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What if you could build a real estate development from the ground up without needing the whole thing sold to break even?
In this episode of the CRE Blueprint Podcast, hosts Graham Storey and Jesse Durham sit down with Curt Marker, aka Captain Curt, private jet pilot, real estate developer, and founder of Captain Capital, to break down how he structured his first ground-up small bay flex industrial development outside Houston so that selling just half the building retired the construction loan entirely.
They walk through the real mechanics of how Curt built and sold 16 flex industrial units, including how he structured the deal to de-risk it from day one, why he chose build-to-sell over build-to-lease, and how he navigated permits that took 15 months instead of 4 to 6 and two banks that approved him at underwriter level then killed the deal at board.
In this episode they discuss:
- Why selling 8 of 16 units was enough to pay off the bank and why that changes everything about how you underwrite
- How delivering a shell unit instead of chasing top dollar saved more money than the discount cost
- Why build-to-sell recycles investor capital faster than build-to-lease
- What happens when permits take three times longer than expected and banks back out at the last minute
- Why conservative underwriting isn't pessimism, it's the only thing that protects investors when the deal doesn't go according to plan
This conversation is a grounded look at ground-up flex industrial development for investors and developers who want to understand how the math actually works on a real project, not the pitch deck version, and a reminder that disciplined underwriting and honest communication matter more than perfect timing.
🎧 Original Podcast: CRE Blueprint Podcast
🌐 Listen to the full episode: https://creblueprint.buzzsprout.com/2375339/episodes/19364061-asking-a-private-jet-pilot-how-to-develop-small-bay-flex-with-captian-curt
CONNECT WITH US:
Instagram: @thecaptaincurt
TikTok: @thecaptaincurt
YouTube: https://www.youtube.com/@thecaptaincurt_
Website: www.captaincapital.com
Invest With Curt: Start Here: https://www.captaincapital.com/invest
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