Posted by Joe on April 06, 2006 at 10:28:28:
I think developments that large are a different creature. You have to deal with the county planning boards a lot more. You have things to worry about like water supplies, sewer capacities, power supply, road congestion, etc. I don’t know how you would go about getting into that business, but I know there are more things to worry about than if you were just building a single house on a lot.
three acres in Maryland - flip or develop? - Posted by Jbev
Posted by Jbev on April 06, 2006 at 09:16:58:
My dad came across a good deal on two lots in PG County Maryland (just outside DC) totalling over three acres. He has an assignable contract and I suggest that he find an investor to flip them to ($465k) but he is somewhat interested in developing them. There is development going on in the area with newly constructed $500k single family homes being built down the street. And townhomes reselling for mid to high $200s. He figures a subdivision of thirty or so townhomes could be built on these plots. I agree that the profit potential is huge but without him or I having any experience, I am a little leary. Has anyone ever done this? Any suggestions regarding financing? If not, are there any interested developers?