Full Circle with The Christi Reece Group
Compelling interviews and incredible tales from Colorado's Western Slope, from the mountains to the desert. Christi Reece and her team hear from the movers, shakers and characters of the Grand Valley and surrounding mountain towns that make the Western Slope the place we all love. You'll learn, you'll laugh, you'll love with the Full Circle!
Full Circle with The Christi Reece Group
Fresh Foundations - Derek Irick
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What does it take to build something from the ground up — literally? Fresh Foundations is the podcast where we dig into what's actually happening in new construction real estate right here on the Western Slope of Colorado.
The Full Circle Podcast - compelling interviews and incredible tales from Colorado's Western Slope.
The Christi Reece Group provides ReFreshing Real Estate services in Grand Junction, Fruita, Palisade and surrounding areas of Mesa County. Contact us at marketing@christireece.com, 970-589-7700, or visit us at our offices at 1601 Riverfront Dr, Suite 103 in Grand Junction, CO.
The Full Circle Podcast. Compelling interviews and incredible tales from Colorado's Western Slope, from the mountains to the desert. Christy Reese and her team hear from the movers, shakers, and characters of the Grand Valley and surrounding mountain towns that make the Western Slope the place we all love. You'll learn, you'll laugh, you'll love with the Full Circle.
SPEAKER_02Hello and welcome to Fresh Foundations on the Full Circle Podcast. I'm Carrie, your host and local build and development coordinator. Super excited to share the guest that I have with us today. Most people spend years uh trying to decide what they want to do in real estate. Well, this individual basically just skipped over that part entirely. Um, starting in his young 30s, uh, he's already built multiple subdivisions, communities, he's a real estate agent. Uh, so realtor and developer, Derek Irik, let's go ahead and get to get into it. Let's go back to the beginning. I want to know how you got to the part that you're in now. You are a young individual, you have a lot behind your belt, you're voted best of the west realtor. Um, so take us back to the beginning. And how did you get into real estate? And what point did you realize you wanted to be on the development side?
SPEAKER_00You know, it all started back in 2017. I was a sophomore in college, graduating, well, finishing up my sophomore year. Um, that summer I wasn't sure what I wanted to do. So then I actually interned with Jeff Hansen, a real estate agent in town. Uh, at the end of the summer, I remember sitting in the conference room and told him, uh, this is not for me. Real estate was not for me. I'm not made for this, I don't want to do this when I graduate. Um so then 2018 rolls around and I went to help another real estate firm, uh, Andrea Heights and Amanda Um Potter. So, towards the end of 2018 is where I was like, you know what? I actually like this. I could do this for a living. Um so then I became a licensed assistant. I was still in college at the time. Um, and then 2019, graduated 2019, continuing to work for the team. Um, it wasn't until the end of 2019 when I realized I was no longer in college. Uh, you know, I can't always be an assistant. I want to do something outside my comfort zone. Um, so then in 2020, in March, I went to Bray Real Estate. Um, and my mentor there, Kevin Cole, who was a good friend of mine, and my real estate investment mentor, real estate mentor. Um, so it took off from there. Uh, and then I didn't get into developing until 2024.
SPEAKER_02Oh, okay.
SPEAKER_00Yeah, 2024. Um, and it is I would say it's a happy accident. Um, I had a client from Denver that was looking to reinvest in Grand Junction. He grew up in Grand Junction, born and raised here, moved to the Front Range, and he's looking to reinvest uh in the community. And we made offers on multiple multifamily properties, never nothing came out. Um, so then uh this project, I know a developer that was wanting to sell it because I wanted to buy a lot in there and build my house and live in there. And um he's like, hey, I think I'm gonna sell the subdivision. And at this point, I waited for two years to get my lot in there as two-star building. It never happened. So then I was like, well, before you sell it, let me see if I can put something together. So then I put together a PDF uh PowerPoint uh presentation and sent it to my client Matt, and um we went back and forth on it and made a call, and he's like, Okay, let's do this. Um and it is where he said, in order for me to do this, you have to be a part of it, uh, more than just being the real estate agent that helped me buy it and helped me sell the lots of activity involvement. Uh I was a little nervous, yeah, uh kind of scared, because you know, I at the time I was still I know real estate, but I know like the tip of the iceberg for development.
SPEAKER_02Right, and a lot more capital is gonna be held up in development and things like that. You have more money on the line, so it gets a little scarier.
SPEAKER_00Yeah, much, much slower moving. Um, and luckily I had Kevin Bray in my office who is phenomenal at what he does. Yes. And throughout the years, I mean since 2020, I shadowed him on everything. I asked him questions about everything. So I would credit Kevin uh Bray to all of my development knowledge.
SPEAKER_02Yeah. Okay, and so um has he been a part of all of your developments with you?
SPEAKER_00Um no more on the mentor side, yeah. Okay, more on the mentor side. The first one, you know, I asked questions and he assists a lot, and then his most recent subdivision, which we'll talk about, um, I was his exclusive agent there because he saw what I did with the one we did, and he's like, I like how this guy works. So yeah.
SPEAKER_02Awesome. Okay, and so how old were you um that first that first development?
SPEAKER_0027? I just turned 30. I turned 30 last week. So I think 26, 27.
SPEAKER_02Wow, okay. You just got that drive in you, don't you?
SPEAKER_00Something.
SPEAKER_02Alrighty. Um, so how many developments have you been a part of?
SPEAKER_00Um that was my first one. Uh we're 80% bailed out. So when you're driving there, you wouldn't even know two years ago, just dirt and bushes, trees, um, and then um Big Jake, and then we have two more that's in the works.
SPEAKER_02Okay. And then so with these new developments, what does your involvement look like? Are you um exclusive list agent on all of them? Just developing? What does that look like?
SPEAKER_00So um the ones I'm working on, I will be the exclusive listing agent on all the lots. Okay. Um, and then we allocate lots to different builders, and the builders can bring their own agents. So the builders come into our subdivision to build homes, does not have to use me to list their houses because most of the builders in town they have their preferred agents to work with. So and we're okay with that and we allow that. Um, but yeah, so I'm the main listing agent.
SPEAKER_02Okay. And then um, so which one was your very first development?
SPEAKER_00Apple Glen West.
SPEAKER_02Appleglen West, okay, just a beautiful, beautiful subdivision. Um it's an ex now your new subdivision is gonna be an extension of Appleglen West, right?
SPEAKER_00Uh no, they're far they're actually different parts of Grand Joshin.
SPEAKER_02Okay, not Hosanna?
SPEAKER_00Uh-uh. So Hosanna is on 24 and a half road.
SPEAKER_02Okay. Yeah. Okay, we'll dive more into that one. Um, I mean, do you prefer wearing both hats, listing them and developing? Uh, do you have a preference?
SPEAKER_00My preference is I love developing, but my passion is helping people buy, sell, and invest. Um, and I and I like that better because, in my opinion, I built a better um connection with my clients. Uh, we became friends, we became family. Where the developing side of it is more working with contractors, working with a city. Yeah, you know, we there's not much relationship uh that's being built there.
SPEAKER_02Yeah. Now, um, from your very first development, what is something that you've you learned that you're still taking with you today that maybe you weren't you didn't think you were gonna be up against or something like that?
SPEAKER_00Um I think from the first one I didn't really know what to expect. Uh we had a great contractor that um was our one-stop shop. Um they took over they took care of everything. Um so that's super, super nice. And I think that is very, very important to have.
SPEAKER_02Okay. Um, so let's talk Hosanna. And um, Derek, can you give us a full picture view on that subdivision? So I want to know, I mean, if you have pricing, the type of product, location, all all the all the good details. Yeah.
SPEAKER_00So Hosanna is coming soon. Um, you know, I've been saying coming soon since early this year, and we just ran into hurdles on developing. Um, it takes time. Um, and it's in a total, we have 30 lots in there. Um, two four-plex lots and a duplex lot, and then 22 single family. No, 20. 20 single family lots.
SPEAKER_02Okay, and what are the lot sizes?
SPEAKER_00They range from 0.12 to 0.16. Okay. Um, so they're on a smaller side, but I think our end goal is to have a lock and leave retirement community um where is zeroscaped, minimal landscaping, is walking distance to C and View Park. So um we're trying to capitalize the location and what that quarter of the city has to offer. Uh easy access to the shopping hospital, I-70.
SPEAKER_02So Okay, and you said retirement community. Um, is it gonna just be exclusive to maybe 55 and up or no, it won't be exclusive.
SPEAKER_00Uh is m is the design is to have very minimal um physical labor labor to work outside of the house.
SPEAKER_02Okay. So what are who are the builders for these homes?
SPEAKER_00So we have a couple different builders lined up in there. Um some I don't know if I can release just yet. Sure. But um there will be a list of different builders. They're well known in town.
SPEAKER_02Okay, and how do you decide um on the builders that are gonna come into your subdivision?
SPEAKER_00So I really don't. Um essentially, when we have the subdivision that's getting close to being completed or where we have the lots designed and ready to go, um, I reach out to a couple agents that work with builders in town, and I let them know ahead of time that hey, this is gonna be coming on the market. Um so then the builders can be like, okay, you know, we have three houses, we're about to close those, so then we can buy the ones in here and build in here. So, you know, they have to plan ahead for inventory.
SPEAKER_02Yeah, okay. So, how long did this project um I mean when when did you start from acquiring the land of this subdivision to now? I know you're you're hoping to have some things released by now, correct? Um, so how long is this process taking and what are maybe some hiccups and challenges that you're up against?
SPEAKER_00You know, this project was approved back in 2020 and 2021. Um then they had the extension to 2022. Um and then the I th I think the seller and the original owner developer, um, they got tired and uh didn't want to deal with it anymore. Yes. Um so then the approval expired. Um and I reached out to them directly. Um and she wasn't wanting to s wanting to sell. She's like, I'm gonna not deal with it, leave it to my kids, and so on. So I was like, I promise I'll make this easy. And she named her price, and we put the offer together and bought it. And um since then she's used me for multiple um personal projects for her, and um I told her, I was like, it's gonna be easy for you. And sure enough, it's she's very uh pleased with the whole process. But since the since we took over in August, um we're now in round three of reviews with the city. I'm hoping this is the last round, but we'll see.
SPEAKER_02Okay. You know, it's interesting in this position, you know, I've had to reach out to a lot of builders and developers, and a general consensus is going through the planning department, dealing with it all, um, can be quite challenging. And uh, so how do you stay, I mean, level-headed through that? You know, you have money on the line, you have a big project ahead of you, and um you're constantly having to adjust your timeline, your release dates, everything.
SPEAKER_00Yeah, it it can be frustrating and challenging. At the end of the day, what I tell myself is what's out of my control. If I'm happy, it's still out of my control. If I'm sad, it's out of my control. Um, if I'm angry about it, it's out of my control. So if I can do something about it, do something about it. If I can't, doesn't matter what I do, it's not gonna change that outcome. So um, yeah, throughout the year, seeing real estate, that's what it taught me is just to be patient and control what I can and let go what I can't.
SPEAKER_02Yeah, that's that's awesome. I um should listen to your advice. I'm a bit of a control freak. So um, okay. Now, if a buyer is interested in finding out more on this subdivision, what do you have to say to them? Are you doing reservation agreements or anything?
SPEAKER_00Yeah, so um Hosanna is all spoken for by different builders we have. So what we can do is, you know, if they want to build a house in there, the uh and the lots they want, they would just have to talk to that builder. Um, and if we have vacant lots and lots that's not spoken for and the a buyer wants it, they can bring their own builder and buy one of those lots.
SPEAKER_02Okay, so there you have it, you guys, on Hosanna subdivision, uh, very beginning stages. And uh if you want any more information on this or want to go take a look at the property, uh reach out to Derek and he'd be happy to go over everything. So, okay, next subdivision. Uh, one of my favorites personally, just because it's so beautiful out there, Big Jake subdivision. So uh you know the drill. Give us that rundown.
SPEAKER_00I love Big Jake. Yes, I know too. Because the people, um, the people that are moving into Big Jake and building their houses are beautiful, beautiful families, great people, kind. Uh it makes the neighborhood uh because of the people. Um and it's unique subdivision. You got one street, that's it, going from north to south uh street entering in. The front you have four one-acre lots, uh, and then towards the back you have five um lots that ranges between two and a half to three point two acres. Uh-huh. Okay. Um great views, um, super, super quiet. I mean, the back lots are phenomenal, and you won't you can't see those lots from the street. So it offers you the maximum privacy.
SPEAKER_02And north area for Big Jake, yeah.
SPEAKER_00North of Grand Junction on 25 and 25 and a half and I.
SPEAKER_02Okay. And you have two lots left in there, right? At that right around that three acre.
SPEAKER_00Yeah, we have two left. That's at 3.21. Um, and they're 350 each. What's nice about those ones back there, there is a very relaxed uh covenant, but there is no HOA, so you have no H A O HOA dues, no board. Um, so yeah, it's pretty awesome.
SPEAKER_02Yeah, that's great. Um so have the homes started building in there?
SPEAKER_00Yes. So the first one, um they framing is done on the first one. Uh is farther back, so people won't see it from the street, you know.
SPEAKER_02Okay. Um, how is this subdivision unique um for buyers that are looking at maybe a little more acreage, that sort of thing? Uh what's Big Jake gonna do for them over maybe another option?
SPEAKER_00Um, I think he offers the privacy, the location. Um, and you know, I can't speak for everybody on what type of people, family that's gonna be moving into the neighborhood. Um, but the people that did buy lots in there that's building their home with their families, um, they are the ideal neighbors, you know. Like if I was to move somewhere and that will that would be where I would be um just because the people.
SPEAKER_02Okay, that's great. Um, well, and then you know, North Area, you can't beat that location, just being so central to everything. Uh, what challenges came up with developing this subdivision?
SPEAKER_00You know, this one, I was just the agent on it. Um, Kevin was the developer, and I don't really know. I mean, I know he ran into challenges, but I just don't know the details um with that. Probably just delays and city delays.
SPEAKER_02Okay. Um, so we've touched on um your two ongoing subdivisions right now. I want to talk to you a little more about how you find your next project, um, acquiring the land, all that good stuff. How are you keeping an eye on on the land, you know, uh the zoning, picking your piece of land that you know you want to develop it?
SPEAKER_00I think is utilizing our, you know, GIS map uh assessor and being able to see the current zoning and the future zoning, what is allowed in the future. Um, because what is now, you know, if it's a lower density where you have the possibility of rezone, um, you know, that does have most likely, um, this is a very generic answer, but most likely if the future zoning is R eight, there's a good chance you can rezone that property into R eight. Okay. Um, where is a higher density? Um so as far as acquiring the land, um I mean only really two that were off market uh where you know it was for sale once up on time, or I heard if somebody wanted to sell and then we just exchanged information for okay, and it's interesting.
SPEAKER_02Um, you know, I've actually come across three other developments in town that are going through the planning process and uh the developers have just been in it for so long that they no longer want to deal with it. So it's actually a pretty common thing, you know. So um if someone, you know, really wants to look at land and you know, maybe go through the zoning pro rezone process, what advice would you have them for them?
SPEAKER_00Um I would plan longer than what you um actually plan, you know, if you're like, you know, I think it's gonna take a year, maybe add another six months onto or something. Um and we actually prefer to um purchase something that's already been approved with the uh city or the county um because it cuts down our timeline. We would rather pay the premium and not have to wait for the no amount of time that's gonna take to get it approval. Um is is easier and I think is less risk when a subdivision is already approved and shovel ready.
SPEAKER_02Okay, and um so you have you gone through the rezoning process with the city before?
SPEAKER_00Um tour is the very end of Apple Glen. Um, but I did not um start, let's say, a uh zoned urban all the way to RA. I have not taken that through.
SPEAKER_02Um I just I've heard it's quite um it's quite the process to have things rezoned.
SPEAKER_00I think generally speaking, is probably six to nine months for a rezone and then another nine to twelve for approval, but projects you know can change. Uh I've known developers in town has been four years on a project, you know.
SPEAKER_02Yeah.
SPEAKER_00Um that's where the rix risk comes in because every single month it doesn't get approved, that interest payment is still hitting. Yeah.
SPEAKER_02Well, is there um something specific? Like so if you see some land on the MLS and you're thinking this may be a good development, um, is there something specific that the land has to have or anything in order to check off for you to make an offer on it?
SPEAKER_00Yeah, so what we look for, I mean, I think all developers look for is utilities, um, water, and location. Um, and if it needs to get rezoned or if it has a rezone, um it's able to get rezoned. You know, for a property, let's say it's forty acres in the best area, but the max density you can do is five um acres per single lot, and then you know, then you're I think it gets into the profit margin as well. Um so and you have less people looking for that uh price range, um, where you know we can get 0.16 to quarter acre lots, they are higher demand.
SPEAKER_02Okay. Um, I mean, have you ever had to evaluate the zoning and entitlement risk? And I mean, has it ever killed a deal for you on your development?
SPEAKER_00Um, yes. Yeah. Okay. Um there was a large, very large project. Uh two of my different partners we were looking at, and we actually put an offer together for it. And looking through the project, it would have been probably like a five year project on the fast track. So it would be that five to ten years possibly. Um and a the rezone was not achievable at the time. And so We terminated pretty within a month of getting it under contract, I think we terminated because the rezone was not gonna be.
SPEAKER_02Okay. So you can can you find out pretty quickly, like if you can't have it rezoned or something like that?
SPEAKER_00Pretty quick. I mean generally you schedule a pre app meeting uh with the city, county, and um move from there.
SPEAKER_02Okay. Yeah.
SPEAKER_00They can they can tell you pretty quickly if s your idea is doable or not.
SPEAKER_02Yeah. Now what about due diligence items that you're asking for when you're in a contract on that piece of land or you know, any non-negotiables that you need to see?
SPEAKER_00Yeah, so I mean, most of now, even when they have soil report, we're still doing our own soil report, we're doing our own environmental assessments. Um, I think it m there are we try to stay away from areas that maybe historically calling is known for not so good dirt.
SPEAKER_02Right.
SPEAKER_00Um, so yeah.
SPEAKER_02Okay. Um so let's see. Um what is a big mistake that you may see developers do in some developments um during, you know, acquiring land or how they're building out their subdivision?
SPEAKER_00I think from personal experience is the holdover period uh where your wait time you don't really know how much longer you had to wait for, and at the same time the bank is taking interest, and so uh I mean that does eat into profit pretty quickly. Um, and then the choosing the right people, uh choosing to hire the right people and partnering with the right people.
SPEAKER_02Yeah. Okay, so I mean that leads me into my next question, which is maybe a biggest challenge that you've had um in getting your projects off the ground, you know, capital relationships, anything along those lines. Um, so I mean, would you say those are your biggest challenges?
SPEAKER_00I've been pretty lucky. Um, you know, I have a couple good banks in town. We have really good banking relationships. Um, same with contractors, we have great contractors in town. Um, I think those are probably my easiest. Um I think the hard part is getting through approval um and then keeping everybody happy. Um there, I mean, there is no way uh anybody can keep everybody around you happy. Um so there there's I think the part of me is I'm a people policer and I try to keep everybody happy. Um but you know there are things that happen behind the scenes where I think if the general public sees what hap actually happens, they would be like, oh my gosh, I feel bad for this guy.
SPEAKER_02Right, yeah.
SPEAKER_00Um so yeah, I I would say trying to people trying to keep everybody happy was my biggest challenge.
SPEAKER_02Yeah, that makes sense. Um, I mean what advice would you give someone that wants to get into to development?
SPEAKER_00Um I would say, you know, internships or shadow other developers in town. Um we have a couple great developers in town, you know. Um I that's probably step one. Um, because you could be four weeks into it and be like, this is not for me. I'm not doing this.
SPEAKER_02Yeah. Yeah.
SPEAKER_00Uh where it might be better just to have an investment group that goes into developing instead of doing it uh yourself.
SPEAKER_02Sure. Okay, you've got a new subdivision that's going to come up.
SPEAKER_00Uh-huh.
SPEAKER_02I know nothing about it. A lot of people don't. So I want to know when is this gonna be released and any more information that you can give me.
SPEAKER_00Yeah, so I am super excited about this subdivision. Um, the vision there is low-maintens. Um, I would say the houses are probably in three, four bedrooms, two to three bathrooms, three car garages with a along with RV parking, all single story um 18 to 2100 square feet, maybe. It you know, those are are dependent on different builders, but I think generally that's the um finished product in the subdivision. Okay. Um is on 29 Road and D. Uh, so you're close to the Maverick there. Um it's tucked away. So from the again, from the street, you won't be able to see it. Uh you gotta drive down a little ways and it's quiet, it's peaceful, great views of the monument, and actually better views of the book cliffs. Okay. Um, and there will be 53 single-family lots there. Um we have the smallest lot starts at 0.16, and then the largest lot we have in there, I think it's a little over a third of an acre.
SPEAKER_02Okay, are you having any hiccups going through this development process?
SPEAKER_00This one is pretty this is where I would call it our preferred uh strategy is phase one of it is shovel ready. So we close on it, and the very following week we are gonna break around uh on that. So then while we go break around on phase one, uh we'll continue to get approval for phases two, three, and four. We'll combine them all together and get it through. So um the first 13 lots will be builder ready later this year, uh, towards the end of October, and then the next phase, which will be two, three, and four, um, that will be ready next summer.
SPEAKER_02Okay, and what do you want this subdivision to feel like when it's all said and done?
SPEAKER_00Um, you know, I could see myself living in this subdivision. I think the size of the homes is good. Uh, everybody have good size side yards, backyards. Um, you have privacy, you have 50 neighbors, um, so he's not overly big or he's overly small. Um, and we have builders with great design ideas and tastes, and um, I'm excited to see what uh all the builders puts up in there.
SPEAKER_02Yeah, and I'm sure you don't uh you're not gonna do a development or a subdivision that you personally wouldn't want to be a part of, you know. Yeah, exactly. Okay. Um so what happens has to happen between now and groundbreaking for that subdivision?
SPEAKER_00Um we're almost to the end of getting all the documents signed, the bank's approval, um, and city's approval. We're phase one, we're we're at a finish line. So I'm super excited to actually have something break around this year.
SPEAKER_02Yeah. Are we allowed to know the name?
SPEAKER_00Yes. Um so the name was changed from its original name to now, so now it will be called wildlife estates.
SPEAKER_02Wildlife estates, okay. There you have it.
SPEAKER_00We will have big bear, humm, hummingbird, trout, and woodpecker. Our streets names.
SPEAKER_02Our street names, okay, all wildlife.
SPEAKER_00Yeah, uh, you know, we're surrounded by some uh open land there, and every time we visit a site we see deer, we see birds fly flying around, ducks landing. So yeah, it's pretty cool.
SPEAKER_02Well, congrats, that's really exciting. I'm happy for you. Um now so how long has this one been in the works?
SPEAKER_00Uh this one has been in the works. I think when I first proposed the project to the two different partners now October last year. Um but we didn't get it under contract until probably March.
SPEAKER_02So and would you say this has been easier to go through the planning process in May, your maybe your past one?
SPEAKER_00Yeah, this one is much easier. Um just because the first phase was basically shovel ready. Um so I didn't have to go through or and redesign subdivision with the engineers and the plat map was there, everything is phased out. So um I would say the heavy lifting was done on it.
SPEAKER_02Yeah, okay, so you have this one coming up, about to be released. Are you currently um actively looking at other land?
SPEAKER_00Yeah. I I think this is one of those things, you know. I always have clients or uh other agents, you know, have clients that's looking for something. So I'm my ears are always open. You never know when somebody needs a project or um needs a house or looking for a builder. So yeah.
SPEAKER_02Okay. So what do you think we'll be able to see from Derek Irik in the next five years?
SPEAKER_00I don't even know. I don't even know what I'm doing tomorrow.
SPEAKER_02I know, I feel that.
SPEAKER_00I I think continue to um grow and learn and be able to serve my clients the best way I can uh and the people around me. Um and I think that's my the big vision is just to serve people.
SPEAKER_02Okay, yeah. Well that's awesome, Derek. Thank you so much. Um now have are one of these subdivisions, I mean, I don't know if I can't ask this, but do you like one of these subdivisions the most out of all of them?
SPEAKER_00I love them all. Yeah.
SPEAKER_02Okay. Um Derek, again, you started this a lot younger than most most pretty much 99% of developers do, right? Um I think I heard from you that you really you a lot of your connections help you get into that. Now, um for someone that is new into the industry um that maybe don't have those sort of connections, that sort of thing, what advice would you give for them?
SPEAKER_00You know, it's hard work and a lot of time, a lot of networking, uh, and going to different events and just talking from your colleagues. You know, if I wasn't talking to my colleagues, I would never know he was looking to sell the entire subdivision. Um, and I wouldn't have been like, you know what, let me put an idea together and present it. There is I think it's not being afraid to take actions on what you dreamed of doing. Um because my my client was not looking to develop. He was looking for multifamily, and we struck out on a couple of them, and I came up with the ideas and that you know what? Maybe let's go into development. And not being afraid to present the project um and taking that leap of faith. Um, you know, I was I think I was yeah, 26 probably. Um I was scared. Yeah. You know, when when he was like, I want to be you to be involved in this, and I was scared. I didn't know what I was doing. Um, but through it you learn and you get better, and to this day, I I would say maybe I know 10% of what it all involves. Right. Um, you know, and every day I learn something new.
SPEAKER_02Yeah, okay. So now um that you've been in some developments, you're a realtor. What do you say to maybe the general public thinking that builders and developers are making a ton of money off of these homes, right? Yeah so um there's a little bit of a misconception on that. So dive into that for me.
SPEAKER_00Yeah, I mean it, you know, there's all the people say the bigger the risk, the bigger the reward. Um, I think, you know, it always gets to, oh, this developer did this, they made a lot of money, this builder did this, they made a lot of money. Nobody's talk about 07, 08, when the developers all went bankrupt, uh, and the property got taken back by the bank, and they have to sign agreements of payback where you know, some people taking 10-20 years out of every month to pay by the bet pay back the bank. So is it is a very uh big risk, uh, especially for me. You know, I can't I'm so far away from retirement, there is no um, it's not a cash is just flowing. Yeah. If we grew on trees, I don't think I would be working. Um but it's taking that big risk on you know, taking anywhere two to four years, five years to get it developed, and then you hope the market is still good where the builders are taking all the inventory and then the builder takes the lots, and then then the builder will build the homes and then resell the homes to take their profit. So um, yeah, I think you know, everybody most of the time, I mean when we post on Instagram or Facebook, we never post like, oh, you know, this happened to me today is a bad day, is a sad day. We're we just post our best selves. Uh so very rarely do you hear somebody say, I'm never doing development, this happened to me, lost all my money, and so you know, uh, I think generally speaking, um the good people take seeing the good, um that's look at me, um, better than oh, this project failed.
SPEAKER_02Yeah, and you know, I think for the general public, uh not really realizing how long someone can actually be sitting on a piece of land before it's ever really developed, and the amount of fees just going, you know, just that from that pre-app media, you know, application. So you, you know, fees on every single little thing. Uh so yeah, I mean, there's one subdivision out in Fruta that is on it's been ongoing multiple filings, but it's also been in that family for over 20 years. So uh, you know, and they were trying to get it developed in the process of it, and eventually they had to pass it down. So uh it's not just put a contract on land, develop it, whip out houses. It's not like that at all. Um, multiple fees, multiple timelines, multiple hands in the fire, right?
SPEAKER_00Oh yeah. All hands on deck.
SPEAKER_02Yes. Um, Derek, what are any other last minute things you want to add into our podcast today?
SPEAKER_00I think is great. We covered quite a bit. Um, and I think for the real estate community, you know, when I started, I was twenty thwenty-three. Mm-hmm. Um, I was I think I was just twenty-two, turning twenty-three and um having good people around you. Um because I would not be taking everything out and doing what I'm doing now and um without good mentors. Um, you know, you need mentor surround yourself with good people. So I have insurance agent that's one of my great friends, great mentor, um, real estate agent who does investments who long-term rentals, short-term rentals, and now get into development. Um so I I want I would be eager to learn. I never want to be like, oh, I don't want to to know how that works. Anytime somebody says, Oh, this is how this works, I'm I'm sitting there all ears open listening. Yeah, um, just learning.
SPEAKER_02Yeah, that's awesome. Um, so I want to ask you something a little different too. When you drive through maybe um Apple Glen West and it's completed, it's um, you know, it's really taken shape. How do you feel driving through one of your neighborhoods? What do you think?
SPEAKER_00It's a good feeling um to know that people there, people are living there um because we took the initiative to um oversee the project and bring that uh you know, it was just it was it was I used. Um nobody can walk through it, you know, now and why I'm driving there I can see kids driving go-karts through there or walking dogs or like baby getting pushed on strollers. Um, and some of my friends are there, so you know, it's good. It's is that makes the weight and the um uh heartbreaks, the headaches all worth it.
SPEAKER_02Worth it, yeah. I'm sure you finally could say, I did it, you know, this is what it was for. Um anything else you want to add? We're wrapping up. Um, I'm so grateful that you came to meet me. Um I've loved hearing about your new subdivision. Can't wait to watch it take shape.
SPEAKER_00So I would say, you know, if anybody listening that's interested in one of those subdivisions or any other subdivisions in town, you know, call their agent. Yeah. Um we have great, great agents in town.
SPEAKER_02So we do. And um development is gonna keep on happening. It's uh GJ's growing, and um we're gonna be watching things as it goes. So um, ladies and gentlemen, Derek Irik with Bray Real Estate, a realtor and developer. Um, again, thank you. And um, this is Fresh Foundations with Carrie and Derek. Um, and we're covering the builds, the builders, and the buyers shaping the Grand Valley. We look forward to seeing you next time. Thanks for listening. This is Christy Reese signing out from the Full Circle Podcast.