1st Time Developer Questions
After remodeling two homes and building a new home, I've got the itch to start my own residential home building business. I have an opportunity I'm not sure what to do with. A family member has a six acre parcel of land I could buy. It's in an upper-middleclass area. Zoning would allow me to divide the property into 4 lots. My question is... where do I start? Should I look for an experienced partner? Or should I try it on my own? What's my first step?
do it yourself......Make sure zoning allows you to split that land. Negotiate the price of the land with your family member and don't offer what 4 lots are...just one parcel. Then the purchase would be subject to zoning approval of 4 lots. From there:
- survey the lots
- engineer the plans
- put contracts out to bid to other developers
- configure the numbers
- build the homes
- market them for RMV
- Make money
1yr process start to finish...done it 100 times
also check county, city and or state requirements in the area for any new developement
some have no rules and others have so many it's better to do this somewhere else if you are on your own til you build the capital to meet thier requirements