From Fix-and-Flips to Multi-Million Dollar Deals
From Fix-and-Flips to Multi-Million Dollar Deals:
The Journey of George Salas
In a recent episode of the REI Hacker Podcast, host Benson Juarez sits down with George Salas, CEO of Empress Capital and Creative Short-Term Wealth, to discuss his meteoric rise in the real estate world. George shares how he transitioned from marketing to real estate, built a thriving short-term rental business, and is now pursuing multi-million-dollar deals with a bold vision for the future.
Starting in Real Estate
George’s entry into real estate began in 2018 after a decade-long career in hospitality marketing. Starting with fix-and-flips, he rapidly transitioned to short-term rentals, scaling from 20 to 45 properties by 2019. His ability to adapt and seize opportunities positioned him for exponential growth in a short period.
Reflecting on his journey, George attributes his resilience to his upbringing:
"When you grow up so poor that your house falls and collapses... you see the opportunity."
For George, success has been built on grit, determination, and the relentless pursuit of personal growth:
"My number one core value is growth and learning. And then number two is excellence."
Evolving the Business Model
The onset of COVID-19 forced George to pivot from small urban units to larger suburban properties, focusing on experiential short-term rentals. These properties offer unique amenities that cater to luxury vacationers, blending high-end real estate with premium hospitality experiences.
His innovative thinking allowed him to stay ahead of market trends:
"Skills trump passion 100 times over."
One of George’s most recent projects—a $12.5 million portfolio acquisition in St. Louis—showcases his creativity. He is converting 18 single-family and small multifamily properties into experiential short-term rentals, proving his ability to turn challenges into opportunities for growth.
The Power of Mastermind Networks
Mastermind groups have played a pivotal role in George’s success. By joining Race Masters, a private mastermind for fund managers, George invested $20,000 annually to gain access to invaluable relationships and expertise.
"The real ROI isn’t on a deal that you could get there, or the knowledge you can acquire... The real ROI is in the people that you meet, in the relationships you build, in the trust that you build."
These connections helped George develop his fund and private equity infrastructure, laying the foundation for his ambitious plans.
Empress Capital: A $1 Billion Vision
Looking ahead, George envisions Empress Capital as a global leader in vacation property management:
"The vision for Empress is to create an asset management [company] that actually operates world-class vacation properties... Our goal, one billion in assets."
To achieve this, George is building an investment club infrastructure that partners with investors across asset classes. His strategy blends private equity, real estate expertise, and cutting-edge property management to unlock untapped potential in the luxury vacation rental market.
His entrepreneurial philosophy reflects his results-driven mindset:
"I don’t ever see anything we do, and I don’t ask myself, 'How do I do it?' I just ask myself, 'Who do I need to meet?'"
From Humble Beginnings to Entrepreneurial Success
George’s journey from growing up in an adobe house in Peru to leading a multi-million-dollar real estate empire is a testament to perseverance and adaptability. His story reminds us that anyone can achieve great things with the right mindset and approach:
"If a kid from Peru that lives in an adobe house can do it, you out there can do it."
Building a business, as George emphasizes, requires patience and determination:
"You can’t build an empire in a day. Rome wasn’t built in a day, and you can’t build any business in that day. It just takes time, effort, grit, sacrifice, and a lot of patience."
Key Takeaways
Adaptability Drives Growth: Pivoting from small urban units to luxury experiential properties during COVID-19 enabled George to thrive in challenging times.
Invest in Relationships: Joining high-value masterminds accelerated George’s business development and opened doors to key partnerships.
Think Big: George’s $1 billion vision exemplifies the power of setting bold, long-term goals.
Leverage Your Strengths: His marketing expertise allowed him to merge hospitality with real estate for unique, high-performing investments.
Skills Over Passion: George's belief in mastering skills over relying solely on passion is a valuable lesson for entrepreneurs.
Final Thoughts
George Salas’s journey from humble beginnings to leading a multi-million-dollar business showcases the power of focus, strategic pivots, and investing in relationships. His story inspires entrepreneurs to think creatively, adapt to challenges, and pursue bold visions.
To dive deeper into George’s strategies and vision, listen to the full episode of the REI Hacker Podcast.
PARTNERS FOR SUCCESSFUL REAL ESTATE JOURNEY!
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