Investing in land to subdivide and develop

[Rachel Payton]

My husband and I are seriously considering an opportunity to buy a few acres that are approved for subdivision. In the past we've owned and currently own rental properties. I've been a property manager now for over a decade. We've never done anything like this and while it's an exciting adventure, it's also intimidating. We've already spoken to a real estate agent who is planning in setting up meetings with builders. He's been very helpful so far and if we puruse, we plan on relying heavily on him as as resource. He has assured us that even as a novice, we can do this.

Any advice on what to expect? What I should be asking? Things to watch out for or red flags? Basics of what to do in general?? Can we actually do this? I know everyone has to start somewhere, I just don't want to get in over my head.