Interested in starting your own entrepreneurial journey in rental properties but unsure what to expect? Then read up on our interview with Fouad Bazzi, Owner of Crescent Retreats, located in Dearborn Heights, MI, USA.
What's your business, and who are your customers?
We want to be a part of amazing vacation experiences. We offer five-star homes with private and amazing yards for families, groups, or even corporate events. Our homes are in Huntington Beach and Scottsdale currently - and we will be launching two new territories within the next six months.
Tell us about yourself
I grew up in Corporate and spent 20 years in banking. I had a great job and had a ton of fun doing it. I built lifetime friendships and relationships with colleagues and clients. I could have stayed on my path and done very well over the course of the remainder of my career. I especially loved traveling. However, I realized I wanted to keep the travel part, but I wanted to replace the job part with my family while continuing to be compensated for it. So investing in real estate checks the box of a desired passive income opportunity, and focusing on Short Term Rentals (Airbnb, etc.) adds the active cash flow variable as well. Also, we ourselves were short-term renters. We use both AirBNB and VRBO all the time. So we have had plenty of fun conversations about what we like and what we wish for in homes when we travel. Combining those two passions and realities began with us considering an investment and spawned into full bore launching a business.
What's your biggest accomplishment as a business owner?
How quickly we have been able to pick and choose vendors, build out our infrastructure, raise capital and build a portfolio. We are officially at five homes launched, generating over $1mm in revenue in less than one year.
What's one of the hardest things that come with being a business owner?
Variability of time. Wanting to be an active parent and a responsive business owner takes a lot of patience. But there isn't a challenge I would prefer over this one.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
Build a strong infrastructure and foundation, hire the best team, fire yourself and work on your company - not in your company.
Where can people find you and your business?
Website: https://crescentretreats.com/
Facebook: https://www.facebook.com/crescentretreats
Instagram: https://www.instagram.com/crescentretreats/
LinkedIn: https://www.linkedin.com/company/crescent-retreats/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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