Updated almost 2 years ago on . Most recent reply
In Search for Mentor for Developing 40 Townhomes
I have secured a 5 acre lot with access to utilities. I am wanting to build 40 townhomes on it. I have a trusted GC that will be building it. I am looking for a mentor to make sure I do not miss any crucial steps so that I can profit greatly and not fail. Any suggestions or comments are welcome, and I can go more into detail with the deal that I have.
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Hey Daniel. If you still need help after talking with a couple people just let me know. I've been a RE developer for 17 years (nationwide) and can provide some insights. Making sure the zoning is compatible (no rezones), site plan completed that meets code and maintain density required for the deal to pencil (setbacks, parking, stormwater/landscape, driveways, etc.) and outlining the entitlement and permitting durations and risk along with the utility will serve letters are going to be the initial key steps. Right now it's VERY hard to make deals work for new construction so once you've done the AHJ legwork and have a site plan drafted that meets code, the UW would be the next large hurdle. You'll need to raise a decent amount of capital for the equity component to go along with the debt you'll need from a lender. A trusted GC is a great partner to consider being an equity partner in the deal. Potentially doing the work at cost since they would get equity in return.