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Updated over 4 years ago on . Most recent reply

User Stats

21
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5
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Karl Dela Cruz
  • Rental Property Investor
  • Winnipeg, MB
5
Votes |
21
Posts

Career in development. How to get started?

Karl Dela Cruz
  • Rental Property Investor
  • Winnipeg, MB
Posted

Hello,

I am currently on my last year of University to obtain a degree in business focused on Finance. I am currently in an internship in commercial real estate but I can't imagine myself managing portfolios forever or working in the corporate setting. I want to do acquisitions and build. Be out there not in the office.

 I do not know how to start but I have done a few wholesale deals and just closed my first rental while balancing a full time paid internship and full time school (Hectic). Based on these experiences, I enjoyed the hustle of finding off market deals and also seeing my hard work pay off from watching my rental transform from ugly to beauty.

Now, I have been in school for 5 years... They don't teach development nor real estate in uni. 

Should I apply for a school that focuses on real estate development after I graduate? I have connected with developers but they are small local developers. I want to eventually move into commercial and learn from someone who is well experienced but i'm not sure how to do this.

How do I start the path of development, any books, paths or direction to start? How can I obtain a mentor and how do I provide value for them to even consider mentoring me? 

Scary how it is my last year of uni and i've worked so hard but realizing now that I don't want a corporate job. I tasted it and DO NOT LIKE IT. Any developers, please help. 

Most Popular Reply

User Stats

475
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424
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Canesha Edwards
  • Developer
  • Atlanta, GA
424
Votes |
475
Posts
Canesha Edwards
  • Developer
  • Atlanta, GA
Replied

@Karl Dela Cruz

Congrats on your accomplishments.

My advice is going to be a little different from everyone else.

I too started where you are....I wanted to get into development, but didn’t know where to start, so I jumped in head first. Needless to say....my first project failed and I lost $30k. Why did the project fail? I “hired” someone who was supposed to be “experienced” in development, when actually he was really a con artist. First lesson I learned- always maintain control over your projects.

Now, my second time trying to get into development, I found a mentor like everyone suggested I do. You can take this path...but it’s still going to slow down the process. Why? Well, one the mentor made me sign an NDA and non-compete for a 2 yr period. Also, they were not willing to pay me anything for properties that I sourced myself and put under contract. I didn’t think that was fair because it was basically an unpaid internship.

So, I decided to do it on my own. With zero real development experience. I saved excessively until I was able to buy a small infill. I put the property under contract and don’t have to close until I receive all entitlements.

Now I’m in the design phase and working with the architect to design the homes. I’m building 4 townhomes ground-up. If everything goes will- I’ll submit the site plan on 12/6 and I’ll meet with the planning dept Jan 2021.

I’m the sole developer on the project. My plan is to find all pre-development cost- then bring on investors for the financing piece.

So- if you really want to be a developer, then be a developer. Visit your local zoning department website- they should have zoning documentation available. Start here. Read the comprehension plan to understand what the area needs/wants in terms of development.

The biggest thing that helped me is talking to people in the zoning department. I would call and say- “Hey, I’m thinking about purchasing vacant land in xyz area...can you tell me the steps I need to take to build an apartment, house, etc.

Also, ULI has a great textbook around development. It’s basically my bible. I refer to it often.

Book title: Professional Real Estate Development- The ULI guide to the business.

Don’t let your inexperience deter you if this is really what you want to do and don’t wait around for a mentor....you do need one. The biggest issues new developers run into is obtaining financing, but there is always a solution if the numbers make sense.

I hope this helps.

Feel free to reach out any time if you want to discuss further.

Best,

Canesha

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