I could use the advice/input of those who've developed and own new residential real estate properties. entrepreneur how earn by blogging blog

I'll try to keep this short.

I purchased my home in arguably the nicest, most expensive, and perhaps the most economically progressive part of my major metropolis. It's two blocks from a major lake/park that everyone visits on a nice day and is decidedly in a prime location that is being aggressively developed. The house, though not derelict, is in rough shape. I'll need to purchase a new furnace, replace the front steps, etc. before winter. If I choose to continue to treat it as my homestead and to live here long-term, it would require considerably more in the way of repairs and renovations. I suspect the house would probably require a $200k-$300k in order to fully modernize it, but it would retain whatever I pour into it, because the most expensive homes in my neighborhood are over a million dollars.

I will state outright that I do not believe that I got a deal on this property; I paid the market value, and, as stated, the house needs repairs. But, what's somewhat interesting about this property--and how it differs from most every other property on my block--is that it is zoned for multiplex housing. I'd obviously need to clear any new development plans with my city, but I want to say that I could get cleared to develop a six-plex in its stead. Although it is quite expensive, I believe that I could pay off this house within the next two years. Maybe 80% of the value of this property is in the land itself--not the home, so I'd right off the bat take a $100k loss, plus whatever other expenses I pour into utilities, the mortgage, and any random awfulness happens between now and then. And, once the house is paid off, I'd need still more cash in order to begin demolition/construction of a very nice multiplex building. I'm just ballparking that it would run me two million. Then, I'd need to come up with the down payment on the loan, a contingency, and probably cash for a good many other expenses that I'm not even considering. I'm reluctant to take on investors or partners, because I want this to be entirely my own.

I'm just wondering how I could go about exploring the viability of what I have in mind.

submitted by /u/TargetNeutralized
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