Find out what’s next for this new venture

Curious about what’s going on behind our latest investment in the 134 acres of Hocking Hills? We’re diving into why we told our construction team to stop, how we’re preparing to approach private money lenders, and the fun (and challenges) we’re facing with this glamping project. We also discuss how we approached working with someone to create financial models, lessons learned, and our next steps. We can’t wait to see how this project unfolds and catch you up again soon!

(00:01:08) #STRShareSunday: @thecliffs_hockinghills

• Why it’s important to do competitor research
• How they use 100% direct booking
• How they build their email list

(00:04:29) Project Update: What’s Going on At Our Hocking Hills Investment Property

• What’s going on behind our latest investment: 134 acres in the Hocking Hills area
• We Bought Land (Part 1): Laying a Foundation for Long-Term Partnership (Episode 349)
• We Bought Land (Part 2): Use ChatGPT in Your STR Competitive Analysis (Episode 361)
• We Bought Land (Part 3): Reality Check on Glamping Site Timelines, Financing & Construction (Episode 373)
• The status of the project before we said stop
• Where things went wrong 
• How we navigated the communication about this decision 

• What models of financial raising looks like 
• The basic forecasting we did to determine how much runway we had to make this decision

(00:16:24) Growing Pains & Lessons In Team Communication

• Lessons learned during this project that influenced changes to our SOP
• The issues we’ve had with getting physical quotes in writing from contractors
• Why it’s important to have invoices for all expenses owed and paid

(00:23:16) Progressing The Project Forward with Financial Modeling

• How we found our financial modeler on Upwork
• How to not get financial analysis paralysis
• What results came from the financial models
• The time investment we made in pursuing financial modeling
• What we learned from the exercise about our business

(00:33:09) The Reality of Balancing Time & Finances & Why You Should Check Your Insurance Policy

• Understanding the need for time buffers as well as financial buffers while managing multiple projects
• Secrets To Experiential Hospitality w/ Isaac French (Episode 385)
• What we love about the challenges of this project
• Focusing on growth, learning, and being proud of how we are handling this pivot 
• Laying out our next steps
• How we’re planning the landscaping and roadway
• What we’ve learned from shopping different insurance brokers

Download a transcript of this episode.

Resources:

• Rich Hollow Retreat Instagram: @richhollowretreat
• #STRShareSunday: @thecliffs_hockinghills
• Submit your property for our next #STRShareSunday at strshare.com
• Airbnb Essentials Checklist: hostchecklist.com

#STRShareSunday

@thecliffs_hockinghills

The Cliffs in Hocking Hills are very strategic Instagram users, drawing in lots of viewers with impressive shots of their unique properties. They use their social media as the main way to catch people’s interest, but they make sure to tell everyone that if they want first dibs on last-minute cancellations or special deals, they need to sign up for their email list. This helps them keep a closer relationship with potential guests. Even though it’s only August, they’re already getting the word out about winter stays to fill up their calendar. Their posts mix updates about their properties, local happenings, and little snippets of family life, keeping their feed fresh and personal.

• Instagram: @thecliffs_hockinghills

We would love to feature YOU! Submit your property for our next #STRShareSunday at strshare.com!