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  • John Casmon

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


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. LISTEN HERE:

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.

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