[tommy2]

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Tommy-
Lots of people asking about individual RE, but any ideas about commercial, since that's what you do? There's an area nearby to me that seems prime for expansion with some available land, but I'm a commercial noob. I figure with the downward market forces it might be a good time to get in "on the cheap", but I'm sure I'm likely wrong since none of the pro's have done anything with the area I'm considering.

How could I get experience with small commercial projects? Is it possible to do significant commercial development as a part-timer? Can someone do a strip-mall type project from scratch? Any way of approaching established developers to partner with?

Thanks!

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Ground up development is the toughest game. Especially infill, small project stuff. Much, much easier to start in the redevelopment game. Look for a strip mall (smallish), office building, etc. that is well located, but generally not well taken care of. Light industrial buildings (warehousing, assembly, etc) are good too.

Part-time is tough for development work. I have been involved in 4 ground up projects ranging from $1m to $20m and they are a full time job every time.

Remember, with redevelopment, somebody is paying you while you fix up the building. With development, the clock is ticking and there are always (always!) unforseen delays and expenses.