Making It in Real Estate

Second Edition

“Best damn book on development I’ve ever read.”

—Preston Butcher

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THIS EXPANDED AND UPDATED EDITION INCLUDES 20 NEW CHAPTERS ABOUT LEADERSHIP, INVESTMENT DECISIONS, AND THE REGULATORY ENVIRONMENT, PLUS GUIDANCE ON HOW TO SURVIVE AN ECONOMIC DOWNTURN.

With over 35 years in commercial real estate, author John McNellis has taken the bestselling first edition of Making It in Real Estate and expanded it with new content, market-specific solutions, and real-life strategies to start and grow your real estate portfolio. Like a meeting over coffee with a mentor, McNellis entertains with witty anecdotes and wisdom on how to take advantage of opportunities and avoid pitfalls. Learn the ins and outs of financing; how to work with architects, brokers, and other professionals; and how to make a good deal and win approval for your project. Listed as required reading for students majoring in real estate at universities across the nation, Making It in Real Estate: Starting Out as a Developer, Second Edition, has readers calling it “the best book on development . . . that accurately describes the true upside, downside, and work involved” in commercial real estate.

What readers are saying about the second edition:

“I have been reading your second edition . . . it goes way beyond the first edition in wit, insight, and excellent practical advice.” —Bill Falik, professor, UC Berkeley

“Reading this book is like listening to valuable stories from a veteran developer over a couple of drinks. It doesn’t try to overwhelm you with terminology but rather gets to the point while having some fun. Short chapters make it for a wonderful morning read before starting the day.” —Albert Williams

“I am not interested in becoming a real estate developer. And still I was drawn into this book within a very few pages. Four chapters in I began wondering, Why am I still reading this—avidly reading this? Here is why: First, it is written in a clear and flowing style and filled with excellent humor and cultural allusions I could easily relate to. Second, it took a world that I was otherwise uninterested in and opened it up to me so that it became interesting . . . If you are serious about becoming a developer, it is obvious even to this outsider that this book is essential to that aspiration. But even if you are not looking to real estate as a career, you can—as I did—be stimulated by this book's thought-provoking (and amusing) look at what all of us face in building successful and satisfying lives.” —David Gordon

“This is a must-read for anyone interested in real estate development or real estate investing. Chapters like "Build It or Buy It", "Sell versus Hold", and "No Partners No Problem" deal with questions that are the hardest to answer. I found myself excited to read each chapter, and my highlighter is still recovering.” —Chris

“I have purchased over a dozen of these types of books and none of them have been as straightforward and to the point as this book. It is my real estate Bible.” —Marisol

Praise for the First Edition

“John McNellis fills his book with rich insight, great advice, humor, and inspiration—sharing his deep experience and wisdom, helping us think more clearly about real estate and assorted business issues. A must-read.” —Mark L. Myers, Head of Commercial Real Estate, Wells Fargo & Company

“I have memorized your book and am a big fan of your talks. Your book walked me through my first million dollar redevelopment last year.” —Dave Mascio, practitioner

READ MORE REVIEWS . . .

Reviews

“I have been reading your second edition . . . it goes way beyond the first edition in wit, insight, and excellent practical advice.”

—Bill Falik, professor, UC Berkeley

“I read John’s first edition three years ago and gave that book a 5/5 review! Somehow this book tops the 1st edition.”

—Amazon review

“Mr. McNellis explains the world of the developer through human experience (our judgments, foibles, blind spots, aspirations). If you are serious about becoming a developer, it is obvious even to this outsider that this book is essential to that aspiration.”

—David Gordon

“I’m not an aspiring developer but a journalist who sometimes has to cover commercial real estate. I needed to brush up on the inner workings and current issues in the field, and Making It in Real Estate gave me far more than my money’s worth.”

—Amazon review

“Mr. McNellis is a living legend and we are lucky to be able to take a few pages of knowledge from him along the way. I have purchased over a dozen of these types of books and none of them have been as straightforward and to the point as this book. It is my real estate Bible.”

—Marisol, Amazon review

Praise for the first edition

AN LDCRE TOP TWENTY-FIVE REAL ESTATE AND BUSINESS BOOK PICK

“Put aside other real estate textbooks! John McNellis is a Picasso of storytelling, bringing the real estate process to life through humorous and compelling anecdotes and insights. With material as eclectic as the times in which we live, McNellis captures the fascinating odyssey of real estate investment, ownership, and development. Newbies and wily, cantankerous veterans alike will find this gripping primer on the real estate deal process to be a catalyst in turning creative ideas and big dreams into tomorrow’s built environment.”

—Jim Curtis, Managing Partner, Bristol Group

“John McNellis has a talent few other developers possess: he can swiftly cut to the chase to make a deal that works for both sides. He is among the best at knowing when a deal makes sense to pursue, or when to walk away and await the next one. If you want to learn what it takes to be successful in real estate, read this book.”

—James S. Fassio, President and Chief Development Officer, Ross Stores Inc.

“John McNellis’s book on real estate development and investment is extraordinarily insightful and full of wisdom. His wit makes it an easy read. I would highly recommend this book to both experienced and beginning real estate developers and investors.”

—George M. Marcus, Chairman of the Board, Marcus & Millichap Inc. and Essex Property Trust Inc.

“John McNellis fills his book with rich insight, great advice, humor, and inspiration—sharing his deep experience and wisdom, helping us think more clearly about real estate and assorted business issues. A must-read.”

—Mark L. Myers, Head of Commercial Real Estate, Wells Fargo & Company

Endorsements from development managers, professors, students, and practitioners

“What I like about your writings is that they’re practical, direct and clear. . . . Anyone who wants to be in the commercial real estate business could save themselves a lot of heartache and wasted time (and money) if they could learn from you. . . . I even forward some of your articles to my grown children since I agree with them and figure they might listen to your writing more than if I told them. It’s worked!”

—Steve Benjamin, Development Manager, Stromiga Real Estate, former Entrepreneur-in-Residence at Cornell University

“I am teaching a seminar, Preparing for Practice, in the Masters in Real Estate Development + Design program this semester. Required reading is your Making It in Real Estate.”

—Berkeley professor

“I absolutely loved the book. When I first picked it up I didn’t think it was going to be as detailed as it was because of its size. I’ve read over 100 real estate books over the last 2 years and this book is by far one of the best ones anyone can buy. I appreciate the no bullshit, straight to the point chapters and thank you for your contribution to both the real estate development community and the real estate community as a whole.”

—Alex Jarbo, student

“Thank you for the fantastic John McNellis book, Making It In Real Estate. He actually spoke in one of my Berkeley Law / Haas classes and gave everyone a copy. I reread it just a couple months ago. Sage advice. . . . John is a fabulous writer. Tom Leary LOVES his real estate articles.”

—Chris Escher, Berkeley student

“Dear Mr. McNellis . . . I discovered your book this weekend and I wanted to thank you for putting it out to the world! I stumbled onto it by complete fluke and thought every chapter was packed with incredible insight. . . . Thank you again for putting out such an incredible resource to the world.”

—Jason, student

“I enjoyed your book immensely. If I had read it years earlier it might have saved me a lot of money and aggravation.”

—Vincent Crisci, developer

“I must say I really felt like this book was written for me. Right off the bat with chapter 1 my thinking was re-oriented . . . I am not looking for anything from you, I just want you to know that this book has made a difference in my professional life.”

—Tyler, practitioner

“Your book changed my life. My business is small but pretty mighty now.”

—Dave Mascio, practitioner

“That is simply the best book on development I have ever read. And it is the only one that accurately describes the true upside, downside and work involved. Through sharply formulated real world examples, the truisms are succinctly driven home. . . . Couldn’t put it down until I was through. Had me laughing at points and reflecting on some hard experiences too.”

—Developer

“John, I just finished your book—not surprising it was great! Many, many great nuggets to take away . . . The commentary on commercial brokers & architects had me laughing . . . Thanks again. I will be sure to refer this book to colleagues in the industry.”

—Chris Koenig, President, Pacific Property Advisors, Inc.

“Love your book, several chapters in. Great writing, great storytelling, great references, great knowledge, quite insightful. I am learning a lot. I wish I had read it 15 years ago; it would have saved me much grief.”

—Developer