Ever wondered how to make the leap from real estate broker to developer? In this episode of Commercially Speaking, Bo and Timmy Barron sit down with Blake Richey, CCIM, a former broker turned multifamily developer, to discuss what it takes to build, fund, and scale a development business.
Blake shares the exact steps he took to transition from closing deals for clients to building his own multimillion-dollar properties. From his first investment in a self-storage facility to raising capital for 200+ unit apartment complexes, this episode is packed with practical insights for brokers, investors, and aspiring developers.
🔑 Key Takeaways:
- How Blake landed his first development deal (without having millions in the bank)
- What it really takes to go from brokerage to development
- How to structure deals, raise capital, and secure financing
- The biggest mistakes first-time developers make (and how to avoid them)
- Why multifamily housing is still one of the best investments in today’s market
📍 Plus: Timmy gets a crash course in development, Bo drops some CCIM wisdom, and the guys discuss the power of relationships in CRE (and how one conversation can change your career).
🎧 Listen now on Spotify, Apple Podcasts, or YouTube!
- 🏗️ Blake Ritchie’s Development Firm – TSPKY.com
- 📊 CRE Marketing Mastermind – wesgay.com/cs
- 🛠️ Site to Do Business (STDB) – The secret weapon for site selection and market analysis - stdb.com
- 🤖 Superpowers HQ – Need a CRE executive assistant? Get one here: superpowershq.com/commerciallyspeaking
- All Disc, No Balls! — Tizbee, The Secret Game For Champions — tizbee.com
- 💡 Massimo Group – World-class coaching for CRE brokers: massimo-group.com
- 🛠️ Site to Do Business (STDB) – Powerful CRE analysis and mapping tools: stdb.com
⏰Time Code⏰
00:00:00 - Start00:04:15 - Grew Up On A Farm00:04:49 - Real Estate Appraiser to Residential Agent00:05:28 - Brokerage to Development00:06:57 - How Does Someone Become A Developer?00:09:25 - We Didn’t Know What We Were Doing00:10:12 - How Bo Bought His First Property00:11:28 - If The Deal Is Good Enough The Money Will Show Up00:12:23 - Developer Vs Construction Company00:14:20 - Speed, Quality or Price. You can only pick 200:16:17 - The 4 Feasibility Tests00:17:45 - The Type Of Sites I Like00:20:19 - What a Civil Engineer Does00:25:39 - Entrepreneurs vs Bureaucrat00:28:54 - What Are Some Mistakes Learned That You Will Never Make Again?00:32:04 - Why Multi-Family?00:33:23 - What Happens After Receiving The Certificate of Occupancy?00:35:49 - Develop to Sell00:37:14 - Any Aspirations To Develop Other Asset Classes?00:38:08 - How Do You Lease It Up?00:40:01 - How Do You Structure A Development Deal?00:46:10 - I Never Thought I Could Get $12M For A Deal00:48:45 - How Do You Get The Money For The 1st Deal?00:53:33 - Pop Quiz01:00:05 - The Value Of CCIM Education
🔗 Resources Mentioned:
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