Rich Somers realized he would never be able to reach his full potential working as a government employee for the rest of his life. After 11 long years working for the government, Somers took out his 401K and walked away from his pension. His new dream? Become a successful real estate investor and entrepreneur.
After quitting his comfortable job of over a decade, it was time to start learning how to start up his business. One of Rich’s biggest taught lessons? Learning how to become a leader. “You can learn all of the business strategies you want, but if you don’t know how to lead people it’s very difficult to scale a company,” says Somers. Creating a strong community of team members, Rich makes sure when he wins, everyone wins. He says, “I give equity to all of my team members for every real estate deal we buy which creates an ultimate alignment of interest. I work for my team, they don’t work for me.”
Somers also learned the importance behind mindset when becoming an entrepreneur. “Mindset is everything when starting a business. If you don’t believe you’re going to succeed, you’ve already lost the game,” he says. Motivated by the lessons taught in the popular novel, Rich Dad Poor Dad by Robert Kyosaki, Rich took action and executed his business plan.
By learning how to restructure his way of thinking and shifting his career goals, Rich Somers was able to change his life. With an investment portfolio valued in excess of $35 million and two booming businesses, Somers is a successful CEO and founder in the real estate industry. His first business, Somers Capital, raises private capital to acquire boutique hotels. His second business, FortuneCribs, is an all-in-one management firm that allows Rich to operate these hotels remotely and free of onsite management. Now a financially free man, Rich is in charge of his own time and when he works. “I don’t know anyone with our business model,” Somers says. With this business strategy, Rich is finally able to live his life according to his schedule.
So, what’s next for Rich in the world of real estate? With a hyper focus on boutique hotels, Somers is targeting buying $50 million of luxury real estate. This will be a major leap, not only for Somers, but his team as well who will also be receiving equity in every successful deal. Through improved operations and his company’s renovation package, Rich plans on doubling this investment to $100 million worth of real estate. Keep up with Rich Somers and continue following his real estate journey by following his Instagram, @rich_somers.