#103: His First Deal Was a 48 Unit Development! A Crash Course on Developing Multifamily Properties with Michael Wayne

On today's show, I'm speaking with Michael Wayne, a young developer who is building multifamily properties throughout the Detroit metro. Most investors start their career in real estate by buying existing assets, whereas Michael and his partner jumped right into ground-up development!

In this episode, we talk about how Michael was able to raise the capital to take down this project, how he learned the fundamentals of real estate development, and how investors can begin developing multifamily properties. Michael also gives the listeners a crash course on developing multifamily properties, where he discusses, zoning, entitlements, common pitfalls, timelines, etc - everything you'll need to know if you're looking to develop a firm understanding of real estate development.

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03:48 - Michael talks about his upbringing in Michigan, where he went to school, and his early career

11:33 - We discuss Michael’s first deal and how he navigated the risks and challenges that come with ground-up development projects

14:36 - We talk about a fundamental step: talking to the city and getting to know its processes and requirements

17:59 - Michael talks about a deal that went awry in the suburbs of Detroit and the final processes of getting approval from the city

20:11 - Michael and I discuss the construction process & the reasons behind the housing shortage

26:59 - Michael shares how he was able to raise $1.8 million for his first development project

28:46 - Michael and Axel talk about the risks associated with construction

33:54 - Michael and Axel discusses key traits to look for in a good development site

38:22 - We elaborate on the rules & regulations behind building & developing

40:51 - Michael’s piece of advice to himself before starting his real estate career

42:37 - We discuss Michael’s most significant business-related failure and what he learned from it

43:55  - We dive into the specific skill & trait of Michael to which he attributes his success from

45:17 - Michael’s goals in the next 6 - 12 months




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