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Hi, so I'm a college student who's really fascinated by all the urban infill and development that's been taking place in cities across the nation. I really want to get involved in some manner-whether working for/shadowing a company or even buying some land (with help from a loan, if that's even possible) and having it developed myself. But I have no idea how to get into the business. Can someone light the path into real estate development and help me get involved? Thanks in advance
Last edited by OuttaTheLouBurbs; 12-30-2015 at 08:28 AM..
If you qualify for a mortgage, get a construction loan. That can be used to buy the lot and pay to build a house on it.
A loan for bare undeveloped land is almost impossible to get and if you can find one, the interest rate will be high.
It makes more sense to me to buy a fixer-upper than it does to build a brand new spec house. You've got no experience and will have enough problems with a fixer. There are a lot of decisions about building a house that you have no experience to base the decision on.
Actually, even the fixer is not a very good idea unless you have a lot of construction experience.
There are real estate forums where you can go and read and see what other people are doing. Bigger Pockets is one and REI Club (maybe. I think I remember the name right). Just google real estate investment websites and something will come up.
C-D isn't really the place to get complicated investment advice. The knowledge needed to do real estate starting from square one is enough information to fill multiple books.
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