Real Estate Agent · UT · Member since 2019 · 1 post · 0 votes
We are looking at developing a family farm into residential properties. I am trying to figure out the structure of the business and how to do that. And looking at hiring a land developer vs doing it ourselves. If you are welling to have a chat or bounce some ideas off/share a little knowledge, if you have done this before I would much appreciate it. Thanks for your time
Nicholas is spot on. The items he listed will be your first steps before you can get financing or break ground. It is definitely best to team up with a sponsor (experienced developer) to get funding.
First thing you'll need to do is do a feasibility study or pro forma. Almost always by turning farm in residential you'll make some great money doing that, so I'm sure that's not going to be an issue.
You'll need to check with the city / county to see if you can rezone it. That could be a challenge, but maybe it's easy in your area. It's not a given, though.
Check to see if you can have a pre-app meeting about rezoning. Get a feel to see if it'll be possible.
Are you planning on building or just subdividing? The biggest expense you'll run into before actually building a slew of houses is making sure everything is serviced appropriately.
If someone's already done it in your neighborhood try and contact the engineer. They'll know a lot and will probably be happy to meet with you. There are a lot of engineer/developers in my area, so you might find a partner there too.
Nicholas is spot on. The items he listed will be your first steps before you can get financing or break ground. It is definitely best to team up with a sponsor (experienced developer) to get funding.