How can I become a real estate developer?
How can I become a real estate developer?
You don't need education or money to start in real estate development. What you do need is drive, training (different from education) and patience. Development is a highly technical field that incorporates economic analysis, construction, contract law, finance and project management skills. The most effective way of becoming successful on your own is to begin under a mentor who will train you in the skills that you need personally and show you how to hire the other skills that it takes to get the job done. A mentor will also show you how to finance projects - when to use your money and when to use someone else's (investors or lenders). So, to answer your question, I recommend you become a real estate developer by first working for a successful developer to acquire the skills you need.
To be profitable in real estate development / investment, one must:
A- pick a specialty (raw residential land, commercial land, residential (new), residential (renovate), commercial (new), commercial (revitalize), mixed-use, industrial, research, public, etc.) - then focus in that market. Stay within your area of competence.
B- pick some specialists in the chosen market - learn their biographies, track records and deal histories (down to the smallest details); where possible emulate their past successful moves and behavior. Research, read, study and discuss constantly. Seek out interesting industry folks to talk with.
C- seek out a mid to large company / mentor to work for and which is consistent with A & B above. Learn the ropes here and make your (small) mistakes - with other people’s money. Do this for 5 years.
D- Save, save, save - build good credit file and industry relations; establish some banking relations; some accountant/financial relations; some lawyer relations; some engineer/architect/specialist relations. Build your network. Consistently spend less than you make and avoid all personal debt - other than debt calculated to be of benefit for your professional undertakings.
E- At the six year market - you’ll have learned enough to either become a minority partner on a medium deal or to put together an LP for a smallish-bigger deal with other partners. Be very conservative on your first deals and make positive that you make money for your partners. Pay yourself fairly - but make promised returns- plus for your investors.
F- Repeat “E” each year for next 10 years - investors will be ringing you constantly.
There are no formal requirements for real estate development. It only requires 2 things: knowledge and money ( or access to other people's). Most people team up with experienced developer's for their first few deal. Often times top producing Realtors will partner in on deals and then handle the sale of the development. otherwise, it is a lot of risk / reward like most entrepreneurial endeavors.
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