Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Land & New Construction
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 5 years ago, 02/18/2020

User Stats

74
Posts
23
Votes
Matt Ridenour
  • Rental Property Investor
  • Michigan
23
Votes |
74
Posts

Surprise development opportunity!

Matt Ridenour
  • Rental Property Investor
  • Michigan
Posted

Hello Bigger Pockets stratosphere!

A quick question for you all. I bought a small piece of land about 5 years ago to accompany a rental house that I thought I might sell as a single family dwelling at some point.  The land creates the perfect back yard for my house and was deemed not buildable by the city, which made it very cheap to buy.  ($4,000). 

Now all of the sudden the zoning has changed and I can build up to 4 units on the property as town homes or apartment units. Score! 

My market is Ann Arbor/Ypsilanti Michigan, which is a smaller market, but high value with UM ruling the economy.  This land is in a small but up and coming hipster market called Depot Town in Ypsilanti.  Many Ann Arborites are scooping up houses in Ypsi because the prices over there are off the charts.

What I'm asking is for advice.  I've never developed before, only brrrr.  Where to get started honing in on the best bang for my buck on this kind of project?  Architect?  Local developer?  Hmmmm.  Any thoughts would be appreciated!

Loading replies...