All Forum Posts by: Bear Geiger

Hi @Lindsey Milam.  No, you have not lost your mind.  I didnt start developing real estate until I was well into my 50's.  It can ne very rewarding and profitable. 

I own a real estate development company. We purchase large tracts of land (30+ acres) and cut them into home sites of about .7ac and up. These are in rural areas of NC, so the rules are diffrent, but I would be happy to answer questions that come up.

The first thing I would do is decide how deeply you want to dive on your first attempt.  I would recomend just cutting the land in to lots with the least amount of infrastructure (roads, utilities, etc) possible and sell them all off to one or two builders that you target during your process.  

Once you have a pretty good idea of what you think you want to do, go to (or call) the city/county planning department.  They will (for free) tell you what part of your plan you can or cannot do. Most counties have rules that make it more complicated to do a "major" subdivision wich is usually defined as over 8 or 9 lots. You may find it would be really simple and profitable to just cut this in to 3, 4 or 5 lots that can be accessed from the existing public road.   Take your profits and get a little more bold on your next deal. 

I would not spend a dime with a civil Eng until you talk to the planning department and a trustworthy surveyor. 

Hi @Misael Carlos Vera.  Hou have gotten some good advice here, but there are many things to consider when buying land.  I was also confused by your question because it sounds like there is a house, but your question was about raw land.  

I own a real estate development company.  We purchase large tracts of land (30+ acres) and cut them into home sites of about .7ac and up.  These are in rural areas of NC, so the rules are diffrent, but I would be happy to answer questions. 

The community will be located in Middlesex, NC  ...  

Beaver Creek Subdivision | Tammy Eickhoff (carolinahomeland.com)

Thanks @Mindy Jensen

I am new to BP and would like my business to get noticed. Should I post "deals" and other topics under my personal or business profile. Do I have to choose? Is there a way to get both recognized?

Investment Info:

Other other investment in Middlesex.

Purchase price: $262,500

We purchased 73 ac of raw land where we are building a beautiful community for about 60 first time home buyers.

We found this property in early January and took it from contract to closing in just 49 days.
Just 24 weeks later we had County approval for the first 8 lots and had our first contract 3 weeks later.
We have now sold all 8 of those lots and are working to record the remaining 15 lots to complete Phase 1
We expect to complete this 3 Phase project in Spring of 2022.

Investment Info:

Other other investment.

Purchase price: $262,500

We purchased 73 ac of raw land where we are building a beautiful community for about 60 first time home buyers. We expect to complete this project in Spring of 2022.

What made you interested in investing in this type of deal?

A great need for housing in the area

How did you find this deal and how did you negotiate it?

I have an awesome realtor !

How did you finance this deal?

CASH !

How did you add value to the deal?

Clearing land, grading and adding roads.

What was the outcome?

Still in Progress

Lessons learned? Challenges?

.... stay tuned

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I have the best agent on the planet ! :-)

Investment Info:

Other other investment.

Purchase price: $295,000
Cash invested: $173,500
Sale price: $814,000

We have sold 4 of lots and recouped all of our initial investment and cash used for improvements. We are holding the other 4 lots as the area continues to gain value. We believe the remaining 4 lots will bring us to a total ROI of about 75%.

What made you interested in investing in this type of deal?

Picked up a 6ac tract to build our personal home and got a great return on investment.

How did you find this deal and how did you negotiate it?

Internet search found the deal and bought using a realtor

How did you finance this deal?

Agriculture coop

How did you add value to the deal?

Clearing trees, cutting driveways and installing drain pipes to remove excess water.