319: The Beginner’s Guide to Real Estate Development (with LOW Money Down!) w/Terry Harris

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 6 September 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Getting into real estate development with low money down!? Many rookies assume that you need more money to develop, but there are a variety of ways to fund these projects. It all depends on how creative you’re willing to get! Today’s guest learned quickly that you don’t need a huge pile of cash to start building your own properties. Welcome back to the Real Estate Rookie podcast! Today, we’re chatting with Terry Harris—a former professional basketball player turned real estate developer. When we last spoke with Terry, he was wholesaling real estate for a decent profit. Since then, he has transitioned into the development side of real estate and grown his business dramatically. Simply by bringing great land deals to developers and providing a valuable service, Terry was able to learn the ropes and gain enough knowledge to develop his own properties. Whether you have huge dreams of building city skylines or an end goal of owning a rental property or two, you’ll want to hear Terry’s story. In this episode, he talks about how to find the best land deals, creative ways to fund projects, and how to assemble a top-tier development team. He also touches on our favorite topic as of late, partnerships, and how to bring real value to another investor when you don’t have the capital! In This Episode We Cover: How to become a real estate developer (without a ton of money!) Funding your deals with construction loans (and paying less out of pocket!) How to seamlessly pivot from one real estate strategy to another Scaling your real estate business through the power of partnerships Ways to bring value to a partnership deal beyond capital How to assemble your DREAM team as a real estate developer And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! 20 Deals in a Year as a Professional Basketball Player w/ Terry Harris Grab Your Copy of “Real Estate Partnerships” Get Information on Properties with PropStream Follow Lady Gina on Instagram Connect with Terry Terry's BiggerPockets Profile Terry's Instagram Terry's YouTube Check the full show notes here: https://www.biggerpockets.com/blog/rookie-319 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real Estate Rookie episode 319er.
0:08.0	So for me as a developer, one of my deals actually, we bought the land for 25,000.
0:14.6	We spent another 25 to pre-develop it, and all in, let's $50,000, we just got the plans approved.
0:23.1	That is all that I needed for my construction loan. Now my construction loan comes in,
0:28.0	and we're able to build the whole house, and now the choice is mine and what I want to do after
0:31.9	if I want to refinance it and keep it, or if I want to sell it. My name is Ashley Carr,
0:36.8	and I am here with my co-host, Tony G. Robinson. And welcome to the Real Estate Rookie podcast,
0:41.8	where every week, twice a week, we bring you the inspiration, motivation, and stories you need
0:46.4	to hear to kickstart your investing journey. And I got to say, Ashley, I appreciate you throwing
0:50.4	the J in between the Tony and the Robinson. So for our Ricky audience, there's a reason why I like the J.
0:57.2	First, there's Tony Robbins, who I get confused for all the time, and I've disappointed
1:03.9	quite a few people because they're like, oh my god, it gets me, Tony Robbins, when really it's just me.
1:08.8	And there's also other guys in the Real Estate space named Tony Robinson. So I got to find a way
1:15.5	to separate myself. So that's where the J comes from. Terry shares a lot about his journey of going
1:20.2	from a Real Estate wholesale to a developer, and he shares some really interesting nuggets on what
1:25.5	it costs to develop. And I'm telling you guys, you're not anticipating, you're not going to believe
1:29.6	what he says when he shares the price. One of my favorite things about this episode is how we go
1:34.9	so in depth about what you need before starting new development and who you need. Terry's going to
1:42.0	do a great job of kind of outlining those first steps that you need to take. He started out wholesaling,
1:48.3	and he's going to explain that pivot, that transition into new development, in case that's something
1:54.4	you are thinking about doing. So for all of our rookies that are listening, we promise you're
1:58.1	going to get a ton of value from hearing Terry's story for a second time, and we can't wait to share
	...

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