Rich Somers is an active real estate investor and entrepreneur holding a portfolio of apartment buildings and short-term rental values in excess of $35M😱. Rich started his real estate investing journey by cashing out his 401k to buy his first apartment...the rest is history.

Welcome to the Get in the Cashflow Game podcast with your hosts Krystle Moore and Kenny Simpson. We are joined by Rich Somers. Rich has grown his portfolio to over 350 units and has left his corporate job for good. Rich co-hosts a weekly real estate investing podcast, “The Multifamily Takeoff”, where he interviews top real estate investors and industry experts from all over the world.

👂🏻Podcast MUST LISTEN to Time Stamps:

00:00 Intro

06:04 Rich Somers background and how he got into real estate investing

09:17 Transition to  Fortune Cribs (Short Term Rentals and Boutique Hotels)

11:00 Overcoming the "next step" jitters and surrounding yourself with the right people.

20:00 Advice for anyone that is looking to partner with anyone in real estate investing.

22:42 Breaking down the WHY to vacation rentals and boutique hotels

32:00 Beachfront acquisition and how to deal with out-of-state management.

43:00 Praising San Diego for its real estate opportunities

01:08:10 targeting markets with regulations

01:17:26 Networking events and where you can find out more about Rich Somers

🎧About Rich Somers:

Rich is an active real estate investor and entrepreneur holding a portfolio of apartment buildings and short-term rental values in excess of $35M. Rich started his real estate investing journey by cashing out his 401k to buy his first apartment building, and today Rich has grown his portfolio to over 350 units and has left his corporate job for good. Rich co-hosts a weekly real estate investing podcast, “The Multifamily Takeoff”, where he interviews top real estate investors and industry experts from all over the world. He also co-hosts a monthly real estate networking event in his local city of San Diego.

Most recently, Rich founded Fortune Cribs as he discovered a shortage of sophisticated, performance-driven operators and a growing need for an all-in-one acquisition, design, and management firm in the short-term rental space. A graduate of California State University San Marcos College of Economics, Rich is passionate and eager to leverage his network and expertise to help you maximize your returns and grow your real estate portfolio.

📲Connect with Rich Somers:

Website: https://www.pac3capital.com

Instagram: https://www.instagram.com/rich_somers/?hl=en

Podcast: https://www.multifamilytakeoff.com

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