what you're about. I'm just curious about this though. What actually does keep you up at night then, about this investment that keeps you working hard, things that you're mitigating or working on, just so that people are aware of that.

So the honest question is, and I guess this supports my recommendation that it's easier to do it through a fundamental. The biggest thing that I think about is that this is a hospitality platform. So a lot of guests come in and out and 99% of time everything is fine. But once in a while you can be prone to injury, let's say. Right? I guess that can happen in any traditional real estate as well. But like, we have pools and we have slides and we have different amenities. Nothing has happened to us over, over three years. But if you own your own short term rental, let's say, and somebody trips and falls and gets hurt, you are on the hook for that, right? You will have to face that, that type of liability for us. First of all, we have strict quality control to make sure everything is safe. And we have multiple, multiple layers of insurance that will cover everything. But the beauty of investing with us is that you are a limited partner, limited liability. Nothing falls on you, literally nothing. If something goes wrong, the general partners or the sponsors, such as myself, we will face and have to deal with any, any problems. So it really gives you peace of mind in that you own a piece of real estate, you are getting the income if there's any issues and problems, then that is not your job. That is a general partner's job to deal with. And again, we are very conservative and we have multiple layers of insurance to cover everything. It almost never happens. But I've heard that it does happen from time to time. And so we are prepared.

All right. Just wanted to make sure you know that I disclose so people know Wandering Capital. I'm personally an investor in Wandering Capital. I've invested in their funds and also they are a sponsoring partner of PIMD. You've seen Phil, Mr. Kang at our conferences adds a ton of value. Anybody who's been there can tell you they've enjoyed their experiences with him. And so I wanted to make sure that was known up front. But in addition to all that, you've also offered to do something special for our community. You mind sharing a little bit about that?

Yes, thank you. Yeah, so we've, I've been part of the PIMD family implicitly for almost three years. So I showed up in 2022, was there 2023. I'll see everyone there 2024. So please, please show up and I'll buy you a drink. But we provided special incentives for PIMD investors which if you email us directly, we can outline these forms for you. But for those who understand, and this gets a little bit technical, but there is a higher preferred rate between 9 to 10% instead of the traditional, you know, 6 to 8%. We also have a better improved second tier waterfall which usually it's 70% for the second tier goes to investors and 30% come to the partners. But for PIMD investors, you get 72% of that and the partners get 28. There's also a lower minimum. Usually the minimum is about a hundred thousand. We dropped that minimum to 50,000. There's also special discounts that are greater than other investors that you can use this for personal use. And so there is a standard rate that we provide our investors for PIMD investors only, you will get a better discount. And it really depends on the season and the month and the, and the length of stay. So I can't provide that detail, but if you ping me directly, we can let you know. And then, and sort of a fun incentive is that we are prepared to improve everyone's preferred rate by 1% if we get a large group of P investors to invest with us. So what we're trying to do is create excitement and bring the P doctors and physicians coming together and that this is something they're interested in. You know, we, you could do this as a group and use that as leverage and get even a better preferred rate. And so those are the ones that I think of off the top of my head. There could be a few more. More. We've listened them on the newsletters and we can share them with you if you, if you have any questions.

Yeah. So hopefully you understood that there are better rates, better potential returns especially I mean we've just been, we've had so many people in our community who've been investing and been interested in this. So as collectively as a community we, we had talked to Wander Capital about trying to do something for our community and they've been so gracious to be able to do that where again our community gets better preferred returns, better splits and just better potential returns overall. And so if you're interested, what's the best way to reach out to you?

Yeah, and actually there's actually one more very important one that I totally forgot is that for any PIMD investor who invests with us, at least a hundred thousand dollars we will pay for your PIMDCON 2024 best one yet or Priya. So you can pick one or the other, take your course or come to the conference. We will pay you for that. And so I totally forgot that one.

So that's an awesome one. That's an offer for a lot. I think it'll be hard to refuse. So what's the best way for people to reach out to you if they want to find out more?

Yeah, so best is through info@wandercapital.com so info winfo infoanderycapital.com you can also find us at www.wandercapital.com. we also have an Instagram at Stay Wandery. That is our Instagram page. And worst case you could always just. They can email you and you can forward the inquiry to us and then my team will get back to them as soon as possible.

Awesome. As always, I want to thank you for your time. I know you always leave with education. I'm sure everyone who's listening to this felt like they learned something about short term rentals, the market ultimately, how to kind of craft their own smart investments when it comes to this space so they can make their own good choices, spend time due diligence to figure out what works for best for them, their families, their portfolio. Help them get where they want to be. Maybe it's with Quandary Capital. Thank you for the time and let's talk again soon.

Sounds good. Thanks Peter. Thanks everyone.

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