Starting a Real Estate Development project
Hello guys and girls this is my first post so try and take it easy on me, but ill give you a little insight on what i would like to do. I'm 24 years old from new york city and my dream is to invest in properties and develop them into high end luxury condos. I have no idea where to start so i just grabbed an internship with a private but successful development company in the city who works on the exact develops that inspired me. i just have no idea how to start or what i need to start. I have been reading books, watching YouTube videos, talking to anyone that will speak to me both in person and online and i am taking classes at NYU for Real Estate Development.
I have a plan and please tell me if this seems unrealistic or out of reach but, my father works for a major construction company in NYC and he has developed from start to finish some of the most luxurious hotels and private apartment buildings in NYc in the past 10 years. We also have a family friend who owns a private company who specializes in raising capital for investment purposes on a huge scale. Recently i though about the idea of Starting a development company with my dad, and seeing if our family friend can structure a debenture of some sort to supply us with the capital to buy and develop a building in NYC. I mentioned the idea to the family friend over dinner and he sounded all for the idea, and my father always says he wants to develop a project of his own one day.
So what steps should i take to try to set this up, and even though my father has the construction and development background, and my family friend can possible supply us with the capital to funds the project, what else would we need or look out for it. Is this all a huge dream I'm having or does something like this actually have the chance of working out