บทถอดความฉบับเต็มของ A Practical Guide To Real Estate Development From Land To Closing With David Lynn

and they said, well, no, but would you consider this? 00:02:39.599 --> 00:02:40.960 Uh and so I did. 00:02:41.039 --> 00:02:44.240 And the reason why I did is because this is so accessible. 00:02:44.319 --> 00:02:49.280 You know, if we want to make the built environment better, get this in the hands of as many people as possible. 00:02:49.439 --> 00:02:56.319 It's very easy to read, it's very well distributed, and I think everybody knows the the brand and you know what it stands for. 00:02:57.120 --> 00:03:05.680 So, you know, in doing a little research on the book, so they have some other uh real estate for dummies books, right? 00:03:05.840 --> 00:03:10.960 So, what is a little bit different about this one from the other real estate for dummies books? 00:03:11.039 --> 00:03:13.840 Because they have some other books that are similar, it looks like. 00:03:14.159 --> 00:03:21.280 Yeah, this is focusing on development as opposed to um property management and um investing. 00:03:21.759 --> 00:03:24.080 So those are some of the big differences. 00:03:24.240 --> 00:03:31.759 Those books have sold uh uh fortunately very well for Wiley, and so that I encourage them to think about another book. 00:03:31.840 --> 00:03:40.159 But this is really different in that you're creating a project, right, from scratch and you're putting all the ingredients together and you're you're a developer, right? 00:03:40.400 --> 00:03:47.280 It's different from an investor uh or an asset manager. 00:03:47.439 --> 00:03:54.719 Uh so real estate development, uh particularly my book, it it touches on those areas, but it's mainly for the developer's point of view. 00:03:55.599 --> 00:04:03.439 So in in in this book, does it uh from the perspective of is it your own money or are you doing people's money? 00:04:03.599 --> 00:04:06.319 How is it formulated and what what are you guiding in there? 00:04:06.400 --> 00:04:08.719 Are you guiding a brand new developer? 00:04:08.879 --> 00:04:20.879 Uh like someone that's just doing like uh maybe um uh a house, uh renovation of a house, or or what specifically are are we talking about here? 00:04:21.199 --> 00:04:25.199 It's a big ten, it's for all developers and everybody wants to invest. 00:04:25.360 --> 00:04:31.759 Um, so it's from the fight, yeah, just getting started. 00:04:31.920 --> 00:04:39.600 What do I do to the you know uh developer, investor, contractor who's been um doing this for a while for the the the big development group. 00:04:39.839 --> 00:04:47.120 So it's not just for developers, but it's also for contractors, who in a way it can be developers and and for investors as well. 00:04:47.279 --> 00:04:50.240 So a lot of investors invest in real estate development. 00:04:50.319 --> 00:04:52.879 So to understand the process was very useful. 00:04:53.040 --> 00:05:02.879 Um it's written in a very simple way, but um, as Mark Train, I don't know if there's a famous quote from Mark Mark Twain, he said, if I had uh more time, I'd write a shorter letter. 00:05:03.040 --> 00:05:08.560 I I found it challenging actually to simplify everything and you know, very complex topics. 00:05:08.879 --> 00:05:13.600 But uh when you do that, I think the reader benefits because nobody has enough time these days. 00:05:13.759 --> 00:05:15.759 Uh we're all suffering from ADD. 00:05:15.920 --> 00:05:30.480 And to get your information in a very accessible, easy, simple way with lots of illustrations and a bit of humor, um, it just makes it um not just a read-through, but but a very good long-term reference guide, right? 00:05:30.560 --> 00:05:35.839 You know where to go to the way it's you know structured, the dummies book has very clear chapters and subjects. 00:05:36.000 --> 00:05:41.920 And so you can just go to a section, a uh paragraph to find what you need. 00:05:42.160 --> 00:05:44.959 And um, yeah, I think that that's really the advantage. 00:05:45.199 --> 00:05:55.759 Whether you're seasoned or or just starting in development, uh, this book is it has it's really A to Z for all the key development topics. 00:05:55.920 --> 00:06:00.000 And as a professional who's been doing this for 30 plus years, I forget a lot of things. 00:06:00.079 --> 00:06:06.639 I need to, you know, go back to books and and and in this day and age of AI and and you know uh ubiquity of information. 00:06:06.800 --> 00:06:11.759 I find an old-fashioned book on you know, in this format, you know, the newsprint format. 00:06:12.160 --> 00:06:16.079 You know, I can travel with this, it doesn't give me fatigue reading it on the plane. 00:06:16.319 --> 00:06:20.160 I don't know about you, but I'm trying to read from my computer screen or tablet. 00:06:20.319 --> 00:06:24.160 Uh, it gives me a pretty big world. 00:06:24.319 --> 00:06:25.279 I just lose focus. 00:06:25.439 --> 00:06:28.800 But but this guy, you know, the old-fashioned format, it hasn't died. 00:06:28.879 --> 00:06:31.120 In fact, it's you know, it's resurging. 00:06:31.279 --> 00:06:32.959 Um, so yeah, I just find it easy. 00:06:33.040 --> 00:06:34.560 I can make notes in the margin. 00:06:34.800 --> 00:06:36.879 Um so yeah, it's for everybody. 00:06:39.040 --> 00:06:39.519 Nice. 00:06:39.680 --> 00:06:46.319 So in when you started your company, uh, you said you started your company about 12 years ago out on your own. 00:06:47.279 --> 00:06:48.079 Yeah, I did. 00:06:48.240 --> 00:06:52.959 Um what was the biggest challenge for you in getting that going? 00:06:56.319 --> 00:06:58.399 I think I think everything. 00:06:58.639 --> 00:07:09.600 I think being an entrepreneur is like um jumping out of an airplane at 30,000 feet and assembling uh putting together a parachute on the way down, or something that you don't know. 00:07:09.680 --> 00:07:21.600 I mean, I worked in very big, very good firms, uh, you know, uh that we have you know, brand name firms at senior levels, um, you know, and uh you you you review a lot of development, a lot of deals.

00:07:21.680 --> 00:07:26.800 You know, we did a lot of investment uh investment activity. 00:07:26.879 --> 00:07:29.680 I I I've invested billions over the course of my career. 00:07:29.839 --> 00:07:33.279 Uh, but but it's totally different from actually doing it yourself, right? 00:07:33.439 --> 00:07:39.040 You know, and uh when you when you start off on your own, you realize I haven't done this in this way. 00:07:39.199 --> 00:07:41.199 I haven't had to raise money on my own. 00:07:41.360 --> 00:07:48.160 Like, you know, for what I do for development in general, you you've got to raise significance, significant amounts of of equity, right? 00:07:48.319 --> 00:07:50.000 You've got to raise equity in debt. 00:07:50.079 --> 00:08:02.160 And I never you know had to take out a big commercial loan and you know, I was signing, you know,$100 million loans and you know,$50,$80 million in equity. 00:08:02.319 --> 00:08:04.959 Um, and um, you know, just having to do everything. 00:08:05.040 --> 00:08:08.639 I mean, from hiring employees, payroll, insurance. 00:08:08.879 --> 00:08:12.560 Um, you know, you're you're the chief cook and bottle washer. 00:08:12.720 --> 00:08:14.959 You do everything as an early entrepreneur. 00:08:15.120 --> 00:08:17.920 And um, you know, just uh trying to raise that capital. 00:08:18.000 --> 00:08:23.839 And I I I actually talk about that in in my book uh about raising equity for projects. 00:08:24.000 --> 00:08:25.759 Um, and uh it's not easy. 00:08:25.920 --> 00:08:32.559 You you get a lot of rejections, even though I had a you know, very long track record, very good track record on Wall Street and investing. 00:08:32.720 --> 00:08:35.279 People, you know, a lot of people knew of me. 00:08:35.360 --> 00:08:38.240 Uh when you go out and you're on suddenly not a lot of people know you. 00:08:38.480 --> 00:08:40.879 You know, you were you're really a part of that firm, right? 00:08:40.960 --> 00:08:46.879 Like maybe they mean you're a partner at XYZ firm in Wall Street, but yeah, you're you're you know everybody's best friend. 00:08:46.960 --> 00:08:49.440 Uh but you're out and you're on raising money with the hat. 00:08:49.519 --> 00:08:52.240 Um, suddenly you know, you don't have as many friends. 00:08:52.639 --> 00:08:52.799 Right. 00:08:52.879 --> 00:08:57.120 They all love everybody loves to tell you, yeah, everybody would give you money and trust you. 00:08:57.279 --> 00:08:59.679 You've got that trade until you ask for the money. 00:08:59.759 --> 00:09:07.919 And then until you're gonna ask for it's like we you know, we knew you, you know, big Wall Street XYZ firm, but now you're on your own. 00:09:08.000 --> 00:09:10.080 That's a that's a riskier proposition. 00:09:10.399 --> 00:09:11.120 That's right. 00:09:11.600 --> 00:09:13.279 Yeah, you've done you've done it with the case. 00:09:13.440 --> 00:09:14.799 This is after the enterprise. 00:09:14.960 --> 00:09:16.080 So yeah, yeah. 00:09:16.159 --> 00:09:18.639 You're well, there you had a big you know, team and big firm. 00:09:18.799 --> 00:09:23.120 Yeah, and you're you don't have enough resources, you never do as starting out entrepreneurial. 00:09:23.200 --> 00:09:29.840 You've got to get your first deal done, and then it's a whole whole bunch of deals done, then you need a five-year track record, a 10-year track record. 00:09:30.080 --> 00:09:33.519 Um, and you you you can't make any major mistakes, or right? 00:09:33.600 --> 00:09:34.639 I mean, that's that's another thing. 00:09:34.720 --> 00:09:36.799 You can't, you know, lose money on a deal. 00:09:37.039 --> 00:09:38.159 Things cannot blow up. 00:09:38.320 --> 00:09:41.679 You need to really develop that reputation as your own firm. 00:09:41.919 --> 00:09:45.679 And um, yeah, it's just it's it's like everything, it never stops. 00:09:45.759 --> 00:09:47.200 And you never really stop working. 00:09:47.360 --> 00:10:00.320 Whereas when you're working, you know, it varies from person to person, but you're working on a job, at a job in a large corporation, you go home at night and you by and large enjoy your evening, right? 00:10:00.399 --> 00:10:04.559 When you go home at five or six, and uh as an entrepreneur, you never it never really goes off. 00:10:04.720 --> 00:10:07.759 You you can't really turn your brain off, and you're always kind of working. 00:10:07.840 --> 00:10:20.159 And uh it could be good, so you can have some really creative moments after hours over the weekends, but it does mean um you know you're you're working more than uh much more than a 40-hour week, you know, you're working an 80-hour week. 00:10:20.320 --> 00:10:22.159 So it's a lot of work, it's a lot of risk. 00:10:22.240 --> 00:10:25.360 You know, you've got to sign uh loan guarantees, right? 00:10:25.440 --> 00:10:44.159 Uh, you know, and these are not small loans, and you're you're investing people's equity, you know, and not uh personal people in my case, these were you know investment corporations, professional investors, but you have a great responsibility for that as a fiduciary. 00:10:44.320 --> 00:10:46.879 And uh so you're always thinking about you're you're kind of worried. 00:10:47.039 --> 00:10:49.360 I mean, I'm I'm I'm somebody who's always thinking about things worried. 00:10:49.519 --> 00:10:54.720 So you're always worried about how that deal's going and how the returns are, and you know, a whole myriad of things. 00:10:54.799 --> 00:11:04.480 So I would say that being an entrepreneur is not for everybody, and it's not for everybody who um is you know is not willing to do hard work and take a lot of risk on, you know. 00:11:04.559 --> 00:11:18.879 Um and that's true for any almost anything you do, but particularly for real estate you're accepting large amounts of equity and you're taking out very large loans that can hold you in, you know. 00:11:19.039 --> 00:11:23.600 I usually don't sign, I only sign one personal guarantee, but still you're kind of

responsible for that too. 00:11:23.759 --> 00:11:31.600 Um, and then your reputation, you know, if you were to make a major mistake and lose money, um it's a very sm very small industry, as many are. 00:11:31.840 --> 00:11:34.000 So those are just a little, little some of the things. 00:11:34.080 --> 00:11:46.399 But it is exciting to be your own boss and the captain, captain of your own ship, and and uh, you know, feel like you've got more and you can kind of mold things and manage things the way you want to see them done, right? 00:11:46.480 --> 00:11:48.399 There's a great satisfaction in that. 00:11:49.360 --> 00:11:50.159 Yeah, absolutely. 00:11:50.240 --> 00:11:57.440 I mean, when you're when you're developing, you're putting something together, so there's a bunch of things that you know you you went through and glazed. 00:11:57.600 --> 00:12:00.240 So, you know, if we go back to the beginning, right? 00:12:00.320 --> 00:12:16.000 So this book is is driven and it gives the contractors maybe that have just been working, working, working and thinking about you know, shifting into development, uh, that that's a big leap, and there's a lot of steps involved. 00:12:16.080 --> 00:12:22.159 Uh, or if you're just starting out, obviously, then it's the whole starting out a whole business on your own, right? 00:12:22.399 --> 00:12:32.399 Um, and yeah, building that trust and and reputation uh and then being responsible for other people's money, there's a there's a lot in there. 00:12:32.720 --> 00:12:41.440 Um, so are you also a general contractor that was doing the development, or are you just in the developer seat only? 00:12:42.879 --> 00:12:44.159 Really in the developer seat. 00:12:44.240 --> 00:12:50.480 So I hire contractors to do work in my buildings uh before I spell my company. 00:12:50.639 --> 00:12:58.240 But we had 81 buildings in 30 states, so yeah, we're always doing some work in one way or another. 00:12:58.399 --> 00:13:04.320 Um, but uh yeah, I mean, I I started my career as a in a contracting firm as a cost estimator project manager. 00:13:04.480 --> 00:13:08.559 And I could tell you this, I always had you know visions of going into development, right? 00:13:08.720 --> 00:13:09.919 And and so I didn't know. 00:13:10.000 --> 00:13:13.200 Um, and I really had to work in a development firm to understand that. 00:13:13.360 --> 00:13:17.600 But many people don't have that opportunity uh to work in a real estate development firm. 00:13:17.679 --> 00:13:21.919 So they're they want to go from you know being an investor or a contractor into development. 00:13:22.000 --> 00:13:30.960 So this book really me personally, I started my career in in contracting, general contracting, uh as a cost estimator and project manager. 00:13:31.039 --> 00:13:37.279 And uh really, really you know, enjoyed that, and that's a very valuable uh part of the business. 00:13:37.519 --> 00:13:42.720 Um me personally in my farmer company, we hired contractors all the

time. 00:13:42.879 --> 00:13:55.120 You know, we had um about 70 buildings in in many states around the country, and um, yeah, we're always doing work, renovation work of some sort, new roof, new interiors, whatever. 00:13:56.159 --> 00:14:05.919 So and I and what I was trying to say is that this book is really useful for people who maybe they're contractors and they want to get into development, right? 00:14:06.080 --> 00:14:10.879 And there's no not a lot of um, you know, clear books on that, like how to. 00:14:10.960 --> 00:14:16.879 It's like a like a cookbook in very plain language, you know, the dummy seat for lots of examples. 00:14:17.039 --> 00:14:24.720 Um, and and it's not so I'd like to think it's not so boring like a textbook, that there's some humor in here and uh lots of illustrations. 00:14:24.879 --> 00:14:25.840 So it's kind of fun to read. 00:14:25.919 --> 00:14:27.039 And you can take it with you. 00:14:27.120 --> 00:14:30.480 Like I it is kind of a very portable, light book. 00:14:30.559 --> 00:14:33.919 It's not a huge, heavy, boring textbook, right? 00:14:34.080 --> 00:14:35.039 Right, right. 00:14:35.279 --> 00:14:36.320 Yeah, a little different. 00:14:36.399 --> 00:14:46.399 So obviously, obviously, too, when you're when you're raising capital for development deals, it's a little different structure than if you're you know buying an existing building with already got rent rolls. 00:14:46.480 --> 00:15:01.600 So though you have to find a certain type of investor to go along with you that wants to sit along for the ride and you know doesn't get distributions and is waiting for potentially a lump sum distribution at a turn of you know three to five years. 00:15:01.840 --> 00:15:08.159 So when you're going out and building that, it's you you have to find the right people to get it. 00:15:08.240 --> 00:15:14.799 So when you're doing that transition, it because obviously you need it's a lot of upfront cash for development, so it takes a lot of money. 00:15:14.879 --> 00:15:20.080 You have to be able to get that, and you have to have people that are willing to invest in you and wait. 00:15:20.159 --> 00:15:24.879 And so it is a lot of trust, and you know, it's a lot different. 00:15:25.039 --> 00:15:36.240 I think it even it requires even more trust than typical capital raising because you you can't say, Oh, here, this is already got a cash flow, you're gonna walk in and get distributions instantly. 00:15:36.480 --> 00:15:45.679 You're you're getting someone's money holding on to it, and they're not seeing that money for three to four years until they're getting that money back sometimes. 00:15:45.919 --> 00:15:53.519 So very well said, I mean, there's nothing they're investing in a dream, in a vision, and in you, right? 00:15:53.679 --> 00:16:03.919 So you've got to you know really ramp up your your sales skills because you're selling yourself, you're selling the project, an invisible project, and and you all they see is you, right? 00:16:04.159 --> 00:16:12.960 And it requires a lot, and you generally, most developers could barely put uh very little into their project. 00:16:13.039 --> 00:16:17.360 And you know, certainly you're always a minority part of that equity stack. 00:16:17.600 --> 00:16:24.960 And um, yeah, there's so many things, there's so many different variables, so many things that can go wrong in development that it's incredibly complex. 00:16:25.120 --> 00:16:26.799 Even a small development is complex. 00:16:27.039 --> 00:16:40.480 So, yeah, you need a lot of confidence, and you you need to look yourself in the mirror every day to say there are hard things that we've got to do, we've got to raise capital, we've got to deploy capital, we've got to manage big budgets and multiple actors and contractors, etc. 00:16:40.879 --> 00:16:42.720 It's like a three-ring circus. 00:16:42.799 --> 00:16:53.519 I mean, I I you can either liken it to the you know, the guy with the whip and walking around the three-ring circus, or you or you can like it to an orchestra. 00:16:53.600 --> 00:16:54.720 It's very sedate and everything. 00:16:54.799 --> 00:16:56.559 It's not it's not really an orchestra, you know. 00:16:56.799 --> 00:16:58.480 There's some interesting people. 00:16:59.919 --> 00:17:01.679 It's not really an orchestra, I don't know what it is. 00:17:01.919 --> 00:17:09.039 More like a circus, and and you you've got to be that person who keeps it all under control, and you've gotta you've got to do it with a lot of confidence, right? 00:17:09.119 --> 00:17:12.319 And and nobody wants to hear about complaints and what you, you know, your problems. 00:17:12.480 --> 00:17:16.240 You gotta say, this is what I'm doing, I'm solving the problem, I'm making progress. 00:17:16.319 --> 00:17:18.319 And you and they all want progress reports too. 00:17:18.480 --> 00:17:22.480 They're not gonna just take your word for it when you're drawing down large amounts of money. 00:17:22.559 --> 00:17:25.920 Well, as a contractor knows those drawdowns are very important, right? 00:17:26.000 --> 00:17:26.799 That's your lifeblood. 00:17:27.119 --> 00:17:34.720 Same with a developer, you know, and you've got to prove you've done the work, you you've got to prove your own schedule, that your own budget, everything's going really well. 00:17:34.880 --> 00:17:38.000 Um, so it's it's a it's a big managerial task. 00:17:38.079 --> 00:17:44.880 I'd say as a contractor, you can be a specialist if you're, you know, not a general contractor, if you're a specialty contractor. 00:17:44.960 --> 00:17:48.799 But as a developer, you can never be uh just do one thing. 00:17:48.880 --> 00:17:57.039 You've got to manage different trades, different disciplines, different professions, architects, engineers, you name it, uh, so many different vendors. 00:17:57.759 --> 00:18:04.160 Um so yeah, it's it's a very complex managerial challenge. 00:18:04.960 --> 00:18:07.119 Yeah, just discussing what we're

discussing. 00:18:07.200 --> 00:18:12.880 So when you're you're getting that raw land, you you have tons of unknowns, so you have to do your due diligence. 00:18:12.960 --> 00:18:31.680 You can run into the soil issues, then you know, you've got your architectural engine engineer, you have you may go halfway down one route, all of a sudden you run into a roadblock or an approval issue, and your entitlement, and you're having to pivot and pivot and go somewhere else. 00:18:31.920 --> 00:18:37.119 Sometimes you get three-quarters of the way through, and then up, here's a roadblock, or something has changed. 00:18:37.279 --> 00:18:45.279 There's there's so many unknowns in development, it you know, you you just never know. 00:18:45.359 --> 00:18:46.720 You it's very difficult. 00:18:46.880 --> 00:18:49.039 So let me ask you a quick question, David. 00:18:49.200 --> 00:19:10.160 When you've gotten into development, have you ever gone and closed on a piece of land thinking everything was gonna go rosy peachy and then hit a roadblock where up nothing is as I suspected, and or or hit some error that has caused a major challenge or pivot for you? 00:19:11.119 --> 00:19:12.720 Um, just about all the time. 00:19:14.640 --> 00:19:17.599 Yeah, you just you just can't foresee the future, right? 00:19:17.680 --> 00:19:21.519 And and things are very complex, especially you know, when you're developing raw land. 00:19:21.680 --> 00:19:28.400 Um, you know, could be a new regulation that that you weren't aware of, uh, could be an environment, bad environmental report. 00:19:28.480 --> 00:19:32.160 Um, you know, when you're developing a project, you're putting all these components together. 00:19:32.240 --> 00:19:37.680 You're doing an you know entitled the entitlement tract, you're doing the design track, the engineering track. 00:19:38.000 --> 00:19:42.799 Could be, you know, the architect uh is not up to the task. 00:19:43.039 --> 00:19:51.359 It could be a soil's report that means you can't really build there, or you're extra, you know, foundation pilings, whatever. 00:19:51.599 --> 00:19:53.759 Um, so all these things come up all the time. 00:19:53.839 --> 00:19:58.799 And you're you're you're just you're you're building that airplane, you know, while you're trying to fly it. 00:19:58.880 --> 00:19:59.519 You really are. 00:19:59.680 --> 00:20:05.440 And and every project is people don't quite fully appreciate this sometimes, but every project is unique. 00:20:05.680 --> 00:20:09.200 It's a snowflake, it's never been done before, right? 00:20:09.279 --> 00:20:11.839 Uh unless you're doing something really cookie-cutter. 00:20:12.000 --> 00:20:15.359 Um, but even then, things are the site is always unique, right? 00:20:15.519 --> 00:20:20.640 So I'd say just be ready for change, be ready to adapt. 00:20:20.799 --> 00:20:28.000 Don't throw the towel very easily, but things will come up that you know, it could be a neighborhood group that is up in arms about a new development. 00:20:28.319 --> 00:20:31.599 And they look, it looks like they're gonna stop you in your tracks, right? 00:20:32.079 --> 00:20:34.000 Um there are all these unknowns. 00:20:34.160 --> 00:20:38.160 Development is a very public uh thing, a very public process. 00:20:38.400 --> 00:20:44.000 And so you you've got to work with the community and and neighborhoods, and and you gotta do that more and more. 00:20:44.079 --> 00:20:48.400 There's more and more regulation, you know, every month, it seems. 00:20:51.039 --> 00:20:54.319 So yeah, you you just yeah, oh yeah, go ahead. 00:20:54.640 --> 00:21:08.400 Oh, I was just gonna say, so when in in this in this book also, so you know, from a investor perspective, so you know, what does this book provide any insight from the investor side? 00:21:08.559 --> 00:21:10.400 So we're talking about the developer side. 00:21:10.559 --> 00:21:24.000 So for the investor side, where where you're getting the capital from, you know, it's it's almost a lot of those investors, you know, they they need a little bit of learning experience on where to invest. 00:21:24.079 --> 00:21:29.119 I'm in tons of groups, and there's tons of people that do invest in these types of deals. 00:21:29.200 --> 00:21:39.359 And I see so many that don't do their due diligence, they'll put money and trust in people and that are in bad there, and then they're in a bad spot. 00:21:39.599 --> 00:21:41.680 And so could you speak to that at all? 00:21:41.759 --> 00:21:44.400 Do you do you acknowledge that in the book at all? 00:21:44.799 --> 00:21:46.720 I do, and that's a great question. 00:21:46.880 --> 00:21:54.960 And every investor should read this book if they're investing in development or if they're in a development. 00:21:55.039 --> 00:21:59.440 Um, this is your due diligence, really, to understand the an entire process, right? 00:22:00.160 --> 00:22:09.759 If your um you know investment your developer comes back and talks the lingo like uh gee whiz I didn't I didn't get the conditional use permit for that thing, you know what they're talking about. 00:22:10.000 --> 00:22:14.000 Gee, I didn't get loaded to the bank, I assign a personal guarantee, you know what they're talking about. 00:22:14.160 --> 00:22:26.400 So absolutely, um, a lot of people invest of all walks of life from in local investors to large pension funds. 00:22:26.480 --> 00:22:27.759 They invest in development. 00:22:27.839 --> 00:22:33.039 So everybody should read this book to understand development because a lot of people, frankly, don't have a development background. 00:22:33.119 --> 00:22:34.559 They might have an investment background. 00:22:34.799 --> 00:22:39.039 Doing the numbers is vitally important, but believe me, it's only one part of the process. 00:22:39.200 --> 00:22:44.559 To do a performa, and I think you've got it lit, you understand everything, uh, is a recipe for a disaster. 00:22:44.720 --> 00:22:51.680 You've got to know the processes,

the actors, you know, the you know, the all the different rules and regulations involved. 00:22:54.000 --> 00:22:57.839 This book, I think, does a unbiased, of course, a really good job of that. 00:22:58.400 --> 00:22:58.720 Right. 00:22:58.799 --> 00:23:06.559 And you can draw it up uh as great as you want, but if you don't put the right team to just what you spoke to, that can also lead to another disaster. 00:23:06.640 --> 00:23:09.359 So it's imperative to what you spoke of earlier. 00:23:09.440 --> 00:23:22.799 You get an architect that you know is out in front of his skis and he's designing a project that he doesn't have the capacity, capacity to deliver on, or you have a contractor who can't deliver, or even a site guy. 00:23:22.960 --> 00:23:25.839 I mean, any piece can put you off the rails. 00:23:26.000 --> 00:24:03.279 So, as a developer, it back to your other point, you're dealing with all of these pieces from conception of just a piece of raw land, visualizing it, and taking that and dealing with, you know, regulations, uh, county managers, down to the civil engineer, walking him through and pushing him uh through the guidance to environmental challenges, soil challenges, then the designers coming in, then you're getting off the ground, you got the contractor and you got the site guy, and and and then it's just on and on and on. 00:24:03.440 --> 00:24:08.000 So it's a three-year process of challenges and overcoming them. 00:24:08.160 --> 00:24:18.559 Uh, so I I it it's a great idea that you're you're having this, and I love it that you know, these for dummies books are are awesome, those, those are great. 00:24:18.720 --> 00:24:24.079 And um, you know, somebody with your background, did you say that you're also an architect, an architect? 00:24:24.240 --> 00:24:25.200 Is that what you said? 00:24:25.359 --> 00:24:27.519 Did you say you have an architecture degree? 00:24:27.839 --> 00:24:29.599 I I'm originally trained as an architect. 00:24:29.680 --> 00:24:31.680 My wife is an architect, a real architect. 00:24:31.839 --> 00:24:32.079 Good. 00:24:33.359 --> 00:24:34.079 Yeah, I thank you. 00:24:34.160 --> 00:24:35.839 I think it's a great, great training. 00:24:35.920 --> 00:24:40.160 I just didn't see a very viable career path, at least when I was graduating. 00:24:40.240 --> 00:24:42.400 And I and I just enjoy construction and development. 00:24:42.480 --> 00:24:42.960 I really do. 00:24:43.039 --> 00:24:44.000 I I love construction. 00:24:44.079 --> 00:24:47.759 That was my first job out of college and and did did pretty well at it. 00:24:47.920 --> 00:24:51.200 I I love digging into plans and specifications, going to job sites. 00:24:51.359 --> 00:24:52.960 It's very exciting to see progress. 00:24:53.119 --> 00:24:59.039 Uh, but yeah, this this book I think is very informative for for anybody investing, for contractors. 00:24:59.279 --> 00:25:03.279 Even if you're a contractor, you're often involved in a development project, right? 00:25:03.440 --> 00:25:03.680 Right. 00:25:03.759 --> 00:25:04.000 Yeah. 00:25:04.400 --> 00:25:13.759 You know, understanding how the whole all pieces fit together and what your your client, the developer, the investor is is up against is very, very important, right? 00:25:13.920 --> 00:25:18.880 So then a lot of contractors, like they do this for a while, they they feel comfortable with going into development. 00:25:18.960 --> 00:25:28.319 They have contacts, they've raised money, uh, they have a very good track record, you know, and and they feel like, you know, particularly if they know the local market, they want to develop. 00:25:28.400 --> 00:25:34.319 So much much of most of development, most of what is built in this country is from is not from development. 00:25:41.359 --> 00:25:43.200 It's been created by contractors. 00:25:43.359 --> 00:25:49.759 That's is a big goal of the book to inform everybody, you know, and and to bring bring them up the learning curve, you know, in a very quick and efficient manner. 00:25:49.920 --> 00:25:56.640 I think this is a better, you know, I'm biased of course, but this is a better way to learn than you know, a bunch of AI stuff on the computer, you know. 00:25:56.799 --> 00:26:02.880 This is when it's tangible like this and you can make notes and go back to it, it's easy to transport. 00:26:03.039 --> 00:26:08.880 You know, I think you know, that interaction still reading a book is is for me the best way to learn. 00:26:09.279 --> 00:26:10.960 And Elon Musk has done that too. 00:26:11.039 --> 00:26:13.200 And he's not too shabby, he's a trillionaire. 00:26:13.759 --> 00:26:14.480 Yeah, yeah. 00:26:14.559 --> 00:26:17.680 Well, uh yeah, I there's never a time I'm not reading myself. 00:26:18.160 --> 00:26:21.519 What you think he's done, like that's right. 00:26:21.680 --> 00:26:24.079 That's yeah, but I I yeah, here's a plug. 00:26:24.240 --> 00:26:28.240 I just built just I was saying like building things and developing, it's amazing. 00:26:28.319 --> 00:26:29.359 You're you're changing the world. 00:26:29.440 --> 00:26:30.799 You really are, you're changing the world. 00:26:30.880 --> 00:26:32.559 So you can look at it that way, yeah. 00:26:32.880 --> 00:26:37.440 Being more informed is yeah, you're helping the built environment hopefully improve. 00:26:38.240 --> 00:26:39.599 Yeah, absolutely. 00:26:39.839 --> 00:26:40.640 Well, great. 00:26:40.799 --> 00:26:45.519 Um, is there any anything else we would like to to bring in uh here today, David? 00:26:45.599 --> 00:26:47.519 I think it's been very informative. 00:26:47.680 --> 00:26:50.000 Uh on a quick thing on development. 00:26:50.319 --> 00:26:51.119 I love it. 00:26:51.440 --> 00:26:53.359 Yeah, I would say go out and buy the book. 00:26:53.440 --> 00:26:57.599 It's available on Amazon, Barnes and Noble, uh, Target, everywhere. 00:26:57.759 --> 00:27:01.119 And uh yeah, it was shipped actually last week, so it should be on bookshelves. 00:27:01.200 --> 00:27:05.279 And uh if you happen to see me, I'm happy to send an autograph copy. 00:27:06.880 --> 00:27:07.440 Awesome. 00:27:07.680 --> 00:27:09.359 David, thanks so much for joining us today, sir. 00:27:09.440 --> 00:27:10.640 We appreciate you having on. 00:27:10.799 --> 00:27:11.359 Thanks so much. 00:27:11.759 --> 00:27:12.160 Everybody.