We frequently talk about how to purchase and sell commercial properties in Brevard County, FL. Another way investors make money is by purchasing undeveloped land. This option provides the freedom to plan and development from start to finish or to hand a project off at any point. There are risks, such as finding tenants or buyers who are onboard with your vision, however, for a visionary undeveloped land is often very appealing.
Here are the Best Land Development Strategies for Commercial Investors
Strategy #1: Start by Becoming a Corporation or LLC
This strategy may reduce your tax bill. Many land developers rush into purchasing land, developing parcels, and selling off portions before considering the tax bill. Discuss with your accountant or professional tax advisor prior to purchasing.
Strategy #2: The Profit is in the Details
You may have the best idea for developing the land, but you need to get other investors, developers, contractors, and local government entities on board. WolfCRE.com recommends you take the time to thoroughly research and gather data to back up your thrilling idea.
- How much space does your idea require?
- Does this include ample parking?
- What environmental concerns might there be?
- Is there a body of water close by?
It is worth the time and money saved by hiring a brokerage firm to oversee and gather these answers with proper professionals, so you can proceed with a strategy backed by data.
Strategy #3: Create a List of Viable Land Development Options in Brevard County, Florida
What’s needed in your area? More space for housing, mixed-use buildings, or a park with a shopping center and restaurants close by? Perhaps space for a cleantech property or industrial park is the priority? Make a list of viable options based on the data you learned from the brokerage firm and land development consulting firm. You will also need to check with local government entities for preliminary approval.
Strategy #4: Determine the Budget and Timeline
Hold off on excavating the land and hiring the contractors until you have an approved budget and timeline. This process will also identify the steps involved, such as all the permits you will need, the timeline to obtain the permits, and availability of the contractors. Once this is approved start finding tenants (if you haven’t already) and hire a real estate brokerage and marketing firm to determine the marketing and communication strategy.
Executing all of these strategies will take a lot of time and energy. Reduce your stress during this process by partnering with a local broker who understands the needs of the area you are looking to develop.
Ullian Realty has over 50 years of combined experience partnering with investors in Brevard County, FL. Our area continues to grow and strategically develop previously untouched land. We’ve developed the Ullian Process to help investors determine the best path forward for their financial goals. Contact us today to learn more.