RG 202 – Investing in Limited Service Hotels w/ Nichole Stohler
Nicole is the founder and host of The Richer Geek podcast. She works to help IT and other high income processionals to find creative ways to build their wealth and financial freedom. She works in tech and has a real estate investment firm with a portfolio that includes hotels, multi and single family properties. Nicole made her first dollar sewing and making hair bows for other girls in her school. After school she majored in fashion at college but realised she didn’t want to be a starving artist and wanted a career for longevity so she went into tech.
She met a headhunter who was looking for an entire level person, she was competing against computer science majors so she went to the library and did loads of research. She didn’t do well in the interview but it was clear that she really wanted the job and was prepared to put i the work so she was given the job. Since then she’s worked for 22 years in sales of hardware and software. When she started she was trying to convince people to get an internet connection!
Nicole and her husband went on a course about no money investing and afterwards went to go and get a property but found they knew nothing about property management or finding properties. Her husband went to work for a property investor to learn the business and she stayed in tech. Her job is to show people who are working full time that they can do property on the side and so she tells the stories of the people who’ve done it. Her husband worked in property management for a company that was building and managing it’s own apartment complexes, so their roots are in multifamily. They do the investing with their own funds and commercial bank loans, so no investors In 2016 the multifamily market started to heat up in Phoenix and someone offered to buy their multifamily property. They came back 3 times and eventually they sold but couldn’t find another multifamily property to 1031 exchange because the market was so hot. Instead they got into hotels with a mentor who helped them get started.
- Most important habit – Nichole gets up at 3am and does 2 hours of planning
- Most influential person – the one who allowed her to get into tech
- Most important tool – todoist
- Contact – linked or therichergeek.com