Stuck! Site plans to be built on own land as owner/developer

[Tammy Pimienta]

I have 3 lots and looking to build multi-family or single family homes on them. Can someone point me in the proper direction to how I should vet potential contractors or licensed individuals.

I found a guy and he has proposed to do the marketing for the site plans to be built on my lot. However, the contract details advise that I have to come up with a down payment of $5k to market the property and sell the lot with the construction development plans. I found this guy through another guy who does work in the Bay Area but I haven’t seen any of their work. They have implied that I could stand to make $60k per lot and up to $100k total for the entire project once’s the lot is sold with the plans and they find a buyer. I guess I would be the owner/developer? 

Any recommendations would help and/or direction. They are eager to work with me but seems too hasty because this is all new to me but I am learning. I have too much to lose to not get this right & it’s critical that my interests are protected. I don’t want to rush into signing a contract that I really don’t fully understand. They are claiming to have it sold by the weekend. I am not sure if I can trust this deal. I have been doing my research and things aren’t checking out in terms of business credentials and work performed. I am literally just going off of what they tell me they can do and for me I am not comfortable with that. I just want to do the right think, the right way while protecting my interests and avoiding scammers.

If someone in the Tampa Bay Area can assist me with finding a developer that is licensed, insured, & bonded that would be great. I need to see work and I think I need to get an attorney on my team to look over contracts and my investments going forward as this will give me the confidence if something goes awry, the legal counsel can take care of it. I just have so many questions about the two individuals I am working with I just don’t know what to believe or what I am looking for in a team.

thank you,

[Chris Seveney]

My recommendation would be to sell off the lots or look to partner with a developer. Taking on new development without any experience is very challenging and can be very costly if you are not experienced in it.