Understand the Development Process
We have talked about several topics in our series in How to Become a Land Acquisition Specialist. Some of the past topics have been:
• Identifying Developmental Potential
• Know How to Assess
• Know the Players
• Know the LingoToday I want to talk about Understanding the Development Process.
This is a crucial step. We are teaching you how to put these deals together, take it to a developer and get paid.
In order to be a Specialist, you need to have a firm understanding of what happens when a developer takes a piece of raw land, takes it all the way through the approval process, and gets it approved and shovel ready.
During that process there are a lot of steps that a developer takes that you will need to know and understand.
There’s the Feasibility Study, and all that goes on within it. The Phase 1 Environmental Study, the Preapplication Conference, the Performa, Cost Estimates, Hazmat Inspections. Geotech Studies…
And then once the developer gets through all of those steps, what’s the next part of his process?
He has to prepare the Land Use Application. What goes into that? How big is it? What is it?
Then submit to the jurisdiction. They have to deem it complete. You need to understand what that process looks like.
Then he works his way through the Planning Commission Hearing and/or the City Council Hearing.
He gets through the Preliminary Plat Approval. You need to know what that is and how it plays into the process. And he works his way through the Appeal Period. Prepares and submits the Construction Drawings.
These steps are not difficult and they aren’t necessarily things that you’ll have to do, but these are steps that you will need to know in order to effectively put Land Deals together and make these 5, 6 & 7 figure returns that we talk about.
A big part of our course, Land Deals Revealed, is teaching you the A to Z of the Land Development process.
This last week we had a student graduate and give us some great feedback. She and her husband, were concerned that they didn’t know anything about real estate. They were questioning how they were going to learn everything that they needed to know about Land Development in an 8-week course.They graduated last week and said that they got way more out of the course than they had expected.
I can truly say that they are now Land Acquisition Specialists. They know the development process. They know all the terms and timelines. They have a firm understanding of the process and are now able to go out and put these deals together correctly, with the right terms, and get them into the hands of a developer.
That is a powerful thing!
It’s something that we’ve leveraged for the past 18 years and it has consistently produced these big returns.
If you’d like more info, check out our presentation video here: https://shrtlnk.co/KuwiM
This presentation will give you a blueprint of what it is that we do and what our strategy is which is a perfect place to start!
Posted by Cody Bjugan – VESTRIGHT on Tuesday, June 16, 2020
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We have talked about several topics in our series in How to Become a Land Acquisition Specialist. Some of the past topics have been:
• Identifying Developmental Potential
• Know How to Assess
• Know the Players
• Know the Lingo
Today I want to talk about Understanding the Development Process.
This is a crucial step. We are teaching you how to put these deals together, take it to a developer and get paid.
In order to be a Specialist, you need to have a firm understanding of what happens when a developer takes a piece of raw land, takes it all the way through the approval process, and gets it approved and shovel ready.
During that process there are a lot of steps that that a developer takes that you will need to know and understand.
There’s the Feasibility Study, and all that goes on within it. The Phase 1 Environmental Study, the Preapplication Conference, the Performa, Cost Estimates, Hazmat Inspections. Geotech Studies…
And then once the developer gets through all of those steps, what’s the next part of his process?
He has to prepare the Land Use Application. What goes into that? How big is it? What is it?
Then submit to the jurisdiction. They have to deem it complete. You need to understand what that process looks like.
Then he works his way through the Planning Commission Hearing and/or the City Council Hearing.
He gets through the Preliminary Plat Approval. You need to know what that is and how it plays into the process. And he works his way through the Appeal Period. Prepares and submits the Construction Drawings.
These steps are not difficult and they aren’t necessarily things that you’ll have to do, but these are steps that you will need to know in order to effectively put Land Deals together and make these 5, 6 & 7 figure returns that we talk about.
A big part of our course, Land Deals Revealed, is teaching you the A to Z of the Land Development process.
This last week we had a student graduate and give us some great feedback. She and her husband, were concerned that they didn’t know anything about real estate. They were questioning how they were going to learn everything that they needed to know about Land Development in an 8-week course.
They graduated last week and said that they got way more out of the course than they had expected.
I can truly say that they are now Land Acquisition Specialists. They know the development process. They know all the terms and timelines. They have a firm understanding of the process and are now able to go out and put these deals together correctly, with the right terms, and get them into the hands of a developer.
That is a powerful thing!
It’s something that we’ve leveraged for the past 18 years and it has consistently produced these big returns.
If you’d like more info, check out our presentation video here.
This presentation will give you a blueprint of what it is that we do and what our strategy is which is a perfect place to start!
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