I have 6 acres that I bought really cheap because it is located on a flood plain. I bought it for the timber that is growing there, which is worth more than I paid for the land. After I harvest the timber I would be left with land that is essentially worthless, except for future timber growth, because it tends to flood each year.

On the other hand, if I brought utilities into the property, and about 6 feet of fill dirt, it would be an acceptable building site. It is surrounded by other neighborhoods and the land just across the street, which is already built up, is worth significantly more. It is within city limits. There were plans to build a neighborhood here about 25 years ago, but the previous owner died before it could happen.

I'm considering trying to do this, but I'm not going to build anything just yet. Maybe in the future. For now, I would like to pull any equity I can out of the land and use it for another project. 

What I'm wondering is,

1. Can I find somebody to appraise the land first and tell me what it would be worth with improvements, before I actually do it?

2. If the land becomes worth more than I paid, am I right that it should be relatively easy to get a loan on up to 80% of the appraised value with good credit...and still keep the land? I currently own it outright.

I know people with equipment, and some fill dirt, so I could make this property buildable for very little money.