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Yes But, How Do I Evaluate Buying Undeveloped Land And Get Into The Business?
These real questions on buying undeveloped land are answered by a US Master Builder and myself after receiving them from readers of my e-book, "Residential Development Made Easy."
What are some factors to bear in mind when purchasing undeveloped land for the purposes of rezoning?
Master Builder & Developer's Reply:
Study your Town Plan and see where your Council Planners want the physical growth direction to take place. Go and talk to the Planners - don't ask them for their opinion - you might sue them in a few years time, so they won't give you an opinion.
However they will talk about Councils plans for growth. Ask about utilities such as water, sewerage, roads etc. These are very costly and they will want growth to take place where existing utilities have capacity to handle the growth. This way if you acquire raw land for rezoning, you are working within the "thinking" of the local authority.
Be prepared to hold on the property for a long time. First thing to check before purchasing is to ensure it's not part of or can be part of endangered species.
Then make sure that it was never part of or owned by a gas station, fuel company, salvage yard or had tire dumping. Also get expert tests. Make sure the land will allow for property to be built on it.
What methods does the builder use to evaluate prospective parcels for development, and determine the price to be paid for the land? (Again, assume we have a basic level of understanding)
Master Builder & Developer's Reply:
"Land is only worth what you can do with it."Question 3.
What general advice would you give to developers who are just getting their feet wet in the market?
Master Builder & Developer's Reply:
Locate a Master Builder to work with. Master Builder's such as me, have a vested interest in ensuring your profitability.
We can answer the questions you have about what to build and how to determine profitability. We enjoy mentoring and growing our developers.
I also recommend new developers buy and study Colm's e-book, "Residential Development Made Easy." No other experienced developer has taken the time to write an instruction book like his - anywhere in the world, that is, so it is truly unique.
The more successful and profitable you are the more successful and profitable we are.
Be honest with the Master Builder you choose to work with. Ask for their assistance.
In my case, because I am licensed, bonded and insured in all 48 continental states, I can help you put together a Residential Development Team who will provide you with their experience and support your efforts.
We can provide you with financing for the development (if you qualify), financing for your home buyers, insurance, help you locate land, advise you on property, create a demand for your homes, etc?
We work with developers with various levels of experience and who have varying levels of being actively involved in the decision making. A Master Builder can guide you. Show you how to get started. Get your feet wet.
Example: I might start out with helping you to create a Residential Development Team or connect you to mine if I have one in your area. Then we would locate a lot in a development by another developer.
Then we would help you to conduct basic market research in this controlled environment. How to write up a proposal for the builder (us) to work with you.
Then the realtor would find a buyer for you. You'd sell the home. And, we'd use that one home to create a demand for more of our homes. You'd repeat your success a few times until you're comfortable and ready to develop your own raw land.
Author & $1.2 Billion Developer, Colm Dillon, Has Written The Best Selling 'How-To' E-book, "Residential Development Made Easy," With Readers In All States Of The USA, Canada, Australia, New Zealand, UK, Ireland and 79 Other Countries. His Independent Web Site is: http://www.realestatedevelopmentcoach.com/ez
Inspecting Your New Home - 17 Areas You Must Inspect Before Taking Possession
Congratulations! You've made your decision; you've chosen your new home and your builder. So what needs to happen next? Once you have a firm contract and you have selected the features that will go into your new home, it is time for the builder to turn your dream into reality.
How to Qualify For 90% Plus Commercial Financing!!!
There are three important questions that you must understand and answer correctly in order to achieve 90% plus commercial financing! Where to go to locate it? What type of project will qualify? And last, how to negotiate for it?To start, you must understand the lender's mindset?..
What Can I Realistically Earn In A Lease Purchase Business?
If you're looking at Lease Purchasing as a business, you'll obviously want to earn much more than the $20,000 per year in our "How To Give Yourself A $20,000/Year Raise Without Asking Your Boss" article. Let's review the numbers from that article: For every 100 calls Sue makes on For Sale By Owner property, she either speaks with or leaves messages for about 60%.
Should you Sell your Home yourself?
Should you sell your home yourself? Yes and no. Yes, you should leave the option of selling on your own open and no, you shouldn't rule out using the services of an agent to help you sell.
Personal Branding Techniques for Real Estate Agents and Brokers
Branding can be done to any product, or any person. Before undertaking an exercise in personal branding, however, consider your distinctive strengths and abilities and what they offer the market place.
RESPA: The Real Estate Settlement Procedures Act
The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute, first passed in 1974. One of its purposes is to help consumers become better shoppers for settlement services.
10 Important Tips to Successful Real Estate Investing
When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:1.
Should You Buy Real Estate Now
I have been seeing the market on fire for a long time and have started telling my friends, "don't buy now". No one can accurately determine exactly when it will happen, but it is definately on the way.
Real Estate Investing with No Cash and No Credit
Lots of folks think it can't be done.How in the world can you buy a piece of real estate property without cash or credit? How is it possible to buy a $50,000 house or a $1 million dollar house if I don't have an abundance of cash or an excellent credit rating?Nothing stops a would-be investor cold in his tracks like "no cash or credit.
Ten Steps for Becoming a Successful Real Estate Investor
The secret to success in real estate investment is finding bargain properties that you can "flip" quickly for a profit. Here are a few ideas for becoming a successful investor:1) Obtain sound advice from investors who are already successful.
The Real Estate Cycle
The real estate cycle, like the business cycle, refers to the activity of the real estate market as it reacts to the forces of supply and demand.Supply and demand.
Property Investing Secrets 2
Property Investing Secrets:How You Can Turn A Below Average Deal Into Streams Of IncomeWhen property investing, sometimes you'll get a seller who will say: "Sure, I'm retiring, and I need some cash flow, I need some money but if I deposit it in the bank, I'm not going to get much for it. The property market is falling, there aren't a lot of buyers and they are all beating me up on the price of my house.
Buying a Home - Dealing With Lender Letters
Most people who set out to buy a home, be it house, townhouse, condo, apartment, or mansion on a hill, know they need to have a lender letter in hand saying they are qualified for a loan. What most "civilians" (people not in the real estate business) don't realize is how much the value of a lender letter varies.
Why Real Estate Investment?
Why should you invest in real estate? Well, investing in real estate for profit is one of the most popular approaches to generating additional income in the United States today. In fact, if you pay attention to recent press you will have seen numerous reports about the real estate investment craze that seems to be sweeping the Nation.
Real Estate News
Happy New Year, Make it a better world. "Pay it Forward" as in the movie.
Interior Design Secrets for Selling Houses
New concepts in Interior Design Psychology are helping home sellers net more money in today's competitive real estate market. Therefore, it's worthwhile to spend time planning the changes that will help your home sell for the highest price.
How to Achieve Financial Freedom with Your Home
The secret disclosed on how you too could achieve financial freedom through property (and tell the pension companies just where to stick their measly, worthless 'pensions') Geoff Morris is a self-made property millionaire who made it in less than 18 months even with a hectic 'day job'. He has written a series of articles to help people like you achieve the same levels of success - as long as you are willing to 'Go For It!'Many people these days are getting more and more concerned as they approach retirement age.
Dont Sell Your House--Ever!
Keeping your existing house when you buy a new one could be THE most profitable financial decision you could make. Consider the following:1.
Want A $10,000 House?
How do you find a house for ten or twenty thousand dollars? In three steps:1. Find towns that are affordable.
San Diego Home Evaluation
The Southern California city of San Diego has all the attractions of a big city with the tropical feel of the coast. Covering nearly 350 square miles with over 1.
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