Step Into Land Development A Detailed Checklist
1. Understanding the Basics of Land Development
- Vision and Determination: Stay committed to the vision and course of the project.
- Networking: Build relationships with city planners and government officials.
2. Assessing the Pros and Cons of Land Investment
- Pros of Investing:
- Potential for high returns (up to 100% value increase).
- Opportunity for large deals with minimal personal investment.
- Cons of Investing:
- Payment often comes at the end of the project.
- Requires upfront investment (e.g., due diligence, environmental studies).
- Necessity to build trust within the community.
- Risk of significant financial loss.
- Environmental concerns with land.
3. Factors Increasing Land Value
- Location: Prefer land near populated areas or waterfronts.
- Approval for Building: Obtain necessary zoning and permits.
- Utilities Availability: Ensure access to essential services (water, electricity, gas, sewer).
4. Market Assessment
- Local Economy and Demographics: Evaluate the growth, existing structures, and population trends.
- Demand for Housing or Commercial Space: Check for potential housing or business development in the area.
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5. Getting Expert Opinions
- External Market Studies: Engage experts for comprehensive market studies.
- Seeking Mentors and Experienced Advisors: Consult with experienced land developers or mentors.
6. Identifying Opportunities
- Path of Progress: Invest in areas where the city is expanding.
- Development Boundaries: Understand the city’s development plans and boundaries.
7. Focus on The 3 Ps
- Position in the Market: Ensure demand for the development type.
- Profit Potential: Estimate profitability, considering financing and returns.
- Political Considerations: Understand and navigate governmental processes and approvals.
8. Build a Team for Land Development
- Diverse Expertise: Include professionals like civil engineers, brokers, architects, attorneys, etc.
- Partnership and Collaboration: Form joint ventures and partnerships for shared expertise and risk.
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9. Find Ideal Land for Investment
- In-Town Development: Explore open land in urban areas.
- Expansion Areas: Identify areas likely to develop in the near future.
10. Time Management in Land Development
- Due Diligence: Thoroughly research to avoid pitfalls.
- Contract Negotiation: Secure extensions and favorable terms in contracts.
- Market Research: Explore multiple exit strategies.
11. Zoning and Development Approval
- Change in Zoning: Understand the impact of rezoning on property value.
- Community Master Plans: Align development with community goals and regulations.
- Entitlement Process: Navigate the process of getting development approval.
12. Handle Bureaucracy and Regulations
- Early Engagement with Officials: Communicate with city council and planning departments promptly.
- Understanding Local Rules: Familiarize yourself with local zoning and planning regulations.
13. Community Engagement and Opposition Management
- Community Meetings: Engage with neighbors and community members.
- Public Hearing Procedures: Follow proper protocols for public hearings and notifications.
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