Jul 24, 2022
Housing trends are changing: people are not just staying in short term rentals anymore, they are LIVING in them! Jason Hartman interviews Rich Somers, Commercial Real Estate Investor, Co Founder/ Principle - Pac 3 Capital, founder of Fortune Cribs and host of The Multifamily Takeoff Podcast. Jason and Rich discuss how to get started in multifamily, short term rental and boutique hotel investing.
Are short term rentals a viable investment option right now? Brian Chesky, CEO of Airbnb said recently, people are not staying in short term rentals; they're LIVING in short term rentals. One other thing that has made the short term rental market do very well, are the current mass migration trends, where everybody is shuffling around and changing their lives. Post lockdown, people went to new places and lived in Airbnbs while checking out different cities and looking for permanent homes. Learn how you can profit from this new trend!
Key Takeaways:
0:00 Welcome Rich Somers, founder of Fortune Cribs
1:48 How Rich started in multifamily/short term rental investing
2:46 Cash flow in the short term rental space
4:00 Advice on syndication and raising money
5:26 Rich’s syndication model
6:19 Getting started in short term rental investing
7:32 Fortune Cribs short term rental startup
10:03 Is the short term rental market oversaturated?
11:58 Mass migration has also helped the short term rental market, but will it last?
13:33 Another investment opportunity - boutique hotels
15:30 Forcing appreciation on a short term rental
17:10 How to find these kind of deals
19:02 There will never be a perfect time to start, so get going!
20:06 Learn more at https://fortunecribs.com/ & https://www.pac3capital.com/
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