Rich sits down with Mike Sjogren – Podcast Host of Short Term Rental Secrets, Hotel & Short Term Rental Investor and Coach, and founder of the Short Term Rental Secrets Mastermind. Mike and his wife Krysten started their short-term rental investment and management company in 2017, as a vehicle to build passive income so they could stop trading away time from family for a paycheck. That vision came to fruition within 18 months when their short term rental portfolio replaced their income and Krysten, and Michael both left their corporate jobs. They are based out of Boston, MA, and currently have a portfolio of 43 short-term rental properties across four states, including 2 boutique hotels on Boston’s north shore.

Rich and Mike start off by discussing how they first met, what hosting live events is like, the importance of networking events, how Mike got into real estate investing, quitting W2 jobs, cashing out 401ks, creating your own fire, gaining the confidence and committing to starting, the power of masterminds, elevating how we think, shiny object syndrome, pushing two rocks up a hill, and mastering one thing before branching out.

They then reflect on changing your identity, aligning with others who elevate your interests, what happens when tomorrow isn’t guaranteed, Mike’s first co-hosting deal, Mike’s boutique hotels, commercial real estate, the difficulties of the first deal, having the right connections and finding the right partners, why boutique hotels are becoming more popular, the opportunities that boutique hotels create, the difference between boutique hotels and STRs, Mike’s 13-unit boutique hotel, Mike’s new 57-unit boutique hotel in Salem, and creating great experiences for guests.

Lastly, they talk about switching from in-house management to third party, business infrastructure and real estate strategies, the 80/20 rule, hiring A-level players,  what separates great leaders from mediocre leaders, facilitating integrity, Elon Musk, accountability, their highest and best use of time, intentional scheduling, EOS coaching, what excites Mike currently, his Mastermind, Mike’s weekly schedule, Warren Buffett, compressing deadlines, Alex Hormozi, and making expedited decisions .

Connect with Mike on Instagram: @the_airbnbguy

Visit grovescapital.com/richsomers to receive a $2,500 credit on closing costs or appraisals

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