252.Josephine Saffert on Getting Started in Real Estate Development

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.