"When I got interested in real estate development, I was told that it's the riskiest way to play the real estate game, but you can create the most impact in the physical world. They were not wrong about it being the riskiest way to play the real estate game. When you build something, everyone wants to have an influence over what you're building - from the county, to the local covenants for what siding you have, to the building code."
"We had zero experience in handling these complications that came up when we started building our cabin. We're also not well capitalized - we'd been saving money to buy the property, but took out a $300,000 construction loan to build the cabin - so you can barely even call us a developer. We're just two college students who decided to take on a really big project while we were still in school and soon to graduate."
Two 23-year-olds, Rajan Chidambaram and Renzo Sanio, built a cabin and converted it into a wellness retreat in Front Royal, Virginia, about 70 miles from Washington, DC. Both had no prior experience and limited capital, funding construction with a $300,000 loan. They faced regulatory, covenant, and building-code pressures that ultimately required owner oversight. Rajan’s viral wellness video and market research showing rising demand for wellness travel persuaded them to focus on wellness amenities. The project required aggressive amenity planning and operational attention to deliver a differentiated wellness hospitality asset.
Read at Business Insider
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