Thread: Starting my own Hotel brand and apartments. (General Business Question)

My goal: First I want to either own or run a successful construction company. I also want to, maybe at the same time, build my own middle class and high end luxury condos/apartment buildings. My ultimate goal is to start my own Hotel Brand.

Background:

So I am still a senior in High School (im 18). I already got accepted into college and know what I wanna do in college. I want Major in Construction Management and Minor in Hospitality or something else that will benefit my goals. Right now I am pretty much just at the starting line. I know what I wanna do. Now I just have to figure how I am going to take the first step.

So my first question is, Do any of you have experience in owning and/or running a hotel or apartment building? If so, please PM (if thats ok with you)

Second question is to do with basic business skills. From what I have told you, which is not much, what is some advice you could give me to help jump start me. If you need more info just let me know what you need to know to give me advice.

why do you want to do this? do you have any experience in either industry? I'd say the first step is to get a job or internship before you think about building a hotel brand. my company was an early investor into a new hotel chain, it's A LOT MORE WORK THAN YOU THINK, hotels are a tricky business.

not trying to put your dreams down, there is a lot of money to be made if you do it right.

Wanting to run before you can walk

And with today's lending market I wish you the very best of luck trying to get a 8 or 9 figure loan to acquire/build a hotel or apartment complex

Here's a piece of advice, no matter what anyone says, even your parents, if you want something and are willing to work towards it, go for it and go all out. I have a friend who dropped out of high school in the 10th grade to become a dj and he is already playing at parties, his father also started a business and dropped out in 10th grade and now has a 6 figure salary doing what he wants to do

Start with rental homes, its easy enough and can build you great money if you get multiple units paid off. You can even start if you have an investor that believes in you. Go to college live off campus, put a downpayment on a nice house. Have the other roomates pay for your part of rent and put all the income from the other renters into the mortgage. Once that house is a few years in buy another etc etc etc.

My family does this and we have 5 houses, 2 are paid off one is about halfway there and the other two were bought recently. Thats where I would go.

As stated above hotels can be very very tricky along with the liabilities that go with them and the problems, drunk people, drugs (dealers, users), young students may come in and mess up your property (happened around here a couple months ago $55k in damage)

That's what I like about renting while your in school, you have pretty much free rent for yourself aside from the "work" you do to keep on-track of everything, while paying the house off and getting an education.

Good Luck,
Ev

Originally Posted by Joey B 18c

why do you want to do this? do you have any experience in either industry? I'd say the first step is to get a job or internship before you think about building a hotel brand. my company was an early investor into a new hotel chain, it's A LOT MORE WORK THAN YOU THINK, hotels are a tricky business.

not trying to put your dreams down, there is a lot of money to be made if you do it right.

I have always been interested in construction and the building process and I love hotels for some reason. LOL Its weird but they are always my favorite part of the trip. I love looking around and seeing everything about them. I know I can and will do it. I just dont know how yet.

I own a construction company (mostly residential remodeling) so I can tell you from personal experience that there is a lot to know about running a successful construction business. It sounds to me like you are on the right track with the construction management degree. That will help you a lot, especially with the size of projects that you are interested in. Something I'd also recommend is to do what ever you can to find some sort of internship or a "mentor" that gets you as much first hand experience as possible. You can learn a lot fast just talking to and hanging out with/around people that are doing what you want to do.

Age doesn't mean anything. Reach for the sky. However in the meantime I would recommend learning the industry or creating a business that doesn't require much capital. You would be surprised how much you learn by creating a business.

What would be some good intro businesses?

Lol wtf is up with all this kids and dreams.

Just get a effffffing job