Our guest is Josh McCallen, a capital syndicator, hospitality investor, and conference speaker. We had a great conversation with Josh last year and now he’s returning with even more wisdom. In this episode, we dig deep into hospitality. We learn about how to build the foundation of your REI strategy so you can succeed through hard times, taking care of people in your business while staying profitable, and thinking outside the box when it comes to real estate investing.
Learn more about Josh and his journey at reiclarity.com!
“Here's the deal - none of us caused COVID but we all had to make a choice how to deal with it.”
Josh and his wife, Melanie, purchased Renault Winery and Resort with a group of investors at the end of 2018. In our last conversation with Josh, we talked about the struggles of COVID in hospitality and how they planned to overcome them. Now, around a year later, they made it through the pandemic successfully and their resort is fully booked until 2023.
Josh made many profitable changes in his resorts during the pandemic. By the end of 2020, they made $2M additional revenue and they continue to grow.
“We try very hard to build good teams, that's pretty much my calling in life is to build teams.”
Josh talks about his investment strategy around Renault. At the end of 2018, their plan was to modestly update the property and sell 100 weddings a year. However, in their first year, they sold 250 weddings. This prompted them to update the property even more.
Renault has around 350 investors. They raised $20M+ in the last 2-3 years. Josh and his team are still taking on new investors for their projects.
“The fact that we are not perfect creatures is not the reason why we should quit trying to seek the good.”
Josh describes the Why behind his business. He wants to revive the souls of their properties, team, and guests.
The 3 virtues that Josh lives by and runs Renault.
Mentioned in the show:
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