I am somewhat new to real estate development. My boss and I have been working on a luxury house development, acting as owner-builders. The technology and material used to construct this home is cutting edge. He wants to find more development opportunities - a dozen+ condo units, or modular home developments, maybe a simple tear down and new construction. Recently, he's tasked me with finding the land, and if the deal works out will cut me in on the final sale. Goal is to find something that's nearby a lake, beach, golf community or ski town where some units are purchased out right and some are rentals.
With this in mind and as someone breaking into this sector for more than half a year, I am curious what other have been done in the past. This is all new to me. Where do I start? Read up on zoning? Research different areas that will profit the most? Do I just start cold calling brokers? I've thought about making a simple analysis tool yet it's hard to determine what are the most important factors, especially in this market where there are not a lot of viable options.
I know this won't happen overnight and I need to remain patient, but anybody with a few pointers who can share with a 23 year-old would be super helpful. I'm trying to make some money!
The above is incredibly boiled down.
Broker can potentially help take the legwork out of steps 2 & 3, but you’ll need to verify/know it anyway.
This. To get started, start talking to top brokers selling the type of product you're looking for in your target markets.
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