My husband and I are seriously considering an opportunity to buy a few acres that are approved for subdivision. In the past we've owned and currently own rental properties. I've been a property manager now for over a decade. We've never done anything like this and while it's an exciting adventure, it's also intimidating. We've already spoken to a real estate agent who is planning in setting up meetings with builders. He's been very helpful so far and if we puruse, we plan on relying heavily on him as as resource. He has assured us that even as a novice, we can do this.
Any advice on what to expect? What I should be asking? Things to watch out for or red flags? Basics of what to do in general?? Can we actually do this? I know everyone has to start somewhere, I just don't want to get in over my head.
I am in your exact position plus a few months! We have built ADUs in back of primary homes, split lots, and bought rental homes. In December we bought our first lot (dilapidated house on it) and have been working with engineers, city, etc to bring this to fruition.
The city has already approved for subdivision? Or is it just proposed? Have you called the city and confirmed?
Plot map or tract map? Basically more than 4 usually means more development costs. Ultimately what matters is lowest cost per lot. So if the subdivision for example is 6, you may want to ask builders about 4, and get quotes for development for both ways.
Yeah lots to consider here, let me know more details and maybe you can avoid some mistakes I've already made!