Q Washington: A friend and I are thinking of starting our own real estate investing/development firm. What are the basic things we need to do to get started? Do you know of any good sources of information that could help us?
A Jim Abdo, chief executive of Abdo Development: Start small. The biggest mistake most people make when they want to enter real estate development is trying to take on too much, too fast. Know that you are going to make mistakes. It is better to deal with mistakes on a smaller project than on a larger one. As your confidence and knowledge grow, so can the size of your projects.