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The Rich Somers Report

Latest episodes

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Dec 19, 2023 • 33min

How This Co-Founder Grew ClickUp To Be a $4 Billion Company | Chris Cunningham E124

Rich sits down with Chris Cunningham - Entrepreneur, Business Executive, and Head of Social Marketing of Clickup, a productivity and project management software company he was on the founding team of in 2017. Before founding ClickUp, Cunningham worked as a sales manager at Cvent. He was there as the company went public. Once he reached his ceiling there, he moved on to run FastFollowerz with Zeb Evans. Chris went on to do over 50 million in sales there. He continued on with Zeb to help start ClickUp, a platform that simplifies and streamlines project management for businesses and individuals. He was the companies first sales rep, closing the first big deals in company history from Home Depot, Randstad, and many more.Under Cunningham’s leadership, ClickUp has grown rapidly, attracting over 200,000 users within its first year and expanding to over one million users within its second year. ClickUp has been recognized as a top productivity app by numerous publications and has received funding from notable investors including Craft, Tiger, and AZ16. ClickUp has raised upwards of $400 Million in investor capital and a $4 billion valuation.Rich and Chris start off by discussing an overview of ClickUp, different ClickUp competitors, how ClickUp got it’s start, ClickUp’s first big deals, ClickUp’s biggest challenges, comparative price points, and breakthrough moments.They then reflect on building companies, Home Depot and Randstad, faking it ’til you make it, advertising in San Diego, being a household name, how it get’s easier with every deal, and being a $1 Billion company. Lastly, Rich and Chris talk about the return profile of tech companies, selling companies or going public, where to raise capital, Brad Rice, the types of investors that Chris and ClickUp finds, the next steps for ClickUp, the advantages of project management, comparing CRMs, the Padres and the MLB, and living in South America.  Connect with Chris on Instagram: @cunningham--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 16, 2023 • 18min

Adding Value to Real Estate Without "Renovation" | Saturday Edition 123

On today's "Saturday Edition" episode, Rich answers the top question of the week that was sent in by our listeners.Rich and Alex reflect on closing the most recent Somers Capital deal up in Lake Chelan, WA and also take a look back at the last year of progress. They then analyze how to create value for real estate properties of all types and Rich shares a few stories about how he’s effectively added value to his own properties.If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured!--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 14, 2023 • 45min

He's Flipped Over 2,400 Homes & Shares His Biggest Lessons Learned | Justin Colby E122

Rich sits down with Justin Colby - Real Estate Investor, Entrepreneur, Educator, and Coach. During his 15+ year career as a real estate investor, Justin has flipped over 2400 homes, done wholesaling, and is now getting into the real estate space. He typically buys between 2-5 houses a week.Rich and Justin start off by discussing what Justin currently owns, how’d Justin got his start in house flipping, how Justin runs his team, when to flip or wholesale a home, the BRRRR method, refinancing, the current interest rate market compared to the last 50 years, and creating value.They then reflect on where Justin is currently buying properties, the appreciating market in Florida, when and why someone should exit a deal, the problem with depreciation, Investor Girl Britt, Justin’s newest podcast “Entrepreneur DNA,” Dave Grutman and Brian Malarkey, the worst deal Justin’s ever made, taking risks, the differences between a $200,000 home and $1.1 million home, the magic zip code in Scottsdale, and making mistakes and learning from them.Lastly, Rich and Justin talk about the adrenaline rush built by buying real estate, Justin’s purpose in real estate, happiness stemming from growth and progress, being lonely on the top of a mountain, what Justin’s best deal has been, how to handle lawsuits, and what’s next for Justin.Connect with Justin on Instagram: @thejustincolby--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 12, 2023 • 54min

The Difference Between Doers and Dreamers | Justin Brennan E121

Rich sits down with the Justin Brennan - General Contractor, Real Estate Broker, and CEO of The Brennan Pohle Group. Through this group, Justin is focused in the acquisition and development of apartments throughout the United States. With over 500+ units and $110M in assets under ownership, Justin and the team are growing towards 10,000+ units and $4B in assets in the next several years.Rich and Justin start off by discussing surfing and skating, kitesurfing, the differences between mobile home parks and multi-family properties, Warren Buffett, the types of properties Justin owns, Walmart, the most optimal states to buy in, Dave Lindahl, and Justin’s first and biggest multi-family deals.They then reflect on upscaling business, current interest rates in the market, re-financing, Grant Cardone, what it takes to get a deal to the finish line, successful operating techniques, managing managers, Justin’s current opportunity fund, and stacking new equity. Lastly, Rich and Justin talk about rising cap rates, Justin’s market forecast, Tyler Deveraux, Rich’s morning and daily routines, habit stacking, putting out fires as an entrepreneur, pushing themselves out of their comfort zones, the difference between doers and dreamers, risk tolerance, Rich’s biggest fear, and the decrease in life expectancy of men.Connect with Justin on Instagram: @justin.c.brennan--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 9, 2023 • 11min

How Much Will the Fed Cut Rates in 2024? | Saturday Edition 120

On today's "Saturday Edition" episode, Rich answers the top question of the week that was sent in by our listeners. Rich and Alex celebrate this week’s soft launch of Hotel Zindel, a San Diego-based boutique hotel. They then analyze the reports that the Feds will have several rate cuts in 2024 and Rich offers his own predictions of where the interest rates will be by December 2024.If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured!--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 7, 2023 • 49min

What You Need To Know About Developing Self Storage Facilities | Marc Kuhn E119

Rich sits down with the Marc Kuhn - Real Estate Investor, Developer, Contractor. Marc started his construction career with his father in 1994. In 2010 he left his hourly job with $2,500 in his account and started MAK Construction, which has now grown to over $25 million a year. MAK Construction develops commercial projects both 3rd party and investment projects for their investors and since 2018 has added over 200 units in the Midwest.Rich and Marc start off by discussing the frigid winters in North Dakota, the benefits of self storage investing, automation and delinquencies in self storage, the biggest risks in self storage, rent control, living in self storage units, and the barriers to developing in self storage. They then reflect on seller financing in self storage, mom and pop self storage businesses, rent growth and cap rates, optimal cities to develop in, the current market, the cashflow in boutique hotels, the ten year strategy, and whether Marc recommends getting into the industry.Lastly, Rich and Marc talk about the differences the between 2023 and the 2008 financial crisis, being risk adverse, education in the self storage space, the development process of self storage, the metrics that Marc looks for in a deal, multi-family housing, how Marc got into self storage, concrete finishing, Grant Cardone, and what it takes to continue expanding in luxury storage. Connect with Marc on Instagram: @marc.kuhn.mak--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 5, 2023 • 41min

Using Debt To Buy Real Estate | Todd Stichler & Paul Cortez E118

Rich sits down with the Founders of Lendspark, Todd Stichler and Paul Cortez. Lendspark is a national licensed direct lender founded for the sole purpose of supporting the growth capital needs of small, middle market & public companies. Lendspark, founded in 2012, has arranged over $500 million to hundreds of businesses in a wide variety of industries, including Real Estate, Jet Rentals, and Pharmacy Automation.Rich, Todd, and Paul start off by discussing what Lendspark does in the lending space today, the high interest environment and how it’s affected the lending space, what Lendspark is looking for in clients, what funding and structuring funding deals looks like for the company, warehouse facilities, and how many funds investors are typically involved in. They then reflect on debt service payments, Rich shares some info about a new property he’s picking up, what it’s like to take back properties, taking collateral from clients, how Paul and Todd got into the lending space, what Paul’s role as the VP of Real Estate looks like at Lendspark, the team structure of a lending company, the average deal size and largest deals for Lendspark, and how buyers qualify for lending.Lastly, Rich, Todd, and Paul talk what successful buyers look like, real estate investing and lending, raising capital, Lendspark’s minimum fund qualifications, being forthcoming about good and bad deals with investors, creating content for social media, the Wall Street Casino, alternative assets and investments, the interest rate environment, and what Todd and Paul forecast the market looks like in the next two years.Connect with Lendspark on Instagram: @lendspark--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Dec 2, 2023 • 11min

Just Take Step 1 | Saturday Edition E117

On today's "Saturday Edition" episode, Rich answers the top question of the week that was sent in by our listeners. Rich and Alex reflect on the last few weeks of the year and their holiday plans. They then analyze the mindset of taking one step and offer several ways to get the momentum back in making deals. If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured!--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Nov 30, 2023 • 1h 11min

Why Real Estate is the Best Hedge Against Inflation | “Investor Girl Britt” Brittany Arnason E116

Rich sits down with Brittany Arnason - commercial real estate investor, real estate educator, and social media icon. Brittany, better known online as InvestorGirlBritt, has been part of over $80M in real estate transactions, including single family homes, new construction, short term rentals, apartment buildings, boutique hotels, and self-storage facilities.Rich and Britt start off by discussing the meetup they hosted in Miami during the Thanksgiving break, how Britt got to where she is today, Britt’s Boutique Hotel in Belize, how Britt got into self-storage and her role in it today, the benefits of partnering, recent incidents that happened on Rich’s and Britt’s properties, being okay with working with the unknown, and what Britt and Rich’s goals were when they started being in real estate.  They then reflect on growing as an entrepreneur, creating content and credibility, the benefits of social media content and building trust, upgrading to multi-family complexes, and breaking out of your comfort zone and taking risks.Lastly, Rich and Britt talk about Britt’s Boutique Hotel in Belize, promoting financial freedom, how Britt learned to renovate homes, Canadian real estate, utilizing a macro-perspective, masterminds and getting to know others in the real estate space, when to hire new employees, the scarcity vs abundance mindset, the benefits of investing in real estate, who inspires Britt as an entrepreneur, what a fitness journey looks like, the life expectancy of men, 5-year-goals, Van life, flying first class, valuing time as a high income earner, branding as an entrepreneur, and what Britt’s plans are for the holiday break. Connect with Britt on Instagram: @investorgirlbritt--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.
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Nov 28, 2023 • 38min

Should You Get Your Real Estate License as an Investor? | Seth Struiksma E115

Rich sits down with Seth Struiksma - real estate agent, realtor, developer, DJ, and investor. Seth has sold more than $100 Million in real estate sales and, in 2021, formed the San Diego-based real estate company, “The One Group.”Rich and Seth start off by discussing how Seth got into the real estate space, why Seth created The One Group, what’s in store for Seth moving forward, opportunity zones, what makes Seth’s team successful, how to inspire others, the high interest environment, and how the market is affecting real estate agents today.They then reflect on the benefits and opportunities to buying in San Diego, Seth’s current deals, the benefits of ADUs, why real estate agents don’t invest in real estate, and marrying for bonus depreciation.Lastly, Rich and Seth talk about the new 5% down Fannie Mae loan, the benefits of hard money loans, the international interest rate environment, building communities, and what Seth recommends doing when starting out in the industry.Connect with Seth on Instagram: @seth_struiksma--Ready to build your boutique hotel portfolio and take your investing to the next level? Unlock our proven system by joining the Boutique Hotel Mastermind Community. Reserve your spot for a free consultation today: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.Want to invest with Somers Capital and take advantage of high-performing boutique hotel opportunities? Learn more about how to get involved: www.somerscapital.com/invest. Need expert management for your short-term rentals or boutique hotel? Experience unmatched service by scheduling a free consultation with Excelsior Stays today: www.excelsiorstays.com/management.

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