Key Takeaways:
Hire slow, fire fast when it comes to contractors and builders. Aligning incentives is crucial.
Avoid 50/50 partnerships in real estate development. It's better to have a clear majority ownership and decision-making control.
Budget significantly more time for rezoning and entitlement processes than the typical 4-6 months, more like 6-9 months.
Diversify your income streams as a developer, such as starting a brokerage, wholesaling deals, and running an educational program.
Obsess over costs and line items, and always get backup invoices from contractors to maintain control over the financials.
The Commercial Real Estate Investor Podcast