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The Rich Somers Report

We Both Cashed Out Our 401ks to Buy A 32-Unit Apartment Building | Shawn DiMartile E140

The Rich Somers Report

Rich Somers

Investing, Business

5.01K Ratings

🗓️ 25 January 2024

⏱️ 73 minutes

🧾️ Download transcript

Summary

Rich brings on his old business partner, Shawn DiMartile - Real Estate Investor, Host of The Real Estate Takeoff Podcast, Co-Founder of Takeoff Capital, Author of California Gold, and US Navy Veteran. Before cashing out his 401k to get his start in real estate, Shawn worked as an Air Traffic Controller for 6 years and before that he was a Navy Controller. He now owns over 300 rental units, $50 million in real estate, and his podcast, The Real Estate Takeoff, has over 200,000 downloads. ...

Transcript

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0:00.0

And one of the things that's putting a big smile on my face and getting me excited is developing these beautiful properties and markets that I love.

0:07.0

And owning good dirt.

0:08.0

And owning good dirt in places that I love, I know, and I feel proud to own it. and that's what gets my blood pumping so I've found a strategy that like I'm excited about like I when I find a property I'm am amped it wakes me up it's like you know so I think that you might even need to bounce around and try a couple different things in real estate to find that but once you find it I think you know you're on the right path.

0:30.0

Welcome to the Rich Drummers report where we talk real estate, business and wealth building all while keeping it real.

0:35.2

No fluff, no BS. I hope that you enjoy the show.

0:48.9

All right guys welcome to another episode of the report. Today we are back in the studio and a couple days removed from a big heavy rainstorm down here in San Diego.

0:54.0

I believe we had like more rain in that morning than we typically get over like a two or three

0:58.9

months span during a normal winter, but super excited and I got actually we had the podcast studio

1:04.5

flood out too a lot of these buildings but super excited today I got a very special

1:08.8

guest I got someone who is a good friend of mine someone who actually met in a break room at my old employer,

1:15.8

Ear Traffic Control Facility, we both cash out our 401k's together and now he owns

1:19.8

more than $50 million of real estate. I got the co-founder of takeoff capital. I got my man Sean D Martel.

1:25.6

Sean welcome to the show.

1:26.6

Thanks for having me on the show rich man. It's been a long time coming

1:29.6

brother. Yeah man. Dude it's it's freaking it's great to have you on, man, it's been a bit, but, uh,

1:35.6

dude, we have a unique story, man. We met in a freaking break room, working a government

1:40.0

job, and we just started like riffing on real estate investing and at that time it was just like a pipe

1:44.7

dream. I mean think about it it's kind of crazy I mean that was only like what five years ago something like that?

1:49.7

Yeah it was it was like early 2019.

1:52.5

Yeah, yeah, so four or five years ago and look at us now, like, it shows you how quickly things can move when you really like go all in on something.

2:00.5

But it is kind of crazy to think that like, you know, four or five years ago, we were in a

2:04.4

break room working W-2 jobs with no portfolio on now. Yeah, dude. So I think looking back, so I'm trying to think here, so I know, I overheard Mike, Mike who it was our third partner he's not here with

...

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