Starting in the real estate business

[Pj Baptiste]

Happy New Year everyone!

I am an entrepreneur who has been involved in the home remodeling business since 2007; and would like to make a change to become a real estate developer. I have always been interested in this area. I have read many self-help books but never had the chance to ask anyone in the real world. What advice can you offer to someone like me on how to start?

Thank you!

[Bill Gulley]

Welcome to BP Pj!

No offense, but it's kinda like a nurse saying they want to do surgery.
Your rehab skills will be of little help in the beginning, until boards are being cut and the development by that time is phasing out.

Where do you begin, do you have land or you want to find that?
Is this about acting as a developer for others?
What kind of developer?

How are you on BOCA, OSHA, Environmental Engineering, Marketing, Planning & Zoning aspects, obtaing zoning variances, politics in the area, working with utilities and thier engineers, financing projects......I could go on....

Point is, you won't get this out of a few books, universities offer degree programs and new grads still are only prepared to assist an established developer.

Best thing is to work with one and learn.

Many developers were GCs before they started, probably started with a small number of lots and built in phases or got an existing area and built to suit. It just takes time to learn enough where you don't lose your shirt, IMO.

Financing is a big hurrdle, complying with the wishes of the neighbors and community, some can't get past the city council or building regs folks as they are frankly, scared to have a new developer fail and leave a mess.

Karen will come back, they do developments and I'll bet the paid thier dues over time to get where they are....to this point.

I'd say work with one, not many write books on the subject that take in all kinds of developments in various parts of the country.

Spend 10 years at it and you could be pulling down some great money for another 20 years, may be longer!