Guide: How to Become a Developer
Exactly what are some of the ways to become a developer? Would majoring in architecture be a good way to get into this field or would it be best to major in a strictly business field?
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^just for houses not highrises
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Developer wish list: 1) great taste in architecture 2) not a greedy a*hole 3) won't cheapen out on the materials that often make or break a development 4) doesn't settle for the path of least resistance. Sticks with their vision and convinces the unconvincible 5) not evil 6) has a thorough understand of what is good urban design and bad urban design, even if those of authority don't 7) passionate not just about doubling or tripling their investment, but genuinely wants to improve the public sphere and the standards of the business 8) not a greedy a*hole 9) not a greedy a*hole 10) not a greedy a*hole |
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Architect - developers is kind of the final frontier. Unfortunately I think both fields are resistant to it, because it dilutes their "mission," especially the architecture. But I say the hell with it. I'm a huge supporter of the concept - especially in housing development where the design could be developed and managed by an individual or very small firm, unlike a complex commercial development that requires an entire firm 2 years to carry out a design program.
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as an architecture & urban design graduate, I'd suggest you get a business degree, with a minor in urban studies. Then you can choose to do grad school in architecture or in real estate. Architecture is much more art oriented in undergraduate, & becomes more technical in grad school.
Focus on getting educated in: understanding housing markets community development complex financing transit oriented development marketing management then get yourself a creative partner for your developments, & act as the ying to their yang |
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If you are wanting to just build houses, that actually would make you a home builder, not a developer. At least at the beginning anyway, because you would likely buy lots from existing land developers or just finding empty lots. Developing is buying land, dividing it, and going though all the processes of getting a project approved. An expensive process that requires very deep pockets. Not for a beginner. I am working on entering the development/ home building business myself. I am doing it via being a realtor. A college degree doesn't count for much in the real estate business especially if you are working for yourself. Being in the business of real estate will give you a far better sense of where you could build a real business, no school can do that. As of this point I won't be a developer for a long time. I will do one house at a time for the time being. Building individuals houses and land developing really are different things, but moving from house building to more and bigger projects is the way to go. Experience counts for a lot. |
:previous: Thanks Busy Bee, A Chicago Bearcat, & Richb. That will definitely come in handy. I'm currently finishing up getting my credits to transfer (finals next week) and definitely needed to get a good idea on where to go to first. I know becoming an actual developer would be decades down the road for me.
My plan is to start on individual homes and lots and basically gradually move up from there to the point where I can purchase lots in prime areas. Seeing the developmental patterns that have been going on for quite a while now in this city (from an architectural standpoint ie whole blocks of prairie fields where beautiful rowhomes once stood) really made me concerned for the city as a whole and I would like to reverse the direction its currently heading in (aside from more affluent neighborhoods). I currently have a connection to a small architect firm and not sure how long that would last that's why I was thinking getting the bachelors in architecture first would be good :shrug:. Well after I finish this semester I'll be able to transfer to a four year school, got all summer to figure out exactly each step from here. Getting a business degree first won't exactly put me in the playing field though opposed to working on an internship in a firm where I can ask questions and get credible answers... Idk Thanks for the responses once again.... |
I knew alot of people who intend to become developers / working for developers at the moment. Actually all of them don't have architecture degrees. They went into an urban studies program, took real estate development courses, some cross disciplinary law courses (not really necessary), and some business classes. If you are not in it for the money I wouldn't go that route....because each of these professions is so particularly focused on what they do. Money and cost vs high quality design. Heck certainly, I'd love the role of architect and developer, but I think I'd end up broke trying to make my vision reality. Point is, don't spread your interests too thin. On one hand it's great having alot of academic experience in different areas, but it can also be hassle when employers want someone very focused in their career.
Sorry I got off topic as well. Actually this discussion would make a really great new thread if the mods are interested in relocating the posts. |
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Its funny, I was asking the exact same question on here four years ago so the advice I have for you works. Remember the following: 1. Be prepared to work your ass off 2. Be willing to take a risk. You have nothing to lose. 3. NETWORK at all possible opportunities. Real Estate is all about who you know 4. LEARN. Get yourself an internship or job at a real estate law firm, consultant, developer, or brokerage. Reference point one here. If you can't find a paying position or get a job through a connection, then approach local real estate people and offer to work for three. You can't do points 1-3 without number four. Most of Real Estate is something you can't learn in school, its good to have a education that gives you chops with numbers, but you need to have hands on experience. 5. Get your brokers license and do it as fast as possible. Its impressive to people if you have a license and a college degree at a young age. It also proves that you aren't just another business student groping everywhere they can looking for just another job to hold them over. It also only costs $600, but you can get the Illinois Realtors Association scholarship for college students who are interested in real estate. If you do points 1-5 you will find yourself knowing what steps you have to take to become a developer in a couple years. I can't tell you how to become one because everyone does it differently, but I can tell you that if you do the above, you will figure it out yourself if you really have a passion for it. PS: I double majored in Economics and Finance and graduated in 3.5 years so I could get a jump start on my goal. PSS: The only developers that I know of who have an architecture degree are David Hovey and Antonvich. Architecture is a very uncommon way to get into the business. To be honest if you are young, be aggressive and just throw yourself out there for every developer, consultant, REIT, and real estate law firm in the city and be willing to work your ass off for little to nothing. You will never have another opportunity in your life again where you won't need a fully paying job and there are a lot of REITS and developers right now that are ramping up their operation and running lean and mean in this environment. Getting a some college kid to do their admin work and pick up their lunch so they can work all day without stopping will be extremely tempting to them. Also its not necessarily decades off, I will be officially a small time developer as soon as this deal closes in January meaning I went from punk ass college kid to "developer" (albeit small scale right now) in less than 5 years. And I'm still only 23... |
^ Thanks NowhereMan now that'll definitely help me out! I work much more aggressively when I get clear descriptions. I currently know a couple people personally that work in the real estate department (not sure exactly what do they do but I'll ask). I also currently own a property (not mines but my mom's and we were renovating it but started accumulating too much debt. Currently renting out another one), so I'll have 1 property to work on when I get this ball rolling. Do you have any recommendations for schools that may be a good choice? Where did you graduate from? I would still like to head to NY for school, but now it doesn't seem like that'll be a good idea...
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^ I'd advise being VERY careful accumulating any student loan debt. $50-100k in student loans (both the debt on your credit report and the monthly payments from your budget) will be a substantial hindrance when you're trying to get loans for multi-unit buildings, put down cash to pick up a vacant lot, and so on.
In general, I think the advice has been sound: start small, building a portfolio of smaller rental properties. These act as collateral and as cash flow to support you gradually moving to bigger and bigger projects. Balance your "free work" (which youre doing for fun and your own advancement) with the fact that you will actually need some income to get in the game --- you'll need some cash for those vacant lots, and as a down payment on that first three-flat. |
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^ Also, Lowenberg of Magellan (he's an MIT grad).
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As to the background to prepare for becoming a developer, I would advise working for a contractor for maybe two or three years, so that you get an understanding of how jobs get contracted out, and how costs come together.
I can't tell you how silly some of the numbers are that some developers think they can build things for. The biggest reason I've seen for so many foreclosed/stalled projects (Staybridge), or projects that just didn't go (Mondrian), is that the developer had a ludicrously low construction budget and either ran out of money after starting, or just never got started because the original deal was predicated on a fictional construction number. |
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I graduated from Loyola University Chicago. Don't go there unless you can get a lot of scholarship. I had about 2/3 scholarship and still ended up with $40k in debt. How old are you now? You should look at schools in an around Chicago simply because you will have the best networking opportunities there (business school is more about networking than learning). Look at UIC (virtually free for Illinois residents) and IIT (can be pricey). See if you can get scholarships at Loyola and DePaul, but don't got there unless you do. Another excellent alternative is to look at University of Wisconsin - Madison. The only problem is that their business program is extremely hard to get into. Same goes for University of Illinois... Going to school in NYC will be expensive, but have slightly better networking opportunities than Chicago. Then again, Chicago is a much more affordable market to start in. Again, the entire time you are in school you should be thinking "are you going to be a useful contact in the future" every time you meet someone. This includes professors, family friends, friends, and random people at parties. When you meet someone who impresses you, befriend them and it will pay dividends. |
^ Well I know I can get into UIC (I was accepted but decided not to go because of NY. and my sister works there so I might be able to get some kind of... or maybe not). I just made 19 back in October and I currently have a 2.8 gpa (should easily be a 3 point something after finals... still not trying as hard as I know I can). I know I can't get financial aid and as far as scholarships go, I doubt I would be able to land one now that I'm out of high school....
I do know a couple contractors aic4ever so I'll see if they'll let me tag along. I think I have the basis to really get started now, Thanks once again!! (too bad i won't be able to live in new york any time soon... oh well) |
Chitowncity, you have finally prompted me to get an account on SSP...I've been lurking these forums daily since about 2004 when I was about 14, but never registered since I really have no pertinent info to share. For years I've learned alot about development and real estate on this website listening to the guys like SpyGuy, Bvic, Tup, etc. and I have to say thanks to every1 on Chicago's page for sharing their opinions and knowledge about developments, etc. as its helped me over the years to decide and begin reaching my goals. You guys have really helped me focus on TOD, projects' density, how to fight nimbys in a positive way, storefront retail. etc. and overall what makes a good development.
Since I was a kid I wanted to be an architect and I left high school with the intention of getting an architecture degree at Siu-c. I basically spent my first 1.5 years there as a premajor, then basically through this website I learned a developer arguably can have a much greater impact on architecture than the architect himself. (and im not artistic/tedious enough for it neway) So now Im a jr n my major is finance specializing in real estate with a double minor in management and accounting. As I'm finishing my undergrad I'm really starting to search for networking and job opportunities like shadowing, internships, etc. I am going to probably start trying to network by volunteering with CAF (chicago arch. foundation). Then I would LOVE to get an MRED for grad school and Im just starting to learn about that program. If anybody has any info on that it'd be much appreciated. Also I'd like to begin to build my capital and rep by starting at a major development company in Chicago. I was wondering if I could get some SSP'ers opinion on what they think are some of the best and most promising development companies in/around Chicago. I'd love to start a thread for this but being new not really sure how to do much. I'm just a college kid hoping to gain some more knowledge so I can hopefully some day have an impact on development in the greatest city in the world. Someday I hope I can listen to ur guys demands (And get rid of those DAMN surface lots, n keep as many old buildings standing as possible) |
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The engineering side of things was fantastic all around, but tough sledding though. I knew a LOT of pretty smart people that couldn't hack it there so if you're wavering on your work ethic, IIT is not the place for you. If you have what it takes, though, it's definitely worth the $20K+ a year it's running now. Preferably you'd get scholarships and grants to cover a bunch of that. |
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