Buying a Lot to Build a Residential Home

[Lamont B.]

Good morning BP,

I've done a few fix-n-flips, but I'm considering buying a lot to build a home to resell.  I THINK I know some of the basics: buy lot that has connections to sewer and water, find a builder to build the home, then sell.  For those who have done this before, what should I look for, typical pitfalls, realistic expectations, etc.  I'm assuming that I should be able to make a profit after the construction of the new house.  All guidance is appreciated, but I would like to hear from individuals who experience in this area.