I want to get into commercial real estate development in the future, and develop large projects like (Retail centers, Office Buildings, Apartment/ Condominium complex's), for someone without a background in real estate, how would I get to that level?
Would developing small multifamily houses like duplexes, triplexes and fourplexes be a good starting point?
Appreciate your feedback and Advice
I would say that starting with smaller development projects may be the only way to get started...or go work for a commercial developer. I'm in the midst of a rather significant redevelopment project and I've got to say, I've learned SO much in doing so, I couldn't imagine trying to do anything bigger. There is more red tape than one can think of with development, so if you don't know what you're doing, you can get burned really bad and really quickly. Additionally, put yourself in the shoes of whomever would be financing your project...would you give money to someone with no track record?
Best of luck!
Thank you for the input! I just know it's hard to get funding for larger projects with no experience. So I'm hoping that building a portfolio on smaller projects will eventually get me to develop bigger ones,
Best of luck to you as well:
Money talks! If you have the funds but not the experience, for your first project team up with a developer that knows the approvals processes and how to find a good property and connect with tenants and that has good team members- brokers, architects, engineers, environmental inspectors, attorneys, etc. and knows the ropes. Finance the deal and watch and learn! There’s no better way than being in the trenches with someone who knows what they're doing.
Jessie and Michael beat me to the punch. Commercial development is a risky business but the best developers in the space, despite being perceived as risk takers, are constantly assessing and managing their risk as a project gets developed. It's an art and a science at the same time. Cutting your teeth for a local developer will help you build that risk-managing experience.