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The Rich Somers Report

Put Yourself in Situations Where the Hard Way is The Only Way | Brad Rice Saturday Edition E251

The Rich Somers Report

Rich Somers

Investing, Business

5.01K Ratings

🗓️ 5 October 2024

⏱️ 89 minutes

🧾️ Download transcript

Summary

Rich is interviewed by Brad Rice on the The Blueprint podcast where they discuss how Rich got started in the real estate business, the importance of a personal brand, and the various life challenges he had to overcome in the past that lead him to where he's at today. 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...

Transcript

Click on a timestamp to play from that location

0:00.0

While I'm in San Diego, it's probably eight years into my career, I get to a point where I'm like for the first time of my life I felt like I wasn't working towards something.

0:06.4

And I always want to be the best and so when I got to San Diego, I trained there and for the first time I'm life I was like, I was like, okay, okay what's next and I was like looking around the room and I'm like fuck like they have a man mandatory retirement at age 56 and these folks when they retire they don't look healthy they look

0:21.6

fucking like people are overweight they They got bad food in there

0:24.7

and people are stressed out. I mean it's one of the highest stress jobs in America. This is the crazy part

0:28.7

Brad. A lot of these guys would retire in like within six months they be dead.

0:33.0

Welcome to the Rich Summer's report where we talk real estate, business, and wealth

0:36.6

building all while keeping it real.

0:38.5

No fluff, no BS.

0:40.0

I hope that you enjoy the show.

0:48.6

You were on the Bradley Podcast, and I heard you, and you were talking about Bo-Tocetels. And I thought, fuck, this is a really smart idea.

0:52.1

And the way I started to think about it was it's like buying

0:56.6

short-term rentals on steroids. That's the way I thought about it. So you've got

1:02.2

these short-term rentals,

1:03.3

so people coming in, you know, into the boutique hotel

1:06.4

staying a couple of nights, staying a night,

1:08.1

staying, you know, maybe a little bit longer than that,

1:10.7

and then they're gone. You remake the room, you bring somebody in. And you've got these people

1:19.8

that are currently managing and owning these hotels that are aging.

1:25.0

You know, they've had them for a while, the property's a little tired,

1:30.0

they don't have them marketed properly, they're not on VRBO. They're not on Airbnb and just terrible management.

1:38.0

And you're buying these things, these assets at a low price, bringing value in, redoing them, and building value there with

1:47.4

an eventual exit plan.

...

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