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building condos/or coops

06/06/2006 11:54 PM patrizia

I need help with how to. I need to know the steps I need to take so that i can build on a large piece of commercial property that I own. I would like to knock down the existing structure and build as many coop's or condos as possible! Please Help!

Member Since
05/31/2006

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Commercial development

06/07/2006 09:00 AM doug seibert Moderator

These forums are described as ".....get answers from other do-it-yourselfers who understand your project......"

Hire an Attorney.....an Architect.....and a Contractor

"...measure once.....cut twice....throw that one away and cut a new one...."

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08/11/2002

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Whoa there Turbo...

11/05/2006 11:47 AM sideout14

Sorry to burst your bubble, but whenever you are planning some HUGE construction process...there is no such thing as, As SOON as Possible. You want to move slowly, cover your bases and then retrace and cover them again.
If you have never done Commercial Development, and you have no clue how to go about it, then you need to take a step away from the project and hand it off to someone who does. Building condos are not something you go about on a whim, they are the products of careful thought and planning by the people who produce them daily. There are companies that speciaize in just managing projects like these; where the owner doesn't know how to get a piece of dirt to look like a well organized community. However, working in Real Estate, there is one thing I know, and it is an owner's greed. They will be so keen on huge profits, they forget one thing, without help they will never get any profit. They avoid paying for helpful advice.
What I mean is this, you will not find your answers to building condos on Bob Villa's web blogs...you will not find your answers in a DIY handbook from Amazon or Borders... you will not even find your answers by attending some Commercial Development or Land Development seminars. If you really are serious, you will release this project to someone else who knows what they are doing. Talk to a Real Estate Attorney...A GOOD ONE! Do not start any project like this without an attorney, don't ignore this piece of advice, your attorney will be your strongest asset.
Check with your city development office, ask them who is building the condos (what general) then go talk to the general. And double check to make sure you have the right kind of property to build condos on.
This is key: do not scoff at the idea of offering pieces of the deal to the people who are making this happen; do not be afraid to pay them for what they are offering you. You will have plenty of money in the end, be happy with what you get and the knowledge you aquire from this project. Always remember if they hadn't helped you, you would not have any money from the project and your land would still be dirt/outdated/useless structure.

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11/04/2006

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