Thinking of Developing Real Estate? Don't Do it Until You Hear These "74 Minutes" | Austin Schmidt E369

The Rich Somers Report

Rich Somers

Business, Entrepreneurship, Investing

5 • 910 Ratings

🗓️ 8 July 2025

⏱️ 74 minutes

🔗️ Recording | iTunes | RSS

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Summary

Thinking about ground-up development? This episode might save you years—and millions. In this one, Rich sits down with Austin Schmidt, a real estate developer who’s lived through the chaos, wins, and war stories of building multifamily from scratch. From fighting the city to getting permits approved to making deals penciled after rising interest rates, Austin lays out the full, unfiltered blueprint for anyone who wants to get into development and actually win. They cover: Why most develo...

Transcript

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0:00.0	You know, I think people are just scared to say no.
0:02.9	Like, they just want to say yes.
0:04.5	They're like, I'm excited.
0:05.9	I want to be in real estate.
0:07.3	I want to raise money.
0:08.4	I want to do these deals.
0:10.0	I want to tell my friends about these deals.
0:12.0	They hate saying no.
0:13.5	And at the end of the day, you should say no like 10 times before you say yes.
0:17.7	Because it actually means you're paying attention. And honestly, I'm surprised how many people are not trained to say no.
0:25.4	Welcome to the Rich Drummers Report where we talk real estate, business, and wealth
0:29.3	building, all while keeping it real. No fluff, no BS. I hope that you enjoy the show.
0:38.9	All right, guys, welcome to another episode of report.
0:42.4	Today, I got someone doing big things in the real estate space and specifically building
0:47.9	out custom homes, spec homes, both in both San Diego and in Colorado and even dabbling
0:53.7	in the multifamily space.
0:55.4	I got my man, Austin Schmidt.
0:57.3	Austin, welcome to the show, brother.
0:59.1	Thanks, Rich.
1:00.2	Yeah, man.
1:01.3	Dude, we had a great dinner last night, a boy in a raise, got to meet your boy Nate Dog, who works on your team.
1:06.4	And we had a great conversation last night.
	...

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