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Old Posted Jul 17, 2014, 12:12 PM
Larry King Larry King is offline
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Join Date: Apr 2011
Location: Philadelphia
Posts: 911
Quote:
Originally Posted by ChiTownWonder View Post
do you have to be rich to be a developer? isnt it more about loans and financing?
Generally yes

for a conventional bank loan you will need liquidity. Banks need to be comfortable knowing someone will step up and fund the project if it goes over budget

But there's other ways to skin a cat

you can find a rich partner and give him a piece of the backend for guaranteeing the loan

you can get a hard money loan
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