On today’s episode, we are joined by Edward Orasi, the market director at Keller Williams in Las Vegas to talk about the details of his 160-unit condo development project. This project has proven challenging because it is being built from the ground up and while Edward has a great deal of experience with multi-family, the world of development is new to him.
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The learning curve has been steep, but very valuable. He stresses the importance of surrounding yourself with the right, well-connected and knowledgeable team. You will never know everything and that’s okay. What’s more important is knowing who you can go to for help. During development, there are so many things taken for granted, such as environmental factors and the area’s power capability, among others. This is why it is necessary to do thorough due diligence before proceeding to ensure that the development is efficient, both with time and money. To learn more about the world of development, join us today!
Key Points From This Episode:
- How the opportunity to do this 160-unit development came about for Edward.
- Some of the challenges Edward has faced moving from multi-family to development.
- The importance of wrap out insurance during development.
- What the permitting process in Las Vegas looks like.
- Why it’s importance to work with people who are well-connected if you are a developer.
- The due diligence process required for this 160-unit development.
- Why it is important to do a traffic and power grid study when doing development.
- It is necessary to always allocate some funds for the unexpected.
- The process of engaging with the neighbors to prepare them for development.
- The most difficult part of the syndication process for Edward.
- Why Edgar has monthly meetings with his team.
- How Edward likes to give back to the community.
[bctt tweet=”Be the source of the source. Don’t try to be the smartest guy in the room. — @LVEdRealtor” username=”Whitney_Sewell”]
Links Mentioned in Today’s Episode:
About Eward Orasi
As a child, Edward drove around with his mom looking for properties to buy and to collect rents. He was always studying the market, finding the diamonds in the rough. Come 2003, Ed got officially licensed in Miami and within a year went on to become the top broker at his firm. In 2011, he then got licensed in Las Vegas and went on to become the market director at Keller Williams in 2017. Last year, he opened an office in downtown Las Vegas and is currently working on a 160-unit condo project. His focus is primarily on multi-family and developments, but his real estate team does do residential and smaller units. He is a tenacious, hard-worker who puts in 70-hour work weeks, while still making time for his family and sports.
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