Feeling stuck after college, where should I go from here as a aspiring developer?

Question

Hello Everyone!

I've been listening to the BP podcasts for a long time and finally decided to post because I am feeling a little lost right now. I graduated in August with a finance degree and I've been working part time as a server, but spending pretty much all my spare time and money into trying to get my first real estate project off the ground. I've got an uncle who believes in me and has the capital to back something if I can bring him a good deal, he also has some development expereicner and seems to think letter spamming is the right move. Right now, my deal flow is basiaclly dead. Im not afraid to cold call, knock on doors, whatever it takes I just don't know whats the best use of my time. There have been multiple close calls, bids that were slightly outbid, offers considered but just a touch too low.

I found an area that I thought would be perfect for some small bay flex space (small office with mostly warehouse). After talking with one of the top brokers in the area, they confirmed theres a solid demand in the corridor for that type of space, but there is a larger developer planning on making 20+ units in the next year or so only about 2 miles away. Before I found this out, I wrote many letters and cold called until I could speak to the different land owners in my identified zone, and after speaking to nearly all of them, non were interested in hearing what I thought was na attractive offer. (Land was going for 80-120k/acre when appreciated at 4.5%, so I offered everyone 120k/acre... which would have made my project work as long as it didnt take too long to lease up some units)

I have access to the MLS since a family member is an agent in the area, but its been relatively slow to find anything on there, and the things I have found and offered on have gone quickly and my offer not accepted or even a counteroffer.

Zooming out, I am wondering if cleveland is even the best place to do deals, even though I live here for very cheap, the population growth is projected to stagnate over the next decade.

What should I do? For now I know I can keep up my mailing efforts and just look for others areas that have a demand and no supply... but the further the market the harder to identify its needs without being able to drive through somewhat often.. I have heard columbus is growing quite nicely, maybe I should look into building there? Im not sure, just feeling lost.

I appreciate anyone's thoughts.

Nick

Caleb Brown · Answer

You are making strides which is good but I would start working/interning for a developer. You can still hunt deals on the side but you need to learn from someone in the space. A lot can go wrong with developing so that extra help would be worth it

Juan Cristales · Answer

I agree that it seems like your strength of current knowledge resides in the development side so yeah, find a local developer to intern with to learn the ins and out of the business.

Be the guy that eventually, the business can't do without and you'll have more opportunity than resources in short order.

It takes time and discipline which seems like you have plenty of both right now. Best of luck! Keep BP posted!

Bill Goodland · Answer

I'd prioritize learning over earning at this stage. Go work for someone that's doing what you want to do and it'll be invaluable long term

Alfath Ahmed · Answer

It's great that you got started which many people fail to do. You will definitely have to invest out of state if you really want to succeed. Midwest is perfect. You chose cleveland which is a cashflow heavy market. You can flip projects (1-4 units) and resell to investors that want the 1% rule.

If you want to make quick cash cleveland is great, If you want to BRRRR, then columbus would be a better market for you.

I own 26 units here and buy 3-4 projects every month. Some of them I brrrr and some of them I will flip. Reach out if you need advice.

Jules Aton · Answer

Congratulations on graduating college with a marketable degree. I would consider working for someone who is an established developer to get a feel for the business. There will be no shortage of offers to pay to learn but that isn't my bag. According to many here Ohio is the land of milk and honey so you are probably good geographically.

Alfath Ahmed · Answer

It's good that you are enthusiastic but since you are trying to get straight into development, it will be hard but not impossible. I would recommend becoming a flipper and BRRRR investor first (margins are way better flipping if you do it correctly in this economy) and you are in the perfect market to do flipping.

Buy deals at $70k to $80k and put in $30k and re-sell those deals at $140k to $150k. That is the golden sauce in your market. DO like 30 of those deals, build capital, grow a portfolio and then go into development.

Chris Seveney · Answer

If you want to be real estate developer go work for one - get paid to learn

Jimmy Lieu · Answer

Hey Nick, welcome to BP and totally hear you on feeling lost—everyone hits that point early on, especially when you’re hustling hard but not seeing traction yet. It sounds like you’re doing all the right things with cold calling, letters, talking to brokers, getting in front of owners, etc., but sometimes a market just isn’t giving you enough tailwind. Cleveland has good deals here and there, but the stagnant population growth makes it tougher, especially if you’re trying to do development or more creative plays. If you’re open to looking elsewhere, Columbus is worth a serious look. I moved from Portland to Columbus in 2020 and now own 10+ rentals here, and the macroeconomics are on fire—population growing, job growth booming, and massive companies like Intel, Amazon, Google, Honda, Microsoft, FB, Anduril, and LG building and expanding here. Demand is outpacing supply, and you can still find affordable opportunities that hit the 1% rule or justify new development because the long-term appreciation and absorption rate look strong. If deal flow is dead where you are, sometimes switching markets opens everything up again. You’re clearly motivated and willing to do the work—you might just need to point that effort toward a market with more growth behind it. Happy to connect and answer any questions you have!

James Jones · Answer

Nick, respect for the hustle. Most people your age haven’t even taken the first swing yet, and you’re already deep in the reps: outreach, underwriting, MLS, talking to brokers, writing offers. That matters more than you realize.

A few thoughts from someone who’s been through the same “grind phase”:

1. Your problem isn’t effort, it’s deal flow. When mailers + cold calls + MLS all feel dry, it usually means one of two things: • your buy box is too tight • or the market you're chasing has too much competition for the returns you need

Cleveland is tough right now. Prices are cheap, yes but population stagnation shrinks the number of truly scalable opportunities for development. Cheap land doesn't automatically mean a good development corridor.

2. Don’t fight the big developer. Leverage them. If a larger developer is planning 20+ units 2 miles away, that’s actually a signal. It tells you the corridor is viable. But it also tells you landowners are anchoring their pricing expectations to that developer, not first-time builders.

That’s why your 120k/acre offer fell flat.

3. When you’re new, chase certainty, not perfection. One of the quickest ways for new developers to get stuck is trying to create something from scratch in a cold sub-market. Instead, go where the demand is already proven.

Cleveland might not give you that tailwind right now.

Columbus? Totally different story, population growth, job growth, and infill projects that pencil because demand is actually rising.

If you’re trying to build momentum, momentum markets help.

4. Keep your uncle in the loop, but bring him real numbers. Backers care less about the “idea” and more about: • zoning • comps • absorption rate • realistic build budget • exit strategy

If you’re able to show him a corridor with demonstrated demand (like Columbus), he’ll follow the logic.

5. Your outreach is working, you just haven’t matched the right seller yet. The fact you’re getting close calls and conversations is actually the signal that the process is strong. It’s just a volume game.

A land deal often takes 4–8 months of consistent touches before someone bites.

6. If you want a short-term win: Look for: • entitled or partially entitled parcels • abandoned commercial corner lots • sellers who own 10+ acres and only want to carve off 1–2 • infill lots where utilities are already present

These remove months of risk for a first-time developer.

7. Don’t dismiss doing your first project smaller. A duplex, triplex, or 4-unit new build can give you: • credibility • lender confidence • contractor relationships • an actual track record

Then the flex-space or 20-unit deals become infinitely easier.

Bottom line: You’re not stuck, you’re just early. You’re doing all the right actions, you just need to widen your market lens and shift toward corridors where growth pulls you instead of you pushing it uphill.

Nicholas L. · Answer

@Nick Mittler

hello. if you just graduated you're in a great position. your post makes you sound impatient. impatience can lead to risk taking. there's no reason for that. and you're also getting a bunch of pitches in this thread. gee whiz.

i'm going to go in a different direction: start with a house hack. live there for a couple years. then do it again.

you're young. this is your unfair advantage.

imagine if you house hacked a few duplexes. now you have a portfolio. most people own zero investment properties and you have the opportunity to buy a bunch just using your own housing payment. if you need more income then get a different job.

certainly, continue to learn about development. but what you're talking about is a big swing. i'm not in the "just go for it" crowd. why take that much risk when you can just... house hack?

hope this helps

Feeling stuck after college, where should I go from here as a aspiring developer?

Feeling stuck after college, where should I go from here as a aspiring developer?

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