YOUR SUCCESS MATTERS
Some of the risks associated with scaling a business include: 1. Overexpansion: Growing too quickly or expanding into new markets without adequate preparation can lead to overexpansion, which may strain resources and lead to inefficiencies[1]. 2. Operational Debt:...
When scaling a business, it's important to avoid common mistakes to ensure successful growth. Some of these mistakes include: 1. Scaling Too Early or Too Late: Scaling too early, before establishing a solid base, or scaling too late and missing opportunities can be...
The top 8 challenges service-based entrepreneurs faced during periods of rapid growth are: 1. Maintaining Consistent Quality: Service businesses must ensure a consistently high level of quality to retain clients, which can be challenging as the business scales up.[1]...
by MITTI HICKS.
Hotel investor Davonne Reaves made history in 2021 as one of the youngest Black women to co-own a property in a major hotel chain. She then grew her portfolio by purchasing two more hotels in Indiana. Now, Reaves is on a mission to bring more Black people to the table as hotel investors and owners. For her, it’s a no-brainer because it’s building on a legacy left by those before us.
“Hotel investing within the Black community is something not talked about enough even though Black people, we are the original Airbnbs,” she tells Travel Noire. “There was a time when Black people couldn’t stay at hotels unless they were Black-owned. Some folks had to stay in people’s houses, and they were listed in the Green Book. The original Airbnb.”
Reaves says one of the most valuable things the Black community can do is own commercial real estate. She believes more people are not doing it because of a lack of awareness and education. She’s now breaking down that barrier with a new challenge of creating 200 investors in 100 days.
200 Investors In 100 Days Challenge
The goal of creating 200 investors in 100 days is a continuation of Reaves’ first challenge, 100 Investors in 100 Days. It took her 90 days to complete the first challenge, so her friend encouraged her to up the ante. At the time of this report, she already had seven investors of 200.
“They’ve invested in hotels, but it’s not just hotels,” says Reaves. “I’ve expanded it to other components of real estate as well. We have some folks who invested in a car wash.”
Challenge participants will learn invaluable information for investing in an industry where Black people contribute billions of dollars. A 2019 study done by MMGY found that Black travelers spend $109 billion in the travel industry. According to Reaves, less than 2% of hotels have Black owners. The challenge educates people on how to invest in hotels and real estate while breaking down misconceptions about the initial financial requirements.
“Maybe someone has $100 that they can invest. Well, they can use that to invest in the REIT or what’s known as a real estate investing trust,” she says. “You’re investing in a portfolio real estate, so you don’t necessarily have to have half a million dollars or even $25,000. That’s where the education comes into play.”
Learning What Hotel And Commercial Real Estate Properties Are Out There
Reaves, who is not a financial advisor, also says the challenge will educate people about hotel stocks to invest in, such as Hilton, Marriott, Choice, and Wyndham.
“This challenge is important because it [proves] wealth that can be created,” says Reaves. “The hotel industry is one of few industries where you can sign up as a dishwasher and become the company’s CEO. The hotel industry has changed my life. I’ve been able to travel the world at a very low cost because I work in the industry, and now my son is reaping the benefits.”
The challenge is free to join. Participants meet weekly for live Q&A sessions with experts, financial advisors, and even tax pundits, such as Shaquanna Brooks, who breaks down the tax benefits of investing in real estate.
“I’m bringing so many experts to you, so now it’s no excuse. Some people say it’s about money. Others say it’s the lack of education, but now I’m bringing both to you,” says Reaves.
Aside from her goal of creating more wealth within the Black community, Reaves is also working on a crowdfunding platform called Vesterr. It’s a marketplace where people can find commercial real estate investment opportunities.
See Original Article at Travel Noire
