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The Rich Somers Report

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

The Rich Somers Report

Rich Somers

Investing, Business

5.01K Ratings

🗓️ 16 December 2023

⏱️ 18 minutes

🧾️ Download transcript

Summary

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@so...

Transcript

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0:00.0

I was like,

0:03.0

like, let's lock this up.

0:04.4

So we locked it up, and I was like, okay, I'm gonna take my time

0:08.4

to figure out some financing.

0:09.9

And so I got creative.

0:12.2

I didn't know how I was gonna take it down, I got very creative, I went and started calling all these hard money lenders, I started reaching out to everyone I knew in the space, I was like, hey, do you know any private money lenders that would fund something like this? And so I was able to find a lender,

0:23.6

and this particular deal didn't need a ton of work.

0:26.5

It just needed a little love, and I still held that deal today.

0:29.6

So I say all this in that, you know, the value add doesn't always have to be this heavy

0:34.5

renovation it doesn't have to be this like big project they can just be you

0:39.5

simply just finding a really good deal and stepping into that good deal and just walking into the equity.

0:45.1

Welcome to the Rich Drummers Report where we talk real estate, business, and wealth building,

0:49.2

all while keeping it real.

0:50.5

No fluff, no BS.

0:52.1

I hope that you enjoy the show.

0:55.0

All right guys, welcome to another episode of The Report Saturday Edition and I got my co-host Miss Alex Johnson

1:04.5

Alex welcome to the show. Thank you how's it going? It's going really good

1:08.1

we're just wrapping up a super fun and productive week we had a closing this week. We also hosted a meet-up, but I gotta say

1:16.9

this was probably the smoothest closing week I've ever had ever. I know you kept

1:21.4

saying that like before we were officially closed and I'm like don't jinx it like

1:25.7

knocking on wood but yeah it really was pretty smooth you kept saying that and I kept knocking on wood

1:31.6

and it ended up being smooth.

...

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