On this episode of Rigs to Riches, I sat down with Mike Stohler, co-founder of Gateway Private Equity Group, to unpack how he went from broke, overleveraged landlord to owning boutique hotels in Spain and beyond – and building what he calls “a life I don’t need a vacation from.”
If you’re a busy W2 earner or business traveler dreaming about real estate freedom (without burning your life to the ground in the process), Mike’s story is a roadmap for how to fail, reset, and scale smarter.
Mike’s journey started in the “PG days” – pre-Google. He attended a seminar, heard the advice to “just go buy properties,” and did exactly that.
Eventually, he handed the properties back to the college that had financed them and was left buried in credit card debt. That failure forced a hard reset.
Instead of quitting real estate, he did two key things:
The big takeaway:
He didn’t bail on real estate; he changed how he played the game.
By 2016, cap rates in multifamily had compressed so much that Mike felt he was working harder for less upside. That’s when he spotted an opportunity in hotels and realized:
“Multifamily is real estate. Hotels are a business that sits on real estate.”
Here’s what he loves about hotels:
He didn’t jump unquestioningly, though. He partnered with a veteran hotel operator (Vic), gave him real upside in the deal, and let expertise lead the way. That “sensei partnership” became one of the most important decisions of his career.
Fast forward, and Mike hit a wall in the U.S. hotel market:
Meanwhile, his partner had moved to Spain and kept saying, “You need to see what’s possible over here.”
When Mike finally flew over, everything changed:
Additionally, payroll and operating costs were significantly lower than those of comparable U.S. assets.
That’s when Mike reframed the opportunity as “lifestyle investing”:
Instead of chasing another generic box hotel off a freeway exit, he’s building a portfolio of destination properties people are excited to visit and own a share of.
Throughout our conversation, Mike consistently came back to the same themes:
Above all, he stressed this:
Your why can’t just be “I want to be rich.”
His why is building a life he doesn’t need a vacation from – traveling, buying interesting properties, and doing deals anywhere in the world on his own schedule.
Mike’s goal isn’t to escape his life with occasional vacations; it is to design work, income, and lifestyle so that day-to-day life already feels aligned with what he loves: travel, real estate, and freedom over his time.
He observed that multifamily cap rates compressed, while hotels offered better value-add potential, including the ability to adjust pricing daily, upfront payment via credit cards, and the leverage of major hotel brands and reservation systems.
Most should start as passive investors with experienced general partners. That can mean joining a syndication, JV, or fund where they bring capital (and sometimes networking or skills) and learn from seasoned operators, rather than trying to go solo on day one.
Lifestyle investing involves owning assets that both generate cash flow and enhance your quality of life. In Mike’s case, that consists of owning boutique hotels in Spain and Portugal that investors can visit, enjoy, and take pride in, while also receiving distributions and long-term equity growth.
Mike points out that traveling to inspect or engage with your investment property may make part of that trip a legitimate business expense. However, specific tax treatment depends on your situation, so investors should always consult a qualified tax professional before relying on any tax benefits.
This blog is for educational purposes only and is based on Mike Stohler’s interview on the Rigs to Riches podcast hosted by Casey Gregersen. It is not financial, legal, or tax advice. Always consult qualified professionals before making investment decisions.
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