Career change to RE Developer

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Becoming a developer
Posted by: Brent Aug 24 2004, 06:10 PM
Howdy, I am a licensed architect wanting to become a developer in the next 5 years. I am presently looking for work under a developer to learn the ropes and gain experience. Can you advise me on what are the best books to read to best understand banking, loans, and financing?

Thanks for any help you can give me.

Posted by: loanuniverse Aug 24 2004, 06:54 PM

I think that the best education that you will get is if you get to work for a developer and make friends with the “finance guy” to understand how he structures the deals and is able to project the revenue, expenses and profit.

I have a friend that has the following book Construction Funding: The Process of Real Estate Development, Appraisal, and Finance, but what I know I have learned from practice and from doing the analysis on the requests. I have not read the book, but according to the reviews, which I just read it seems comprehensive enough.

If you do get to work for a developer, you can always take a look at the appraisals on the properties, that should give you an idea as to the financing needs. For the structure and real life knowhow nothing is going to beat having worked for a company that is in the business.For example, I have done a few condo conversions, but today someone threw a financial term during a conversation that I did not know the meaning of. I knew what he was trying to say, but today was the first time I heard the term.

Good luck.
Author: Commercial Loan Underwriter