If you're thinking about doing development deals, then you've come to the right place. Have a listen to this week's podcast episode. Our guest explains how narrowing your niche will give you a competitive advantage and have people see you as an expert in your field.
Tyler Cauble started his commercial real estate career with a boutique development firm at the age of 21. Before the age of 25, he had sold over $12,000,000 in commercial real estate. In the commercial real estate industry, the average broker is 54 years old. As a millennial, Tyler became more and more frustrated with the industry's inflexibility, lack of innovation, and resistance to new technology. To give him the freedom to innovate and disrupt the industry, he went out on his own and created The Cauble Group.
In this episode, Tyler shares how tough it is to be managing development deals. He suggests how you can best start in the developmental real estate business other than just reading book resources and listening to podcasts. He also underscores the mistakes newcomer investors usually make so you avoid the high cost of committing them. It's also interesting to hear about ways to find qualified investors and marketing strategies and tactics to find new investors.
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What you’ll learn in just 17 minutes from today’s episode:
00:54 - How he found his niche in real estate
02:48 - The best way to get started in development deals
04:28 - What newbie investors normally do wrong
06:15 - Advantage of being specific with your market
09:06 - Finding new investors to raise capital from
10:22 - Using Instagram or YouTube to find new investors
12:02 - Creating video content for your social media platforms
13:16 - Looking for investors from social media without messing up with SEC
15:47 - Educating people to help with the 'know-like-trust' factor
"There was not really anything major that would surprise me now on every development deal. There's always a surprise; something always comes up. But I learned how to deal with things like that. Like you said while getting paid to work for somebody else. That to me is huge for commercial real estate development and development in general." - Tyler Cauble
"Mistakes you'll see newbie investors make, they'll ask too much for rent, or they'll ask too little for rent, and you just don't properly negotiate your financing terms. I mean, those commercial loan documents are extensive; you can negotiate them. I highly recommend you get an attorney involved to help you with that." - Tyler Cauble
"One of the first things that we did helped us grow as fast as we did for the last three, almost four years; we've almost exclusively focused on East Nashville. So not just one market, we have focused on a submarket within that market, that allowed us to have more knowledge than anybody else." - Tyler Cauble
"Finding your blue ocean, niching down into your little neighborhood or whatever you want to do; that was super beneficial for us." - Tyler Cauble
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