Vacant Land to develop later?

[Brandon Nappi]

Good morning, BPers,

I have done a handful of flips and holds with existing property but a deal came up on some vacant land that I am very interested in.  I just don't know where to begin?

My first issue, the property is in Kentucky and I'm in Chicago.  Very difficult for me to be on the ground doing my due diligence.  

Also, who would be the most important person to initially involve in determining how feasible it would be to develop this land?   Real estate agent, attorney, or builder?

The property is in a subdivision on public water and sewer, so luckily we don't have to go through all the well/septic and utilities fiasco but I'm still in a bit it over my head.  I know the purchase price is great from other vacant land sales but the development part of the land is what is new to me.   

We plan on purchasing the lot and developing next year.  I know there are a million questions I need to ask and this is a VERY general question I am proposing.  Any advice on what my first steps should be would be extremely helpful!  ...and any advice in general would be great!  

Thanks!

Brandon

[Gilbert Dominguez]

Buying land and developing is very very different than buying an existing building. Your first move would be to go to the local building and planning department to;

. Ask about the zoning.

. Find out what would be allowed to be developed on the land. 

.Next do not assume anything about services such as city sewer, water, gas or electric being available for the land just because it may be available on near by land.

. Make sure to visiting the local building department's civil engineering section and have them look up that exact parcel of land. 

. Check with any utility like water company and electric company.

.Know what the set backs are for any building built on that land if any building is allowed at all

. Find out about any existing easements if any on that land

Note: usually all these things should be checked out in person and you should never , not ever buy any land from far away. Do it in person and do all your due diligence in person

Take the above as a warning not just a recommendation !!!

P.S:

You will want to discuss your plans for development with a architect/designer, and structural engineer, again in person.

BE VERY CAREFUL ABOUT LAND !!!

MAKE 100% SURE THAT YOU CAN DO WHAT YOU PLAN OR WANT TO DO ON OR WITH THAT LAND. I CAN'T WARN YOU ENOUGH !!!!!!