“I Just Bought 41 Acres and Want to Make Building Lots”
Most people think that these projects are a lot simpler than they are. It is good when a professional like Joe steps in to bring them down to reality before they get too far.
“I Just Bought 41 Acres and Want to Make Building Lots”Some folks are better off not attempting to be a developer. Unfortunately having made money doing other things and wanting to make more money in real estate isn’t always a good idea. So was the case for these two brothers one a doctor the other an IT guy. These guys had no idea.They purchased the land a year ago and now felt that since real estate values were rising, this would be the time to cash in. They never checked to see what the zoning was, what was the minimum lot size was or if there were any wetlands.
I made arrangements to meet them at the property just to check it out, but wanted them to get to the town hall to get the zoning information, wetland and zoning maps. It was a disaster. There was barely enough frontage for one building lot which meant a road would have to be built. From the maps and walking some of the property there was a nice brook and pretty expensive to cross it, if you could get permission. Doing my visual, this was not a parcel suited for a subdivision. It was a wonderful parcel to build that special home, but nothing else.Being a real estate developer sounds pretty romantic, but it is all about the math, it either works or it doesn’t. They knew they totally screwed up buying this parcel for future subdivision, but one of them may build his dream home.I learned a long time ago, as many others have, “You have to succeed at what you know how to do best”.image courtesy of ponsulak/freedigitalphotos.netJoe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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