Development opportunity in Portland's West Haven-Sylvan area?
I was contacted by a seller with an enthusiastic vision of building a 10 lot subdivision on his and his neighbors adjoining property. Together they have about 1.8 acre's. He states the neighbor seems on board with the idea and will sell (it is currently a rental). He has put together a Pro Forma and received some preliminary concept approvals from the city (design, sewer connectivity, etc). In the PF he envisions expenditures to be ~$4.9M with a final profit of ~$3.4M. He contacted me looking for idea's on how to realize his vision. After a long conversation I sense the seller may have some mounting financial pressures that make him desperate to leverage his property as a solution, whether that is this development idea or even just selling his property. As a new investor with only a handful of wholesale flips under my belt, I feel over my head here. I told him I would consult with some experienced developers and get back to him with their feedback. So, BP PDX development community what are your thoughts on this scenario? Thanks in advance, I truly appreciate the opportunity to be able communicate to the sage and savvy group of investors that exist on BP.