The First Year of Small Developer Activity

duncanville boot camp
Attendees; First Small Developer Boot Camp in Duncanville, TX August, 2015

 

I tend to let too many files accumulate on my computer desktop.  As I was clearing out files today I came across the photo above and the text below.  As you can see from the photo, we did manage to put on the first boot camp in Duncanville.  By the end of 2015 we had done six bootcamps and workshops and launched non-profit to coordinate the effort to cultivate Small Developers around the US, the Incremental Development Alliance (IDA).  Next Tuesday, June 7th in Hamtramck, Michigan we will running the 7th event of 2016 the day before the 24th gathering of the Congress of the New Urbanism starts up on June 8th.

In addition to running the one day and three day training events, IDA along with Midtown, Inc has been awarded a Knight Foundation grant to do a deeper diver into the Midtown neighborhoods of Columbus Georgia, providing 18 months of extended training and mentoring for local small developers.

None of this would have been possible without the hustle and hard work of local sponsors and volunteers in each of the cities that hosted us and the ongoing efforts of the IDA staff and board.  Strong Towns helped us get started, hosting the boot camp registration for the first couple events on their website.  Lynn Richards and the staff at CNU have been tremendously supportive as we continue to figure out how to scale up the Small/Incremental Development Effort.  The CNU’s Project for Lean Urbanism was the genesis of this entire effort.  The time we spent with the Lean Urbanism Working Group exploring what it would take to Make Small Possible made it very clear that we need a new business model for development, That shifting the scale of the development enterprise was going to be critical to building better places.   Thank you everyone.

 

June 5, 2015

Things are moving FAST with the rapidly expanding Small Developer/Builders Facebook group that we set up last April prior to CNU 23 in Dallas.

I have heard from a number of group members via email and phone calls that they would be interested in a hands-on workshop on basic skills needed as a small developer builder. There is an effort percolating to hold a one day workshop for Small Builders in Atlanta the day before the National Town Builders Association (NTBA) Fall Roundtable October 16-18.

But that’s all the way into late October and folks are pressing for something much sooner.

I think we can put this together in the Dallas area rather inexpensively. If the folks attending cover their own travel, lodging and meals, if we can find a venue at modest cost. It could be a very Lean affair.  A meet-up with other folks considering or practicing as Small Developer/Builders. Connect with some mentors, roll up our sleeves and get some skills.

Here’s what we are thinking for content:

  • BUILDING FOR-RENT VS. BUILDING FOR SALE PROJECTS.
  • HOW TO DO BASIC MARKET RESEARCH.
  • PRO FORMA BASICS, SORTING OUT YOUR DEAL ON PAPER.
  • HOW TO BUDGET FOR HARD AND SOFT COSTS.
  • OPERATING EXPENSE BUDGETS AND THE PROPERTY MANAGEMENT BASICS.
  • SITE SELECTION – EVALUATE SEVERAL SITES TO FIND THE BEST ONE TO START ON.
  • HOW YOUR FINANCING REQUEST LOOKS TO YOUR BANKER.
  • NAVIGATING THE APPRAISAL PROCESS.
  • HOW TO PITCH A DEAL TO AN INVESTOR.
  • DEAL STRUCTURES; ALIGNING THE INTERESTS OF PARTNERS.
  • POP-UP RETAIL AND STREET MARKETS; HOW TO CULTIVATE TENANTS (WHEN YOU HAVE NO MONEY).
  • UNDERSTANDING FHA LOAN PROGRAMS 203(B) AND 203(K) FOR 4 UNIT PROJECTS.
  • DEALING WITH CONSTRUCTION IF YOU DON’T HAVE A CONSTRUCTION BACKGROUND (AND EVEN IF YOU DO).
  • COMMON SENSE DESIGN STRATEGIES AND WORKING WITH ARCHITECTS AND ENGINEERS.
  • MULTIPLE ON-RAMPS, SCENARIOS FOR HOW TO GET STARTED AS A DEVELOPER/BUILDER.
  • A STANDARD 4-PLEX DEAL; ALL RESIDENTIAL OR SMALL MIXED USE BUILDING.
  • A STANDARD COTTAGE COURT DEAL.

What other content should we cover?

We are thinking folks would arrive in time for food and drink on Friday evening, leave after lunch on Sunday.  We are doing this on August 14-16,  Who’s in?

 

Why is it so hard to build a decent building?

carpenter
What will it take to return scale and care to building?

In a recent Facebook post my friend and colleague Steve Mouzon, author of Original Green, posed an important question:

“Why is it that when there is an attempt to recover a lost tradition, that which is built is not the tradition but rather a cartoon of that tradition –have we lost the ability to see clearly?”

I think our habits of building are fractured and out of sync. We can’t seem to capture the rhythm of the mechanics of design and construction well enough to transcend a stilted mechanical approach. The people who built the traditional houses of the late 19th and early 20th centuries had habits of building that were reasonably intact. We try our best to be fluent in a language that, if not dead is at least seriously wounded. While some struggle to produce drawings that communicate well, others struggle to read them well and then launch ahead sure that they’ve “got it”. We trust our brains when we probably have little reason to. Everyday tradeoffs in building present themselves with reliable frequency. We are not wired to be obsessive or hyper-vigilant when performing carpentry or ordering lumber. At some point, you believe that you have a handle on the task at hand. Even hearing someone explain that “We do this because…” can feel abstract and a somehow disconnected. Skipping over the surface of a tradition feels pretty profound, so you don’t know that you are supposed to be diving deep. We are thrilled at building something that seems darned good compared to today’s usual habits of building, so we can’t see a more sublime experience just a few steps away.

Imagine that you are a housewright in 1889. You spent the winter producing window sashes, doors, moldings in your barn with the collection of hand planes and the Asher Benjamin handbook you inherited from your dad. In the spring you lay up a stone basement and start framing a house. When it comes time to install those windows, doors and trim your grasp of to how the pieces go together makes so much more sense than someone setting windows and coping trim today. Whether in the design studio or the field, it is rare for us to get Malcolm Gladwell 10,000 Hours in on the full arc of the work, on the habits of building. So, yes, Steve we have lost the ability to see clearly.  These days we see as if through a glass darkly. We need the discipline and structure of craft and habit to recover our sight. Today the flow that emerges from that discipline and structure is not available to most. On a good day some talented people provide us with some well-intended choreography of a dance few of us have ever seen performed by someone with real mastery.

How do you know there is a demand for decent renovated or new apartments close to food, drink and day care?

 

P1000505
The Blenheim Apartments in Denver.

In most places the demand is large and the supply is pretty damned small.  So just how large is the demand?  If we were able to wave a wand and redirect the entire US housing industry to deliver only new rental housing in walkable urban places tomorrow, we would not catch up with the demand until 2050

If you understand urban places and have the ability to produce modest buildings for a living, I encourage you to figure out how to build apartment buildings and mixed use buildings, rent them out and and hold onto them. You should look for opportunities to do this in walkable or even marginally walkable places.  Avoid completely car dependent locations so you don’t have to build swimming pools nobody uses.
If you are a contractor, I think this might work out better than building for other people.  If you are an Architect or urban designer I think this will work out better than performing fee for service design or consulting work.
If this seems like a crazy idea, please read Arthur C. Nelson’s book Reshaping Metropolitan America and give it a a little more consideration.
Here is a link to Dr. Nelson’s entire data set (in excel file format).
Go ahead and download it and poke around.  At a minimum, cruising through the spreadsheet will make you want to read the book , where Dr. Nelson very helpfully explains what all these data mean. I suspect that if you are half as geeky about this stuff as I am, you will hone in on the place where you live to see what the housing future holds for a place you care about.
 You can look up your Metropolitan Statistical Area (MSA) and find out the annual demand for new rental apartments is going to be in your place.  Then hop over to the US Census website to look at how many multifamily building permits were issued in your county in 2014 and 2015.  http://censtats.census.gov/bldg/bldgprmt.shtml
For example, I live in Albuquerque.  In the Albuquerque/Bernalillo County MSA, the annual demand for new rental units, according to Dr. Nelson is 4,000 units.  Imagine that a quarter of those units get delivered by the apartment fairy in the form of converted single family houses and the demand number comes down to 3,000 units.
In 2014 there were 400 units built in Bernalillo County, so the short fall of 2,600 would roll over into 2015.  add the conservative number of 3,000 units for 2015 and that comes to a demand for 5,600 new rental units.  I check in on the permit activity for the City of Albuquerque and the number for the city (admittedly not the entire MSA) for 2015 was 570.  So now the demand for 2016 is something over 8,000.    Vacancy for apartments in Albuquerque over the last couple years has been less than 2% (–about what you would see when apartments need to be repainted and re-carpeted between tenants)  Rents have gone up 5-10% a year in this market with the higher rents in the walkable parts of town.
Is your area any different?  Do you see an opportunity?

An Email Reply to a Prospective Small Developer

11159924_10205391753266319_5264021626934794407_o
You raise a lot of good points and express concerns which I have also heard from other folks looking to get started in incremental development.  We should probably talk about this by phone or video chat when you have an opportunity.  Some responses;
The most satisfying projects deliver on several levels
  • They post good financial returns that justify the risk of construction and leasing.
  • The process of getting the the building built or renovated builds relationships of trust among your team making it possible to take on another effort with greater confidence.  I think that working with people you genuinely like and respect, seeing them grow and develop new capabilities is very rewarding.
  • A good project contributes to the social and economic flywheel of the neighborhood.  The best projects have lots of synergy that benefits other people.  A restaurant opening across the street from a coffee place strengthens both enterprises and makes that block a good place for someone to want to open their new office.  Building projects that create local wealth and local jobs within a neighborhood protects the long term value of your own buildings in that setting.
Farming
I think it is critical to have a geographic focus for incremental development.  Monte and I talk a lot about “farming”–identifying specific areas and getting to know them well.  That investment of focused time and attention reduces your risk, because you can know the place well enough to understand where catalytic efforts will have the impact needed.  Have you picked an area or neighborhood where you would want to concentrate your efforts?
New Construction vs. Renovation for a first project
I started out in the trades as a carpenter and later, an electrician.  So, I tend to think it is always better for folks who want to understand the nuts and bolts of development and property management to start with a piece of new construction, rather than an ambitious renovation.  That first construction project should also be of modest scale.  Small scale helps you limit your risk and focus your learning. You are not looking for economies of scale on your first building experience, you are looking for an opportunity to learn the basics and connect the pieces so that you can communicate effectively with your team.  Once you get a handle on the  fundamentals and mechanics, you move to more subtle stuff like refining the design to make construction and maintenance easier, or to making the units more pleasant for your tenants.  Renovation and new construction both have risks, and tradeoffs that you need to identify from the start and manage through the process.  (I just think the risks and tradeoffs  of new construction are more straightforward).
Affecting people’s lives
If we think about the resources we have; capital, skills, determination, and vision as things that we have stewardship over, understanding how  we manage them in ways that affect the lives of people in the neighborhood should guide what we do and how we do it.  Building a culture within the team that looks outward is really important in my view.  Conventional development practices applied to existing neighborhoods tend to displace people who have limited choices and opportunities, so we need to have different strategies grounded in the principle of increasing choices and opportunities for local folks.  I really appreciate the way that Monte Anderson finds the local entrepreneur tenants and puts them on a track to eventually buy their own building, so they are not displaced by Starbucks or some national tenant down the line.  The local entrepreneur gets to build local wealth which stays in the community.  That’s  better for everybody.  The current shortage of skilled construction labor presents a problem and an opportunity for an incremental developer working in an underprivileged neighborhood.  A small developer can generate steady work  for the trades.  That steady work can become the platform for training local folks in the trades, with the goal of helping them sort out the logistics of having their own contracting enterprises and eventually owning their own buildings.  There are more opportunities in these neighborhoods than there is capacity to meet them, so the wise strategy would be to build a local trade base to add to that capacity.
Acquiring and sharpening tools
I understand that you have capital you want to put to work soon.  Rather than look for deals right now, I encourage you to sharpen your tools and build your skill set for a while. Maybe set a target of getting into a project by the end of 2016.  One potential way for you to get up to speed on the tools and techniques that will help you as you look at opportunities for incremental development is to come to a boot camp.  The concentrated format of two and a half days gives you a lot of information in a short period of time and getting to know other folks at various stages of doing this kind of work will help you build a network of people you can reach out to for counsel when things get tough.  You will find the the network of small developers has a culture where nobody wants to see their colleagues repeat their learning curve.  There is a lot of lateral support among the crew.  They are generally looking for a chance to pay it forward.  We are scheduling at least one event a month through most of 2016.  Keep an eye on the Incremental Development Alliance website for new dates as events get confirmed.

What is Worrying the Rookie Developer?

despair-head-in-hands

Over the last couple weeks I have been getting some feedback on the things people are worried about as they consider taking on their first development project.  Worries about talking to bankers and asking investors for money are high on the list followed by concerns about how to find reliable trade contractors and property management firms.

The key seems to be helping folks understand how the big hunks of the project fit together sorting out the connections  between Likely Rent, Likely Project Costs, and Likely Operating Expenses.  It is important to sort his stuff out on paper using the pro forma to see how much you can afford to spend building the project, given the likely rents.  The short answer? If you can’t get enough rent, you can’t build the building.  There are lots of details to keep track of, but understanding the fundamentals of how a project makes money will help you see where those details fit in the overall picture.
Once they understand  the “back of the envelope” math, they can understand how the finer grain budgets for hard cost, soft costs, operating expenses, and trade offs typical to the various deal structures with investors.
Back to the investors and bankers thing.  If you have sorted out how your project makes money for someone willing to invest in your enterprise, the conversation becomes much more comfortable.  It is a business deal.  You have to provide a fair return for the risk the investor is taking on.  If you disagree on the particulars you can shake hands and move on.  If you have sorted out how the bank’s construction loan will be repaid, that conversation is straightforward as well. Banks have lots of rules they have to comply with and your loan application should make it easy for your banker to comply with the requirements on their side of the transaction.  Those rules and conventions are all knowable, so we should assemble primers on how to be a good bank customer.
Many thanks to the folks who participated in the recent series of group video calls.  Continued progress.  Please post questions on stuff you are looking for help on.  The Small Developer/Builder group is gathering some bright people that are offering to you sort through this stuff, notably bankers and appraisers.
So don’t worry.  Take things one step at a time.  Figure out your deal on paper and talk with smart people about it while it is just a project on paper.  Developers who have had a lot of practice may appear that they have some special gift of intuition.  They don’t.  They just have put in lots of hours sorting through the basics and asking smart experienced people to look at their deals.

Summer 2015 Small Developer/Builder Boot Camp in Dallas

Some of the very intense Rookie Developers at CNU23 in Dallas.
Some of the very intense Rookie Developers at CNU23 in Dallas.

Things are moving fast with the rapidly expanding Small Developer/Builders group.

I have heard from a number of folks via email and phone calls that they would be interested in a hands-on workshop on basic skills needed as a small developer builder. There is an effort percolating to hold a one day workshop for Small Builders in Atlanta the day before the National Town Builders Association (NTBA) Fall Roundtable in October 16-18.

But that’s all the way into late October and some are pressing for something much sooner.

I think we can put this together in the Dallas area rather inexpensively. If the folks attending cover their own travel, lodging and meals, we can find a venue at no cost. It could be a very Lean affair.  A meet-up with other folks consider or practicing as Small Developer/Builders. Connect with some mentors, roll up our sleeves and get some skills.

Here’s what we are thinking for content:

  • Building for-rent vs. building for sale projects.
  • How to do basic market research.
  • Pro forma basics, sorting out your deal on paper.
  • How to budget for hard and soft costs.
  • Operating expense budgets and the property management basics.
  • Site Selection – evaluating several sites to find the best one to start on.
  • How your financing request looks to your Banker.
  • Navigating the appraisal process.
  • How to pitch a deal to an Investors.
  • Deal Structures; aligning the interests of partners.
  • Pop-up Retail and Street Markets; cultivating tenants (when you have no money).
  • Understanding FHA Loan Programs 203(b) and 203(k) for 4 unit projects.
  • Dealing with construction if you don’t have a construction background (and even if you do).
  • Common Sense design strategies and working with Architects and Engineers.
  • Multiple on-ramps, scenarios for how to get started as a developer/builder.
  • A standard 4-plex deal; all residential or small mixed use building.
  • A standard Cottage Court deal.

What other content should we look at covering?

We are thinking folks would arrive in time for food and drink on Friday evening, leave after lunch on Sunday.
We are doing this on August 14-16,  Who’s in?

We are also looking at what topics should we tackle for a couple of webinars in the near term.  The intent on all of this is to find ways for Small Developer/Builders, (both rookies and more seasoned types) to reduce their learning curve, share lessons learned, pick up new skills, and find people to collaborate with.

What say you?  Post comments here or email me:  janderson@andersonkim.com

What is a Small Developer/Builder Shark Tank?

shark girl canalside buffalo
Since putting up the To Do List yesterday, I have had a number of folks ask me “What’s this shark tank thing?”
The Shark Tank is  a platform for recruiting and accelerating the skills of small developer/builders and laying the groundwork for incremental development in a neighborhood or municipality.  It works like this:
  • Recruit likely new developers from the local area with help from local trade suppliers, the Lumberyards, Truss companies, Drywall Supplier, Plumbing, HVAC and Electrical Supply House.  Who among their customers look promising for stepping up their enterprise so they can build infill/retrofit projects at a small and incremental scale.  Make the rounds with the local Chambers of Commerce, the NAIOP, ULI, churches, banks & credit unions and the entrepreneurship programs at the Community Colleges and Universities.
  • Candidates get homework and guidance on how to prepare development proposals for several local sites based upon the Charter and within a prescribed area to “flood the zone” with as many small operators as possible for maximum impact.  They are now on a clock and must focus on completing the homework on deadline.
  • The municipality has made plans for capital projects that make the prescribed area for the projects viable, traffic calming, bike and transit investments, an overlay of code reform and removal of minimum off-street parking requirements. Establishing a Pink Zone (See www.LeanUrbanism.org) as preparation for the Shark Tank event would reinforce the importance of adopting the right code platform.
  • Candidates bring their proposals to a 4 day intense workshop with solid coaches and specialists who help them understand the fundamentals and strengthen their pitches.
  • On the fourth day they pitch their deals to qualified investors and construction lenders who are there because they are aligned in interest with the goals of the effort and have signed on to the criteria that all the deals much meet in order to be pitched to them.
  • Coaches follow up with the developer/builders whose deals are funded and sort out a gameplan for refining and improving the pitches of deals that are not funded with the initial round.
  • While competing for investment the developer/builders form a cohort that can provide continued support.  Coaches will reinforce the realities of the market and the need to build capacity and the right code and public infrastructure to sustain infill and retrofit. Their competition for resources is the conventional development at the edge of town.  There are more than enough sites to occupy all the candidates and the market for infill and retrofit cannot be satisfied in the next 20 years.

Sorting Through FHA/HUD Housing Finance –a revised (7/8/15) quick primer

venn 2015

As we sort out the FHA underwriting for 1 to 4 unit loans, I have been getting a lot of questions about what rules HUD or FHA has revised/ is revising to allow for loans on mixed use buildings.  This can be confusing, so I will do my best to lay out what is going on now, There are multiple HUD, FHA, VA, Fannie Mae and Freddie loan guaranty/loan insurance programs for residential buildings that have restrictions on how much non-residential space can be in a building when financing or refinancing mixed use.  I will work with our new appraiser guy Ryan in Boston on assembling a reliable matrix so we don’t keep conflating the requirements that are specific to each of these programs.  For people who are not actively engaged in trying to finance projects, this stuff probably blurs together under a broad HU or FHA banner, but the specifics really do matter.  Here is a brief summary:

Already Done: The Change in FHA Condo Finance
 John Norquist and others from the Congress for New Urbanism met with folks in the Treasury Department and explained how FHA and HUD underwriting rules were working against the policies on the books at HUD, EPA, and US DOT which actually promote mixed use buildings as part of walkable urbanism.  This turned into a shift in the FHA Condo Loan rules rather quickly. The Mortgagee Letter from FHA raised the baseline amount of allowed non-residential and provides a process of further increasing non-residential to up to 50% of building area in a condominium building.
This applies to the FHA insured loans that a developers takes out to build new buildings with condominium ownership or to convert existing buildings to condominium ownership.
This also has bearing on the FHA insured mortgages that individual condo owners get to buy or refinance their individual condo units in condo buildings with mixed use.  The building has to be on the FHA Approved Condo List for the individual condo buyer to get an FHA Insured mortgage on their unit.  FHA Condo list search page
Loan Programs that are already in place and can be used in Lean Context; Small Buildings/Incremental Projects.
  • VA 1 to 4 unit mortgage, 0% down 30 year with PMI.
  • Fannie Mae and Freddie Mac 1 to 4 unit mortgage term, PMI requirements, and down payment varies with credit score.
  • FHA 203(b)  1 to 4 unit mortgage, 3.5% down 30 year with PMI, if owner occupied for min. 12 months. ( 25% down if not owner occupied for 12 months).  FHA 203(b) 
  • FHA 203(k) 1 to 4 unit purchase + rehab mortgage, 3.5% down 30 year with PMI if owner occupied for min. 12 months. ( 25% down if not owner occupied for 12 months). FHA 203(k) Program  Some key information from the FHA Guidelines on how much non-residential floor area is allowed in a mixed use building under the 203(k) loan program:“A 203(k) mortgage may be originated on a “mixed use” residential property provided that the percentage floor area used for commercial purposes follows these standards:

    – One story building 25%

    – Two story building 49%

    – Three story building 33%

    The commercial use will not affect the health and safety of the occupants of the residential property.

    The rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.”

Loan Programs with new Underwriting Rules out for Public Comment – workable for apartment buildings and mixed use at the larger end of the spectrum of the Lean Building Types.
  • HUD 210  HUD 221(d)(4) and other HUD originated/FHA Insured Loan programs for 5 units or more

How Do I Get Started as a Developer? –With a Four-Plex.

4F_Elev  11 x 17
Updated june 2, 2016  
NOTE:  The Limit on Nonresidential space in a 1-4 unit home financed with a FHA 203(b) mortgage was increase from 25% to 49% in September of 2015.
A question that I am hearing a lot from prospective developer/builders is “How do I get started?”.  One way to get started is with a Four Plex that you will also live in.
Over the last 10 months I have been digging into the details of the FHA four plex loan program and the FHA 203K Rehab and mortgage program which is available for 1-4 units as vehicles to help people get started.  I will be presenting this Dallas this week at CNU 23 in the session with Monte Anderson at 9am on Thursday morning How to Build & Finance Small-Scale Incremental Urbanism,  but here is the short version:
Goal = A rookie developer builds a 4 plex with a partner and buys it with an FHA 30 year mortgage.  They establish a modest but credible track record while working on a lean project at low risk.
Project costs for the sake of this exercise = $600,000.
  • Conventional 75% Loan To Cost (LTC) construction loan guaranteed by an investor who puts up $150,000 in equity (and has second position on the land and building after the bank’s typical lien position).
  • The rookie developer runs the project and earns a fee,( included in the $600K project cost) to support themselves  for 8-12 months while the project is under construction.
The Investor has a contract to sell the Four Plex to the rookie developer for $650,000 and the rookie developer has pre-qualified for an FHA insured 30 year mortgage (FHA 203-b) with the following underwriting requirements:
  • Borrower has 2 years of employment with stable or rising income.
  • 3.5% down payment (which can be gifted funds).
  • Reserves of 3 months PITI.
  • Credit Score minimum 580 (640 is more the real world score for local bank underwriting with the FHA insurance).
  • PITI cannot exceed 30% of borrower’s gross income which includes 75% of the gross rent on the other three residential units.
  • One of the four-plex units must be occupied by the borrower as their primary residence for at least 12 months.
  • A maximum of 49% of the building floor area can be non-residential use.  Appraiser will verify the non-residential use complies with local zoning.
Assuming a year for construction and lease up, the Investor/Guarantor would see a 35% IRR on an investment in a hard asset with minimal construction and leasing risk.  The 30 year FHA mortgage as the take out loan is really straight forward.  The rookie developer and the investor get to know each other in a low risk deal that takes 8-12 months.
The developer goes through the entire project arc and end up owning a building with some decent equity which they helped create.  The developer has demonstrated their ability to get a project financed, built and occupied.  They can live cheap while pursuing their next project (rent free) in a live/work that showcases what they can do.  PDF of the FHA Underwriting Manual:
The FHA 203K approach could be similar for an existing building.  You can use the FHA 203-k purchase/rehab loan to purchase an existing small apartment building of 5-6 small units that could be converted to a 4 plex as part of the renovation.   FHA 203-k loans are set up to include the cost of renovations.  Small apartment buildings are tough to finance with conventional commercial loans and tend to get rented to death, requiring a lot of work when they go up for sale.  Unfortunately the 203-k loan can take 6-8 months to get approved.
The intent with both of these approaches is a low risk entry into development and building with the rookie developer fully engaged and gaining experience in all aspects of a project in a compressed arc.
1113_160528_4f simple static pro forma