Seeking Guidance on Starting a Real Estate Project
Hello fellow forum members,
I hope you're all doing well.
I currently own a piece of land and have been thinking about building a house on it for the purpose of renting it out to generate some income. However, I'm quite new to this, and I'm not sure where to begin.
It would be an out of state build. I was visitng the land the other week and it seemed like the area around it was starting to be built up. I am not sure if it could be a potential flip or something that I could rent out, I would need to see what the numbers are like. That's why I am not sure where to begin with this.
I would greatly appreciate your insights on the initial steps I should take. Should I start with getting the land surveyed to understand its boundaries and potential challenges? Or would it be better to reach out to real estate agents to gauge market demand and rental rates? And of course, there's the matter of contacting builders and understanding the construction process.
If any of you have experience in building a home from land you owned and renting it out, I would love to hear your thoughts on how to kickstart this project effectively. Any advice, tips, or personal experiences would be invaluable to me at this stage.
Thank you in advance for your time and expertise. I look forward to learning from the experienced members of this community.
Best regards,
Chris