From lot to Habitable

[Taylor Norton]

I'm new to real estate in general, so I'm not going to pretend I know what I'm talking about. I'm out of the Phoenix Az area, and one thing I've noticed is how ridiculous rent has become. Phoenix has seen incredible amounts of immigration in the past few years, with that comes the need for new housing. I've also noticed a ton of vacant lots surrounding Phoenix, some subdivided and some not. I'm not sure if this topic has been covered yet, I do see a lot of incredibly valuable posts on tear downs but haven't seen any on lots specifically. Vacant land in large part is seen as mysterious, especially when valuing land so it makes sense for development.

 For all of my developers out of Phoenix, or any market similar to Phoenix, what do you look for before deciding to give the green light on a new construction project? Do you prefer tear-downs over lots? Do you avoid HoA lots? What zoning type do you look for? Do you specialize in single family or multi? Please walk me through your acquisition process, from start to finish. I'm eager to learn and hope to provide value in way of any potential deals to all of my investors here in Phoenix! It's a huge market that everyone can win in! I hope these responses provides value to other new investors as well. Thank you so much for taking the time to share your experiences, if I don't reply quickly I apologize I do have a day job.