Advice on Real Estate Development Joint Venture Project

[Daniel Coleman]

So here are my thoughts and a question: I've always wanted to be a developer (I created my first business plan when I was 16), and I've always wanted to own a real estate brand like Hilton or Marriott or even Trump. I'm putting together a team to construct our first flagship property under the "Coleman Brand," and the good news is that I'm in the Dallas, Texas region, where the market is booming as a result of all those Californians relocating here with their businesses. The need for housing is enormous, so I know that with the appropriate strategy, we'll earn a lot of money. However, I'm thinking of bringing in another developer, and I'm happy to split profits and losses, we would undertake this deal as a joint venture since this project is very essential to me and the developer's experience is invaluable. Now, I understand that nothing is perfect in the real estate business, but I am confident in this project, especially given the current status of the economy, so, where are these developers? Where would you look? As a developer, I am at my office doing research and preparing for the brand's future (I have three renderings and locations of the next properties under the brand in mind). How do you locate them? alternatively, how would you go about doing this deal?

[J Scott]

You're looking for a partner, but what specifically do you bring to the partnership?  Why should a seasoned developer partner with you versus partnering with someone else or working with his own team?

Do you already have a great deal locked up?  Do you have money to do the deal?  Do you have the experience to run the deal?

If none of those things, my recommendation is to find someone who does development and beg him to let you volunteer your time to him for a few months or a year in return for you getting to see how the business runs.