Developing Boston

[Jabari P.]

Hey there calling like minds for a little brainstorming. I'm an investor from Boston and I've been having trouble finding deals for fix and flips. I do notice I've been seeing alot of land for sale in Boston around Dorchester. The costs of multifamily homes in the area are quite high.

So! What I am trying to do is gather as much information as my brain can soak up on the process of Developing a house. I am I'm in network with quite a few architects and contractors. From my understanding I would need a blueprint. That blueprint would have to be approved by the city? Then digging the foundation and connecting pipes from the sewer? Then finally developing the frame and doing interior and exterior work? What is the process? Calling all developers and likeminded individuals in iMassachusetts to give me wisdom and to brainstorm. I know this is a very big procedure but I'm sure with proper planning and networking it can be worthwhile. I did just download the new construction diary here on biggerpockets so I'll be starting there.

[Ray Hurteau]

Hi @Jabari P. - to develop a parcel of land, you will want to give yourself a solid 24 months.  I know someone who just took down a property and it took him 30+ months to fully complete from acquisition to resale.

You need a lot of things and we are doing our first tear down/new construction project.  You are more than welcome to follow along by following us on facebook.  We are also part of a group called Boston Wealth Builders, found on meetup, where we give property tours and insight/presentations.

For Dorchester, you should not consider any land that would be suitable for 3 units for more than 100k with approved plans (this is just an example).  Some land is sold with approved plans, some is not.  When we acquire raw land that needs ZBA approval, we cannot pay more than 50k based on our numbers.  But Dorchester is huge, so the specific area will better define what is the right price.

Feel free to connect with me - I'm by no means an expert, but am going through all this right now in Southie, so I do have the relevant info.

Maybe consider partnering or a rehab project first?

How are you looking to find your deals? If it's just MLS, you are not going to find much there. Let's talk about your marketing plan/budget for direct mail and/or online.