If you're into real estate development, chances are you've faced a few challenges. And if you haven't, then Darren Voros is here to give you a reality check. In the recent episode of the Build The Missing Middle Podcast, Darren, an experienced real estate investor and developer, shared his wisdom on navigating the wild world of development projects. From the concrete jungle of Toronto to the sunny shores of Costa Rica, he's done it all. And he's got a few stories—and strategies—to share.

Without further ado, here are 8 Pro Tips from Darren's interview that could save your next project from turning into a financial horror show! 🎢

1. Start Small, Dream Big

Darren kicked things off by reminiscing about his humble beginnings with duplex conversions and triplexes. Fast forward five years, and he's now juggling 8-10 unit buildings in the heart of Toronto. Oh, and did we mention his projects in Hamilton, Kitchener, and even Costa Rica?

2. Bill 23: The Plot Twist You Didn't See Coming

Just when you thought municipal requirements couldn't get any trickier, along comes Bill 23. Darren breaks down how this bill impacts development processes and how to dodge the dreaded site plan approval for projects under 10 units.

3. The $45,000 Question

High development charges in Toronto can leave your wallet feeling lighter than a helium balloon. Darren highlights the staggering $45,000 per unit fee, plus additional costs like park levies and education charges. Before you even lay a brick, you're staring down a $1.5 million bill for a 20-unit project.

4. CMHC to the Rescue

In today's market, CMHC programs are like the superheroes of financing. Darren emphasizes the importance of these programs and the need for more efficient municipal processes.

5. The A-Team

Building a knowledgeable team isn't just a nice-to-have—it's essential. Darren swears by learning from experienced developers and assembling a crew that can tackle any challenge thrown their way. Think Ocean's Eleven, but with more hard hats and fewer heists.

6. 'As of Right' Zoning: The Fast Track

To avoid lengthy approval processes, focus on 'as of right' zoning. Darren explains how understanding end values (rents) before land acquisition and accurately estimating construction costs can make or break your project.

7. Construction Hacks

Who needs common staircases and fire alarm systems anyway? Darren suggests moving away from walk-up apartments to individual entrances and focusing on 3-story buildings to avoid elevator and sprinkler system requirements. Talk about cutting costs without cutting corners!

8. CMHC Financing: The Real Deal

Understanding CMHC financing requirements is crucial, especially for new developers. Darren's pipeline includes 60-70 units plus a massive 205-unit project in Hastings. It's all about knowing the game and playing it right.

So, there you have it—Darren Voros's masterclass on real estate development. With these tips in your toolbox, you're ready to tackle your next project like a pro. Just remember, it's all about the team, the timing, and, of course, avoiding those pesky development charges!

Darren Voros Links:

Instagram: darren.voros

Website: www.darrenvoros.com