Expert: Brian Bocchieri - 4/5/2008

Question
Hello Brian,
I sure hope you are the answer that I've waited years for. I have been wanting to start up a real estate developing business for years but I just don't know how to start. I really already know what I want to do. Both commercial/residential and possibly retail/manufacturing/office. I kind of want to get my hand in all of it eventually. But I'd like to know what can I do to get started now? I want this to be a viable, reputable business, not just a few deals here and there. Eventually, I want it to be big. I know I need financing, but how? where? who? I also wanted a few partners, investors maybe. Lastly, with the market so close to crashing, what is the success rate of a venture like mine? Should I put this off until the market goes back up, or just call it quits?

Answer
Hello Cynthia;

Now that is a very tall order.  Of course there are many directions you can go in starting you development career.  I would suggest to narrow your focus to one aspect at a time.  

Go out and learn the type of project you want to build.  Take classes speak to other developers, Real Estate brokers find out where the hole in the market is (what is the need?) Visit the types of projects you want to build make note of what they are doing, the look, the feel, the colors, the layout, the grounds... you get the idea.  Once you have this info formulate your project plans, rough out what you are looking to do.  

Look for land that suites what you are looking to build.  Find out what zoning requirements will be required, Analyze what you should pay for the land and estimate you costs to decide if the project is feasible.

These steps are just the preliminary steps to get the project moving there is so much more.  Once this is completed you will need to hire architects, engineers, land planners and other professionals to guide you.  

Let me point you to a source that can spell out the whole process for you he has developed both commercial and residential projects in both America and Australia.  His name is Colm K Dillon he has written a couple of books on the subject as you can see below I would suggest to check out his web site and blog you will find them both very informative.  


* Residential Real Estate Development Made Easy

* Commercial Real Estate Development Made Easy

* Real Estate Development Blog

www.realestatedevelopmentcoach.com

Wishing you all the best,  Brian Bocchieri