Seeking Advice & Insights: New Construction Projects in the US

[Chen Avnery]

Hi everyone,
I am a real estate investor and entrepreneur focusing on strategies such as flips and BRRRR. Alongside my two partners, we are venturing into the realm of new construction projects in the US.

As we embark on this exciting journey, we are eager to connect with fellow entrepreneurs and seasoned professionals who have experience in new construction. We believe that the collective knowledge and insights from this community can be invaluable in helping us navigate the complexities and opportunities in this field.

We are particularly interested in:

• Understanding the key challenges and best practices in new construction projects
• Learning about effective project management strategies
• Insights on securing financing and managing budgets
• Tips on choosing the right locations and markets
• Experiences with regulatory and zoning issues
• Networking with potential collaborators, contractors, and service providers

If you have experience in new construction or are currently involved in such projects, we would love to hear from you. Your stories, advice, and any resources you can share would be greatly appreciated.

Feel free to respond to this post or reach out to me directly. Looking forward to connecting and learning from this amazing community!

[Doug Smith]

Hi @Chen Avnery, I spent years lendinging to commercial borrowers for commercial projects when I worked with banks then I got into funding developers and builders. Even with that experience I, too, struggled to get started myself. Luckily, I found a partner in one of my bank clients that had the skill sets that I didn't. I knew how to get the money and they knew the nuts and bolts. I ended up marrying a woman that had construction experience as well. I made most of my mistakes in the first handful of deals I did because "I didn't know what I didn't know". Now, we've done dozens of new builds and flips and our mortgage company continues to fund development deals up to$ 20M. I think you're getting in at a great time. Development is where it's at right now...more than flips I've found. My biggest recommendation is to get an experienced partner on your first 3 or 4 deals to keep you from making as many mistakes. Once you have a few under your belt, you'll understand the wisdom behind that. I look forward to the dialogue on this thread.