Develop Land In Michigan - Newbie Needs Help!
I found an opportunity to buy 112 acres in one of the hottest areas in Battle Creek, Michigan. It has waterfront acreage (not sure how much is waterfront). The price per acre is $3,060. Any waterfront acreage in this area goes for a minimum of $15,000 per acre (obviously much more with a house).
My question is - how do I go about finding a developer? I've never built a house or developed land. Any advice would be greatly appreciated!
(PS - LOVE this Website and I'm so glad I stumbled across it recently!)
It may be worth a trip to the local REIA groups to start networking. That would probably be a good start. I know there is an event in Troy/Detroit in a couple of months there (3 day weekend).
Before you search out potential developer/flippees, I suggest you get some due diligence done focused on how the property could be developed (built out), site yield, site improvement costs. You may want to search the articles as well as prior posts in this forum for fleshing out of this.
Once you have some idea of permitted use, yield and improvement costs, then you would have a much better idea of what the real value is of this property. Think of it not in terms of X$ per AC but X$ per prospective building lot. If you decide to give the seller a purchase contract, I would provide for due diligence period contingency of at least 90 days, as well as approval contingency and of course, right to assign.
A book full of knowledge in only a paragraph! THANKS!!