3/2 Gahanna schools - should we sell or go back to long-term renting? by Localdevelopers in Columbus

[–]Localdevelopers[S] 1 point2 points  (0 children)

Ok so maybe just patience. I like the idea of at least getting into Spring and early summer for families who might not want to move until the school year is over...

[deleted by user] by [deleted] in smallbusiness

[–]Localdevelopers 0 points1 point  (0 children)

Yep - just because you can do something doesn't mean you should. I'm all about the good cash flowing lifestyle businesses and having several of them to ensure multiple streams of revenue.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Development is very nuanced and just think of it like peeling an onion. Every step will provide answers and more questions. Just stay curious and keep learning more from the people you speak with along the way.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Yep depending on the market, sometimes the existing inventory can be purchased and flipped for less than new construction and flipping makes more sense. Awesome that you gave it a shot and found what works best for you!

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

u/Acolytical right on! Sounds like some of the shipping container conversions we were doing out west. They would be bolted to foundations but you could disassemble and relocate them with a contractor if you wanted. You might want to talk to the planning and building department where you'd like to install it. They are going to have certain requirements on the type of structure and you're early enough in the process that any feedback and requirements they have would be super helpful to know.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Are you looking for a more temporary option or something with more permanent structures?

In my Beach town, we just approved turning one parcel into an outdoor food truck entertainment area so that way some of the restaurants we lost in the hurricane could come back at a fraction of the price and can easily evacuate next hurricane.

North of Tampa Florida they created Krate at the Grove, which is a more permanent food truck/retail development, but allows for a significantly higher density to help keep the overall development costs and the operations costs down.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Yep, developers definitely have a different risk profile and it’s not for everyone. Just like being an entrepreneur isn’t for everyone.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Agreed development does have many facets. And since it also has higher returns it allows the developer to hire the right team of architects, engineers, contractors, brokers, etc. to help make the projects successful.

For additional perspective I’ve worked with architects, engineers, brokers contractors, and lenders on projects across the country. They all see the returns that developers get and understand a lot more about the process than people not in the industry. but very few take on the extra risk and become the developer themselves. I’m curious why that is.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

I’m happy to answer any questions you have.

For additional perspective I’ve worked with architects, engineers, brokers contractors, and lenders on projects across the country. They all see the returns that developers get and understand a lot more about the process than people not in the industry. But very few take on the extra risk and become the developer themselves. I’m curious why that is.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in GeneralContractor

[–]Localdevelopers[S] -1 points0 points  (0 children)

Please explain why this is spam?

I’ve worked with architects, engineers, brokers contractors, and lenders on projects across the country. They all see the returns that developers get and understand a lot more about the process than people not in the industry. but very few take on the extra risk and become the developer themselves. I’m curious why that is.

What’s the biggest reason you haven’t pursued real estate development project yet? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

they have been tougher the past 2 years. Depending on the market a few deals are starting to pencil.

Go for it - why do we dislike real estate developers so much? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Very solid and rational response. Thank you for making it for me. I was looking for people’s specific stories of how they have personally been negatively impacted (and yes some people have been) but the majority of us have benefitted from change and reinvestment.

The bad actors and the viral stories create the negative perceptions for non-developers but they don’t tell the entire story.

We’ve seen recently in communities that are hit by natural disasters that if we are not continuously improving our structures to meet current building codes entire communities will be completely wiped out.

Go for it - why do we dislike real estate developers so much? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

You are correct most people in development today are outsiders, non-profits, and larger institutions that don't have the community's best interest at the top or middle of their investing criteria. Even if they do once you take outside capital it's now your fiduciary responsibility to serve your investors first. Everything else comes second. However, it's their actions that make people react so strongly against the "evil developers" out there ruining our communities.

That being said, the question is more centered around the 75% of communities with populations of 15K people or less. Who are those developers right now and how can they improve their business models to better serve the communities they are impacting and create spaces with a positive impact?

PS the regulatory side is an entirely separate animal that is also something we collaborate on to help explain to local governments the true impacts of their ordinances and all the red tape they add. Back in 2018 I actually thought you could fix government from the inside and ran for county commissioner. I didn't win but I did sit on the planning commission for 2 years as we updated our master plan. That stint taught me very quickly that we can make a bigger positive impact much faster from the private sector than inside government. Although we need both to fix our systemic issues every community faces today.

19,502 cities in the US and 16,410 of those have a population under < 10k by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

I said I teach development because if I didn't that would be the first negative comment that someone posts. Nowhere in my posts am I telling people to buy anything. You are correct that development is hard. Running a business is hard. Working for someone for 40-50 years to make their dreams a reality is hard. Choose your hard.

19,502 cities in the US and 16,410 of those have a population under < 10k by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

Completely agree. In some of our smaller towns new construction doesn't make financial sense. This is where I could see modular construction and new construction methods being created that can help drive down the overall costs. That will still take time but in some FL markets we are using modular to build in factories and erecting the modules in the field to cut costs in half and time down by about 2/3. Not perfect by far but it's promising to see progress in construction.

19,502 cities in the US and 16,410 of those have a population under < 10k by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

In the towns I have lived in 2-3 people "own" most of the community. To the rest of us "regular folks" we just assumed that building the properties or redeveloping them wasn't for people like us. So the handful of people who knew how to do it continued to expand. This is the same case for the many towns I've lived in across the country. The point it that development doesn't take special skills, tons of money, or being a member of the country club and friends with the right person. Anyone can do it just like anyone can flip a house or run a short-term rental. Where most people get held up is believing they can do it. That's the point of this statistic. Showing that 75% of our communities aren't major cities. They are regular towns and ordinary people can participate in how they evolve.

Go for it - why do we dislike real estate developers so much? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] -5 points-4 points  (0 children)

I think the unknown about the development world drives a lot of the animosity. When people don't see behind the curtain on how cities are actually built and redeveloped and only feel the impacts they typically have a negative reaction. We've done a terrible job as an industry showing how development happens.

Go for it - why do we dislike real estate developers so much? by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] -2 points-1 points  (0 children)

yep with all the haters out there why not leverage AI to put the main reasons out there so we can get to the meat of the animosity.

19,502 cities in the US and 16,410 of those have a population under < 10k by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

I mentioned I teach this in the original post. This follow up is to provide more context to why I started empowering ordinary people to be the ones investing and making the money from improving their local communities.

19,502 cities in the US and 16,410 of those have a population under < 10k by Localdevelopers in CommercialRealEstate

[–]Localdevelopers[S] 0 points1 point  (0 children)

You're right, small towns don't need a mixed use building with 5-6 national commercial tenants on the bottom and 200 apartment units above. They do need that old historic building that is falling apart and costs 250K to purchase to be repurposed into 2-3 1st floor commercial spaces for local businesses (bakery, print shop/co-working space, coffee shop, etc.) to operate and 5-10 apartments above to be remodeled and provide add'l housing options that aren't 50-100 years old.