What is your opinion?

[Adithya Y.]

Hello All,

I have limited to no experience in buying a land or building a house. I would like to get your expert advice on what to check before buying a land.

My thought process; planning to buy a land( minimum of 4000SF, max 8000 SF)and build a 4 unit multifamily house with atleast 8-10 parking spaces with the help of general contractor(GC)

Questions: 1. what should I check for before buying a land?

2. Can we request county planners to change the zoning for a land if it is zoned for a single family or other can we get it rezoned to multifamily?

3. What is the average price that a general contractor would charge?

4. What would be the average cost of building such a project in miami and is it feasible to rent it out to cover the mortgage cost?

5. How long does it take to get the required permits and how much it would cost? Will the GC get the necessary permits on our behalf?

6. Is there a way for us to check the zoning for a specific address?

7. What kind of loan should I apply for?

Thank you all in advance

Location: Miami

[Chris Seveney]

@Adithya Y.

I recommend before venturing into this to team with a local developer as development is no easy task especially in today’s environment, also if you are looking for financing it will be difficult and you will have to spend considerable money up front prior to financing.

Also if you want that many units and 8-10 parking spaces 4,000sf lot seems very small.

Lastly chances of getting a lot rezoned for your specific use are slim to none in a major metropolitan area