Real Estate Development Resources
My business partner and I are in the early stages of putting together a development. We've found a builder who will build for us with no money down and will wait to get paid until we've sold off the asset. However, we're struggling with finding land and financing for that land. We've never developed before. I own a few multifamily units, and he has experience as a general contractor and in flipping single family homes. At this stage in the project I feel as though I don't even know what I don't know when it comes to development. Development is not something that is covered much on the many Real Estate podcasts that are out there.
Does any one know of any good resources to learn more about real estate development? Specifically, the development of multi-family housing.
Nate,
Im looking at my first land development deal here in Colorado Springs.
Couple great resources I ran across
Scott Chopin's Running Diary of his development experience - Very Experienced Developer
https://www.biggerpockets.com/forums/44/topics/427...
The start of another post - from 2009 by Craig Grella. He goes through a four part series on development.
Good Luck and hope this helps!
@Nate Higgins development is so very specialized as the rules literally change with each jurisdiction. It is very hard to provide guidance with deals and process since the rules can change when you cross the street. I'm not talking subtle changes but completely different process, players, and attitudes. My advise is this and it depends a bit on the size of your market but in general you would start with a development consultant. These people are engineers, architects, or planners that specialize in the development process in your area. Go to the planning department and ask who has done projects like you want or projects that are similar to what you want. You may need to be a bit creative but keep asking and asking in different ways. Eventually you will get a few names. Go out and meet those people. They will have contacts for everything you need to go from dirt to finished product.
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Real Estate Agent Colorado (#IR044146)
- Reliant Real Estate, Inc.
@Nate Higgins, I am interested in getting into development some day as well. It sounds as if you and your partner have taken quite a few progressive steps towards getting the process started already. I would love to get into touch to follow your progress if you continue to follow through with this. I am assuming your primary area of focus is Tri-Cities? Have you thought about or researched any other markets close to but outside of your location? Well, here is wishing you a successful 2017 in your REI ventures!
@J Scott, thanks for the info. A ton of information. You could have wrote a book on this project alone! Would have had to buy that one as well! Thanks again.
Thank you all so much for the input. Really means a lot. As someone that uses a wheelchair, my goal is to develop affordable, accessible housing. There is such a dearth of those type of rentals, and I believe it represents a compelling opportunity.