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b"In this episode, Rich Somers talks about boutique hotel investing. He shares how these types of deals work, what to look for in each deal, how to operate each deal, and so much more. Rich also shares how we can get into the market as well as best practices to be successful in this space.\\n\\n[00:01 - 06:06] Defining Boutique Hotel Investing\\xa0\\nRich shares about his background and how he got into real estate\\nPivoting from multifamily to boutique hotel space\\xa0\\nDefining boutique hotels as independent non-franchise resort\\n\\xa0\\n[06:07 - 10:07] Adding Value and Growing the Business\\nUtilizing online marketing platforms\\xa0\\nNot charging cleaning fees on boutique hotels\\nBuilding a team on the ground for each property\\n\\xa0\\n[10:08 - 25:56] Finding Deals and Investing\\xa0\\nImportance of having good relationships with a broker\\xa0\\nUsing a combination of market direct to broker and direct to seller\\nHaving better ROI when investing in this space\\xa0\\nUsing seller financing to get a loan\\xa0\\n\\xa0\\n[25:57 - 31:48] Closing Segment\\nQuick break for our sponsors The first step to growing your wealth is tracking your wealth, income spending and everything else about your finances, you can start tracking your wealth for free and get six free months of wealth advisor.\\xa0 Learn more about Personal Capital at escapingwallstreet.com\\xa0\\n\\nWhat is the best investment you've ever made other than your education?A deal he did a 1031 exchange for in Indianapolis\\xa0\\n\\nRich Somers\\u2019s worst investments\\xa0A deal he did not invest in but still lost money\\n\\nWhat is the most important lesson you\\u2019ve learned in business and investing?Mindset in taking action\\nWhen you have an idea you just have to do it\\xa0\\n\\n\\nConnect with Rich Somers :\\nWebsite: https://somerscapital.com/\\nSocial Media: Instagram\\n\\nInvest passively in multiple commercial real estate assets such as apartments, self-storage, medical facilities, hotels, and more through https://www.passivewealthstrategy.com/crowdstreet/\\nParticipate directly in real estate investment loans on a fractional basis. Go to www.passivewealthstrategy.com/groundfloor/ and get ready to invest on your own terms.\\nJoin our Passive Investor Club for access to passive commercial real estate investment opportunities.\\nLEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\xa0\\n\\xa0\\nTweetable Quotes:\\n\\u201cIt's just all about taking action as soon as I have that good idea, like, \\u201cHey, let's just\\xa0 jump in. Let's do it. We'll figure out how later.\\u201d And that's what I've seen the most growth, at least in my career.\\u201d -\\xa0 Rich Somers"