Investing in land for future development?

[Mike Delavanti]

Hello!

Has anyone ever invested in land to develop slowly over time? An opportunity has presented itself in my area where I can buy a large piece of land for 100K that is zones "no restrictions". This property is in a high traffic and desirable suburb area. My thought would be to build condos or duplexes to rent, or sell. Perhaps a 55+ community? This sounds nice in concept, but I would want to purchase the property all cash. This is contrary to my traditional approach to investing (mutual funds and mortgage pay down), although the potential ROI could be substantial.

Any thoughts, suggestions or advice would be appreciated.

Thanks,

Mike