Considering vacant lot..any advice?
Hi guys,
I am new to bigger pockets and have just started reading the wealth of information available here. I have nearly $250k in cash and I am considering investing it in a vacant lot which is zoned multifamily (5-6 condo/townhouse) in a very desirable location. The home prices in the area are really high and there doesn't seem to be enough inventory left. My plan is to put the cash down for the lot, get financing from bank and business partners and build the units through a developer. Although I have no prior building experience, I am fairly confident that my plan would work.
I have been told building costs to be between $100-140 per sq feet. I am assuming roughly $60,000 for fixed costs such as plan approval by the city, architect fees, lawyer fees, water/sewer connections etc.
Is there any other information I might be overlooking or a challenge with building out myself?
thanks,
Navjeet