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Well are you in the market for a second home how about twelve well.
That is my next -- company is offering multi million dollar vacation homes.
At a fraction of the cost joining me now for this week's on the rapid -- -- CEO of lifestyle asset group accounts explained this -- -- -- back.
OK it's a hundred owners if somebody comes together they put in 300000.
Right and they own twelve homes and scratching -- -- that's right -- to get that idea from.
The whole concept was that there's an undeniable appetite for travel to multiple -- nations.
So the first house that we had was -- are we satisfied the sense of one lost and in the twelve residences.
Virtually from occurred -- -- Mexico do that.
Secondly we wanted to have the buying power to acquire cash transactions so we raised thirty million dollars and you'll see.
Acquire twelve homes to mitigate some risk because -- in the bank the bank debt default infertility that -- -- thirty million back to your initial -- -- they don't -- Have they actually own the real estate -- that's the unusual nature is that -- they -- the collateral owners were just management company.
So BL -- members own these assets is over -- words their second home.
Rich you look you've had some rough.
Time -- you been in this business for a long time would be more like -- like it's a time share.
Sort of weigh on the hello it's always been an election but that -- -- -- -- -- and search at a bankruptcy in the past what did you learn from that meant.
That's a great cars we actually we are the from the acquired arts filed for bankruptcy considered too much that it is so we were required and had a 8% interest combined company.
What we learned -- What's that you cannot have bank debt in the resort rules that -- which is why that lesson was so profound.
Was to shed debt can be certain that you have bank party did not have a bank partner.
It was interesting also about this like there's the deer valley about thrusting his weakened this and -- -- so discuss that but but.
One of the things that she hears that you're taking these hundred people they all -- -- together there its grouped together indeed you've got to what February 20 time in India arthritic or endowments and -- if you -- thousand dollars to thrown around in the -- But.
In seven years everybody sells out the houses are completely sold dot.
Right there's the clarity in the exit strategy so it's your point in the opening its -- Warren Buffett have Jimmy Buffett.
We are attracting people that believe in the future and resiliency of resort real estate and -- it's undervalued today.
Seven years from now those gains they would be the benefactors of on the -- on the Jimmy Buffett's side.
They get to go to any of these assets -- over the life so we have a bit of the -- -- part of the best.
You feel that the market is turning around right now enough to where this is the right time to do something like this got this risky.
That's the that's the great question and the answer is yes and explain why.
We have probably the most unique vantage point of anyone in the country I'm aware of because we talked to hundreds and hundreds of second home buyers potential every day.
And we talked of -- that community in the resort communities.
Interesting thing happened.
A on on the buyer side.
They're saying to each other honey it's time to have a good time it's time now after two year hiatus of being very conservative.
What's in -- awesome note got -- for buyers coming back to market in big numbers.
If you talk to the resort real estate community.
They are saying they're showing sort through the roof they're getting multiple offers for for the right property so I think we're at the bottom of that cycle where the balance is coming and one thing forty years taught us resort real estate is resuming.
All right rituals a very interesting model that you did together into some of our viewers not hell no I'm not saying in a multi million dollar home their wish this week -- -- L.
I think in Park City this week at least you thank you -- -- -- Eckert CEO the question thanks rich and.
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