Development Deals 101, Cody Bjugan

Our guest is Cody Bjugan, a real estate investor, land acquisition, and front-end development expert. In this episode, we dig deep into land acquisition and development.

We guarantee that after listening to our conversation, you’ll have a much better understanding of the 4 phases of development deals, land acquisition, and how zoning and approving works. 

Learn more about Cody and his journey at reiclarity.com!

“Off-market to me is where the magic sauce begins.“

04:37

Over the last 20 years, Cody has been involved in 30 different development projects. Over 2000 units and around $920M worth of real estate have moved through his system.

His best piece of advice for success is to always look for off-market deals. His company has a criteria for off-market deals and creates a database of all the vacant parcels and raw land based on it. They send out mail, do cold calls, and work with a title company to help them find more off-market deals. 

Cody never competes with “highest and best” offers, he educates the brokers instead and builds trust with them.

“Whoever controls the dirt, controls the deal, period. So if you go find the dirt, you call the shots.”

23:30

Cody is an expert in land acquisition. According to him, it is one of the easiest ways to get into the development world because the barrier to entry is lower than in other areas. 

Cody talks about the 4 crucial steps in any kind of development.

  1. Land acquisition. Picking up the land itself.
  2. Development. The process of making sure the zoning is correct and getting all the approvals. 
  3. Construction.
  4. Management.

Cody explains that you shouldn’t close on the land prior to approvals. The only exception is if you’re buying it at its as-is value. You should control the land and not own it because you have more opportunities that way.

“You want to become the best you can be at one strategy.”

44:51

At the end of the episode, Cody picks an action step from the REI Clarity Framework that is the most valuable to him. This is “Know Your Strategy”.

There are many strategies. According to Cody, at some point, you have to pick one and commit to it. Don’t compare yourself to anyone, just try to be the best in your own strategy.

Mentioned in the show:

  1. vestright.com
  2. vestright.com/rei
  3. His LinkedIn
  4. www.shineinsurance.com/reiclarity
  5. The REI Clarity Framework

Learn how to grow your portfolio and reach incredible success the right way! Visit us here for everything you need to know: www.shineinsurance.com/reiclarity

Special thanks to Cody Bjugan for taking the time to share so many great insights with us

 
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Until the next time, We truly appreciate you listening.

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