Multifamily Wholesaling
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124 Acres Lakeland FL
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124 Acres Lakeland FL
I’m currently exploring an opportunity involving a 124-acre property in Lakeland, FL, and I’m seeking some advice. I feel the land may have a lot of potential for commercial development, and If it all plays out I would like to secure a contract that I could potentially assign to a developer.
I’m trying to gather as much relevant information as possible before making a move and presenting it to anyone, I want to get as much leg work out of the way.
What specific details should I be asking the seller about the property?
Are there any key questions I should focus on to ensure I fully understand its development potential and any possible challenges?
Also, any tips on structuring the deal to make it appealing to both the seller and a potential developer would be greatly appreciated!
Thanks in advance for your insights!
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4 Replies
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Hello Francisco
Here Are Some Questions That You May Want To Find Out About This Land .
1- Make Sure That It Isnt Land Locked . That it has Clear Access To a Road and Utilities.
2- Is it Raw Land or Has It been Engineered at All.
3- Check To See If There Are Any Easements Such As Power Company, Phone Co.
4- Check To Make sure If It Can Be SubDivied .
Thats Just A few Off The Top Of My Head.
Greg
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Thank you Greg
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Hi Francisco,
My first step would be to do research on the Zoning and Land Use. Go to the county and find out the current zoning classification of the property. Next, but possibly more importantly, check out the future land use maps to ensure your intended development aligns with local plans.
It’s very difficult to successfully fight the local planning boards.
If that looks promising, then the next step I would do is Market and Financial Feasibility. Based on the above zoning and land use, what is the highest and best use for the land? Conduct a market analysis to assess demand and pricing for the intended development. Prepare a financial feasibility study, including projected costs, revenues, and ROI.
If that looks good, then I would start to tie up the property with a Letter of Intent while I began talking to the local planning and building departments to discuss the project and get a feel for whether they would be inclined to approve it.
I’m no expert, but I think at this stage you would also have to engage an architect to start drafting preliminary designs for the project so you could have meaningful initial conversations with the local planning and building departments.
At some point, you would need to move from LOI to Purchase Agreement with a decent due diligence time period, to get everything meaningful done before you close on the property. There is no sense in closing on the property unless you have a high degree of confidence that you have a financially viable project.
Take all of this “advice” with a grain of salt, as I am still a student of ground up development. I would love to hear from anyone else in this community that has first-hand experience with ground up development to share their perspective.
Best,
Tony
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Thank you Tony
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