On today’s episode Rich sits down with Michael Chang - Entrepreneur, Real Estate Investor, and co-Founder and partner at Trustbnb Vacation Rentals and Trustbnb Capital. Based in New York, Michael owns and operates a portfolio of short term rentals in Philadelphia, PA and the Smoky Mountains, TN. Prior to building Trustbnb, Michael was a New York City-based investment banker, who spent over a decade at Citigroup, Merrill Lynch, and Jefferies advising public companies, private equity firms, family offices, and venture capitalists. He has advised and executed over $40 billion in transaction value across 52 deals in his career.
Rich and Michael start off by discussing Manhattan, Wolfgang’s Steakhouse, Michael’s favorite sushi restaurant in New York, Brian Malarkey, Rich’s fourth boutique hotel closed, Michael’s portfolio, rental arbitrage, multifamily acquisition, the importance to investing into larger apartment buildings, the process to taking on large multifamily arbitrage deals, and looking for the right buildings to arbitrage in.
They then reflect on the biggest risks to the arbitrage model, Rich’s arbitrage deals across the US, the best markets to arbitrage in, what Michael recommends doing to start in arbitraging, Michael’s team layout, overseas virtual assistants, tracking KPIs, the CEO mindset, and buying in the Smokys.
Lastly, they talk about moving equity, buying conservatively, the current rate environment, cost segregation studies, picking the right accountant, Michael’s under-the-radar potential new market, what Michael’s the most excited about in the coming year, where happiness stems from, the perks of financial freedom, and how entrepreneurship is a little like thanksgiving.
Connect with Michael on Instagram: @michaelchangbnb
Visit BYLTBasics.com and use code “Somers20” at checkout for 20% on your next purchase
Visit grovescapital.com/richsomers to receive a $2,500 credit on closing costs or appraisals
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Connect with Rich on Instagram: @rich_somers
Interested in investing with Somers Capital? Visit www.somerscapital.com/invest to learn more.
Interested in joining our Boutique Hotel Mastermind? Visit www.somerscapital.com/mastermind to book a free call.
Interested in STR/Boutique Hotel Management? Visit www.excelsiorstays.com/management to book a free call.
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She Invests in Multifamily and Short-Term Rentals While Raising Two Kids and Running a Full-Time Business | Avery Carl E33
He Buys Assisted Living and Behavioral Health Properties to Maximize Cashflow Potential | Serg Lupescu E32
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Best Real Estate Tax Strategies and Loopholes in 2023 | Amanda Han E26
How This Man Built a $70M Multifamily Portfolio in Just 3 Years | Michael Garcia E25
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College Football Player Turns Real Estate Mogul, He Owns and Operates 1,800 Apartment Units at Age 33 Pt. 1 | Justin Spaulding E23
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San Diego’s TV and Radio Personality Who’s Found a Side Hustle Investing in Real Estate | DJ Frankie V E21
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He Built a $10M Airbnb Portfolio in 2 Years and Now He's Pursuing Boutique Hotels Pt. 2 | Tony Robinson E19
He Built a $10M Airbnb Portfolio in 2 Years and Now He's Pursuing Boutique Hotels Pt. 1 | Tony Robinson E18
3 Rules to Buy Real Estate in 2023 | E17
What’s Happening w/ the Capital Markets Today, Interest Rates, and How to Finance Your Deals in 2023 Pt. 2 | Jonathan Yoo and Dustin Rosenberg E16
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