I've had many people ask the question "How do I get started?". Well, before I share, let me just say that real estate development is a high stakes game and is not for the faint at heart. That being said, The first thing you need to do is educate yourself on the process. There are a few good books out there on real estate development that you can pick up that has a good bit of knowledge on the subject. The second thing, you need to do is build a solid real estate team and that team will include...
- a civil engineering company
- a real estate attorney
- a building or housing architect
- a real estate broker/agent
- a construction company
- an accountant,
- a bookkeeper, and
- an investor or pool of investors.
My current experience is residential real estate development. I'm currently developing an 80 lot subdivision in Baton Rouge, LA, so most of what I say here comes out of that experience. My partner and I had to do a lot of interviews to find the right team and this is not a place to cut corners. You must have experienced competent individuals on your team if you plan to get past first base. So, if you are serious, get busy building your team today. The third thing you are gonna need to do is put together a good business plan and I'll talk about that later. In a later blog, I'll get into detail about the team and the business plan which are both essential to raise the capital you need to develop land. Stay tuned.
Its a lot of fun....its a lot of hard work, but once you get through it.....its very rewarding....