YOLOing my first real estate development

Portland, Oregon
Land & New Construction
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YOLOing my first real estate development

Travis Athougies
Member since 2019 · 7 posts · 4 votes

Hello all,

I am a new real estate investor with one active and successful rental in inner Portland. I love it, and it's great, but I have wanted to get my hands messier with taking a more distressed property and improving it, and gaining the resulting equity. I am not completely new to this, I have worked extensively on my own home and know the basics of home repair, construction, etc, but I am by no means a skilled tradesman. I am certainly not well acquainted with new construction.

The one thing I do have is money, and an itch to do something on the side. So, with the usual bravado of a new real estate investor, I bid on and successfully got under contract a lot in inner eastside Portland. It's near a bunch of hip new condos, apartments, and restaurants, and I knew it when I saw it that it had good potential. I live in the area and know where it's going. I'm definitely an intuitive investor. All my real estate purchases thus far have been a series of showings where the feeling is not good, and then suddenly I see it and I want it. Well that's how it was with this lot. I saw it and I wanted it and new I will soon have bought it.

But that being said, now I have to figure out how actually to construct units on it, and to do it in the most cost efficient way possible. I have my financial models made from other developers I know who seem to have more experience, but I always think it's best to get the widest array of opinions possible. 

So with that being said, if you have experience in real estate development, and want a free coffee or lunch, please reach out. I want to talk to as many people as possible to figure out how I can avoid common mistakes, build a good product, and be successful in this venture. You really have nothing to lose on this offer. Anyone with any experience or relevant professional background, please come at me!

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Vijay FriedmanBusiness Member
Miami, FL · Member since 2026 · 766 posts · 122 votes
1mo
Quote from @Travis Athougies:

Hello all,

I am a new real estate investor with one active and successful rental in inner Portland. I love it, and it's great, but I have wanted to get my hands messier with taking a more distressed property and improving it, and gaining the resulting equity. I am not completely new to this, I have worked extensively on my own home and know the basics of home repair, construction, etc, but I am by no means a skilled tradesman. I am certainly not well acquainted with new construction.

The one thing I do have is money, and an itch to do something on the side. So, with the usual bravado of a new real estate investor, I bid on and successfully got under contract a lot in inner eastside Portland. It's near a bunch of hip new condos, apartments, and restaurants, and I knew it when I saw it that it had good potential. I live in the area and know where it's going. I'm definitely an intuitive investor. All my real estate purchases thus far have been a series of showings where the feeling is not good, and then suddenly I see it and I want it. Well that's how it was with this lot. I saw it and I wanted it and new I will soon have bought it.

But that being said, now I have to figure out how actually to construct units on it, and to do it in the most cost efficient way possible. I have my financial models made from other developers I know who seem to have more experience, but I always think it's best to get the widest array of opinions possible. 

So with that being said, if you have experience in real estate development, and want a free coffee or lunch, please reach out. I want to talk to as many people as possible to figure out how I can avoid common mistakes, build a good product, and be successful in this venture. You really have nothing to lose on this offer. Anyone with any experience or relevant professional background, please come at me!

@Travis Athougies
Congrats on getting the lot under contract! One thing that seems to separate successful first-time developments is building the right team early—an experienced GC, architect, civil engineer, and lender can often help prevent costly mistakes before construction even starts. Wishing you the best on the project, and I'd love to hear how it progresses.

786-656-0387
DreamPoint Capital
WebsiteView Page
2Reply
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  • Michael K GallagherBusiness Member
    Real Estate Agent · Columbus OH · Member since 2018 · 1k+ posts · 1k+ votes
    1mo

    I love this attitude, however, the fact that you have the funds to do it, does not mean intrinsicly that it is a good deal.  or that it will pencil.  I don't know the market, but I'd anticipate needing to get very familiar with the local zoning regulations, and if you are still under contract take full advantage of your DD period to get as much info on it as you can towards your final development vision.  And just cause this lot ends up not working, paying 10K or so in studies to find out it wont work is generally worth it.  

    [email protected]614-362-2231
    0Reply
  • Travis Athougies
    OP
    Member since 2019 · 7 posts · 4 votes
    1mo

    Hi Michael,

    Thanks for the reply. Perhaps my first post was too loosey-goosey; I'm definitely a planner, so I've done all the math out given various scenarios, and all of them meet my goals. But in terms of project execution, I'd love to pick anyone's brain in exchange for a free lunch.

    0Reply
  • Vijay FriedmanBusiness Member
    Miami, FL · Member since 2026 · 766 posts · 122 votes
    1mo
    Quote from @Travis Athougies:

    Hello all,

    I am a new real estate investor with one active and successful rental in inner Portland. I love it, and it's great, but I have wanted to get my hands messier with taking a more distressed property and improving it, and gaining the resulting equity. I am not completely new to this, I have worked extensively on my own home and know the basics of home repair, construction, etc, but I am by no means a skilled tradesman. I am certainly not well acquainted with new construction.

    The one thing I do have is money, and an itch to do something on the side. So, with the usual bravado of a new real estate investor, I bid on and successfully got under contract a lot in inner eastside Portland. It's near a bunch of hip new condos, apartments, and restaurants, and I knew it when I saw it that it had good potential. I live in the area and know where it's going. I'm definitely an intuitive investor. All my real estate purchases thus far have been a series of showings where the feeling is not good, and then suddenly I see it and I want it. Well that's how it was with this lot. I saw it and I wanted it and new I will soon have bought it.

    But that being said, now I have to figure out how actually to construct units on it, and to do it in the most cost efficient way possible. I have my financial models made from other developers I know who seem to have more experience, but I always think it's best to get the widest array of opinions possible. 

    So with that being said, if you have experience in real estate development, and want a free coffee or lunch, please reach out. I want to talk to as many people as possible to figure out how I can avoid common mistakes, build a good product, and be successful in this venture. You really have nothing to lose on this offer. Anyone with any experience or relevant professional background, please come at me!

    @Travis Athougies
    Congrats on getting the lot under contract! One thing that seems to separate successful first-time developments is building the right team early—an experienced GC, architect, civil engineer, and lender can often help prevent costly mistakes before construction even starts. Wishing you the best on the project, and I'd love to hear how it progresses.

    786-656-0387
    DreamPoint Capital
    WebsiteView Page
    2Reply
  • Corey Williams
    Real Estate Consultant · Westfield, IN · Member since 2008 · 101 posts · 22 votes
    1mo

    There are a lot of steps to the process.  Some you can do on your own but many of them will require professionals.  Unfortunately, I’m not local to you for a lunch or coffee meeting but I’d be happy to help however I can.

    The first step is to find out the current zoning classification.  You can search the “[city] zoning map” and locate your property.  Then you will search “[City] zoning ordinance” and start looking for the classification you are in.  I wish it were as simple as searching those exact phrases and getting straight to what you want but every city is different and it can be a maze of links and maps to get the info you need.  What this should lead you to are things like building setbacks, height limit, lot size requirements, SQ FT size limits of building, both minimum and maximum. 

    If you’re not comfortable digging in this deep, an architect would be a great resource. I also use civil engineers but if you bought a single family lot, you may not need a civil engineer.

    Zoning is my first step then a lot follows after that, like utilities and where they are. Soil conditions, permit, tap and impact fees, in some cities those can add up to big numbers. This is all research, then you can start the design process.

    0Reply
  • Hannah Zalusky
    Member since 2022 · 1 post · 0 votes
    1mo

    Hi! I am a Portland local, and I am also just getting started on my real estate journey and planning/vetting my first new construction project - likely a middle housing duplex or triplex. I am an architect who primarily works on larger multifamily/commercial projects in my day job, so I have some transferrable skills. 

    That being said, I would love to meet up and maybe we can trade knowledge, despite both being relatively newbies. (I am also trying to find people to take to coffee/lunch for knowledge). I know a lot generally about the process of land use and permitting in Portland, and I do know a handful of local architects as well, in terms of connections. What I do not know/have - connections to smaller GCs or financing issues.

    0Reply
  • Terry Garrett
    Member since 2026 · 47 posts · 9 votes
    3w

    Travis, sounds like an interesting project. I work in commercial real estate lending and have been building relationships with private lenders that handle construction and development financing. Once you get further along with the project and have your costs, plans and financing needs worked out, I may be able to connect you with someone worth talking to. Good luck with the project.

    0Reply
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