Action Academy | Millionaire Mentorship For Your Life & Business Step-By-Step How To Buy Your First Boutique Hotel w/ Rich Somers
Jan 9, 2025
Rich Somers, a former air traffic controller turned real estate investor, shares his journey to acquiring over $80 million in boutique hotels. He discusses the importance of mentorship and due diligence in hotel acquisitions. Listeners will learn about innovative property management techniques and how AI impacts guest experiences. Somers also emphasizes networking for real estate success and reveals effective strategies for sourcing boutique hotel deals. Plus, he explores the benefits of yacht ownership as a unique networking tool in luxury markets.
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Choosing Boutique Hotel Locations
- Target tenant-friendly areas with stricter Airbnb regulations for boutique hotels.
- These regulations reduce competition and increase demand for boutique hotels.
Due Diligence and Renegotiation
- Rich Somers uncovered undisclosed water damage and other issues during due diligence on a 44-unit hotel.
- He renegotiated the price down significantly, resulting in instant equity.
Importance of Sewer Line Scope
- Always get the sewer line scoped during due diligence, regardless of property type.
- This inexpensive step can reveal costly repairs or provide leverage for renegotiation.
