Hotel Industry Expert in Springfield, Missouri

Hotel Industry Expert in Springfield, Missouri

Renter · Springfield, MO · Member since 2015 · 7 posts · 1 vote

Hi BP community!

My name is William Busch, 26 years young, and I live and work in Springfield, MO. I just recently moved here after living 25 years in Germany as a missionary kid. My dream is to eventually own a hotel and I have been pursuing this dream, yet the whole time not knowing how to go about it. Last year I became a certified hotel intustry expert and moved to the U.S. to get an actual degree.

That's when I came across BP! I honestly don't remember how exactly it came about, but I listened to some of the podcast and webinars and after the first webinar we all received he free ebook about 7 figures in 7 year. That's when it hit me. Real estate is the way to get to my dream.

My gameplay is now the following:

Triplexes and fourplexes are rare here in Springfield, MO so I have to modify the 7 year plan accordingly but in gist: 

1. Save up some cash, since I came here with nothing at all and don't like the debt on my car, but like a buffer.

2. I will house hack a duplex, fix up the side I'm living in, switch sides and rent out the nicer side while living and fixing the other side. Refi, and move to a new duplex while cash flowing on the first one. 

3. Rinse and repeat.

4. Once I build some equity, trade up and follow the "7 figures in 7 years" plan, but obviously not in 7 years. But possibly.

5. Eventually trade up to apartments and then to a hotel.

Basically I'm taking it one step further from the apartments in the book.

Why Springfield? Springfield is turning around! It does have quite the high crime rate, but decent schools, and big wigs like the McQuery family and many others trying to bring Springfield back to life as the birthplace of route66. I am working with the McQuery family and IDM to open the Hotel Vandivort (the first boutique hotel in Springfield) downtown, which hopefully give Springfield the push it needs to really take of.

I also just found out that my Assoc. College pastor is actually also a Realator! So I'm hoping to be able to work with him.

I am currently devouring "the book on investing in real estate with no (and low) money down" and I'm loving it! I already ordered the combo for estimating rehab costs and flipping houses. I can't wait to read them!

I look forward to learning more from the BP community and hope to be able to close my first deal beginning of next year. Until then I will continue calculating deals that I find to familiarize myself with the BP calculator.

Best regards

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  • Realtor · Springfield, MO · Member since 2015 · 29 posts · 11 votes
    11y

    @William Busch You've chosen an exceptional market to start investing in and taken great first steps by joining BP and letting your goals be known. Let me know if I can assist you with anything or if you have any questions about the area.

    Welcome to BP!

  • Springfield, MO · Member since 2014 · 252 posts · 117 votes
    11y

    William,

    Awesome to see you out here learning and growing.  Very cool that you are working with the McQueary's on their new hotel, they've been personal friends since college and cool to see them to working hard to create a great venue downtown.  

    You are correct that triplexes and fourplexes are tough to come by in our market.  It is though a great stable market that over the long run will provide nice returns.  

    Soak in all that you can out here on BP.  I've not been around here too much lately due to working on a rehab but planning to spend some more time out here again.  Lots of great folks to learn from out here.

  • Renter · Springfield, MO · Member since 2015 · 7 posts · 1 vote
    11y

    thank you you two for your encouragement! I will definitely study more! Although I will need to cut back a little with the hotel opening, but in 2 months or so I should be able to pick up the pace again. Until then I will concentrate on finishing the books and analyzing deal!

  • Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    11y

    Welcome @William Busch it’s a pleasure to have you here! You will find this a tremendous resource for all of your real estate needs. You may want to set up some “keyword alerts” to notify the topics that interest you the most.

    Wishing you the best!

  • Renter · Springfield, MO · Member since 2015 · 7 posts · 1 vote
    11y

    thanks for the tip, and already done :)

  • Lender · Fuerth, Bavaria · Member since 2015 · 14 posts · 0 votes
    11y

    I really like how you see the bigger picture. 

    How are you finding the duplexes?

  • Renter · Springfield, MO · Member since 2015 · 7 posts · 1 vote
    11y

    trulia, craigslist, zillow, apartements app, etc

    i use a variety of different apps that i itther foud mysel or were mentioned on the podcasts and webinars.

  • Investor · Malaga, Andalucía · Member since 2014 · 150 posts · 73 votes
    11y

    Best of luck to you, William! It's exciting to hear that you're on the team to open up this new hotel, and I can support your dream to own your own at some point (it's a goal of ours, as well!). I'm curious about this certification you mention, though - how, exactly, were you certified as a "hotel industry expert"? I say this because - at 27 years old, 10 years in the hotel industry (on both corporate and property levels), a handful of international consulting projects with small hotels and restaurants, and my own operating business of tourist apartments - I'm not sure where I'd get a certification like that, nor that I'd deem myself an "industry expert". Not trying to shoot you down, just curious.

  • Professional · Carlsbad, CA · Member since 2012 · 12k+ posts · 1k+ votes
    11y

    @William Busch

    Welcome to Bigger Pockets community. You will find all kinds of useful information under “Learn.”

    @William Busch

  • Investor, Entrepreneur, Educator · Springfield, MO · Member since 2009 · 21k+ posts · 12k+ votes
    11y

    @William Busch

     Welcome to BP! I see we're having a reunion of Springfield guys, LOL. Good to see you on here Aaron.

    High crime rate? I don't see it so much, I know the stats have gone up, I can still walk any street in this town at midnight without fearing anything, not that bad really.

    And I know of the motel as well, downtown is on it's 3rd swing back I know of, hopefully it will be done better this time and the population is changing to support that. 

    Good luck! :)

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