Hello @Account Closed,
Although I"m a rookie newbie in REI for myself I have 25+ years working in residential construction both SF and MF homes. I was never specifically a Land Development Director but was involved closely in the process. Taking on land development is a huge change with a MONSTER learning curve! I don't know how many potential LD investors I've seen lose their shirts on even the smallest of development attempts.
I'm not trying to be a negative Nellie here but there are reasons why LD Directors for home builders usually make a 6 figure salary. Proper due diligence is key and usually takes 6 months to a year...typically due to Federal Government regulatory concerns. Then of course there's the local government and municipality concerns. I could write pages here of all the different concerns, aspects and steps to take in becoming a Land Developer.
Your best bet at this point is an educated willing partner who has the experience so that you don't fall into a money pit before you even begin to develop the property (ies).
Here's a brief taste of the items to think about-Will the site require a zoning change, special exception or variance? Does the end use design need to be reviewed by an architectural review board, planning board, fire district, public works? Green space requirements, amenities, lot size, product types? Early meetings with the local planning department? Is there a public outreach plan? What are the notification requirements? You will have to engage and meet with local nearby civic associations and surrounding HOA's and adjacent property owners? You must understand the impacts and concerns perceived by the local municipality (ies). And that's just some of the planning stage.
I won't even get into the 25 or 30 different permits you'll be required to obtain, their costs and their impact on your budget.
Now think about the Federal regulations that are in place from Wetlands to Flood Plain Issues to Storm Water Management to National Pollutant Discharge Elimination Systems to Erosion Control during the construction/development phases. And plan on having the ability to obtain Post Construction Bonding for a variety of issues.
I applaud and admire your competitive spirit! And your faith in yourself for this goal. But please become educated in a tricky and somewhat convoluted and expensive process. I'd say that you may want to use the strategy of finding pre-developed lots here and there to buy from distressed LD'ers rather than jumping into raw land development. But it's your baby so incubate well with knowledge!
Hope I was able to give you some things to further your plans!
