Replacing Your 9-5 Income w/ Short-Term Rentals & Should You Cash Out Your 401K? | Michael Elefante E91

Rich sits down with Michael Elefante - a real estate investor, entrepreneur and social media influencer. Michael is the founder of BNB Investor Academy, a coaching program that has helped over 1,200 people find, invest in, design and manage short term rentals successfully. Michael became financially free at age 27, just one year after making his first investment into real estate. Within three years, he and his wife, Jill, have accumulated seven short term rental properties that bring in over $1M per year in rental income. He's found his true passion in helping others achieve financial freedom through short term rental investments. Rich and Michael discuss Michael’s recent trips across the world with his family, his recounting of cashing out his 401K, buying his first short term rental, and risky investments.  They also reflect on incremental progress, real estate investing as a side venture, using a short-term rental as a second home, growing management businesses, Michael’s connection to Somerled Designs, how to maximize investments when starting out, the current rate environment, and unique selling propositions.  Lastly, Rich and Michael talk about ownership changes, seller finance companies, creating content for social media, abundance mindsets, and what Michael is most excited about right now.  Connect with Michael on Instagram: @melefante6Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth. Connect with Rich on Instagram: @rich_somersInterested in joining The 7 Figure Creator Mastermind? Visit www.the7figurecreator.com to book a free intro call.Interested in joining our Boutique Hotel Mastermind? Visit www.somerscapital.com/mastermind to book a free call.