19,502 cities in the US and 16,410 of those have a population under < 10k

[Kristi Kandel]

Approximately 75% of our communities have a population of less than 10,000 people. To me it seems way less intimidating to think about becoming a real estate developer in those communities rather than LA, SF, Miami, NYC, etc. 

There are several myths that we have to debunk before someone truly believes they can do it.

1. You need millions of dollars to do a deal
2. That it’s too complicated to figure out
3. That permitting takes years

In those communities developments cost way less (think a couple hundred thousand along with a loan from a regional bank), permitting is not difficult (much less red tape), and the towns are small enough that both the city staff and the local architects and engineers and contractors all work with you to help you navigate the process since you’re all invested in making your community better.

Note: The big boys can play in the primary & secondary markets. That’s a different game. However our smaller communities are being left behind, our properties are not up to current building codes, roads & utility infrastructure are aging. So how do we fix that? 

There's no difference in a local flipping a house than flipping the small mixed-use building that is vacant in town into a couple commercial units and some apartments above. It's the same skill set but the financial returns and community impact are exponentially greater for everyone.

There’s no reason that we can’t and shouldn’t be the ones revitalizing our communities instead of outsiders OR worse nobody at all.

There are less opportunities in smaller towns and who is in the best position to truly understand the needs of the community?

The local who grew up there. The local who works there. The local who lives there but commutes 30-60 min to another community because they can’t find a job to support their family in their town.

That same local knows that a 4plex would be great on that lot that’s been vacant for 20 years and that there are at least 4 families who could benefit greatly from that development.

That local knows that Ryan’s plumbing and Katie’s electrical companies that service 75% of the town really needs a new flex space to use as a shop, storage, and parking for their business so that they aren’t working out of their garage and can hire a couple of locals to work with them at the office and in the field.

Development is different in our small towns but if locals aren’t the ones doing it, and developers aren’t coming, what happens to our kids futures?

My town of 2500 has a decreasing population for all of these reasons. Eventually it might not exist if we don't reinvest in our local future.

It just seems to me that it’s more rewarding to build a business as a local in a town, where the locals all know each other, and together we can revitalize the physical spaces but also build deeper bonds between neighbors and be proud of the community we live in and participate in making it thrive.

Anyone can do it just like anyone can flip a house or run a short-term rental. Where most people get held up is believing they can do it. That's the point of this statistic. Showing that 75% of our communities aren't major cities. They are regular towns and ordinary people can participate in how they evolve. Everyone in the BP community is already doing it house-hacking, flipping, etc. Why not start thinking bigger?

Curious about your thoughts on the stats or any other comments that come to mind around real estate development?