All Forum Posts by: Bart Pair

You might balk at the thought of this, but if you are really serious, you should consider corporate assistance.

Companies from Patagonia, to Monsanto and everywhere in between may fund such a project to help with their image.

Jennifer is right.

I would only add that you can also do Planned Unit Developments (called different things in other places) where you actually define you own height restriction as part of the plan - the plan will need to be approved by local council normally.

Another alternative to check is Height Incentives that can be included as part of redevelopment areas or other areas of a city where there are incentives to spur development.

This areas can often allow for more height if your development is say mixed-use or its a green-building, etc.

Hey Bob and Justin,

The development discussions around here seem to go in cycles. I myself tend to fade in and out as things in my office get busy.

Anyway, with development you have the potential to make a lot of money quick but the learning curve is just as steep.

The Urban Land Institute and other sites do have some books on Land Development but most are pretty general in nature and not very step by step practical in my opinion. (And I own quite a few of them.)

Your better off trying to find books/courses that focus on one aspect of development instead of the books that claim to cover the whole topic.

Bart

My friend just completed an apartment refurbishment in Honolulu. He is a haole from California and it definitely made a difference on how long it took to get permits and COs.

It may really be worth it to Joint Venture with a local. You will probably do all the work and end up paying him more than you think is fair, but you will get your project completed in a quicker timeframe.

If you already own the land, the equity you have in it may be all you need to get financing. You may not need an investor for additional cash.

As said above, you need to know what the project is worth after development. That is the number that matters to evaluate different financing options.

find a phone number for their corporate office. Call them and ask to be connected to their Land Development or Land Acquisitions Dept. that services your area.

I haven't worked with these two companies so I can't speak directly about these particular large builders, but my general experience is that unless you have an actual property or project to discuss with them you will not get a lot of information out of them. (i.e. don't expect to call them with a general question about what they would pay you for a lot and get a valid answer.) But if you have an actual project you want to approach them about, then you will get some good response. Especially, if you have a package with all the project details (aerials, layouts, zoning, permits, etc.) you can fax them.

AND PLEASE MAKE SURE YOU HAVE THE LAND UNDER CONTRACT OR YOU OWN IT BEFORE YOU TELL THEM ABOUT THE PROPERTY.

Many builders will jump your deal if they get the chance.

Here is why this is a scam.

If I gave someone the opportunity to deposit there money in an account and guaranteed that in 60 days they would get it back plus 40%, and I actually delivered on my promise, then I wouldn't need to go looking for any more investors.

The first person I gave this opportunity to would do it again and again and again. And he would tell all of his friends and relatives who would also do it again and again and they would tell their friends and so on.

If this really worked, the job they are "hiring" you for, wouldn't be needed.

If all you want is a rough range, you can use this free RS Means cost calculator.

The calculator doesn't give any information on what is included in the price estimates and what is not, so be careful.

Hope that helps.

http://www.realestatejournal.com/toolkit/constructioncosts/

$500,000 isn't going to buy you a whole lot of site work in Santa Barbara - if that is where this is.

Are you sure you have included everything - all the design and permitting fees, impact fees, roads, water, sewer, electric, stormwater, landscaping, street lights, marketing costs, commissions to sales agents, financing costs and lender fees, attorney fees, recording costs.....

Also, your statement "it is already in the process of being split into 1 acre lots" worries me. Does that mean they are in the plat process? Has a preliminary plat been approved? (If not I would make that a contingency on closing.)

Just because there is a development nearby that is on city water doesn't mean the development is on city sewer as well. They might be on septic just like the 10 homes on your property.

If you are planning a small development, then someone at the city should be able to get you an answer over the phone about whether you can tap into the water line. Just call them. Sewer might be more difficult and could take an engineer to do some calcs, before you know for sure. The engineer will then give you 1 of 3 answers.

1) No, you can't tie into the sewer system and you are stuck with septic or other local treatment.
2) Yes, you can tie in but you will need to build a lift station and pump the sewage to the City system (can be expensive).
3) Yes, you can tie in and you can do so by a gravity line with no pumping (usually much cheaper.)

Good luck.