Ever wondered how to make the leap from real estate broker to developer? In this episode of Commercially Speaking, Bo and Timmy Barron sit down with Blake Richey, CCIM, a former broker turned multifamily developer, to discuss what it takes to build, fund, and scale a development business.

Blake shares the exact steps he took to transition from closing deals for clients to building his own multimillion-dollar properties. From his first investment in a self-storage facility to raising capital for 200+ unit apartment complexes, this episode is packed with practical insights for brokers, investors, and aspiring developers.

🔑 Key Takeaways:

• How Blake landed his first development deal (without having millions in the bank)
• What it really takes to go from brokerage to development
• How to structure deals, raise capital, and secure financing
• The biggest mistakes first-time developers make (and how to avoid them)
• Why multifamily housing is still one of the best investments in today’s market

📍 Plus: Timmy gets a crash course in development, Bo drops some CCIM wisdom, and the guys discuss the power of relationships in CRE (and how one conversation can change your career).

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🔗 Resources Mentioned:

• 🏗️ Blake Richey’s Development Firm – TSPKY.com
• 📊 CRE Marketing Mastermind – wesgay.com/cs
• 🛠️ Site to Do Business (STDB) – The secret weapon for site selection and market analysis – stdb.com
• 🤖 Superpowers HQ – Need a CRE executive assistant? Get one here: superpowershq.com/commerciallyspeaking
• All Disc, No Balls! — Tizbee, The Secret Game For Champions — tizbee.com
• 💡 Massimo Group – World-class coaching for CRE brokers: massimo-group.com
• 🛠️ Site to Do Business (STDB) – Powerful CRE analysis and mapping tools: stdb.com

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⏰ Time Code ⏰

00:00:00 – Start
00:04:15 – Grew Up On A Farm
00:04:49 – Real Estate Appraiser to Residential Agent
00:05:28 – Brokerage to Development
00:06:57 – How Does Someone Become A Developer?
00:09:25 – We Didn’t Know What We Were Doing
00:10:12 – How Bo Bought His First Property
00:11:28 – If The Deal Is Good Enough The Money Will Show Up
00:12:23 – Developer Vs Construction Company
00:14:20 – Speed, Quality or Price. You can only pick 2
00:16:17 – The 4 Feasibility Tests
00:17:45 – The Type Of Sites I Like
00:20:19 – What a Civil Engineer Does
00:25:39 – Entrepreneurs vs Bureaucrat
00:28:54 – What Are Some Mistakes Learned That You Will Never Make Again?
00:32:04 – Why Multi-Family?
00:33:23 – What Happens After Receiving The Certificate of Occupancy?
00:35:49 – Develop to Sell
00:37:14 – Any Aspirations To Develop Other Asset Classes?
00:38:08 – How Do You Lease It Up?
00:40:01 – How Do You Structure A Development Deal?
00:46:10 – I Never Thought I Could Get $12M For A Deal
00:48:45 – How Do You Get The Money For The 1st Deal?
00:53:33 – Pop Quiz
01:00:05 – The Value Of CCIM Education

📒Show Notes📒

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Bo is a CCIM Instructor and the owner and operator of Barron Commercial Group, servicing Western KY and its surrounding markets.

For all CRE inquiries, visit http://www.barroncommercial.com

Timmy is an actor, comedian, writer and host: @timmybarron https://youtu.be/ICoIAHSZvgA