Justin Smith is the founder of RelEquity and a ground up development specialist who runs deals "dirt to keys": land, entitlement, design, financing, construction, operations, and exit. On this episode, host Abel Pacheco and Justin walk the full development life cycle and the discipline that keeps a deal alive when the market turns against you.
In this episode:
- "Dirt to keys." The whole development life cycle as one staged continuum: entitlement, design, capital, construction on scope, budget, and schedule, operations, then exit.
- The off ramp at every stage. Each stage carries its own risk, so know where you can walk and where you can add value before the next one begins.
- Permission to specialize: "it is okay to only do one piece. You don't have to do the whole thing."
- What to do when the macro turns. A deal Justin once chased at a 2.7% rate became a 5.7% lock, and his answer was to shrink the frame: keep occupancy high, tenants engaged, investors happy, and manage the little pieces you control.
- "You make money when you buy," and sometimes a no is the best decision you make.
Abel Pacheco is a San Antonio real estate operator who went from 8 single family houses to a share of roughly 1,500 apartment doors, and now works as a fractional Chief AI Officer helping small and mid sized businesses put the back office on autopilot.
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