The Rich Somers Report
Join host Rich Somers, as he interviews top real estate investors, entrepreneurs, and athletes from all over the world to discuss all things real estate, business, and wealth related. His first guests include Tarek El Moussa - real estate investor & TV personality, and Cliff Avril - former Seattle Seahawks player & Super Bowl XLVIII Champion. Rich is an active real estate investor and entrepreneur holding a portfolio of apartment buildings, boutique hotels, and short-term rentals valued in excess of $80M. He was an air traffic controller for the government for 11 years, and cashed out his 401k to get his start in real estate investing. Connect with Rich on Instagram: @rich_somers
The Rich Somers Report
Thinking of Developing Real Estate? Don't Do it Until You Hear These "74 Minutes" | Austin Schmidt E369
Thinking about ground-up development? This episode might save you years—and millions.
In this one, Rich sits down with Austin Schmidt, a real estate developer who’s lived through the chaos, wins, and war stories of building multifamily from scratch. From fighting the city to getting permits approved to making deals penciled after rising interest rates, Austin lays out the full, unfiltered blueprint for anyone who wants to get into development and actually win.
They cover:
- Why most developers quit after their first deal (and how to survive it)
- What makes a city “developer-friendly” (and the red flags to watch for)
- How to raise capital for your first ground-up project
- The difference between theoretical spreadsheets and real-world construction delays
- Why Austin still bets on development—and where he’s building next
If you’re even thinking about going vertical, this is the 67 minutes you need.
Let’s get into it.
Connect with Austin on Instagram: @luxbuilders
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