BostonUrbEx
Senior Member
- Joined
- Mar 13, 2010
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Alright, so all of us here are going to put together a real estate development firm. And before you say, "no"... it's too late, you're already an employee.
But in all seriousness, though... who IS interested in something like that? And how does one enter the business? Is there any kind of formal education best suited to the field?
This is what I imagine the actual real estate development firm process is: we scout for un[der]developed properties, research restrictions and zoning for properties were interested in, try to visualize the properties' maximum potential, sign deals to execute a purchase should we decide to follow through, convince some investors we've got a solid project, execute purchase agreement, hire firms for design and secure permitting, and finally hire contractor for construction. You'd probably have to start off with some smaller multi-families in the inner burbs and work your way to larger projects, I imagine.
Am I oversimplifying this? Is there something I'm missing? Is it possible to just jump in to this particular industry, or do you have to start off by doing something else (ie: purchasing and managing prexisting construction)? I understand it probably takes alot of dedication and convincing people to take part in many different deals just for one project, but I think the end results are just something I couldn't be happier to bring to reality. To be honest, I wouldn't even mind reducing profit margins just to take pride in the final product and ensure others can maximize their use and appreciation of the development.
I guess I just really don't know where to even start, and I'm also wondering if anyone else is interested. I'm young, my fiancee and I don't have kids yet - now seems the best possible time to orient myself properly.
But in all seriousness, though... who IS interested in something like that? And how does one enter the business? Is there any kind of formal education best suited to the field?
This is what I imagine the actual real estate development firm process is: we scout for un[der]developed properties, research restrictions and zoning for properties were interested in, try to visualize the properties' maximum potential, sign deals to execute a purchase should we decide to follow through, convince some investors we've got a solid project, execute purchase agreement, hire firms for design and secure permitting, and finally hire contractor for construction. You'd probably have to start off with some smaller multi-families in the inner burbs and work your way to larger projects, I imagine.
Am I oversimplifying this? Is there something I'm missing? Is it possible to just jump in to this particular industry, or do you have to start off by doing something else (ie: purchasing and managing prexisting construction)? I understand it probably takes alot of dedication and convincing people to take part in many different deals just for one project, but I think the end results are just something I couldn't be happier to bring to reality. To be honest, I wouldn't even mind reducing profit margins just to take pride in the final product and ensure others can maximize their use and appreciation of the development.
I guess I just really don't know where to even start, and I'm also wondering if anyone else is interested. I'm young, my fiancee and I don't have kids yet - now seems the best possible time to orient myself properly.