Rookie

[Brandon Chatman]

Hi guys, My name is Brandon Chatman. Im new to the site and I wanted to introduce myself. To start I would like to say that I love the site, and I love the patience that an established Developer would show to a rookie as myself. lol
Im from Memphis Tn and ive never completed a development. The most i have done was seek financing for a few different development deals and spent a couple hundred bucks on Development books. So the majority of my post would be questions like can i or should i or how to. I have a general understanding of development, but when it comes to starting without capital, im lost. I did some reading around before I joined and I liked the forum, I thank you all in Advance for your help. :mrgreen:

[Vito P.]

Hi Brandon,

Not sure exactly what your question is, but I'll give you my two cents. I have developed several residential subdivisions and a couple of conversion / redevelopment projects. In general, development is a tough proposition right now, especially without capital as you mentioned, the reason being that it is very difficult even for an experienced developer to obtain financing right now. If you are just starting out, you might want to try talking to some local developers and see what types of projects they are working on / looking for. You could try to meet developers by attending a local planning board meeting and introducing yourself to those who are there seeking approvals for their project. Let them know you are interested in learning about development and what they are working on. You could also check to see if there is a local chapter of Urban Land Institute (ULI) and attend one of their functions. Once you meet a developer or two who are willing to talk with you and share what their business is about, you can ask what type of projects they are looking to develop and try to find a deal that meets their criteria. If you can bring them a deal, you should be able to get at least a referral fee, and maybe a small percentage of the project. More importantly, however, you should let them know that you would like to follow the project with them as it goes through the development process so you can learn what development is all about. Try to attend whatever meetings they have about the project and help out in some way if possible.

I can tell you from experience that you can both earn a lot and loose a lot in development. It is not something you should jump into without a very good plan and without analyzing the many risks that are involved. Depending on the type of project, developments can take years to get approved, and money is going out for a long time before it starts coming in.

Finding someone to teach / mentor you is, in my opinion, is a necessity if you do not have any experience.

If you have any specific questions, I will be glad to offer any advice I can.

Good luck.