252.Josephine Saffert on Getting Started in Real Estate Development
The Commercial Real Estate Investor Podcast · The Commercial Real Estate Investor Podcast
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Show Notes
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.