Flipping Resorts, with Josh McCallen
Our guest today is Josh McCallen, a hotel flipper and investor. In this episode, we talk about what it means to run and flip resorts, how he has navigated this strategy through COVID, and how you can elevate your business and investment strategy. This conversation is going to help you move from motivation to momentum and find the clarity to take action. Learn more about Josh and his journey at reiclarity.com!
“Now it's the worst and also the best time in history. It's a Warren Buffett time to buy resorts.”
Josh started his real estate career as a beachfront house flipper and developer for a very high net worth person. They were very successful, but when the '08 crash hit they had to close the business.
A few years later, as the recession was quieting, Josh reconnected with his partner, who had already moved to buying old Jersey Shore hotels. This is how he got into the industry.
While working on their investing strategies and learning how to successfully flip resorts, hospitality became Josh’s life calling. Their hotels are some of the best in all of America.
“We make revenue from 5 to 8 revenue streams all the time, at the same time.”
Josh’s advice on how to create incredible value and service, no matter if you are a hotel flipper or a multifamily investor, is to always have multiple revenue streams. Josh has 5-8 revenue streams all the time. This can be golfing or waterfront experiences that add to his hotels’ value. They force appreciation and increase NOI through revenue.
Josh made many profitable changes in his resorts during the pandemic. For example, he created an outdoor dining space for social distancing. They also had many weddings that were pushed to 2021. They didn’t refund anyone, just rescheduled the weddings so they didn’t lose money.
“Everybody's got to make hard, tough tactical choices every day. And yes, if you know where you're going, I think you can handle those rocky roads.”
According to Josh, the best way to elevate a business or investment is to have clarity. Get clear on what you are called to do or what makes a true impact, and follow that.
The 3 main pillars of how he operates his businesses:
- Culture: Josh always aims for what is best for their guests. He only hires people who find joy in their work.
- Hospitality: The words hospitality, hospital, and hospice have the same Latin origin. Josh incorporates the same level of care in his hotels that nurses have in a hospital.
- Ministry: His goal in everything he does is to make the guests feel loved.
Josh says that everybody makes moves in their business for 2 things, either to create impact or to create income. The people that really achieve a lot are the ones that are shooting for impact because the money and the income is just the added benefit.
Mentioned in the show:
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Special thanks to Josh McCallen for taking the time to share so many great insights with us If you enjoyed this podcast, there’s a couple of things we need you to do right now:
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Until the next time, We truly appreciate you listening.
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