Deal Sourcing and Preliminary Evaluation: A Primer
Real estate developers may sift through hundreds of potential deals before finding one that makes sense to even begin to pursue. A key skill that all successful developers share is the ability to efficiently and objectively find and evaluate potential projects. This new ULI webinar will introduce participants to where potential real estate deals can typically be found and impart methods for objectively evaluating whether the terms of a deal are worth further research.
Utilizing sample deal terms and property characteristics drawn from real listings the program will walk participants through the methods to accurately determine the potential feasibility of a deal. The program will also offer practical insights into valuing the land for your project, and tips for making an offer to gain control of the site to perform further due diligence. Don’t miss this unique program led by an experienced instructor who has refined and used these techniques to identify potential future development projects in his own development practice.
•Common sources/methods for finding projects
•What to focus on in listings
•Understanding zoning and entitlements in feasibility
•Determining value using residual land value (RLV)
•Making an offer and gaining site control
•Creative deal structuring to enhance feasibility
David Farmer, PE, AICP
David H. Farmer is a developer, licensed real estate Broker, certified planner, civil engineer, state certified general contractor and Department of Environmental Protection qualified stormwater management inspector.
Dave Farmer began his career in the development industry in 1989 with an engineering firm designing commercial and residential projects for private clients. A professional engineer, Farmer left the engineering field in 2000 to work fulltime for Keystone Communities overseeing the entitlement, design and construction of residential communities, resort facilities, and commercial projects. In 2002, after earning his Certified General Contractors license, he also became responsible for the permitting and construction of custom homes.
Following a large sale of entitled and developed residential lots in 2003, the company’s focus shifted from development to entitlement and infrastructure development. At this time Farmer took on the additional responsibility of site selection and acquisition for the company. In 2005, he was made a principal of the company and participated in both the rewards and costs of acquisition, entitlement, and development.
Farmer’s development experience includes both very successful projects and less successful projects. In the tradition of ULI, he feels it’s important to focus more on mistakes made and lessons learned when teaching the real estate development process. One learns quickly what not to do when you are spending your own money on development projects.
In 2008, Farmer and his development partner dissolved the original company and each went their own way. Today he works in Florida with a new partner on identifying development sites and helping investors develop property. Farmer has brokered more than $70 million in real estate transactions and entitled thousands of homes and millions of square feet of commercial property. His favorite quote is “Begin with the end in mind.”
June 27, 2019 2:00 PM Eastern
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