Have you ever wondered why realtors go to the expense and effort to stage a home for sale? It’s because people have a difficult time seeing what is not there. They see things as they are, not as they can be. In turn, that means they can only see the value in front of them and miss opportunities to create equity and wealth.
To help me build Global Connections and our travel club and condominium travel business, I’ve employed professionals who share the same eagle eye as I do. People who can look at a neglected property and see that diamond shining in the rough, like Beso Del Sol Resort in Dunedin, Florida. The rendering is what you see up top. Today it’s a bustling resort and travel club member favorite.
Take Sunset Paradise in Oahu, Hawaii. I purchased that property in 2004. Converted the hotel into 10 condominiums and sold them before construction was even complete, yielding a 30% return on my investment.
Typically, I don’t flip properties, preferring to keep them for my membership, like Sea Shells Beach Club in Daytona Beach, Florida. This 30,000 square foot resort was failing. The units were deteriorating and occupancy was dismal. We saw something better for this beachfront resort, renovating all 39 units nearly tripling the profits in just a few years. Today, Sea Shells Beach Club is a member favorite property with repeat guests, ranking 27 out of 109 hotels in Daytona Beach on TripAdvisor.
Another real turnaround is Beso Del Sol in Huntington Beach, California. The rundown bed and breakfast was gutted and transformed into 11 quaint studio condominiums we use exclusively for our travel club members. The charming villa style studios are for adults only and is literally steps from the beach. This place continues to average 4.67 star rating out of 5 from member surveys.
While these resorts we still own are on opposite coasts and vary in size and guests use, they share one thing in common. Without a vision of what could be, they might be dilapidated, run down eye sores. Instead, today they are bustling resorts where Global Discovery Vacations members and guests make memories they will carry with them forever.
All because we saw beyond the grit and grime, past the outdated paint and carpet and with a little bit of vision and a lot of determination, we turned them into vacation destination favorites.
This article was original posted on Tom Lyons on LinkedIn.