The Secret to Raising Millions for CRE Development - with Blake Richey

Ever wondered how to make the leap from real estate broker to developer? In this episode of Commercially Speaking, Bo and Timmy Barron sit down with Blake Richey, CCIM, a former broker turned multifamily developer, to discuss what it takes to build, fund, and scale a development business.

Blake shares the exact steps he took to transition from closing deals for clients to building his own multimillion-dollar properties. From his first investment in a self-storage facility to raising capital for 200+ unit apartment complexes, this episode is packed with practical insights for brokers, investors, and aspiring developers.

🔑 Key Takeaways:

• How Blake landed his first development deal (without having millions in the bank)
• What it really takes to go from brokerage to development
• How to structure deals, raise capital, and secure financing
• The biggest mistakes first-time developers make (and how to avoid them)
• Why multifamily housing is still one of the best investments in today’s market

📍 Plus: Timmy gets a crash course in development, Bo drops some CCIM wisdom, and the guys discuss the power of relationships in CRE (and how one conversation can change your career).

🎧 Listen now on Spotify, Apple Podcasts, or YouTube!

• 🏗️ Blake Ritchie’s Development Firm – TSPKY.com
• 📊 CRE Marketing Mastermind – wesgay.com/cs
• 🛠️ Site to Do Business (STDB) – The secret weapon for site selection and market analysis - stdb.com
• 🤖 Superpowers HQ – Need a CRE executive assistant? Get one here: superpowershq.com/commerciallyspeaking
• All Disc, No Balls! — Tizbee, The Secret Game For Champions — tizbee.com
• 💡 Massimo Group – World-class coaching for CRE brokers: massimo-group.com
• 🛠️ Site to Do Business (STDB) – Powerful CRE analysis and mapping tools: stdb.com

⏰Time Code⏰

00:00:00 - Start00:04:15 - Grew Up On A Farm00:04:49 - Real Estate Appraiser to Residential Agent00:05:28 - Brokerage to Development00:06:57 - How Does Someone Become A Developer?00:09:25 - We Didn’t Know What We Were Doing00:10:12 - How Bo Bought His First Property00:11:28 - If The Deal Is Good Enough The Money Will Show Up00:12:23 - Developer Vs Construction Company00:14:20 - Speed, Quality or Price. You can only pick 200:16:17 - The 4 Feasibility Tests00:17:45 - The Type Of Sites I Like00:20:19 - What a Civil Engineer Does00:25:39 - Entrepreneurs vs Bureaucrat00:28:54 - What Are Some Mistakes Learned That You Will Never Make Again?00:32:04 - Why Multi-Family?00:33:23 - What Happens After Receiving The Certificate of Occupancy?00:35:49 - Develop to Sell00:37:14 - Any Aspirations To Develop Other Asset Classes?00:38:08 - How Do You Lease It Up?00:40:01 - How Do You Structure A Development Deal?00:46:10 - I Never Thought I Could Get $12M For A Deal00:48:45 - How Do You Get The Money For The 1st Deal?00:53:33 - Pop Quiz01:00:05 - The Value Of CCIM Education

🔗 Resources Mentioned: