Achieving Financial Freedom With Luxury Real Estate Investor Rich Somers

Rich Somers

Real estate investor and entrepreneur, Rich Somers, holds an impressive portfolio of apartment buildings, boutique hotels, and short-term rentals. Buying his first apartment by cashing out his 401K, Somers knew to be successful he had to take risks. Today, Rich is the CEO and founder of two real estate businesses: Somers Capital and FortuneCribs. With an obsessive mindset to learn and a positive attitude, Somers was able to become financially free.

Before stepping into entrepreneurship, Rich worked 11 years as a federal employee. Ignoring everyone else’s advice, Somers left his pension and walked away from his comfortable job. “We grow the most when we are uncomfortable, therefore we’re happiest when we’re uncomfortable and unhappiest when we’re too comfortable,” says Rich. Despite everyone’s criticism Rich kept his focus on his end goal.

Taking accountability on what it means to be a strong leader and business owner, Somers obsessively kept studying real estate. His companies today directly reflect his hard work and dedication. Somers Capital raises private capital to acquire boutique hotels, while FortuneCribs works as the operations and helps clients with management. FortuneCribs is a unique business model because of their remote onsite management operations. Rich says, “We are often able to quadruple the annual revenue of these boutique hotels through our renovation plan and new-age operations.” Controlling over $50 million of real estate, Somers has a growing portfolio of over 350 units.

Rich has built a community of friends working together, all of his team members receive equity in the real estate deals they buy. Somers creates an ultimate alignment of interest by giving equal opportunity to his teammates, “I work for my team, they don’t work for me,” he says. Rich did not become the real estate leader he is now by playing it safe, instead he faced his fears.

Fear to Rich Somers is just a limiting belief, he says “Don’t let your fears be bigger than your dreams.” Not wanting to get too comfortable, Rich is planning more real estate projects. Focused  on boutique hotels, Somers is targeting buying $50 million of luxury real estate. With his dynamic business model, Rich is projected on doubling his investment. There will also be a launch of a new real estate and business podcast, “The Rich Somers Report”, set to premiere at the end of this month, where he’ll interview top real estate investors, entrepreneurs, and athletes from all over the world.

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