Looking to develop small parcel of land - looking for advice

[Kate Weinberg]

Hi all,

Im looking at subdividing a small parcel of land into 6 (hopefully) lots in Utah.  I have experience in buy and hold and flipping but now this is a bigger animal.  

I have asked our local forum on estimated costs to subdivide and then improve, but thought I would throw it to the larger group for general development advice.  

1) It is small enough that i could possibly fund the whole thing through HELOC loans on several of my properties. However, what it be smarter to go through "traditional" (whatever that looks like) construction financing? Im not sure of the correct product or terminology. All help welcome here...

2) Is it smart to just stop and sell off the lots once you get them improved or is it better to keep going and get into the custom home building on the lots? 

There are several other questions i have had while i lay awake thinking about this amazing opportunity but they escape me for now.  Any and ALL suggestions/advice/warnings are greatly appreciated.  As you can tell I am a newbie to this Development Arena.

thanks,

kate