JF3435: Step-by-Step Guide to Developing in a Hot Market ft. Andrew Brewer

The Best Ever CRE Show

Best Ever CRE

Realestatepodcast, Entrepreneurship, Business, Realestate, Investing, Realestateinvesting, Realestateinvestingpodcast

4.8 • 983 Ratings

🗓️ 30 January 2024

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andrew Brewer, a real estate developer and the owner of IronGall Investments, joins our host Ash Patel to discuss his strategy for development in one of the nation’s hottest markets: Austin, Texas. His former career as a stationary engineer led him to real estate development, and in this episode, Andrew details his due diligence process, the right time to raise capital, how he works with local municipalities, and more.

Key Takeaways:

His Competitive Edge: Andrew targets hyper-local projects in the Austin area to maintain a competitive edge. He carefully invests only in the city's fastest-growing submarkets — communities seeing major growth and development of their own job centers beyond just being commuter towns into Austin. By focusing on these localized markets with increasing housing demand, Andrew maintains a competitive edge vs. out-of-market investors.
Being Diligent with Due Diligence: Andrew's ideal land contract includes 4-5 months of due diligence with two months to close, plus 30-day extensions on both. This allows time for necessary third-party reports like geotech studies, endangered species assessments, utility mapping, and meetings with the city planning office to confirm allowable density. He prefers to sequence reports by risk level rather than paying for everything upfront, avoiding sunk costs if a deal-breaker emerges.
Working with the City: Andrew invests in both raw land and land zoned for multifamily. He aims to maximize density, but scales based on target demographics and pricing. While cities generally don't oppose his projects, he avoids battles by targeting locations aligned with their future land use plans. He secures variances to tweak development requirements, but ensures the overall project conforms to the area's designated use.

Andrew Brewer | Real Estate Background

Owner, Developer | IronGall Investments
Portfolio:
- Multifamily, townhomes, mobile home parks, RV parks, single-family subdivisions
Based in: Austin, Texas
Say hi to him at:
Best Ever Book: Michael Collins, by Tim Pat Coogan
Greatest Lesson: Make sure that you are very careful when choosing a partner and make sure that the people you partner with can actually deliver on what they say they can do.

Sponsors

BAM Capital

Transcript

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