If you look at most millionaire’s investment portfolios, you will find that these individuals invest heavily in real estate. In fact, Morgan Stanley found that 77% of millionaires invest heavily in real estate. While some of these individuals purchase rental properties, others pursue property developments. Although these types of investments are much riskier, successful developers experience much greater rewards. These are some things you should know about real estate development.
Real Estate Development Defined
Real estate developers take land or other property types and improve upon them. For example, they may build new buildings or remodel or renovate existing structures on a piece of property. They may even subdivide and build multiple buildings on a single plot of land. Developers may create permanent or temporary structures. By making improvements to the property, its value increases.
Entering the Market
If you want to enter your local development market, e.g., real estate …