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Start a Chicago Hostel?

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commander started this discussion 15 years 11 months ago

If anyone is interested in starting a Chicago hostel, please contact me. I am 37, have a bit of money, I went to law school and have IT experience; plus I've also bought and sold a few residential properties locally, so I'm modestly familiar with real estate. I'm interested in a hostel primarily because I want to do something enjoyable and meet travelers, I want to do this everyday. If it was "merely" successful enough to make a modest living, I would be happy, but I think there is plenty of opportunity to make it very rewarding.

I might be able to start a hostel by myself, but getting a partner might also be useful. I worked at hostel about 10 years ago and have stayed in perhaps 30 hostels around the world over the years. I have good credit (FICO ~750) and already have tentative approval to buy a property up to $500,000 with a bank loan. We might also be able to lease a property. I am interested in starting small and basic to get experience, and then I want to expand either in Chicago or the US or worldwide. I am interested in chatting with anyone, but people with experience or something tangible to contribute (skills or money?) would be especially interesting. Thanks!

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dlandman

15 years

Commander,

I'm intrigued by your motives for starting a hostel, that profit is not the primary motivation. I started a real estate investing company about 2 yrs ago with the same motives in mind, enjoy what I do and not worry about profit as much. With that type of mindset it allowed us to select units that in turn are more profitable in the long run. When I seek out business partners I'm primarily interested in there personalities more over what they offer. I have found that surrounding yourself by positive individuals allows you a far greater chance of success!

With that said I'd like to discus your plans with you in further detail. In short I have a very rounded skill set (bachelors in Comp Sci, Bachelors in Information Tech. and a minor in Business admin) I also managed to start and now run a success full real estate investment firm. The skills I've learned in these areas as well as my life lessons I feel would be of great value to you in your future endeavor.

Best of luck to you in the future!

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commander

15 years

dlandman,

Thanks for the post!

Chicago is probably the most underserved major city in America (maybe the planet!) where hostels are concerned. The HI hostel is mega-sized, clean and very reliable. I doubt if anyone could ever complain about it, but it tends to feel very institutionalized, which, it is. The other hostels in town tend to get more complaints and are in less desirable locations.

I have in mind a hostel in a good location, small to medium sized at first. I'd like to put it in more of a nightlife area than the downtown HI hostel. Obviously, I'd like it to be more personal and have more personality. I'm 37 and have spent my life in the software business, which is a great business but suddenly bores me. I will probably make less in the hostel business early on, but at this point I'd rather do something I like as opposed to just working for the dollar.

You can contact me directly via this website if interested in talking further.

Commander

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moyas

15 years

Hi Commander
if you still looking for partnerships please contact to me [email][email protected][/email]
regards

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