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Tax Smart Real Estate Investors Podcast
259. Why Invest in Boutique Hotels Instead of STRs & The Power of Personal Branding with Rich Somers
Feb 6, 2024
An active real estate investor, Rich Somers, discusses why he transitioned from multifamily value-add and STRs to boutique hotels, STR regulations, tax strategies, and the power of personal branding for real estate investors. If you're considering starting a personal brand, this episode has some great tips!
39:37
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Quick takeaways
- Investing in boutique hotels can provide higher valuations, eliminate neighbor-related issues, and enhance efficiency in managing multiple units under one roof.
- Building a personal brand through content creation is crucial for establishing trust, attracting investors, finding deals, and growing a real estate business.
Deep dives
Rich Summers' Real Estate Journey and Transition to Boutique Hotels
Rich Summers discusses his background and how he got started in real estate investing, transitioning from sales jobs to air traffic control. He then discovered real estate investing through books and podcasts, particularly focusing on apartment investing. After nine months of studying, he took action and invested in an 11-unit apartment building and a 32-unit building. He made mistakes, renovating and increasing the value of these properties. Eventually, he started exploring the boutique hotel space as a pivot from multifamily investing due to market conditions, tighter short-term rental regulations, and the potential demand and profitability of boutique hotels. He highlights the advantages of boutique hotels, such as increasing the property's value through renovations and self-check-in/out models, and the opportunities that retiring mom-and-pop boutique hotel owners present for investors. Rich also emphasizes the importance of personal branding and content creation to build trust, connect with industry experts, raise capital, and create opportunities.
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Discover
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