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Updated about 14 years ago,
GOT ADVICE? Please help a new real estate investor!
Hello! New investor here :D I have some ambitious goals, working on a plan, but need direction..... can you help??
Goal: To own & operate a successful Real Estate Investment & Development company. To build or buy a stripmall type commercial property that houses 4 businesses, 2 of which I will own/operate & 2 I will co-own/oversee, as well as multiple residential properties.
About me: Grad student-Furniture Design, BFA-Interior Design, Certificate of Specialization- Construction Management, held Missouri Agent/Salesperson License for approx. 1 yr, have never purchased real estate, investment/development experience-none, approx. 1.5 yrs project management experience, other than student loans consumer debt soon to be eliminated.
In regards to the commercial property, I'm in the process of developing the businesses (business plans, design, etc.) & building a team (partners, financial advisor, tax, legal, etc.). My question is in regards to the property. I don't have a bag full of money to buy & develop, but with having no investment/development experience, bottom line, who is going to give me the amount of money needed for this project?? Double-edge sword; in this economy, not many opportunities if any to get experience, and for the available ones you need experience. :-S
I've eliminated building from the ground up to eliminate cost & headache being my first major project. So to buy an exsisting building, how do I get investors & banks on board? My immediate plan was to take this grad school time to completely develop & package this idea then sale the hell out of it with a kickass business plan package, economy impact, schedules, concept site plan & renderings, all while showing and ensuring that I'm creditable, talented, and completely capable of getting the project completed & cash flowing. Then later with that cash flow from the businesses invest in residential and then more commercial. .........could that work??
Any words of advice, guidance, must know info, suggestions, books to read, crucial steps, people to talk to, teammates to acquire, etc.? I feel like I have the right idea and am on track, just want to make sure. Any wise word and/or assistance is greatly appreciated!!
Thanks in advance!