I’m eying a 5 acre property that has an existing home currently in the lot. It’s located in an excellent spot backing an popular bike path, in a good public school system, and close to popular parks and recreation.
I’ve got a few different ideas for the property but I’m really just not sure where to start. I do have some knowledge of the process of developing land as I work for a commercial general contractor in the area and I’m also a residential real estate agent so I feel like I have many pieces of the overall puzzle but can see the full picture yet.
Any particular advice on where to start?
Thoughts on financing the project?
Thanks in advance.
Start by determining your exit strategy and running the numbers for that strategy. Do the numbers work? If so, go to Step #2...
What is the zoning? What housing density does the zoning allow? Commercial possible?