All Forum Posts by: Account Closed

Interesting. But I think everyone has missed my point so far. I do not plan on out starting out with a large complex project that requires millions of dollars at hand. 

The wholesaling ordeal is not a way that I'm tying to gain experience to became a developer. Wholesaling will just get me started so that will provide me with the funds and connections necessary to began flipping properties. 

So now here is a scenario for my beginnings:

After successfully flipping properties many times over for years at a time, I now have a decent amount of capital saved up. Let's say about 250k. By this time now I have found a peice of land for sale for 80k, it's half of an acre, zoned residential, and after studying the real estate market analysis, there is a demand for single family homes in the area. So now the plan is to develop a single family home to fit market criteria needs in the area. I would be partnering with a an experienced developer as joint venture so not only will I have a mentor, but I will be able to learn the ropes along side of a seasoned professional. Now it's time to secure funding. Of course I would have some "skin in the game", and the rest of the fiancing would come from venture capitalists. Not banks at this point. 

This is how I would start. Then I would build my portfolio from that point on doing other small residential developments until I have a good enough track record to present to banks so I will be able to secure funding for larger projects that require millions at hand. No doubt that education is needed, but I think there was some misunderstanding after some of you read my very first post.

 The only problem is, how do you find internships if you have no prior real estate experience? In my area there are no internships available.

 Yes, the reason why I want to begin flipping is so I can build capital for my first small developement project, which isn't a bad idea at all. However, realistically, after reading everyone else's insight, getting the education and necessary experience in the industry would be a much better way to go about my plan.

 I have considered an internship from development companies. The only problem is, around here, my options are pretty slim.

 Thank you, it looks like I am going to have to revamp another plan!

Hello BP members,

I am currently 19 years of age, and I will be 20 in October. I have been fascinated with the creativity of RE development ever since I was about 17, and from that point until now, I have done a lot extensive research about property development. The more and more I read and see about a new a project, I feel an urge of fascination and excitement. So with that said, just a few months ago, I decided that becoming a real estate developer would be my career of choice. Now is my master plan to acheive my intended goal that is currently nothing but a dream.

Where will you start or begin at the age of 19? 

Do to the fact that I have limited funds, I will start out wholesaling. I feel as if wholesaling will defiantly get me started in the industry not only as an investor but mostly importantly it will allow me to build entrepreneurial experience, which is key as an investor. After wholesaling properties for a while, I will use those funds to fund my first fix and flip, which brings up my next step!

What's you're next step, how will you gain more experience?

Well, one of the many things that I love about real estate development is the fact that there are multiple ways to legitimately become a developer. Many start off by getting hired by a development firm, or, becoming general contractors, lawyers, real estate agents, property managers, or rehabbing properties and selling them for profit. The last option that I just listed in the previous sentence is the menthod of choice that I will take, after acheiving success as a wholesaler. After doing plenty of research, I have came to the conclusion that flipping houses would be the best way for me to gain experience. I say that because as an entrepreneur, you're now learning how to manage and oversee a project. Plus, flipping houses is the same thing as developing real estate, but on a much smaller scale, and personally, I learn a lot better by doing. After flipping houses successfully many times over, I plan on partnering with an experienced residential developer as a joint venture for my first few small residential projects. I will use my successful flips as a track record to show my success inn real estate. From that point on I will try to grow my portfolio into larger, more complex commercial developments. I am also contemplating on taking some carpentry classes at a local trade school so I can legitimately do some of the renovation work myself, and eventually become my own licensed general contractor. 

So, that's your master plan, huh?

Yes, this is my master plan. After doing a lot of research, I am certain that this a very realistic way to become a developer, as many developers has became successful this way. This is the route that I have decided to take, and in the next few years I will be moving to Charlotte, North Carolina. And before you say it, yes, I am aware of the risks that's involved with flipping houses. Yes, I aware of the risks that is associated with this career path. I do understand that it will not happen overnight. So now what's YOUR TAKE on my plan? I would love to read your insight and advice.

 Single family homes

I thought there was a forum here on biggerpockets that listed homes that is for sale that would be great for flipping. 

How and where do potential investors find houses for flippings?