Land Development Flip in Philadelphia

[Robert Palladino]

Has anyone had experience flipping vacant lots in Philadelphia?

I am experimenting with the idea of purchasing a vacant lot in Philadelphia, and obtaining the zoning & building permits for new construction so that the lot is shovel ready, then advertising the property to developers. I think that it would appeal to developers who want to limit their holding costs/time. 

I am an Architect, so I can avoid most of the associated soft costs (+/-$10k). I have my eye out for lots zoned for multi-family, or single family that have the potential to be subdivided.  

Any thoughts or experience would be greatly appreciated

[Robert Palladino]

@Greg Dickerson, thanks a lot for the valuable advice. From the nature of my day job, I’ve become very familiar with the different zoning requirements, and have seen first hand the misfortune of someone purchasing a property without doing a thorough zoning review, only to find out after the fact that they can’t build what they thought. I suppose that you’re right, and a zoning contingency couldn’t hurt. 
I’ll have to look more into opportunity zones. That’s a great idea.