Richard Fertig is a master Airbnb lifestyle, money-making machine. He pops into Inside LaunchStreet to share his incredible journey — all the ups and downs. We dig deep into how to become an entrepreneur — something anyone can do. He also shares his strategies for building the global lifestyle you desire and how to turn what you’ve got right in front of you into money-making assets.
[1:03] Richard shares his personal journey, including some trials and hardships. He had an exciting ride on Wall Street yet found himself in uncharted territory, dismantling a team.
[9:23] Richard talks about the lows of trying to find a new job in finance in 2009. He started running with his dog. This provided him time to think and he realized that life is a journey, and a process, and there would be an opportunity in the end. His optimistic attitude led him to become an entrepreneur.
[14:00] Tamara believes that it’s often a good idea to sit on things for a while and figure things out. The subconscious mind is 20 percent more active if you can shut off the conscious mind.
[16:05] Richard talks about how he handled his less-than-supportive response from his wife. He learned to respect that his journey is an individual journey. He did not need external validation.
[23:56] Tamara challenges LaunchStreeters to think about where your identity is coming from. If it’s coming from the outside, you don’t really own it.
[24:17] Richard tells about his separation from his wife and how it has affected his identity. He’s reinventing how and where he lives. He’s looking to find out how his divorce is part of his journey and looking for things that come out of the woodwork.
[26:48] When we are stuck in a rut, we tend to think of it as “How do I get away from that,” instead of “How do I move towards what I want?”
[27:19] How has Richard’s eternal optimism helped him to become a successful entrepreneur? How can embracing the pain for a period of time be a learning experience?
[32:06] Tamara believes that having the right mindset is powerful in becoming an entrepreneur.
[32:27] Richard spends a lot of time thinking forward. He believes you have to be willing to be wrong and reward being wrong. You have to take the risks. Tamara and Richard talk about letting the genie out of the bottle with Uber and Airbnb.
[37:44] Richard’s Airbnb sharing has led him to partner in a variety of real estate deals. People’s lives are being changed when they open up their identity and see life through a different lens. Richard challenges people to find ‘their why’ so when things get tough, they can follow through.
[40:52] One of the most common mistakes people make on Airbnb is that people charge too little. They have the wrong metric. Occupancy rate is not the metric you should be viewing success with.
[42:14] Richard’s favorite tip from his Youtube channel is to ask guests for the 5-star review. It’s critical to ask for the 5 stars. Tamara’s favorite tip is to have the Smart T.V.
Richard also suggests to not hide your weakness, but turn it into a positive on the listing.
[46:00] Get introduced to Richard’s 15-year plan. Find out why he’s most comfortable in real estate.
[50:10] Richard thinks it’s still early in Airbnb and Uber investing. He shares a story about every child at his kid’s birthday party being picked up by an Uber driver.
[53:49] The most successful, forward-thinking person Richard knows is Jeff Bezos. He was able to convince Wall Street that he was managing long-term.
[55:25] Tamara reminds LaunchStreeters that to be an entrepreneur, you can use what you already have.
[57:00] Richard’s parting advice is to put a different lens in and see things differently. This allows you to go find opportunities and go where others won’t go.
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