On today’s show, I’m speaking with Michael Wayne, a young developer who is building multifamily properties throughout the Detroit metro. Most investors start their career in real estate by buying existing assets, whereas Michael and his partner jumped right into ground-up development! In this episode, we talk about how Michael was able to raise the capital to take down this project, how he learned the fundamentals of real estate development, and how investors can begin developing multifamily properties. Michael also gives the listeners a crash course on developing multifamily properties, where he discusses, zoning, entitlements, common pitfalls, timelines, etc – everything you’ll need to know if you’re looking to develop a firm understanding of real estate development. Don’t miss your chance to invest in our inaugural fund, the Aligned NH Multifamily Fund I! Our latest offering, the first Aligned NH Multifamily Fund, has been well received by our investor base. We still have $200k available for investment (eight $25k shares) – if you’re interested in making an investment, click the link below to view the deal room. Within the deal room, you can review the offering documents and work through the funding process. We are only accepting funds until September 10th, 2022 – if you’d like to participate in the fund, please move quickly. Timestamps: 03:48 – Michael talks about his upbringing in Michigan, where he went to school, and his early career 11:33 – We discuss Michael’s first deal and how he navigated the risks and challenges that come with ground-up development projects 14:36 – We talk about a fundamental step: talking to the city and getting to know its processes and requirements 17:59 – Michael talks about a deal that went awry in the suburbs of Detroit and the final processes of getting approval from the city 20:11 – Michael and I discuss the construction process & the reasons behind the housing shortage 26:59 – Michael shares how he was able to raise $1.8 million for his first development project 28:46 – Michael and Axel talk about the risks associated with construction 33:54 – Michael and Axel discusses key traits to look for in a good development site 38:22 – We elaborate on the rules & regulations behind building & developing 40:51 – Michael’s piece of advice to himself before starting his real estate career 42:37 – We discuss Michael’s most significant business-related failure and what he learned from it 43:55 – We dive into the specific skill & trait of Michael to which he attributes his success from 45:17 – Michael’s goals in the next 6 – 12 months CONNECT WITH AXEL https://www.instagram.com/multifamilywealth/?hl=en https://www.linkedin.com/in/axelragnarsson/ CONNECT WITH MICHAEL
http://detroitriversidecapital.com/ https://www.instagram.com/multi_fam_mike/ [email protected]
