Young, Intelligent, Aggressive guy looking to become a developer, what should I do?

I am currently in the leasing of retail properties but my end goal would be to develop mixed use buildings in urban areas. What can I do now to prepare. Currently I am attending college at night working towards a bachelors in Business with a concentration in Finance, then will continue my education to get a law degree. I figure if I have a law degree I can contribute to a syndicate by waiving legal fees in leiu of a percentage of the property. I attend ULI and ICSC meetings and classes to learn more. Any suggestions at all would be very greatly appreciated. My personal email is LEASERETAIL@GMAIL.COM. I also would be happy to help you with info that I have access to.
In General Area - Asked by Juan G. - Oct 24, 2008
Report Abuse
Answer this Question

Answer(s)

Raymond S.
Broker/Agent
Las Vegas, NV

I'm a commercial broker, consultant, and developer, and if I were you I would do at least two things:
1) Don't get a law degree; instead, get an MBA. I am a lawyer, and I used to work at a multinational NYC law firm. While a law background will help you personally (i.e., you'll have a leg up with respect to your knowledge of transactions), it will NOT help you get hired by developers, nor will they give you a percentage of a deal in exchange for legal services. Most people view legal services as a necessary evil, and not worth exchanging for a share of a deal. Besides, you'll incur at least $100K in law school expenses and you're going to have to service that debt somehow -- usually, by working in a law firm or as an in-house lawyer at a developer (which would be a very tough job to get right out of law school). You'll also probably have to practice real estate transactional law for at least 3 - 5 years, if not longer, before a developer would consider you experienced and/or savvy enough to be part of a development team.
2) You're on the right track with ULI. If I were you, I would strongly consider getting one of their certifications, which usually involves taking several 2 or 3 day courses, attending their events, and taking some elective courses. If you're still in college, you can probably get some of this education by majoring in real estate finance. You can also get similar experience by getting a master's of real estate, which is offered by most universities around the country (NYU, in NYC, has an excellent masters in real estate program). Another organization that is excellent to get involved with, and which also has an excellent course curriculum for real estate brokers, investors, and developers, is CCIM (http://www.ccim.com/about/ccim.html).
Good luck, and feel free to email me if you've got additional questions (steve@tuckerequity.com). I've taken the road you're trying to take, and it's one of the most difficult (and, at times, frustrating and poverty-causing) things I've ever done. However, it's a great profession and a great field, and if you stick with it and give it the proper focus, it's one of the most rewarding jobs on the planet, both financially and psychologically.
-Steve Tucker

Oct 24, 2008
Report Abuse
Chris S.
Broker/Agent
Coeur D'alene, ID

Development ... today? Luckily it sounds like you are looking long term. I think you are on the right track with ICSC and ULI. You will need the bachelor degree, an MRED would be helpful. Some universities offer a joint JD/MRED degree (USC for example) but it would be absolute hell to try and get through that program and work at the same time. CCIM is a fantastic source of education and would be worth your time, in addition to the above.

Jan 16, 2009
Report Abuse

Welcome to Answers

LoopNet Answers is where the commercial real estate community shares what they know to help each other out. And it's all for free.

Ask a question to get advice from brokers, investors, professionals and local experts.

Answer questions to raise your visibility as a trusted advisor and build new relationships.

Ask a Question

Post Question