Jim Chaffin is cofounder and president of Chaffin/Light Associates, a firm that specializes in resort and recreational communities (http://chaffinlight.com/). He provided the following advice for would-be developers and students, the excerpt is taken from Real Estate Development: Principals and Processes.
Advice For Would-Be Developers – “I think a liberal arts education with a graduate degree in business or law or real estate is most beneficial to a developer for several reasons. Developers have to be able to communicate well. They have to be interested in the entire planet and must be aware of what’s going on in the world, to be good observers and listeners so they can see and hear what the market is telling them. They need discipline and passion, persistence and courage, all with a healthy dose of humility. We’re all deal junkies. We look at deal and think that we can make it work. But no matter how great the opportunity, you have to be able to admit not having the capital, personnel, experience, or energy to take on a project that’s not right for you. And for that you need discipline and rigor.”
Chaffin’s strongest advice to students – “Don’t ever think you are as smart as everybody thinks you are during the good times because you’re not going to want to believe you’re as dumb as they think you are during the bad times.”
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