The Rich Somers Report

Rich is joined by Co-Host, Pace Morby, on today’s Saturday Edition. They answer the top question of the week that was sent in by our listeners.Rich and Pace speak on the fundamentals of subject-to real estate deal, the types of candidates that make for a good seller, defaulting on sub-to deals, positioning landlords to lenders, and negotiating with maximum leverage. They also discuss the willingness to over-paying on a property, amortization, and bank lending.  If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured!Connect with Pace on Instagram: @PaceMorbyVisit BYLTBasics.com and use code “Somers20” at checkout for 20% on your next purchaseJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich sits down with Pace Morby – creative real estate investor, expert in “subject to” and host of A&E’s Triple Digit Flip TV Show. Pace is the founder of Subto, a thriving real estate education program and community that teaches creative financing strategies to real estate investors of all experience levels in order to do deals without cash, credit, or credentials, and also has a bestselling book, Wealth Without Cash, that was recently released with BiggerPockets.Rich and Pace start off by discussing the first time Pace came on the pod, what Pace and Rich have been up to in the last 9 months, providing equity to employees, and aligning interests with employees.They then reflect on what makes them happy as entrepreneurs, Pace’s A&E Show, the importance of sales and marketing, what makes for a successful entrepreneurs, operating in front of the camera, Alex Hormozi, and utilizing social media.Lastly, they talk about Pace’s Mastermind, their experience at STR WealthCon 2024, American Airlines and Set Jet, promoting Mastermind members, how Pace got 1,000 units under contract in just over a month, and picking up vans with subject-to.Connect with Pace on Instagram: @PaceMorbyJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

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_airbnbguyVisit grovescapital.com/richsomers to receive a $2,500 credit on closing costs or appraisalsJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

How To Find A Good Boutique Hotel Deal | Saturday Edition 144On today's "Saturday Edition" episode, Rich answers the top question of the week that was sent in by our listeners. Rich reflects on visiting Miami last weekend for a mastermind hosted by Ryan Garland and meeting Jordan Belfort, Wes Watson, and Ryan Garcia. Rich then analyzes the three things that support finding a good boutique hotel deals. Rich then discusses what he looks for in the next great deal, finding the right broker, direct-to-seller deals, underwriting deals, and setting up GP/LLC structures.If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured!Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich sits down with Mark Moss – Podcast Host, Radio Host, Founder of Market Disruptors and Co-Author of the bestselling book, The UnCommunist Manifesto.  Mark’s show, The Mark Moss Show, analyzes such topics as Economics, Business, Bitcoin, and Freedom. Mark has founded seven companies that hit 7-8 figures in less than a year with multiple business exits including a high valuation Fortune 500 exit. He’s also fixed and flipped over 100 homes and developed over $25m in real estate.Rich and Mark start off by discussing living in San Clemente, Mark’s studio, how Mark got his start in real estate, how certain events create wealth transfers, the greatest transfer of wealth in American history, the 2008 market crash, how 12 million businesses are owned by baby boomers, the opportunities to grow wealth, where baby boomers are putting their money, where millennials are putting their money, where real estate trends are heading, why millennials are considered nomads, South American real estate, and supply and demand.They then reflect on the current market rates, a deep dive on cap rates and how they affect the economy, where Mark foresees rates going, how intertwined the Federal Reserve and the Treasury actually is, The Fed’s 2024 rate cuts, why Mark stays away from stocks and Wall Street, international investing, why people don’t actually want more money, why bitcoin is a great investment, the velocity of money, value add projects, and the difference between being rich and having wealth. Lastly, they talk about the fundamentals of Bitcoin and why one should buy it in 2024, the decentralized revolution, authoritarian governments, when investors should sell, the volatility of bitcoin, and Mark’s fund.Connect with Mark on Instagram: @markmoss Visit BYLTBasics.com and use code “Somers20” at checkout for 20% on your next purchaseJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich sits down with Chris Groves – a serial entrepreneur who is leading the way in the lending industry and has funded over $7 billion in loans. He and his wife, Aleyna, started Groves Capital Inc, a family-owned mortgage company with the lowest rates in the industry. Groves Capital’s greatest accomplishments have been growing from 2 people to 575 across 25 states in fewer than three years; creating a family feel across the company where everyone works together to help others become successful; and doing billions in volume in such a short amount of time.Rich and Chris start off by discussing Fast Lane Drive, Chris and Aleyna’s new TV Show “Vows to Ventures,” current market trends, the longevity of the baby boomer generation, re-fi loans, Chris’s new fourplex in Coronado, who funds traditional and non traditional loans, defaulting on loans, and payment penalty negotiations.They then reflect on non-qm products, DSDR loans, partnering on loans, the importance of location, value add projects, what bridge lenders are capping loans at right now, ARV Percentages,  appraising properties, Appraisal Management Companies, fighting and shopping appraisals, and Chris’s experience as an appraiser.Lastly, they talk about re-financing into fixed debt, development deals, the risks of personally guaranteeing notes, DSDR thresholds, Insurance Rates in California, International lending, where Chris is lending currently, Belize becoming a hot zone, and where Chris plans to travel to in 2024. Connect with Chris on Instagram: @ceogrovescapitalVisit grovescapital.com/richsomers to receive a $2,500 credit on closing costs or appraisalsVisit primecorporateservices.com/richsomers to book a free callJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich joins Bethany LaFlam on her Bubbles with Bethany Mastermind, recorded in January 2024. Bethany is an Entrepreneur, Seasoned Deals Lawyer, Managing Partner of Premier Law Group, Mother, and Visionary. With more than 20 years of experience practicing law, Bethany has leveraged that expertise into her business life.Rich and Bethany start off by discussing what Rich’s unique superpower is, Bethany’s experience becoming a lawyer, the benefits of getting into real estate, Rich’s Boutique Hotel Fund and how to join it, what wealth means to them, prioritizing health, Bethany’s boutique hotel in Belize, the most recent boutique hotel that Somers Capital has acquired, a new deal that Rich is currently looking at, and whether Rich’s Boutique Hotels are independent brands.They then reflect on the benefits of masterminds, building communities, celebrating Beers & Deals, taking over underperforming properties, whether California is actually affordable for real estate, and Mikey Taylor.Lastly, Rich and Bethany talk about Excelsior Stays, direct booking, Rich’s take on the Airbnb Crash, what a good operator looks like, the hold period for Boutique Hotels, current marketing trends, diversification, which locations are best for boutique hotels, InvestorGirlBritt, and then Bethany opens up a Q&A for her mastermind.  Connect with Bethany on Instagram: @bethany_laflamJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich brings on his old business partner, Shawn DiMartile - Real Estate Investor, Host of The Real Estate Takeoff Podcast, Co-Founder of Takeoff Capital, Author of California Gold, and US Navy Veteran. Before cashing out his 401k to get his start in real estate, Shawn worked as an Air Traffic Controller for 6 years and before that he was a Navy Controller. He now owns over 300 rental units, $50 million in real estate, and his podcast, The Real Estate Takeoff, has over 200,000 downloads.  Rich and Shawn start off by discussing a recent rain storm in San Diego, how they met each other and got into the real estate game, their first deal: a 32-unit property in Indianapolis, what Shawn and Mike Tighe (his business partner) are currently focused on, Bonus ADUs in San Diego, being bullish on San Diego and ADUs, current market trends, landlord tenant laws, investing in San Diego, the synergy Shawn and Rich still have, the top ten states with high income taxes, and property insurance.They then reflect on cashing out their 401ks, Shawn’s new book “California Gold,” the stress of working as an Air Traffic Controller (ATC), the dangers of working graveyard shifts, the craziest stories they had as ATCs, Mike Tighe’s piloting skills, whether you can actually retire off of a 401k, the evergreen cashflow of real estate, the government profiting off of 401ks, and S&P Index Funds. Lastly, Rich and Shawn talk about the trains of San Diego, what Shawn and Mike started focusing on after Rich left the partnership, a deep dive into Bonus ADUs, Takeoff Capital’s 10-unit Ocean Beach apartment complex,  Takeofff Capital’s deal in Pacific Beach, appealable and non-appealable coastal zones, Rich’s new 3-Story ADU in Little Italy, underground parking for apartment complexes, third party property management, their 32-unit property in Indianapolis, listing vacancies on Craigslist and Facebook Marketplace, Tenants in Common, and then reflect on the last 5 years of success in real estate.Connect with Shawn on Instagram: @shawn_dimartileJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

Rich sits down with Adam Nelson and Braun Thueson - Founders of Top1Percenter, a mentorship program that was created to inspire, influence, and help others to achieve life success, business success, and have success investing in real estate.Rich, Adam, and Braun start off by discussing how Rich first met Adam, how Adam and Braun first got started in sales, traditional door-to-door sales, applying sales principals to all aspects of life, investing in real estate for long term wealth, cultivating a good foundation in real estate, buying real estate during The Great Recession, and the house hacking strategy. They then reflect on the greatest key to success for Adam and Braun over the last two decades, how to offset taxable income, short term rentals in Oklahoma, what real estate is really about, real estate appreciation and principal pay down, what Top1Percenter is all about, the 6 most important pillars of life: money, craft, mind, body, people, and spirit, and the important of gratitude.  Lastly, they talk about the best techniques to elevate fitness, being intentional with morning routines, how to be intentional with all relationships, time blocking, what type of products Adam and Braun sell via Door-to-Door sales, the key to make $100 million in sales, inspiring leaders and finding the right people, sharing equity with employees, and moving the needle. Connect with Adam on Instagram: @adamcnellyConnect with Braun on Instagram: @braunthuesonConnect with Top1Percenter on TikTok: @top1percenterJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.

On today's "Saturday Edition" episode, Rich is joined by co-hosts Adam Nelson and Braun Thueson - Founders of Top1Percenter, a mentorship program that was created to inspire, influence, and help others to achieve life success, business success, and have success investing in real estate.  They answer the top question of the week that was sent in by our listeners. Rich, Adam, and Braun discuss how to be successful in door-2-door (d2d) sales. They analyze what the first step of d2d sales should be, what training looks like for d2d sales, identifying leaders, and immersing yourself into a business culture. They also discuss the importance of business, how to identify the right customer, if you should skip specific types of homes, and Adam shares his most uncomfortable experience with a d2d sale. Lastly, they speak on transitioning from a no to a yes, indecision in business, effective ways to break preoccupation, establishing trust and being organic, effectively closing a deal, and overcoming objection to price.If you have a question you'd like answered, please email info@somerscapital.com. Stay tuned every Saturday to see if it's featured! Connect with Adam on Instagram: @adamcnellyConnect with Braun on Instagram: @braunthuesonConnect with Top1Percenter on TikTok: @top1percenterJoin our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: 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.