A beginner with an opportunity to develop a small subdivision

[Christopher Bennage]

Hello,

First, my experience in real estate is currently limited to a couple of rental properties. So I consider myself a beginner.

I have an opportunity where an old friend of the family, in his late 80s, had started to develop a 9 lot subdivision. He cleared the property and had an engineer draw up plans, but then decided he was too old to start a new project. He offered the land to me at cost, along with his counsel.

I also have a connection to a local contractor with a good reputation, a positive history of partnering with investors, and knowledge of the area.

I'm cautiously optimistic, but I realize that I'm ignorant. I am already seeking out experienced advisers that can help me evaluate and plan. 

However, what resources do you recommend? Are there books, videos, blogs, etc?

[Kevin Martin]

@Christopher Bennage sound like most of the front end items have been taking care of but I would still check with the city and the engineer who drew up the plans. Obviously you need to check out the comps or get some type of appraisal on the house that was drawn up to be built. Once you know how much it can sell for you can work your numbers backwards to see if it's a good deal or not. Partnering with someone local on your first development is probably the best thing you can do. Good luck!