15 | The Successful Entrepreneur’s Mindset with Rich Somers
Release Date: 01/31/2022
Multifamily By The Slice
Brad Milburn is a multifamily real estate sales agent in San Diego, CA. Real estate investor and former Navy SEAL. Let’s tune in to his story! [00:01 - 10:09] Unlock Limitless Achievement Through Real Estate Fortune Cribs helps investors buy short-term rentals and select markets across the country for as little as 10% down with no cash on cash returns in the 20-30% range. Go to and book your free consultation now! The importance of having good broker relationships in order to get the best deal The most attractive aspect of the industry - no limit to what you can...
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Nate and Bethany Smith, Your CashFlow Couple, are passionate about helping people increase their financial intelligence by teaching people how money really works and the strategies and tactics the wealthy use to collect, grow and protect their wealth. Let’s tune in to their story! [00:01 - 09:33] Mutual Dedication Unlocks Success Fortune Cribs helps investors buy short-term rentals and select markets across the country for as little as 10% down with no cash on cash returns in the 20-30% range. Go to and book your free consultation now! Nate & Bethany Smith on...
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Jesse began investing in real estate at the age of 16 with his parents and has since launched several successful real estate investment companies. Jesse works with new and seasoned investors, helping them to accelerate the growth of their net worth. Jesse’s company, JSJ Sustainable Investments, is a residential & commercial real estate investment firm that offers its investors and global clientele lucrative investment opportunities with seasoned, high-net-worth strategic partners nationwide. Let’s tune in to his story! [00:01 - 07:53] Realizing that Flipping is More of a...
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Brandon Burns is a Senior Vice President at Investors 1031 Exchange with a focus on sales and marketing for the company. Brandon is a very experienced commercial real estate executive who has served on the investment committees over several real estate capital firms throughout his career. He has been involved in over one billion dollars of real estate development and acquisitions and has helped acquire 64 projects that have gone full cycle across many asset classes, He has raised over $600M in equity for various real estate projects and was instrumental in successfully issuing $180M of debt on...
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Yonah Weiss is a powerhouse with property owners' tax savings. As Business Director at Madison SPECS, a national cost segregation leader, he has assisted clients in saving tens of millions of dollars on taxes through cost segregation. He has a background in teaching and a passion for real estate and helping others. He’s a real estate investor and host of the top podcast Weiss Advice. Let’s tune in to his story! [00:01 - 08:27] Opening Segment Fortune Cribs helps investors buy short-term rentals and select markets across the country for as little as 10% down with no...
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Lucas Miller is the Managing Partner of Bannock Capital, LLC a boutique commercial real estate investment firm that focuses on acquiring, operating, and raising capital for distressed commercial real estate. He is also the founder of Fear Free Passive Investing – a Youtube channel and podcast focusing on the honest and passionate education of investors in private real estate equity. His no-sales approach to educating individuals has been downloaded thousands of times and viewed by hundreds of individuals who have taken the leap from Wall Street to controlling their own...
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Mason Moreland is responsible for growth, process improvement, and finance/risk management at Texas Vine Country (TVC). His superpower is underwriting unique assets, and his passion is finding overlooked opportunities and seizing them. Though he focuses on the Texas vineyard niche currently, throughout his career he has worked in residential real estate investing, oil and gas, and environmental consulting. He is a herpetologist and is an alumnus of Texas Tech University. He spends his time outside business with his growing family and doing anything that is challenging! Let’s tune in...
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Vince’s real estate experience began early in life. His family has always shared the value of property investments, passing on the knowledge and the assets from generation to generation. After he graduated from Santa Clara University with a degree in Business Management, he started his career in Risk Management for construction and development. He found himself getting close to different development projects, contractors and seeing how the property landscape was rapidly evolving in the Bay Area. He started investing in syndications right out of college, seeing the power that equity...
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Florian Sighe is an active multifamily broker in San Diego, focusing on 5-25 unit buildings as well as 2-4 units. He is also a syndication manager and investor in the multifamily space, with current ownership of 25 units over 3 properties, all purchased in 2021. Florian was a long-time professional poker player out of college, before dabbling in the internet marketing space, and finally landing in real estate. His number one skill has always been networking and cultivating genuine, long-standing relationships in different walks of life. He attributes any and all success to the people and...
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Sherry Chen is a San Diego native with a passion for helping dreamers become homeowners. As an ADU specialist, she’s helped both first-time homebuyers and investors maximize their property potential. Sherry is proud to be part of Kappel Realty Group with Compass, a Platinum-award-winning team awarded by SDAR and the San Diego Union-Tribune. Her goal is to help educate the homebuyers in making smart, data-driven decisions to help them generate long-term wealth through real estate investments. Let’s tune in to her story! [00:01 - 05:30] Opening Segment Want...
info_outlineRich is an active real estate investor and entrepreneur holding a portfolio of apartment buildings and short-term rentals values in excess of $35M. Rich started his real estate investing journey by cashing out his 401k to buy his first apartment building, and today Rich has grown his portfolio to over 350 units and has left his corporate job for good. Rich co-hosts a weekly real estate investing podcast, “The Multifamily Takeoff”, where he interviews top real estate investors and industry experts from all over the world. He also co-hosts a monthly real estate networking event in his local city of San Diego.
Most recently, Rich founded Fortune Cribs as he discovered a shortage of sophisticated, performance-driven operators and a growing need for an all-in-one acquisition, design, and management firm in the short-term rental space. A graduate of California State University San Marcos College of Economics, Rich is passionate and eager to leverage his network and expertise to help you maximize your returns and grow your real estate portfolio.
Let’s tune in to his story!
[00:01 - 08:13] Opening Segment
- Welcome to the podcast!
- Get to know our guest Rich Somers
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- Bio
- We’re all local!
- Listen to The Multifamily Takeoff Podcast with Mike Tighe, Shawn Dimartile, and Rich Somers
- Rich’s Real Estate Story: I got obsessed with real estate investing
[08:14 - 31:12] The Successful Entrepreneur’s Mindset
- Going All In
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- Risks, People, and Time
- 6 to 9 months of obsessive learning
- How much can you handle?
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- Rich shares the challenges he faced as a real estate investor
- The 3-Step Process of Thinking of a New Idea for Successful Entrepreneurs
- The Edge of Being Uncomfortable Early On
- The Succesful Entrepreneur’s Mindset
- Rich’s First Deal
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- A deal in Cincinnati for the cash flow
- They don’t always go as planned
- Let’s talk about Fortune Cribs!
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- How Fortune Cribs started
- “It's really competitive and challenging, trying to find deals right now.”
- The Legacy Round
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- The 32-Unit Deal in Indianapolis
- The market is crazy!
- Why you should set up a tenancy in common
[31:13 - 39:07] Slice of Knowledge
- Rich’s Last Words
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- “Don't fear failure. Fear regret.”
- One Slice of Wisdom
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- “Take action.”
- Real Estate Multifamily Vocabulary
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- Cash flow
- Breakeven occupancy
- Return on equity
- Books and Masterminds to Try
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- Rich Dad’s Cashflow Quadrant by Robert Kiyosaki
- The Superhero that Would Make the Best Therapist
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- Batman
- The Rudest Animal
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- Rats
- Final words
- Connect with our guest, Rich in the links below
Resources Mentioned
Tweetable Quotes
“The problem with the traditional thinking is, you're never going to have a perfect plan.” - Rich Somers
“Just take step one today. And then tomorrow, when you wake up, go take step two.” - Rich Somers
“Just get started sooner and don't get complacent.” - Rich Somers
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Reach Rich through Instagram and LinkedIn
Check out his websites: https://www.pac3capital.com/ and https://fortunecribs.com/
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