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Jan. 31, 2022

15 | The Successful Entrepreneur’s Mindset with Rich Somers

15 | The Successful Entrepreneur’s Mindset with Rich Somers

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


Rich is an active real estate investor and entrepreneur holding a portfolio of apartment buildings and short-term rentals 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.

 

Let’s tune in to his story!

 

[00:01 - 08:13] Opening Segment

 

  • Welcome to the podcast!
  • Get to know our guest Rich Somers
    • Bio
    • We’re all local! 
    • Listen to The Multifamily Takeoff Podcast with Mike Tighe, Shawn Dimartile, and Rich Somers
    • Rich’s Real Estate Story: I got obsessed with real estate investing

 

[08:14 - 31:12] The Successful Entrepreneur’s Mindset

 

  • Going All In
    • Risks, People, and Time
    • 6 to 9 months of obsessive learning
  • How much can you handle?
    • Rich shares the challenges he faced as a real estate investor
    • The 3-Step Process of Thinking of a New Idea for Successful Entrepreneurs
    • The Edge of Being Uncomfortable Early On
  • The Succesful Entrepreneur’s Mindset
  • Rich’s First Deal
    • A deal in Cincinnati for the cash flow
    • They don’t always go as planned
  • Let’s talk about Fortune Cribs!
    • How Fortune Cribs started
    • “It's really competitive and challenging, trying to find deals right now.”
  • The Legacy Round
    • The 32-Unit Deal in Indianapolis
    • The market is crazy! 
    • Why you should set up a tenancy in common

 

[31:13 - 39:07] Slice of Knowledge

 

  • Rich’s Last Words
    • “Don't fear failure.  Fear regret.”
  • One Slice of Wisdom
    • “Take action.”
  • Real Estate Multifamily Vocabulary
    • Cash flow
    • Breakeven occupancy
    • Return on equity
  • Books and Masterminds to Try
  • The Superhero that Would Make the Best Therapist
    • Batman
  • The Rudest Animal
    • Rats
  • Final words
  • Connect with our guest, Rich in the links below



Resources Mentioned

 

Tweetable Quotes

 

“The problem with the traditional thinking is, you're never going to have a perfect plan.” - Rich Somers

 

“Just take step one today. And then tomorrow, when you wake up, go take step two.” - Rich Somers

 

“Just get started sooner and don't get complacent.” - Rich Somers

 

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Reach Rich through Instagram and LinkedIn

 

Check out his websites: https://www.pac3capital.com/ and https://fortunecribs.com/ 




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