Hi there Bigger Pockets Community!
I'm very new to the real estate world and I'm looking for tips, advice and feedback for a project I have in mind.
I have big hopes to open an Event Venue within the next two or three years. I'm 24yrs. my credit is approx. 3 years old and in excellent standing so far. Income 34k a year, I have a 8k Credit Card(looking to increase limit next month), but never have nor do I currently own a home or any piece of Real Estate.
I'm stuck in planning the best strategy to make this happen. My first thought is to Flip ''Turn-Key'' properties with little repairs needed. and collect the profits in order to fund the Venue. Though this will certainly take much time and maybe more amidst the pandemic..
I would be looking to fund this with A First Time Home Buyer program(unfortunately limits my options) and I fear running into the problem of not being approved due to credit age or needing a down payment. How much should I anticipate saving up? Percentage of Value would be very welcomed..
I'd truly appreciate any advice, hurdles that aren't easy to see for newbies like me, or any sort of feedback!
Thank you all and Hello from Texas!!
@Beverly Miranda . I commend your dreams of an Event Center. I'm certainly not the Expert in Funding these types of RE Ventures.
I would venture your best preparation for this type of venture is to actually work at one and gain insight to how they function. Once you gain some experience and (hopefully) credibility with the Management / Owner you can be included in planning & operational discussions.
Good Luck with this venture.
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