Updated over 5 years ago on . Most recent reply
Surprise development opportunity!
Hello Bigger Pockets stratosphere!
A quick question for you all. I bought a small piece of land about 5 years ago to accompany a rental house that I thought I might sell as a single family dwelling at some point. The land creates the perfect back yard for my house and was deemed not buildable by the city, which made it very cheap to buy. ($4,000).
Now all of the sudden the zoning has changed and I can build up to 4 units on the property as town homes or apartment units. Score!
My market is Ann Arbor/Ypsilanti Michigan, which is a smaller market, but high value with UM ruling the economy. This land is in a small but up and coming hipster market called Depot Town in Ypsilanti. Many Ann Arborites are scooping up houses in Ypsi because the prices over there are off the charts.
What I'm asking is for advice. I've never developed before, only brrrr. Where to get started honing in on the best bang for my buck on this kind of project? Architect? Local developer? Hmmmm. Any thoughts would be appreciated!