Building multifamily on 30+ acre lot

[Alexis H.]

Hey BP family. So I have $1.2M land here in Texas but it’s prime and just a little over 2 acres. I have found some land over 30 acres zoned C for medium density multi family dwellings for little to nothing and my findings are it’s just an absolute steal sitting there waiting for me. My question is, how do I get into something like this? My ultimate goal is to own commercial multi family.. so this is right up my alley. To be able to create from start to finish is an absolute dream but I have no idea where to start as far as being able to generate income throughout the entire process. All expertise is greatly appreciated!! Thanks!

[Greg Dickerson]

Originally posted by @Alexis H.:

Hey BP family. So I have $1.2M land here in Texas but it’s prime and just a little over 2 acres. I have found some land over 30 acres zoned C for medium density multi family dwellings for little to nothing and my findings are it’s just an absolute steal sitting there waiting for me. My question is, how do I get into something like this? My ultimate goal is to own commercial multi family.. so this is right up my alley. To be able to create from start to finish is an absolute dream but I have no idea where to start as far as being able to generate income throughout the entire process. All expertise is greatly appreciated!! Thanks!

Development requires serious expertise and deep pockets. You need educate yourself on the market, types of properties, the entitlement process, capital raising and financing.  In addition development requires leadership skills and vision. Do you have to be able to create division by determining the highest and best use of the property and then convey that vision in a way that inspires the team to execute. It’s a very rewarding space and career and is always full of new challenges and opportunities.