Multi-Family Property Development

[Jared Robbins]

I've longed dreamed of getting into real estate but have been focusing on my W2 career until now. While I currently live out-of-state, I grew up in Cleveland and got my Masters from CSU's Levin College. As I look to real estate investing, I believe my best options are to a) find a house hacking opportunity in NYC (where I live); or b) find an investment opportunity in Cleveland. When comparing these two options, I think investing in Cleveland aligns better with my "real estate why" and longer-term goals.

With that as context, I have been looking at a potential high-risk, high-reward multi-family housing development opportunity on land bank properties. I have friends in architecture and home building who would design and construct the property at cost. I also have friends at the City and local CDCs to turn to if/when needed. And I have a few potential equity investors lined up. Finally, I have done some (very) high-level math on the project and believe it inks out.

All that said, I know I need to get better data to inform a the financing and see if this really makes sense before I go any further. But I'm not where where to turn to next! Any advice is welcome--even if it's "you're in over your head; get out now." :)