My plan to become a Real Estate Developer - what's your take?
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.