The Big Break Show

#61 Former Air Traffic Controller Now in Real Estate Investing in Boutique Hotels w/ Rich Somers

Mar 8, 2023

01:01:34

In this episode, we are joined by Rich Somers. He is an active real estate investor and entrepreneur, holding a portfolio of boutique hotels, apartment buildings, and short-term rentals. He previously worked for the government as an air traffic controller for 11 years before cashing out his 401(k) to get started in real estate investing. He's also the founder and CEO of two businesses: Somers Capital, a real estate investment company that raises private capital to acquire boutique hotels, and Excelsior Stays, a hospitality brand with an in-house management company, and a direct booking platform.

We delve into Rich's first steps into real estate investment, including how he cashed out his 401(k) to fund his first condo and eventually went on to acquire an 11-unit, 32-unit building, raised private money, and is now controlling $50 million in real estate while buying boutique hotels! He also shares how he made the pivot from multifamily to short-term rentals and eventually to hospitality and how he built a successful team to help him manage properties across different markets. We also discuss the challenges and opportunities of investing in the hospitality industry, including converting apartment complexes to hostels, the advantages of having virtual assistants manage properties remotely, and how he raises capital.

New episode every Wednesday!

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Connect with Rich Somers!

Beers & Deals - San Diego Real Estate Investing Networking Event
San Diego, CA. Wednesday, March 15, 2023 from 5:30 PM to 8:30 PM PDT
https://www.meetup.com/san-diego-rei-social/events/291755131/

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