Can I be a Commercial Real Estate Developer in a Short Time?
by J. Cortez
(Dallas, Texas USA)
I would like to get in to Commercial Development and have recently found several land opportunities as well as a few partners for the venture.
The first obstacle is that these 3 deals are a minimum of 3 million - 5 million projects (each) and I have no experience in real estate.
Other than raising capital for Oil & Gas my only relevance is the ability to find capital through my investors. Will your program show me how to do this #1 and #2 am I starting off to big?
I am 34 years old and have recently sold 2 businesses that I started. I have some capital and have always liked real estate on a larger level.
The 2 partners are a real estate atty. and real estate broker comm. both have over 8 years in the business and I have none.
I think they want me at the helm because of the capital I can raise and the vision I have. Your thoughts?
The quick answer is no, because I always choose to operate in a safe operating mode and by starting off with little information and no market research, all you are doing is spending money in a market you know little about.
You have been in the oil business, and your partners are in the law and real estate brokerage.
If I came into your business or that of your partners, so you think I could do so quickly and "be successful?" I don't think so.
Real Estate Development first and foremost is a "business" and so has to be learned and that is what I teach ... then you have to put the teaching into action.
Your question involves two more complications. One is the number of projects undertaken and the second is the aspect of a Joint Venture.
I have just uploaded a new Video to my blog and web site at www.realestatedevelopmentcoach.com/jointventures.html
that covers JV's, so go and watch.
On the issue of the number of projects it is first necessary to prove that each one is financially viable or else finance will not be approved for any one of the developments never mind three.
That is all the subjects I teach you from a developer's perspactive that gives you the chance of success.
Hope this helps you understand.