Business owners, investors, property managers... I need input!

[MustangMike]

Hi guys.

I'm wanting to start a business. I'm a 25 year old photographer... I work for a local studio shooting school portraits, weddings, etc. I generally am on the clock 65-80 hours a week. The money is sub-par and I receive no commission. The hours are ridiculous, management is poor and I've had to sign a "no compete" contract, stating that I will not pursue any photographic business in our region for up to 3 years after I quit/get hosed.

I am to a breaking point.

My plan is to go back to college and pursue a masters in electrical engineering... that is, if my idea falls through.

I am wanting to start up a few apartment complexes throughout our city. It's not your traditional apartments. I will tell more when I've received patents on my idea.

An area of our city is solely devoted to a large university... with new students coming and going, there is a growing need for student-based housing.

These units are unique. Like I've stated, they aren't traditional.. very modern.

What route should I go to find investors? And fabrication (i.e. contractors to build units)?

I've gathered data to pitch, as far as "waiting lists" for area complexes, percentages of new students arriving to our univ. per semester, hell... even divorce rates for that part of town.

I'm wanting to start small... just in case things go belly up, I have time to recuperate funds... like I said, I'm young(er).

Patent information should be coming in the following weeks... I can't wait to show you guys what I have in mind

Thanks in advance!!!

- Mike C.

 

[usmcrebel]

Don't know about Canada law, but here 9/10 a no compete agreement holds water as well as a screen door on a submarine.
If it's your only way to survive they can't very well stop you from living.

 

[s_x_i]

Don't know about Canada law, but here 9/10 a no compete agreement holds water as well as a screen door on a submarine.
If it's your only way to survive they can't very well stop you from living.

Yeah, check your local and state (or whatever you have in Canada :shrug: ) laws.

Most places are "at Will" and non compete contracts aren't worth a shit. If you're wanting to leave and start fresh, it's certainly worth talking to an attorney about.

Hope everything works out. :beer:

 

[FordSVTFan]

Non compete clauses in contracts must be both geographic and time frame reasonable. Additionally, they must create equal burdens. Most are written by laypeople and are deemed unreasonable. However, it restrictive enough a court will uphold them. When the terms are vague, such as "within our region" that term is likely stricken or modified. But the key to a non compete clause is what damages does violation call for and is the holder willing to take it to court?

Also, as for your plan for college housing, I hope you have looked into it because there are a ton of US corporations that have some seriously unique facilities off campus for students.

 

[WP64]

I own two duplex apartments near the UC Berkeley campus, amongst other rental property, I use to rent them to college students but found that they are a total pain in the ass as renters and have little repect for your property; if they break something they won't tell you until it's a huge problem, for them, which inturn becomes a huge problem for you and they expect you to fix it at 2am...Yes, been there, done that...

Sorry guys, I'm not renting to you if your section 8, under 25 years old w/o a job (ie college student) and living off someone else's pay check.

OP, consider your client is the best advice I can give you, oh, and non-compete contracts usually don't mean shit.