to develop or not...that is the question.

[Tab Teehee]

I've mentioned this development prospect a few times on other posts, but I felt it was time to give it a post of its own.

I'm a majority owner in two parcels of land and sole owner in a third. All of these parcels are in the same section. The one that I'm sole owner of is a 8.25 acre plot with a 20 unit apartment complex and a 1/2 acre pond, the other parcels join the apartment land are 16 acres and 11 acres. The other partner/owner of the vacant parcels wants me to buy him out, so that I would become sole owner and have ultimate control to develop as desired. The other option of course is to just sell the land as is.

My question is:

Where do I start? How do I determine highest and best use for this land? How would I conduct a feasibility study to determine the need for either more rentals or new construction sales?

[Greg Dickerson]

Originally posted by @Tab Teehee:

@Greg Dickerson

I hoped a guru would chime in, lol!

Been watching your youtube channel, good stuff! I already have a number from my partner and the buyout is eminent, what comes next is the big question! I've approached the owner of my management company who's very connected with most of the folks you suggested we contact. I'm working with an architect/planner on some

preliminary designs to present to

the city. Most people say if the deal

is right that the money will be easy to

find, do you feel that statement applies in my situation?

 Development loans are very different. It all depends on the project, your financials, your experience, the team that you have in place to do the project and the lender themselves. Some lenders are pro development and offer great programs others don’t like it at all. The best thing to do is to talk to every local and regional lender in the area to find out what their appetite and requirements.