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I've Got My Property Now What
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I\'ve Got My Property Now What

So you have located that piece of property, hopefully you did not pay too much for it. In the other articles it was explained how to find that property, and pay a fair price. Assuming that you own the parcel you wanted, what will you do next? It is the time to think, am I going to turn over this property, or develop it. In the current economic climate in most of the country a quick turnover of property usually will not happen, and you may end up waiting for three to five years.

But if you're going to develop the property, this is a six to 12 months process. It is best in my experience to hire a civil engineer who has after their name the letters P.E. which means they have passed a registry test. This is the basic minimum standard for a civil engineer.

They are able to do the calculations and buildings design to meet the standards for the municipality, state, and/or federal standard. They are also familiar with the inspectors and departments you will have to use in the development of your property. They can shepherd your project through the many parts of plan check, and the approval process.

So for most homes and projects a Civil Engineer is quite adequate for the cost. No matter if you're developing a new property, or upgrading one you will need the help of a professional engineer who is licensed in the state you are in. A Civil Engineer P.E. price in my area is around $3.50 per foot.

So as your land is being developed and goes through the planning process, you are going to start to look for financing. Strange as it sounds it is somewhat easier to get a jumbo loan for development than one under $400,000. I've found more companies that are willing to lend money for projects in the range of $400,001 to $10 million. Then the one I have for under $400,000.These are loans that are usually 10% to 20% down (your cost), and they cover the rest of the project. Most mortgage companies that do a construction loans do not want to get involved in projects that are under-development. They want to be the sole lien holder. Many of the mortgage companies also will loan you money for purchasing the land. At the end of the project many will convert them to a conventional mortgage note.

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