Rich Somers is an active real estate investor and entrepreneur holding a portfolio of luxury apartment buildings and short-term rentals. With a valued excess of $35 million, Somers defied everyone’s expectations of him. Before entering the real estate field, Rich used to be a federal government employee. Deciding it was time to change his career path to gain financial freedom, Somers walked away from his pension and cashed out his 401K. Not letting the fear of failure stop him, Rich began obsessing over real estate.
Rich didn’t waste any time starting his business. Somers says, “Don’t sit around and ponder an idea and wait for the perfect plan to get started. Most people wait for the perfect plan, which is why they never actually get started. Successful entrepreneurs have an idea, take action, then figure out how.” Recognizing that failure is inevitable with trying to build any new business, Rich focused more on finetuning his mindset to overcome the fear of losing.
Realizing that everyone was buying multifamily apartments or short-term rentals, Somer was inspired to start buying boutique hotels. “Everyone right now is buying multifamily apartments and short-term rentals, but no one is buying boutique hotels. It’s important to zig when others are zagging,” Rich says. His two companies, Somers Capital and FortuneCribs, use unique business models to propel Somers through the competition. Rich is often able to quadruple his annual revenue of these boutique hotels through his renovation plan and new-age operations.
Rich founded FortuneCribs because he discovered a growing need for an all-in-one acquisition, design, and management firm. This company helps clients buy short-term rentals around the country and assists with onsite remote management. Being able to operate remotely creates a huge opportunity for Somers and his team. Today Somers controls over $50 Million of real estate and has built a strong community of friends working together while doing so. All of his team members receive equity in the real estate deals they buy; Rich wants everyone to win and works hard for his team to also achieve the same financial freedom he has.
Somers didn’t become the entrepreneur he is today by remaining stagnant in his career and keeping comfortable. Rich says, “We grow the most when we are uncomfortable, therefore we’re happiest when we’re uncomfortable and unhappiest when we’re too comfortable. Never stop growing.” With plans on purchasing more boutique hotels in 2023, Somers is expected to double his investment next year. Continue following and learning more about reaching your full potential with Rich Somers and listen to his upcoming podcast, “The Rich Somers Report,” available for download on Apple Podcast & Spotify at the end of this month.
