Hunter Estess started his career in real estate as a teenager hosting open houses for his family business.
Everyone has heard the phrase: the three most important things in real estate are location, location, location. While having a great location is very important, it does not automatically guarantee success for real estate projects. An incompetent real estate investor could own a property in the best location possible and still lose a fortune.
Two great real estate strategies are buying in up-and-coming neighborhoods or cities and improving existing locations.
New York is a great example of a city that was has gone through a transformation. In the 1990s, it was a really dangerous and unattractive place, however today it is a really popular city that gets over fifty million tourists a year.
Improving an existing location requires creativity and vision. It also includes changing the role a location plays at the moment. For example, you could build the most luxurious building in a neighborhood or introduce some drastic changes to an existing building. Small investors can do so by changing the way a property is used or renovating a property in such a manner that people will start thinking about the location in a different way.
Many real estate investors, especially in the beginning of their real estate investing career, are afraid to think big. They look for cheap properties and are unwilling to pay a premium for a location for a parcel of land or a building. They don’t understand that in some cases overpaying does make a lot of sense. This is why investors such as Hunter Estess are not afraid to think big and make deals for millions of dollars.
Hunter Estess, president of Estess Contractors and owner of Dash Development, is, like many other real estate investors and developers, an expert at custom home construction. Custom built homes are an integral part of the modern American dream. Many families hope to someday be able to craft a new home built to their specifications and modeled after their ideals.
Estess and other real estate developers advise potential new build owners to consider some important steps to make the process a smooth one. First, new owners should have very organized finances. They need to understand that the property they choose to build on and the details they dictate in the construction of their home will impact its overall price. A construction loan is necessary to obtain from lenders, and most consider this kind of loan risky. Down payments of 20 – 25% are required. New owners should investigate and carefully interview architects and builders to make sure they choose the ones they can work amicably with.
Real estate investors and developers like Hunter Estess know that it is important to have the land for the build and a plan for the process in place as early as possible. New owners should consider the potential resale value of the new build in the future, and how the neighborhood may impact that value. Thorough, diligent planning from the top to the bottom of a new build can prevent many problems or delays in the construction process.
Decisions about important details should be made well before the actual construction commences. These steps, combined with an excellent developer, can help the new owner build his or her dream home.
Hunter Estess, president of Estess Contractors, and other renowned real estate investors and developers, know that excellent property management is needed to successfully operate multiple residential and commercial buildings. Property management is sometimes handled by an owner or landlord alone, and sometimes by a larger company altogether.
Property management companies can be helpful for the right developer and investor, depending on individual situation and circumstance. A property management company takes care of tenant and leasing issues, rent collection, marketing property, attending to maintenance and repair, and addressing tenant problems and evictions. This type of company can be beneficial for a property owner who has too many properties and units for one person to manage, who isn’t keen on hands-on management, and who lives too far a distance from the properties in question. Hiring a property management company may also assist owners who have limited time for their properties, and who can afford the price that this type of company costs.
Real estate investors and developers, like Hunter Estess, recommend caution when deciding to hire a property management company. Property owners should do their research, contact local apartment associations for referrals, and get company recommendations from colleagues in the field. Resources like the Institute of Real Estate Management and the National Association of Property Directors have online directories of certified management companies. Above all, the property owner should thoroughly interview the property management owner and get all questions answered before signing any contracts or giving the company access to any properties.
Successful and talented real estate developers, like Hunter Estess of Dash Development and Estess Contractors, are the heart of what drives the real estate industry. Developers purchase property with the plans to construct upon it, either for residential or commercial purposes. Reliable developers have the proper experience and education to engender the trust of both their customers and their workforce in order to create new developments.
Real estate developers often begin their careers by purchasing property to build and improve on, then selling the property for a profit. After succeeding in the manner for a time, they may build up enough capital to make connections and work with top construction and development companies on larger building projects. Some developers may have started out in construction in the first place, before doing well enough to create their own development teams.
Developers like Hunter Estess must be properly educated in their field. Planning, architecture, and law are all degrees that can be pursued before starting a company. Other professionals may complete graduate degrees in areas such as Master of Science in Real Estate, a Master of Real Estate Development, or an MBA with a concentration in real estate. Estess and other developers also have the necessary skills to be successful. Analytical, financial, interpersonal, marketing, and organizational skills are vital to be a profitable developer. Of all these skills, the financial ones are the most important as developers must make sound choices when it comes to financing, purchasing, developing, and eventually selling their properties for gain.
Real estate investors and moguls, like Hunter Estess, owner of Dash Development and Estess Contractors, made the right decisions when investing in land and property. Individuals who are new to real estate investing need to carefully examine all options and invest wisely in order to create a secure financial future.
There are two possible choices for the person considering real estate investing: direct ownership, or purchasing shares in a real estate syndication. Direct ownership involves the purchase of income property, oftentimes with the owner’s intent to live in one unit of a multiunit complex. Investors like Estess advise individuals to do diligent research before buying and be sure to find a fair deal on a repair-free building that will turn a profit. Investors need to be aware that this option can be time consuming and costly due to laws, fees, and regulations involved with owning rental property.
Purchasing shares in a real estate i syndication is very different from actually owning real estate property. For the new investor, this approach is similar to buying stocks with multilayered values. The primary values originate from the real estate property are, the cash flow, the mortgage pay down, and appreciation of the property.on,. Purchasing shares in a real estate syndication can add to an individual’s portfolio, but the investor should be aware that investment performance is derived from the sale of properties and direct cash flow. Many successful real estate investors, such as Hunter Estess, recommend that individuals considering dabbling in real estate investment familiarize themselves with all aspects before buying in.