I am a young real estate entrepreneur with some condos as rentals and wanted to learn more about development. I just would like to know what is the best way to learn about development besides books. Are developers opened to teach people the business? Does anyone in development have any thoughts.
There are books, but I found it more helpful to visit a city’s development office and simply ask them about the process. I’m not sure if all of them have one, but there’s usually a contact who can help you understand what kind of permits you’ll need, etc. Since you already know you’re interested in condo development, that’s one place to start.
You can also locate an experienced developer and develop a relationship with them. They will usually help you quite a bit and if you come across a good project, they may partner with you.
gusrock1414, how about asking a developer and see if he/she’ll take you on as an apprentice? Or reading a book on development?
Otherwise, just take a plunge and try one.
The best way to learn, is through actual practical experience.
This will help you understand operations, development process and strategic purchases of raw land.
Sales & Marketing are particularly important because raising finances for development is one of the tougher sides of the business.
I think partnering is you best bet to learn. I disagree with just plunging in and trying one - there are so many things to learn and so many things that can go wrong that you would be doing yourself a disservice to “just try one”. Just start by talking to developers, they’re usually willing to help.