They will tell you the next steps which likely will involve DOT in your area depending on where the property is located and what type of street or highway you are on.Assuming you can proceed the next step is to hire a civil engineering firm to do all the survey work, site plan, actual construction details, traffic studies if needed and help get all the permits for you etc. 

I studied REI for around 6 months then scaled to 91 units within a year. 

@Jacob Powell I would say, study what you like about pockets of your current market that you like and then apply that criteria to other areas.

But with all the studying I've been doing in real estate, I know I can be doing way better than 5% returns.So my question is what would you do with $160k and why?

Hello,Mu husband and I have been studying about real estate investing for a while and we finally pulled the plug and bought a house at a Sheriff Auction in cash, so we own it and there is no mortgage involved.  

Been just lurking in the background studying/reading and saving up Capital : ) SUNY Oswego graduate, 'Cuse born.

In fact we have a few from the 1800's that were a challenge at first but classics now & rent in a heart beat.Got this one for around $8ok & it's never been vacant.

How long do you study a market's area before making a purchase?

If you decide to pursue the storage route I would recommend getting a feasibility study to make sure you're building correctly/you should build.Cost you probably $5k give or take, and save you money in the long run.

Hello all- I have been studying and reading on BP for months now and this is my first post!