Subdivided Land Purchase

[Gregory Wesley]

I have a 2 acre lot under contract and I'm wondering if yall can share some of the pitfalls or things that I may be missing. The lot is located in an area where the lots have already been subdivided and cleared. There are 2 sections. One section has 2 acre lots and the other has 1 acre lots. There are homes already completed and homes that are currently being built. I have a friend who's currently building a home in this neighborhood. His plan is to build and sell. I hope to do the same. I have access to some private funds to complete the project. I'm paying cash for the lot. If for some reason, I cannot get the funds to build, I'm good with sitting on the land and either selling the lot down the road or building my personal home on the lot. It is located about a 35 minute drive south of Houston and I'm paying $65k for 2 acres. Holding cost for Taxes, HOA, and keeping grass cut are about $1750 per year. Thoughts???