#103: His First Deal Was a 48 Unit Development! A Crash Course on Developing Multifamily Properties with Michael Wayne

On today's show, I'm speaking with Michael Wayne, a young developer who is building multifamily properties throughout the Detroit metro. Most investors start their career in real estate by buying existing assets, whereas Michael and his partner jumped right into ground-up development!

In this episode, we talk about how Michael was able to raise the capital to take down this project, how he learned the fundamentals of real estate development, and how investors can begin developing multifamily properties. Michael also gives the listeners a crash course on developing multifamily properties, where he discusses, zoning, entitlements, common pitfalls, timelines, etc - everything you'll need to know if you're looking to develop a firm understanding of real estate development.

Struggling to find good multifamily deals? Looking to close deals with less of your own money? Want to operate like the pros and maximize the cash flow of your assets? Join The Multifamily Wealth Community, where we help multifamily investors start, build, and scale their businesses… specifically, those looking to grow from 1-10 units to 250+ units.

Are you looking to invest in real estate but don't want to deal with the hassle of finding great deals, signing on debt, and managing tenants? Aligned Real Estate Partners partners with passive investors looking for the returns, stability, and tax benefits investing in real estate offers, but not the work - join our investor club to be notified of future investment opportunities.

Show notes:

-Michael talks about his upbringing in Michigan, where he went to school, and his early career

-We discuss Michael’s first deal and how he navigated the risks and challenges that come with ground-up development projects

-We talk about a fundamental step: talking to the city and getting to know its processes and requirements

-Michael talks about a deal that went awry in the suburbs of Detroit and the final processes of getting approval from the city

-Michael and I discuss the construction process & the reasons behind the housing shortage

-Michael shares how he was able to raise $1.8 million for his first development project

-Michael and Axel talk about the risks associated with construction

-Michael and Axel discuss key traits to look for in a good development site

-We elaborate on the rules & regulations behind building & developing

-Michael’s piece of advice to himself before starting his real estate career

-We discuss Michael’s most significant business-related failure and what he learned from it

-We dive into the specific skill & trait of Michael to which he attributes his success from

-Michael’s goals in the next 6 - 12 months

Connect with Michael

http://detroitriversidecapital.com/

https://www.instagram.com/multi_fam_mike/

michael@detroitriversidecapital.com

Connect with Axel:

Follow him on Instagram

Connect with him on Linkedin

Learn more about Aligned Real Estate Partners