Action Academy | Replace The Job You Hate With A Life You Love Step-By-Step How To Buy Your First Boutique Hotel w/ Rich Somers
Jan 9, 2025
Rich Somers, a former air traffic controller turned real estate investor, shares his journey to acquiring over $80 million in boutique hotels. He discusses the importance of mentorship and due diligence in hotel acquisitions. Listeners will learn about innovative property management techniques and how AI impacts guest experiences. Somers also emphasizes networking for real estate success and reveals effective strategies for sourcing boutique hotel deals. Plus, he explores the benefits of yacht ownership as a unique networking tool in luxury markets.
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From Air Traffic Controller to Real Estate Investor
- Rich Somers, an air traffic controller, discovered real estate through a coworker.
- He bought an 11-unit apartment building after nine months of studying real estate investing.
Forced Appreciation in Real Estate
- Focus on forced appreciation to build wealth in commercial real estate.
- Rich Somers tripled a property's value by managing remotely and renting the manager's suite.
Multifamily Market Dynamics
- Multifamily real estate is generally safe, providing places for people to live and store belongings.
- However, the market can overheat, leading to compressed cap rates and overpaying for assets.
