In the premier episode of CNBC's "The Deed," real estate mogul Sidney Torres mentors 37-year-old city zoning consultant and rookie real estate investor Nicole Webre.
For her first major development project, Webre purchased a 2.5-acre plot of land near downtown New Orleans. She broke the plot into eight lots, built two homes, and marketed the development as Bakery Village. In the process, Webre took on $3.5 million of debt. She was then unable to sell either of the homes and found herself making interest payments of around $11,000 each month.
Despite the obvious challenges, Torres sees the opportunity in Webre's vision and diagnoses her problem: Momentum. Torres explains, "Developers kill for an opportunity like this. The two houses that Webre has built really make a great first impression, what doesn't make a good impression is that the rest of the development is dead."
Torres helps Webre identify the three common mistakes that hurt the forward momentum of her project.