Would you cash out your 401K to buy an investment property?
In this episode of The Real Estate Mindset podcast, Rich Somers and I chat about how going against the grain when it comes to attaining financial freedom is almost necessary in any case scenario. In Rich’s case, cashing out from his traditional retirement account to invest in his first real estate property was a risky move, but this is a risk he took and it paid off in a BIG way.
We also chat about Rich’s vacation rentals throughout the country and how he manages those. From how he secures his real estate deals to how property managers in the vacation rental industry charge for their services, Rich gives us some great insight on how he conducts his business.
What we discuss:
00:41 : About of Rich
04:16: How are Rich’s projects going?
05:12: What is the current management fee for a vacation rental?
06:34: What was it like to go against the grain?
13:50: What does the future hold for Rich?
17:12: What does Rich’s vacation rental fund look like?
20:30: What markets is Rich targeting?
21:60: How does Rich manage properties all over the country?
25:50: What is Rich’s morning routine?
28:25: What is Rich’s experience with coaching?
32:48: What’s something Rich has done in the past that he wouldn’t repeat?
36:19: What’s Rich’s go-to mindset tip?
38:28: What is Rich’s definition of success?
40:16: Why does Rich believe he is successful?
To learn more about Rich:
Podcast: The Multi-family Takeoff
Social Media: Rich Somers