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Resources for Developers

Resources for Developers

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Toolkit Overview & Webinar

MEDC's strategic focus aims to position Michigan on the leading edge of economic development. Supporting and growing the talent in Michigan is a key focus in accomplishing this goal. The Developer Toolkit and Build MI Community initiative provide technical assistance resources to real estate entrepreneurs and access to real estate development gap financing for incremental redevelopment projects. The organization is committed to eliminating barriers to accessing MEDC tools and services to better serve real estate entrepreneurs with limited experience, building a strong pipeline of developers in Michigan.

Through the steps outlined below, the goals of the toolkit are to:

  • Develop connections to organizations and/or individuals providing support and services to real estate entrepreneurs with limited experience.
  • Educate and provide awareness of Community Development Programs.
  • Learn about opportunities to support real estate entrepreneurs with limited experience.

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Your Road to Development Webinar

In this webinar hear from two real estate developers as they share their journeys and provide insight for new developers, as well as gain knowledge of MEDC’s community development tools, including the Build MI Community Grant Initiative, a new tool that provides access to real estate development gap financing for small scale, incremental redevelopment projects.

1. Technical Assistance

A recommended first step when getting into real estate development is to seek assistance. The following resources provide information that will help a new real estate professional get started, know what funding could be available, and learn how to start gathering the information needed to begin your journey into the development world.

rrc-tech-support.png Partner Support:

  • Building Community Value: Detroit
  • Capital Impact Partners Equitable Development Initiative
  • Community Economic Development Association of Michigan (CEDAM)
  • CEDAM Real Estate Development Boot Camp
  • CEDAM Connect & Share Webinar Series
  • Incremental Development Alliance
  • Michigan Economic Developers Association 
  • Michigan State University Graduate Certificate - Real Estate Development and Construction
  • University of Michigan Graduate Certificate in Real Estate Development

2. Mentorship

It is strongly encouraged for anyone new to development to find a mentor who has several years of experience in the field. No one is ever truly an expert in the development world, and time and experience matters. The following resources will help you get started on identifying potential mentorship opportunities.

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  • How to Find a Real Estate Investing Mentor — the Basics
  • How To Find A Real Estate Mentor You Can Count On
  • How to Get Started on the Real Estate Developer Path
  • Real Estate Association of Developers
  • ULI Learning

3. Pre-Development

Before getting too excited and thinking a project is ready to go, it is in your best interest to do some pre-development homework. This can save you time and money. From financing to site plan review, pre-development work will benefit the applicant in the long run. Review the identified resources below to get started.

rrc-pre-dev.png Site Selection Resources:

  • Basics of Easements & Encroachments | Real Estate Exam Prep Videos
  • VIDEO: Land Development 101 - Planning & Due Diligence
  • VIDEO: Land Development from Start to Finish - Ask the Instructor

Site Design

  • Development Site Plan: 10 Things You Must Include
  • Site Planning Basics
  • Michigan Pattern Book Homes for the 21st Century
    • Two-home model: "The Linden"
    • Four-home model: "The Grove"

Architecture 

  • How to Find & Hire an Architect
  • Read This Before You Hire an Architect

Municipal Approvals

  • Real Estate Investing for Beginners - Real Estate 101
  • Understanding the Development Process

Environmental

  • Brownfield Redevelopment Program

Finance

  • VIDEO: Real Estate Finance from Simple to Complex
  • MEDC Pro Forma 101 Guide (See below for more information)

Market Analysis

  • How to Pick the Ideal Market For Investment Properties – a Comprehensive Guide
  • Real Estate Investing for Beginners - Real Estate 101

4. Development

At this step you have gone through the legwork to get the project started and approved and are now in the implementation phase. This includes building permits, zoning approvals, financing and eventually a certificate of occupancy. The resources below will help you move along in this step.

rrc-dev.pngConstruction Resources:

  • MiWaters Permitting & Compliance
  • Soil Erosion and Construction Storm Water

Construction Management

  • VIDEO: Construction Management 101: What Is Construction Management?

5. Post Development

The project is complete, now what? While you have gone through all the steps to have a project approved and now have a certificate of occupancy, maintenance is key in this step. The upkeep of the property and finances associated with the development are keys to success. Consider the identified resources below to find ways to ensure your project remains successful.

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 Marketing, Lease Up and More:

  • Types of Lease Agreements | Real Estate Exam Prep Videos

Property Management (videos)

  • Fair Housing (Part 1 of 3) | Real Estate Exam Prep
  • Fair Housing (Part 2 of 3) Prohibitive Conduct | Real Estate Exam Prep
  • Fair Housing (Part 3 of 3) - Exemptions | Real Estate Exam Prep

Pro Forma 101

The MEDC pro 101 guide forma addresses the major components of a typical commercial and/or mixed-use project. If you have real estate that you are considering developing or redeveloping, completing a pro forma analysis can help you evaluate important elements of the project. For example, a pro forma analysis can determine how many residential units or how much commercial space can or should be included based on how much revenue is needed to cover costs associated with operating the project.

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View the Pro Forma 101 Guide

View Brochure

Build MI Community Grant Initiative

The build MI Community Grant Initiative is an incentive program to better serve real estate entrepreneurs with limited experience and build a strong pipeline of developers in Michigan. This initiative provides access to the real estate development gap financing for small scale, incremental redevelopment projects.

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