REAL ESTATE DEVELOPMENT LAND DEVELOPMENT PROPERTY DEVELOPMENT
TOP STUDENT EARNS $2,750,000 IN 'SWEAT EQUITY' FOLLOWING THE REDI METHOD
Tim's apartment building under construction
THE REDI FOUNDATION 6 MONTH ONLINE REAL ESTATE DEVELOPMENT COURSE WHERE STUDENTS DEVELOP "REAL" REAL ESTATE DEVELOPMENTS
Tim W., a recent graduate of the REDI Foundation's 6-Month Real Estate Development Mentoring - Certification Course, has turned his ‘sweat equity’ into 22 units and 2 historical bungalows in San Diego, CA – earning a 22% ownership equity interest, the equivalent of $2,750,000 after taking the REDI Course.
Real Estate Development is one of the most creative and entrepreneurial fields. Having learned the REDI Method putting together real estate development Joint Ventures, we asked Tim W. a few questions about his apartment project.
REDI: Tim, why did you want to be a developer?
Tim W: Creativity! I love looking at raw land and dreaming up the highest and best use for a specific property in a specific community.
REDI: How many apartment units in your development?
Tim W: 22 new units and 2 historical bungalows.
REDI: How many Joint Venture investors joined you?
Tim W: 4 investors. We raised $3,000,000.
REDI: How did you know it would be a successful project?
Tim W: We performed a market analysis and feasibility study as taught in the REDI Course.
REDI: What is the IRR?
Tim W: 22% IRR.
REDI: How were you able to find the site?
Tim W: We used the REDI Value Generator Method to identify market demand. The site we chose was located perfectly in central San Diego.
REDI: What were the initial obstacle and challenges?
Tim W: There was a historical element and as a result our project site includes two 1920's cottages that we designated historical as part of our project and entitlements.
REDI: How did you overcome this obstacle?
Tim W: As taught in the REDI Course, we approached the neighborhoods/planning group up front and asked them what they thought the neighborhood would like to see on the site.
REDI: What is the value of your 22% ownership equity interest?
Tim W: The value to me for putting together this project is that I now own a $2,750,000 equity ownership in the development with no cash invested. Essentially, I am $2,750,000 wealthier then before the Course.
"Richard Michael Abraham, developer and REDI's Founder is my mentor. His knowledge and mentoring I would argue guarantees success."