Overcoming Adversity to Build a Short-Term Rental Empire with George Salas, Ep 79

Journey to Multifamily Millions

Jan 18 2024 • 45 mins

Today's guest is George Salas, He is the CEO &  Founder of Empress Capital, a Real Estate Investment firm where he focuses on short-term rentals. He is also an inspirational speaker, fund manager, and short-term rental investing coach.

In this episode, George talks about how his upbringing in extreme poverty in Peru inspired him to pursue a profession in hospitality at first. Eventually, he made the move into real estate, losing money on his initial investment before succeeding in the market for short-term rentals.

He describes how his business turns mid-sized single-family homes into opulent rental properties and uses innovative financing techniques to set itself apart in the increasingly crowded market. He challenges investors to conduct due research and debunks the misconception that investing in the stock market is the safest and most reliable way to build long-term wealth.

Episode Topics

[00:48]  Meet our guest, George Salas
[03:25]  Venturing into Hospitality and Event Management
[08:33]  Success with Short-Term Rentals and Growth
[14:57]   Lessons from First Real Estate Investment
[23:46]  Understanding the Concept of True Diversification
[32:04]  Creating a Niche in Short-Term Rentals
[41:50]  What is one red flag every investor should look out for?
[42:32]  What is a myth about the real estate business?
[44:00]  Connecting to George

Notable Quotes

  • "My biggest lesson: do your due diligence when partnering, and my second lesson: diversify. Don't put all your eggs in one basket." -George Salas
  • "COVID was a wake-up call. Focusing too much on one area and not diversifying enough led to challenges."  -George Salas
  • "As a parent, instilling resilience in our children is a constant struggle. It's about challenging them, pushing them to overcome obstacles in sports, business, or any endeavor." - Tim Little
  • "Success in business starts with taking action. The initial steps may be tough, but the most powerful lessons are those really expensive ones." - Tim Little
  • "Everything happens to you, not just to you. Focus on what you've gained, not what's lost. Reflect on your growth a year from today, embracing the journey." - Tim Little
  • "I don't even buy a house with an HOA, let alone for business purposes because they can be very litigious, for the smallest things. So you don't even wanna mess with that." - Tim Little
  • "Rock bottom taught me resilience. In business, setbacks happen, but each one is a chance to come back stronger. Learn, adapt, and keep pushing. Failures are just stepping stones to success." - George Salas

Connect with  George Salas

👉 Connect with Tim

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