WEBVTT - Study Hall: HOW TO GET MONEY TO BUY LAND 0:00:03.760 --> 0:00:06.840 Hey everyone, this is Tatiana Manning, host of Real Talk 0:00:06.880 --> 0:00:10.400 with PGEN. We know small businesses are dealing with rising 0:00:10.400 --> 0:00:12.840 costs and looking for ways to boost their bottom line. 0:00:13.080 --> 0:00:15.520 That's why we're doing the show to help customers save 0:00:15.600 --> 0:00:18.239 with simple and easy to do steps by making sure 0:00:18.320 --> 0:00:21.200 they're on the most optimal rate for their business. So 0:00:21.320 --> 0:00:24.280 check us out on pg dot com, Ford, Slash, Real Talk, 0:00:24.440 --> 0:00:25.959 and all other streaming platforms. 0:00:30.000 --> 0:00:33.600 Talk about the money. This is the financing portion of 0:00:33.640 --> 0:00:36.800 your land and development. We're going to talk about institutional funding, 0:00:36.920 --> 0:00:44.519 seller financing, private lenders, and crowdfunding. Institutional funding. This is 0:00:44.560 --> 0:00:51.199 where the slides get less cute with visuals, right, but 0:00:51.400 --> 0:00:55.360 it's a serious matter. Farmers dot gov is a website 0:00:55.400 --> 0:00:58.960 that I want to tell everybody to check out. You 0:00:59.040 --> 0:01:03.280 might not have any intention of farming, but with what's 0:01:03.360 --> 0:01:08.280 going on with food sovereignty, being able to purchase land 0:01:08.319 --> 0:01:14.800 through the USDA and loan products that are available, as 0:01:14.840 --> 0:01:19.840 well as being able to take advantage of any grants 0:01:19.880 --> 0:01:24.040 and different things that are available with food sovereignty projects, 0:01:24.560 --> 0:01:28.440 it's a no brainer. Look into farmers dot gov. That 0:01:28.600 --> 0:01:33.760 is a great resource when you are purchasing land. Institutional 0:01:33.760 --> 0:01:36.520 funding is your typical funding. That's when you go to 0:01:36.600 --> 0:01:43.480 Wells Fargo, Bank of America, Chase, or Citizens Trust Bank, 0:01:44.400 --> 0:01:49.120 Unity Bank and you say, I want to buy this 0:01:49.200 --> 0:01:52.000 piece of land, I would like to build a home 0:01:52.120 --> 0:01:54.800 on it, and I would like to sell it. They've 0:01:54.800 --> 0:01:58.600 got the best rates, but it's the hardest to get 0:01:59.200 --> 0:02:01.640 so you're going to need to speak to multiple lenders, 0:02:01.880 --> 0:02:04.880 and you're going to do best by starting with a 0:02:04.920 --> 0:02:08.480 bank that you already have a relationship with. So this 0:02:08.600 --> 0:02:12.800 goes without saying, before you try your hand at investing 0:02:12.880 --> 0:02:16.280 in any land, you should be credit worthy. You should 0:02:16.320 --> 0:02:19.960 have an exceptional credit score. You should have money and 0:02:20.040 --> 0:02:23.760 savings in the bank. At least you know, twenty five 0:02:23.800 --> 0:02:27.560 percent of your disposable income should be saved in the 0:02:27.600 --> 0:02:33.720 bank before you start buying land and investing in this way. Yes, 0:02:33.840 --> 0:02:40.400 you can buy affordable land at affordable prices cash outright, 0:02:40.600 --> 0:02:43.239 and if that's the strategy you want to do, by 0:02:43.280 --> 0:02:46.120 all means, do it. But if you're going to do 0:02:46.360 --> 0:02:50.600 a development project of scale, you're going to need institutional 0:02:50.639 --> 0:02:53.760 funding and to get the best rates, and to even 0:02:53.840 --> 0:02:57.760 be considered by a traditional lender, you are going to 0:02:57.880 --> 0:03:04.480 need exceptional credit and experience that track record. Again, there's 0:03:04.520 --> 0:03:06.600 ways to get around it if you don't have a 0:03:06.680 --> 0:03:09.040 track record and no one on your team has a 0:03:09.120 --> 0:03:15.040 track record. By partnering strategically with your constructor your excuse me, 0:03:15.120 --> 0:03:21.240 your builder, your developer, speak with multiple lenders. Set up 0:03:21.240 --> 0:03:25.720 your LLC again, talk to that strategy, that business consultant, 0:03:25.840 --> 0:03:31.440 that strategist, that business attorney. Put your LLC into position 0:03:31.919 --> 0:03:36.120 by having the best, most credit worthy people on your LLC, 0:03:36.520 --> 0:03:40.880 people who have experience in maybe they have been a 0:03:40.920 --> 0:03:45.400 general contractor. If you have someone in your family or 0:03:45.680 --> 0:03:48.400 in your friend group, use the people who are in 0:03:48.480 --> 0:03:52.920 the best position to be able to go after institutional funding. 0:03:53.000 --> 0:03:59.840 If you do that, seller financing is the better option 0:04:00.440 --> 0:04:02.920 if you know you'd have less than perfect credit. 0:04:07.880 --> 0:04:12.520 No ash, hold on, ask because we got to hear that. 0:04:12.600 --> 0:04:15.640 We gotta hear that. The good folks that zoom something 0:04:15.960 --> 0:04:16.600 your sound. 0:04:16.400 --> 0:04:18.800 Kids going in and out, they're trying to sensor you 0:04:18.880 --> 0:04:22.240 like your sound your asking can you repeat that? Because 0:04:22.279 --> 0:04:25.040 your sound your sold is cutting off like every like 0:04:25.080 --> 0:04:27.000 ten minutes for like a minute. I don't know, I 0:04:27.040 --> 0:04:30.120 don't know what's going on, but can you can you 0:04:30.120 --> 0:04:31.839 start back at the beginning of seller financing. 0:04:31.880 --> 0:04:34.159 Please, we can't. We can't let that go on muted. 0:04:34.920 --> 0:04:38.960 Yes, I apologize. I probably have an unstable internet connection. 0:04:39.160 --> 0:04:42.480 It's all good any anytime, anytime that you do that again, 0:04:42.520 --> 0:04:45.640 because we don't want anybody to miss any information. Like 0:04:45.720 --> 0:04:48.280 when your sound goes out, we'll just start talking, because 0:04:48.279 --> 0:04:50.800 it's usually like only for like thirty seconds, So then 0:04:50.800 --> 0:04:52.560 we'll start talking, and then we could just bring you 0:04:52.600 --> 0:04:54.919 back into just so whenever you hear it start talking, 0:04:55.080 --> 0:04:57.000 just know that your sound cut out, and then we'll 0:04:57.040 --> 0:04:58.839 just bring you back in when your sound comes back on. 0:04:59.040 --> 0:05:01.159 Yeah, because I got my note to ash and I'm like, wait, 0:05:01.200 --> 0:05:02.160 what just happened? 0:05:04.040 --> 0:05:07.200 I get the information hook a crook man that's fat. 0:05:07.920 --> 0:05:09.560 Shout out to every shout out to everybody that has 0:05:09.600 --> 0:05:11.440 their hand raised. We're gonna get to that when Ashley 0:05:11.480 --> 0:05:13.600 finish with the presentation. We see the questions, We're gonna 0:05:13.600 --> 0:05:14.960 get to that, all. 0:05:15.000 --> 0:05:18.360 Right, bet. Seller financing, what I was saying is it's 0:05:18.480 --> 0:05:24.480 usually a better option because seller financing typically does not 0:05:24.600 --> 0:05:30.919 report to the credit bureaus. Sellers typically just want to 0:05:30.920 --> 0:05:32.800 get their money, and as long as you pay them, 0:05:32.839 --> 0:05:35.480 they have no reason to report to the credit bureaus. 0:05:35.600 --> 0:05:38.919 So that means your debt to income racial is not 0:05:39.080 --> 0:05:42.560 going to change because that debt that you have on 0:05:42.640 --> 0:05:46.600 that land is not going to be reported, so you 0:05:46.760 --> 0:05:49.080 know it, but nobody else is gonna know it. So 0:05:49.120 --> 0:05:52.719 seller financing means you could go and put loans out 0:05:52.720 --> 0:05:56.000 on twenty properties real quick and start flipping them on 0:05:56.120 --> 0:05:58.800 how you might see it as an opportunity, and your 0:05:58.920 --> 0:06:02.680 debt to income reach is not going to change, and 0:06:02.839 --> 0:06:06.200 you'll be able to move on your projects or get 0:06:06.240 --> 0:06:10.960 institutional funding as needed or additional credit cards as needed 0:06:11.160 --> 0:06:15.640 without these land deals being on your credit report and 0:06:15.720 --> 0:06:20.839 pulling your debt to income ratio to a lower score. 0:06:21.880 --> 0:06:27.680 So with seller financing is scamming season, so be careful. 0:06:28.040 --> 0:06:31.839 People will put a picture of a property up at 0:06:31.880 --> 0:06:35.360 like they are the seller, and you go and you're like, oh, 0:06:35.560 --> 0:06:39.039 I just bought twenty five acres for five stacks, and 0:06:39.680 --> 0:06:43.080 you did not just buy twenty five acres for five stacks. 0:06:43.440 --> 0:06:46.760 So make sure you are doing your due diligence, that 0:06:46.800 --> 0:06:51.040 you're checking the tax records to make sure that the 0:06:51.080 --> 0:06:54.440 person who says that they are the owner the seller 0:06:54.760 --> 0:06:58.120 is the seller. Check with the listing agent, make sure 0:06:58.440 --> 0:07:02.120 that the listing agent is is an official broker, and 0:07:02.240 --> 0:07:06.919 you protect yourself in every former fashion by going through 0:07:07.320 --> 0:07:12.800 a closing attorney on your seller financing deal. That's how 0:07:12.800 --> 0:07:17.200 you cover your assets. Okay, don't go do a seller 0:07:17.320 --> 0:07:22.240 financing deal straight up, and you might not actually end 0:07:22.320 --> 0:07:25.840 up buying this land, unless, of course, you are again 0:07:26.000 --> 0:07:30.480 a season investor, a season real estate investor that's used 0:07:30.480 --> 0:07:34.040 to buying properties and putting deeds in at the tax 0:07:34.400 --> 0:07:38.480 assessor's office and with the court in the county. If 0:07:38.480 --> 0:07:41.400 that's not you, you need a real estate agent and 0:07:41.480 --> 0:07:44.440 you need a close an attorney to ensure that your 0:07:44.720 --> 0:07:48.720 transaction with the seller goes through smoothly. Another note, with 0:07:48.960 --> 0:07:58.040 seller financing, or what's also known as owner financing, you 0:07:58.440 --> 0:08:04.600 negotiate with the You can negotiate what you want and 0:08:04.960 --> 0:08:08.520 they can negotiate what they need. So it could be 0:08:09.000 --> 0:08:12.200 a twenty percent down payment, it could be a fifty 0:08:12.240 --> 0:08:16.760 percent down payment. It can be a flat monthly rate 0:08:16.800 --> 0:08:19.560 of interest only with a balloon payment at the end. 0:08:19.960 --> 0:08:23.800 So make sure that you do good negotiating so that 0:08:23.880 --> 0:08:29.040 you get the best financing terms possible so that you 0:08:29.120 --> 0:08:32.400 don't end up overpaying for this price. Of land. Because 0:08:32.400 --> 0:08:37.400 if that's the case, you hustling backwards. So negotiate. Make 0:08:37.440 --> 0:08:41.160 sure that you got your best negotiator doing the negotiating, 0:08:41.600 --> 0:08:45.120 and you don't lose your shirt because you're financing and 0:08:45.200 --> 0:08:49.280 an exorberate interest rate, you're putting too much money down. 0:08:49.520 --> 0:08:55.480 Any of those things can be a bad situation. So negotiate, negotiate, negotiate, 0:08:55.800 --> 0:08:59.440 and make sure final note that the owner owns the 0:08:59.600 --> 0:09:03.880 proper the outright. Ideally, if the owner doesn't own the 0:09:03.920 --> 0:09:09.760 property outright, don't buy it. If the property itself has 0:09:09.840 --> 0:09:13.520 a mortgage on it, that's going to be more than 0:09:13.600 --> 0:09:16.760 the down payment you're going to pay, because when you 0:09:16.840 --> 0:09:19.880 pay that down payment, you want that down payment to 0:09:20.040 --> 0:09:24.200 clear the mortgage. No out that way, you can end 0:09:24.280 --> 0:09:27.920 up with the deed in your name from that moment 0:09:28.080 --> 0:09:30.920 you leave the closing table. That deed being in your 0:09:31.040 --> 0:09:39.800 name means it's your property. You can get USDA farm benefits, 0:09:39.880 --> 0:09:41.959 you can get all of the things that you need. 0:09:42.200 --> 0:09:44.800 But as long as there's a mortgage on that property 0:09:45.120 --> 0:09:48.000 in that seller's name, this deal is a no go. 0:09:48.880 --> 0:09:52.800 In most states, you can't have a property and sell 0:09:52.840 --> 0:09:55.760 it while you still have a mortgage on it, So 0:09:56.240 --> 0:09:59.680 be mindful that that mortgage needs to get cleared, and 0:09:59.720 --> 0:10:02.640 if it can't get cleared, it needs to be assumed, 0:10:02.960 --> 0:10:05.440 and you need to go through the process of legally 0:10:05.520 --> 0:10:09.440 assuming that mortgage with the mortgage holder and do it 0:10:09.480 --> 0:10:12.080 the right way because you do not want to lose 0:10:12.120 --> 0:10:18.400 your money. Private money lenders highest interest rates, hands down, 0:10:18.800 --> 0:10:20.800 that's not the way to go if you can avoid it, 0:10:21.160 --> 0:10:25.000 but it's easier to get most cases. It's based on 0:10:25.080 --> 0:10:29.320 the deal. And you can also get private money from 0:10:29.360 --> 0:10:31.679 family and friends if you are lucky enough to have 0:10:31.840 --> 0:10:36.760 people who are financially astute and who have savings and 0:10:37.640 --> 0:10:42.840 are interested and able to invest in deals like landdills 0:10:43.000 --> 0:10:47.960 and new construction opportunities. So if you have somebody in 0:10:48.000 --> 0:10:53.800 your circle, go get that private money. First, negotiate, negotiate, negotiate, 0:10:53.840 --> 0:10:59.560 win win right, And if you don't have private money 0:10:59.600 --> 0:11:03.600 of avail to you in your own personal network, you 0:11:03.640 --> 0:11:06.680 can go to a hard money lender. Heard money lenders 0:11:06.720 --> 0:11:09.760 are essentially borrowing the money of all the people in 0:11:09.960 --> 0:11:13.240 their network to be able to make loans to you 0:11:13.679 --> 0:11:19.000 at exorberant interest rates. A good interest rate for somebody 0:11:19.200 --> 0:11:23.600 who has a pretty good credit score. Who wants to 0:11:23.640 --> 0:11:26.679 bus and move before their business has been in business 0:11:26.679 --> 0:11:29.400 for at least six months. Because typically all of these 0:11:29.480 --> 0:11:34.440 financing opportunity options, except for seller financing, you're gonna want 0:11:34.440 --> 0:11:37.320 to be in business for at least six months, unless 0:11:37.320 --> 0:11:40.280 you are doing a farming business in which you can 0:11:40.400 --> 0:11:45.440 use a USDA startup loan to fund your land purchase 0:11:45.600 --> 0:11:51.120 and your farming operational expenses. But otherwise you are going 0:11:51.160 --> 0:11:55.200 to need to have been in business for at least 0:11:55.240 --> 0:11:59.959 six months, unless you're again going with a hard money lender. 0:12:00.320 --> 0:12:03.480 If not your heart, your heart money lender is going 0:12:03.559 --> 0:12:07.680 to look at the credit score of the primary or 0:12:08.040 --> 0:12:11.080 the managing partner. If that person has like a seven 0:12:11.160 --> 0:12:13.600 hundred credit score or better, you don't have to have 0:12:13.679 --> 0:12:17.199 been in business for six months. Again, typically the deal 0:12:17.600 --> 0:12:23.120 will dictate the private money lenders situation where you might 0:12:23.160 --> 0:12:27.040 not need to have good credit, but you definitely need 0:12:27.080 --> 0:12:31.160 to go and have these conversations again negotiating with your 0:12:31.200 --> 0:12:35.360 private money lenders. My favorite private money lender is direct 0:12:35.440 --> 0:12:40.160 Lending Partners. They typically do not do deals on land. 0:12:40.840 --> 0:12:44.600 Most private money lenders or hard money lenders do not 0:12:44.800 --> 0:12:49.560 do deals on just land. But again this is America. 0:12:49.920 --> 0:12:53.360 Anything is possible when you negotiate and open your mouth. 0:12:54.080 --> 0:13:01.080 Crowdfunding less hoops, less successful crowdfunding. When we started our 0:13:02.640 --> 0:13:05.600 when we decided to purchase land and we were looking 0:13:05.640 --> 0:13:10.280 at Toomsboro, we went on to go fund me and 0:13:10.320 --> 0:13:17.679 we looked and seen about fifteen or twenty crowdfunding campaigns 0:13:17.679 --> 0:13:21.520 of people trying to fundraise the one point seven million 0:13:21.600 --> 0:13:26.080 dollars for the city of Toombsborough. Right, crickets on all 0:13:26.160 --> 0:13:29.840 of the on all of the crowdfunding, Like, nobody raised 0:13:29.840 --> 0:13:32.440 more than like a thousand dollars on any of these 0:13:33.400 --> 0:13:39.439 crowdfunding website on this GoFundMe. So crowdfunding, while everybody gets 0:13:39.520 --> 0:13:44.000 really excited about it as an option, it's not usually 0:13:44.080 --> 0:13:47.480 successful unless you're very strategic and you have a huge 0:13:47.679 --> 0:13:51.840 marketing campaign and a great story. We were able to 0:13:52.000 --> 0:13:55.040 raise over eighty seven thousand. We're almost close to our 0:13:55.080 --> 0:13:58.640 eighty eight thousand dollars goal, and we used that as 0:13:58.800 --> 0:14:01.200 a kind of like a building fun where we were 0:14:01.240 --> 0:14:05.800 able to clear our land and put down gravel and 0:14:05.960 --> 0:14:11.560 you know, lay down areas for us to do our 0:14:11.960 --> 0:14:16.400 uh pavilions and our stages and all those types of things. 0:14:16.480 --> 0:14:20.320 And so that was a long and hard process to 0:14:20.400 --> 0:14:23.240 raise eighty eight thousand dollars and we still haven't reached 0:14:23.240 --> 0:14:27.720 our goal. So I crowdfunding is an option. It doesn't 0:14:27.760 --> 0:14:31.560 take a lot other than a strong story and marketing campaign, 0:14:32.440 --> 0:14:34.800 but they don't tend to go as far or be 0:14:34.920 --> 0:14:37.400 as successful as you would like them to be. And 0:14:37.480 --> 0:14:40.840 it takes a ton of money to be able to 0:14:41.000 --> 0:14:46.480 genuinely develop large projects, especially when they don't have, you know, 0:14:46.600 --> 0:14:53.720 connection to certain infrastructure. So crowdfunding is definitely a later choice. 0:14:53.760 --> 0:14:58.840 And then there is regulation crowdfunding which you can raise 0:14:58.920 --> 0:15:02.320 up to one million and seventy thousand dollars. I'm not 0:15:02.640 --> 0:15:08.280 very familiar with crowdfunding, and I would love if Troy 0:15:08.360 --> 0:15:12.640 and Rashad could get somebody who has done some crowdfunding 0:15:13.200 --> 0:15:15.880 in the EYL University at some. 0:15:15.960 --> 0:15:19.320 Point, because yeah, yeah, we did Chris Senegal Chris Senegal, 0:15:19.360 --> 0:15:21.960 and I'm sure he'll come back again and get he 0:15:21.960 --> 0:15:22.280 could do it. 0:15:22.280 --> 0:15:25.280 We can do a class on crowdfunding for sure. Yeah. 0:15:25.320 --> 0:15:27.440 He had a very he had a very successful crowdfunding 0:15:27.480 --> 0:15:29.280 campaign that they raised over a million dollars. 0:15:29.400 --> 0:15:32.800 See what I'm saying. So we I can't speak to that. 0:15:32.960 --> 0:15:36.920 But that right there, this is how we really start 0:15:36.960 --> 0:15:41.080 to develop land. Deal. So that's something that you guys 0:15:41.120 --> 0:15:43.800 are gonna come back, have to become earners and come 0:15:43.840 --> 0:15:47.560 back and get this class when it comes. All right, 0:15:48.400 --> 0:15:53.400 So let's get to the bill. The discovery period. There's 0:15:53.440 --> 0:15:57.640 a master planning period, there's a design phase of construction 0:15:58.000 --> 0:16:04.200 and marketing. Discovery starting from scratch means you need to 0:16:04.320 --> 0:16:08.360 discover the limitations and the restrictions of the land. I 0:16:08.400 --> 0:16:15.400 saw somebody in the comments say something about feasibility studies. 0:16:15.800 --> 0:16:19.320 That's this moment of discovery. Right. You can do a 0:16:19.360 --> 0:16:24.200 feasibility study before you buy the land, but that's a 0:16:24.240 --> 0:16:27.800 whole lot of money to put into something and then 0:16:27.920 --> 0:16:32.160 decide not to buy it or go forth. If you 0:16:32.280 --> 0:16:35.760 study the area, you do your due diligence, you know 0:16:35.880 --> 0:16:39.480 what's happening in the community. You've got a clear vision. 0:16:40.000 --> 0:16:43.000 When you purchase that land. You can do your feasibility 0:16:43.040 --> 0:16:49.080 study after the fact. Because developing land is really a 0:16:49.200 --> 0:16:54.280 lengthy process. It's not an overnight success type situation. It's 0:16:54.320 --> 0:16:56.920 going to cause for a civil engineer to come in 0:16:57.400 --> 0:16:59.960 to study the grating and the slopes of the land. 0:17:00.600 --> 0:17:03.360 There's gonna be someone who goes and drills into the 0:17:03.400 --> 0:17:08.600 dirt to see how much weight the dirt can withstand, 0:17:08.760 --> 0:17:12.400 so you know how high you can build, and what 0:17:12.480 --> 0:17:15.119 you can build, and what kind of materials there's gonna 0:17:15.119 --> 0:17:20.280 be best based on the climate. I'm skipping ahead, but ultimately, 0:17:20.800 --> 0:17:25.000 this discovery period is where you're gonna get your topographical 0:17:25.080 --> 0:17:29.800 survey done and you're gonna want to understand the demographics 0:17:29.840 --> 0:17:34.040 of the area. Again, what the median income is, are 0:17:34.080 --> 0:17:38.520 people graduating from college? Is the crime rates high? All 0:17:38.560 --> 0:17:42.840 of that good stuff. So that is your discovery period, 0:17:43.280 --> 0:17:47.359 your master planning period. This is where you're a person 0:17:47.400 --> 0:17:51.199 that you hired as your master planner, looks at where 0:17:51.240 --> 0:17:55.360 we're gonna put everything at the infrastructure and the roads, 0:17:55.680 --> 0:17:59.560 ingress and egress means how you go into the neighborhood, 0:17:59.600 --> 0:18:01.840 how you go out of the neighborhood, how you go 0:18:02.000 --> 0:18:05.040 into your driveway, how you go out of your driveway, 0:18:05.760 --> 0:18:10.760 waste management, stormwater runoff. They're gonna plan all of these things. 0:18:11.240 --> 0:18:15.040 You are not the person that does that. There's a 0:18:15.160 --> 0:18:19.720 master planner, a developer or architect, a civil engineer. There 0:18:19.800 --> 0:18:23.160 are a team of experts that sit down and do 0:18:23.200 --> 0:18:27.200 your master planning if you're doing a large scale project. 0:18:27.400 --> 0:18:30.080 If you're doing a smaller scale project, you still need 0:18:30.119 --> 0:18:32.760 the same people, but you might be able to work 0:18:32.800 --> 0:18:36.399 with a boutique company that has two, three, four people. 0:18:36.480 --> 0:18:38.040 Maybe we're in the same hat. 0:18:39.359 --> 0:18:41.600 This episode is brought to you by P and C Bank. 0:18:42.000 --> 0:18:44.760 A lot of people think podcasts about work are boring, 0:18:45.000 --> 0:18:48.800 and sure they definitely can be, but understanding a professionals 0:18:48.920 --> 0:18:52.159 routine shows us how they achieve their success little by little, 0:18:52.560 --> 0:18:56.200 day after day. 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Master Planning can cost anywhere 0:21:05.080 --> 0:21:08.560 from one hundred and fifty dollars to seven fifty an hour, 0:21:08.720 --> 0:21:13.440 depending on the experience of the master planner, and so 0:21:13.480 --> 0:21:16.439 you could be looking again depending on the amount of 0:21:16.560 --> 0:21:19.879 the acreage of the project. Are we talking about developing 0:21:20.320 --> 0:21:23.199 ten acres of land? One acre of land? Are we 0:21:23.280 --> 0:21:28.040 talking about developing four hundred acres of land? That master 0:21:28.160 --> 0:21:31.760 plan to lay out those streets, those roads, all of 0:21:31.840 --> 0:21:36.440 that's designed from the information they got in discovery, from 0:21:36.440 --> 0:21:40.679 that topography report. They're gonna do all of that, and 0:21:40.720 --> 0:21:43.880 it can cost anywhere from ten to fifty thousand or more, 0:21:43.920 --> 0:21:48.960 depending on how much land you are getting planned and 0:21:49.040 --> 0:21:54.440 who the planner is. Design phase designing is the next 0:21:54.480 --> 0:22:00.400 step to your development process. This goes beyond that initial 0:22:00.480 --> 0:22:06.719 discovery phase into building homes and structures and retail and 0:22:06.800 --> 0:22:12.000 commercial based on the climate the area, the needs of 0:22:12.040 --> 0:22:16.760 the citizens. Areas that are prone to like tornadoes and hurricanes, 0:22:16.800 --> 0:22:20.919 they will require different kind of building materials than places 0:22:21.240 --> 0:22:27.640 that are dry and don't have those type of climate 0:22:27.760 --> 0:22:32.120 changes and issues. So all of that can increase the 0:22:32.160 --> 0:22:35.639 cost of what you're designing. And this is where you 0:22:35.760 --> 0:22:39.160 can make a lot of money or lose a lot 0:22:39.200 --> 0:22:43.040 of money because you can overly design and you design 0:22:43.160 --> 0:22:46.440 something that's too high end for the area, and now 0:22:46.560 --> 0:22:49.520 you're not selling because it was not the kind of 0:22:49.600 --> 0:22:56.200 design for this neighborhood, community and culture. Purchasing land where 0:22:56.240 --> 0:23:01.160 there's wetlands, deep valleys, other topic, graphical challenges. That's gonna 0:23:01.160 --> 0:23:04.880 create larger budgets because now you're talking about building bridges 0:23:05.000 --> 0:23:08.080 and how you lay in your foundation. So all of 0:23:08.119 --> 0:23:11.040 that stuff is a part of the design fast and 0:23:11.080 --> 0:23:14.480 it's gonna create and have a certain budget that will 0:23:14.600 --> 0:23:25.760 change according to the complexity of the design and the uh, 0:23:25.840 --> 0:23:29.359 what's the word I want to use, the style, the 0:23:29.440 --> 0:23:36.159 aesthetic of it, Okay, construction. This is the second to 0:23:36.240 --> 0:23:40.800 the last stage of the rawland development process. In most cases, 0:23:40.960 --> 0:23:44.919 it's gonna be the first year horizontal development. That's the 0:23:44.920 --> 0:23:50.080 grading of your roles, that's the curves, that's utilities. Eventually 0:23:50.359 --> 0:23:52.760 you know you're gonna start building the property from the 0:23:52.840 --> 0:23:57.160 ground up. When you looking for a contract or your 0:23:57.200 --> 0:24:00.960 construction team, they're gonna get paid in increments from your 0:24:00.960 --> 0:24:07.399 construction loan, and once they have gotten all of the 0:24:07.560 --> 0:24:11.080 construction done, you're ready to go onto the next phase. 0:24:11.320 --> 0:24:16.040 And construction again can take longer time frames based on 0:24:17.440 --> 0:24:23.800 the complexity of the design, the materials, chant leaks in 0:24:23.880 --> 0:24:27.360 the supply chain, or of trying to get certain materials 0:24:27.720 --> 0:24:30.880 to you. If you have certain materials that you are 0:24:31.119 --> 0:24:35.560 using because you're committed to green building, or you have 0:24:35.640 --> 0:24:39.560 a high end design, all of that can lead to 0:24:39.680 --> 0:24:44.440 higher budgets and costs. When you're looking for a contractor 0:24:44.560 --> 0:24:49.760 or contractors, you can google what state, what city you're in. 0:24:49.880 --> 0:24:52.800 If you want to hire you know a minority contractor 0:24:52.840 --> 0:24:58.800 a black contractor, google that put Georgia Minority Contractors Association, 0:24:59.359 --> 0:25:05.159 put floor or the Black Chamber of Commerce, put DC 0:25:05.520 --> 0:25:11.720 Business League into the results. Call them up and find 0:25:11.880 --> 0:25:16.520 a reputable contractor. If you don't already have someone you know. 0:25:16.680 --> 0:25:23.240 In branding and marketing, that's the last stage once you've 0:25:23.280 --> 0:25:28.720 gotten your building done. Before you've gotten your building done, 0:25:28.720 --> 0:25:32.440 to be perfectly honest, branding and marketing is what's going 0:25:32.520 --> 0:25:36.560 to sell this community that you just invested your time, 0:25:36.800 --> 0:25:40.200 energy and money into. Branding is how you sell, tell 0:25:40.280 --> 0:25:43.040 the story of why you built it, and attract your 0:25:43.080 --> 0:25:48.000 ideal residents to the community. And marketing is that active 0:25:48.080 --> 0:25:51.960 placement of materials and formats that will allow them to 0:25:52.080 --> 0:25:54.919 see that story and get that story in front of 0:25:54.960 --> 0:25:57.720 the masses so I can show you better than I 0:25:57.760 --> 0:26:00.640 can tell you. And I'm gonna take you to community 0:26:00.720 --> 0:26:05.280 right here in Georgia that's dope. In marketing, this is 0:26:05.320 --> 0:26:08.720 called Trillist. This is a community that's been being built 0:26:08.800 --> 0:26:12.800 over the last ten years. It's actually a community that 0:26:13.080 --> 0:26:18.400 was founded by a production studio called pine Wood Studios. 0:26:18.680 --> 0:26:24.440 It's in Fayetteville, Georgia. This marketing is what attracts their 0:26:24.480 --> 0:26:31.360 ideal client. Their values is what attracts their ideal client. 0:26:31.800 --> 0:26:37.119 The community that they are building is for makers, entrepreneurs, 0:26:37.160 --> 0:26:41.320 and storytellers where they can fine fulfillment in every way. 0:26:41.920 --> 0:26:46.800 This is branding a community tailor made for storytellers. Well, 0:26:46.880 --> 0:26:50.960 it was a studio that purchased land built it up, 0:26:51.280 --> 0:26:54.560 similar to what Tyler Perry did when he purchased land 0:26:54.600 --> 0:26:58.399 in East Point to build Tyler Perry Studios. They built 0:26:58.400 --> 0:27:04.040 a community. That's that economic development. It's got restaurants in there, 0:27:05.640 --> 0:27:11.600 homes and so when you are considering land development and 0:27:11.680 --> 0:27:15.439 what you're buying, things happen in phases. And so I 0:27:15.480 --> 0:27:18.159