I want to start developing commercial and residential property. Tell me what I need to know.?

Answer 1

You need to learn alot about different topics. First you need to know the market values of properties in your area so you can pick up a deal when you see it. The only way to do this is to find comparable prices of property that has previously sold and decide where your price point should be. I would next get a copy of the ordinance for your particular district and get comfortable with the zoning regulations. This ordinance will tell you what you can build on your property, the dimensions, setbacks, minimum lot size, road frontage etc; if your lot conforms to these regulations. I would also try and get familar with the application for development process; what departments you need to get approvals before development can take place (health department, building dept, planning,DEC etc) . Another crucial step is find professional surveyors,architect and engineers to draw up plans to submit and show the property, drainage and building specs. A knowledgeable expediter can get the ball rolling for you. Next step would be to learn about construction and prices to build homes, commercial property. Another thing you should also know about is financing (construction loans) and how it works. Development is a intricate process that will definitely take time and you can only learn by doing it and not reading a book. I appraise properties for many developers and it is a very lucrative business; you really have to have a good eye for deals and be able to take a risk.

Answer 2

I would recommend going to the book store and purchasing some 300-500 page books on the topic. Learn all you can and execute if you have the finances to back it.

Answer 3

sorry to bust your bubble there buddy, but no one can write what you need to know on Answers. You have a long road ahead of yourself.
Good Luck and might I see you out on the field.