Yesterday I got the ball rolling by getting the Due Diligence team set up and in place. The DD team for this project is all local. They know the area, the city officials, the property and the players. In fact, using out of area folks for the DD is something I'd caution against.
Kevin, my broker, provided me with everyone I needed to get this part of the process done.
I asked for and got: a Civil Engineer, Land Use Consultant (sometimes attorneys), Land Surveyor and an Environmental Engineering Co.
To get started with them, I just called them, talked for a few minutes, gave them the address and tax lot #s of the properties and let them know I had two weeks to get what I needed from them.
Essentially, the big goal here is to verify, as much as possible, the number of lots we can get on the property, to make sure we can do it according to local zoning laws, and make sure we are not buying a toxic waste dump (hence the Enviro guys).
[As an aside, I would tell you, without fail, ALWAYS get a Phase I or prelim records search of state and local online files before buying ANY property.]
So, in the next week, each of these professionalls will get back to me and let me know, from their viewpoint, what the pros and cons of this subdivision are.
If it looks good and our preliminary ideas for this project hold true, then we are a GO!
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