How Your Summer Home Can Earn You Residual Income
By Alyssa Mammano
Self-made multimillionaire and author of “How Rich People Think,” Steve Siebold invested in his summer home back in 2007. At the time, Siebold paid $1.5 million for the waterfront mansion on Lake Lanier, near Atlanta, Georgia. With 7,000 comfortable square feet, 2,000 of which specifically dedicated to guest quarters, Siebold says it was the best investment he ever made. Not just for the relaxing vacations he is now able to take, but also for the fun, serene setting in which he is able to talk shop with senior executives from the largest companies in the country.
Siebold began expressing his enthusiasm about his summer oasis on the lake during speaking engagements for Fortune 500 companies shortly after making the purchase. As many of these top business owners were his clients, they began asking Siebold for an invite to the lake house. After formally inviting several senior executives to his new summer home, Siebold was surprised when nine of them accepted his invitation during the first summer.
The guest suite is generously designed for visitors, complete with a kitchen, weight room, putting green, water basketball and access to the saltwater pool and spa. Siebold’s guests were very comfortably accommodated. He would spend the days on the water with them, water skiing, jet skiing and enjoying libations on his boat. They would discuss work at their leisure, while colorful sunsets sunk into the lake in the background. Siebold says being able to connect with the executives on this type of level and having a relaxing place to carry on easy discussions about business was the best marketing strategy he’s ever employed.
He signed contracts with all nine of those executives that summer and has gone on to invite several more senior executives to his summer home, earning him millions of dollars in new business.