Venturing down the path as a developer

[Ryan Olsen]

I have been in the SFR mindset the past year and have secured a few new houses. In doing so, I starting to be more aware of other opportunities. After driving by a parcel of land (5-acres) for a few years it finally clicked, why not consider putting on PM hat as developer. The land meets the zoning needs and gives flexibility. The development numbers for residential or condo likely don't pencil give the land cost and the reason its ben on the market for 2-years. My quick numbers say a tiny home / container home community would work, well. But, I know there is a lot I don't know. I am guessing there are "10 immediate questions to assess viability." But, I have no idea what those might be. Ultimately, I will build a strong team and have contacts with the right people to do so. I just want to be cautious to pulling in only those critical expertise. I need to make sure this is viable before doing so.

For transparency purposes, I know this isn't an easy process.  I get this is a lot to chew off.  I get that I have no business doing this.  But I am.  I have project managed a lot of very complex and large scale projects in my 20-years.  I have the confidence.  I have awareness that this is above my head.  That is what excites me.

THE ASK: I am looking for recommendations to learn the basics of a developer (critical questions to answer, due diligence, pro forma, site planning..).  Any sites or books you would recommend?  What are the critical questions to assess viability?  Who are the critical team members needed to pull this off?

Thank you in advance for your time and feedback  

[Paul H.]

@Ryan Olsen We always underwrite our projects in their by-right scenario, and if we go outside of that we would use 3rd party planners that are aware of everything happening in that current market. For example zoning calls for 6 stories, but city planners have seen several applications result in 9 stories.

So we use what's exactly written in the zoning code for the property, pick the best use of the land that would net the best result.  If that pencils out as a profitable project, we will shoot for the moon and ask for relief on certain limitations in order to maximize the property.

Hope that makes sense

Paul