Unit development advises

[Michael Ndjondo makadi]

Good morning fellow investors, I am about to break ground on my first development project which entails adding 7 units on a lot that already has 2 units on it. Although, I completed several gut renovations including garage conversions, in the past, I recognize that this is a different beast. Thus, I’m going thru background and experience checks of GCs, with relevant experience before selecting one instead of using my usual crew which doesn’t have such experience. So I’d like to get some different insights and perspectives from experienced developers on things that I need to focus on and not overlook during the GC selection and later development process. I’ll be developing more and more and as such looking for a long term collaboration. Also, I found 2 ideologies regarding such development projects: Use one GC for the entire development or use that GC only for crucial trades such as foundation, framing, roofing , external siding, etc. and use sub contractors for finish and interior work to reduce cost. My current preference is the first option as I’d like to minimize our oversight, but any perspectives on this matter? Furthermore, how important will be to have one of our team members providing oversight of the development process and what level of oversight is needed if the first option is selected. Finally, any advises or tools on how to better manage the development process, track expenses and monitor budget? Any advises will be vastly appreciated.

Thanks in advance