Investing in Apartments, Short Term Rentals, and Boutique Hotels with Rich Somers, Ep. 450

Rich Somers is an active real estate investor and entrepreneur holding a portfolio of apartment buildings and short-term rentals valued in excess of $35M. Rich started his real estate investing journey by cashing out his 401K to buy his first apartment building. Rich has grown his portfolio to over 350 units and co-hosts a monthly real estate networking event in his local city of San Diego. Most recently, Rich founded FortuneCribs as he discovered a shortage of sophisticated, performance-driven operators and a growing need for an all-in-one acquisition, design and management firm in the short-term rental space.  We talked to Rich about partnerships, undervalued opportunities, how he and his business evolved over time, the importance of having a brand, and investing in boutique hotels. Groundbreaker: Click here to learn how to raise more money and speed up the syndication process by 80%! [00:01 – 07:09] Opening Segment  Rich talks about his background; He talks about how he got into real estate; [07:09 – 16:24] 3x Return How he decided he wanted to be an investor; Why he wanted to partner up with others; How you can get a 3x return; The importance of finding an undervalued opportunity; Rich talks about how their business evolved over time; What to look for in a partner; [16:24 – 33:27] An Evolving Investor How to grow your social media presence; How building an audience can help you with your business; What makes boutique hotels a great investment; Recession-proof hotels; How to use the current lending environment to your advantage; Rich talks about the benefits of seller financing; He talks about his short term rental business; Announcement: Download Our Sample Deal and Join Our Mailing List [33:27 – 36:40] Round of Insights Apparent Failure: Hiring the wrong property manager in his first deal Digital Resource: pricelabs.co Most Recommended Book: Cashflow Quadrant Daily Habit: Using monday.com  #1 Insight for Investing: Take action because we learn by doing. Don’t wait for everything to be perfect to get started.  Best Place to Grab a Bite in San Diego: Santana’s Mexican Food Contact Rich: To learn more go to Rich’s Instagram or find him on Linkedin.  Tweetable Quotes: “All those risks are real, so put some weight on them!" - Rich Somers “You will only grow to the level of your constraints, not your potential." - Rich Somers Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW,  and be sure to hit that subscribe button so you do not miss an episode.